Q.
1 Case Study
1. Which specific entrepreneurial traits you could see in Suhag?
Suhag has many of the characteristics that make her good entrepreneur:
1.Self-Motivated
Only those who are driven can complete the race and win in life. Individuals that get up each
morning with a goal in mind, a strategy in mind, and a positive mindset to face the day are
successful. Suhag was motivated from the beginning to set up her business. She was driven and
continued to work towards it even after it had become somewhat successful.
2.Risk Taker
Risk is inherent in each business venture. The higher the returns, the greater the dangers. The
ability to calculate risks is the difference between success and failure. Those that succeed only
take risks that are necessary and that they can afford. There was a significant level of risk in
starting up Technoclean which Suhag took.
3.Agility / quickness in analyzing and picking up opportunities: Suhag saw an opportunity in the
Indian market for her product and prospected the direction in which she wants to take it further.
She took up a niche field and became a market leader whilst continuing to stay updated with the
world.
4.Hard Worker
Building the growing a business is no walk in the park. It takes a lot of hard work and time
invested. Suhag didn’t shy away from doing all the hard work to set up her Company
Technoclean.
5.Self-Aware
A thorough examination and acknowledgement of your abilities, shortcomings, and strengths is
the first step toward success. When you understand your own talents, you can identify the
attributes you require in your partners and team members. Suhag knew where she lacked and
didn’t shy away from asking help when needed. Realizing that she does not have the
maturity to get the contracts from the big companies, she persuaded her father to join her
business. This shows how self-aware she was.
2. Suhag is planning to have entry in at least another 10 cities in India in next 5 years.
Suggest how she should raise capital to reach her target?
Technoclean is currently headquartered in Delhi and has branch offices in Pune, Chennai, Bengaluru
and Mumbai. To have entry in at least another 10 cities in India, Suhag can go for external sources of
funding. Some of the ways she can materialize these are:
1.Friends and family: This is cash advance by a mate, guardians, family or companions. Financial backers
and investors consider this as "patient capital", which is cash that will be reimbursed later as one’s
business benefits increase. Although Suhag can ideally explore other options as well.
2.Commercial banks: Bank advances are the most often used source of financing for small and medium-
sized businesses. It's a good idea to take a look around. Furthermore, locate a bank that matches your
specific requirements. Suhag should realize financiers are searching for organizations with a sound
record and that has brilliant credit. Her vision must be supported up with a strong marketable strategy.
3.Asset-based lenders: Similar to asking from Banks she can also pursue Individual Lenders who may
lend her the amount based on a collateral she puts against it.
4.Venture capital: Financial speculators are searching for technology-driven organizations and
organizations with high-growth potential in areas like data innovation, correspondences and
biotechnology. Investors take a value position in the organization to help it do a promising yet higher
danger project. This includes surrendering some proprietorship or value in your business to an outside
party. Investors likewise anticipate a solid return on their venture, regularly produced when the business
begins offering offers to the public. Suhag can therefore approach Venture capitalists for the funding.
Some other options are Supplier and trade creditors, Institutions and insurance cos, Private equity
placements, Public equity offering, Government programs.
3. What are the other interesting opportunities being thrown up by the continuing building
boom in India?
1. INFORMATION TECHNOLOGY
The IT sector has been India's sunshine sector for quite some time now. The industry has contributed
considerably to changing India's image from a slow developing economy to a global player in providing
world class technology solutions and there still exists a lot of scope in IT for new ventures.
2. TELECOM
India's telecom story is only getting better. Fueling of the growth of enterprise mobility in India indicates
significant employment growth in the telecom sector.
3. HEALTHCARE
There are clear indications that healthcare is going to be a major sector that stimulates economic
growth. Especially after the Covid pandemic that healthcare has been again brought into focus.
Significant investments are being seen in this Industry.
4. INFRASTRUCTURE
India's infrastructure growth has been exponential over the past decade. Today, we are the fourth
largest and probably the second-fastest growing economy, with infrastructure being one of the
cornerstones. The infrastructure industry in India is highly fragmented and hence difficult to gauge its
exact size.
5. RETAIL
The retail industry has gotten a lot of attention in recent months. The opening up of India's retail sector
would result in a stronger, more structured business, which will help create jobs. Only a small portion of
Indian retail is organised now. Rural areas, according to industry experts, will drive the next phase of
growth.
Q. 2 Define the term ‘Intrapreneur’. What steps would you advocate to promote intrapreneurship in
an organization?
Intrapreneurship is a corporate entrepreneurship. It is termed as entrepreneurship in an already
existing business. Intrapreneurs provide a link between a manager and an innovator. Their contribution
is in taking new ideas and even working prototype and turning them into profitable products and
businesses. Intrapreneurs are prone to become bored once their ideas have matured into viable firms.
They frequently require experienced managers to sustain and develop the business while they return to
developing other businesses for others to handle. An organization seeking to expand/ develop through
novel combinations of its existing resources is referred to as corporate entrepreneurship. It is a tool for
stimulating and capitalizing on individuals in an organization who believe that something can be done
differently and in a better way. An Entrepreneur operates in an open world whereas an intrapreneur
operates within the organization. For Entrepreneur, the liability is total whereas for Intrapreneur the
liability is limited to his contract with his employers.
Advantages of Intrapreneurship
1.Intrapreneurial ideas offer a way to build onto or improve the corp. business
2.Capital for the idea is easy to come from internal sources within a corp. identity
3.The established corporate image helps to boost the chances of success of an intrapreneur idea.
4.Corporates offer economies of scale in marketing, distribution and service.
5.Corporates offer the unique advantage of multidisciplinary teamwork. The intrapreneur retains the job
security but as well enjoys the freedom and prosperity.
Intrapreneurial Environment ensures that Organization operates on frontiers of technology, New ideas
are encouraged, Trial and error is encouraged, Failures are allowed, Resources are made available and
accessible, Multidiscipline teamwork approach is appreciated, Long time horizon is kept, Appropriate
reward system is put in place and there exists support of top management. Ways in which this can be
incorporated in an organization:
1. Empowering employees.
Employee empowerment was found to have a direct effect on job performance, and an indirect effect
on satisfaction and innovativeness. This can be fostered by driving innovative thought by empowering
employees to make decisions, take charge of projects, and solve problems. Giving them the resources
and training they need, then set them free, letting them know the team believes in their capabilities.
2. Prioritizing employee relationships.
Sometimes the best ideas come to you when you least expect them, such as during a pleasant discussion
or engagement. Even if the team is running out of ideas, having positive working connections with one
another will provide the motivation to keep going. Assisting the team in developing these strong bonds.
Organizing after-work activities so that employees may interact and get to know one another better. To
improve team bonding, exercise together, have meals together, and play games together.
3. Encouraging employees to step outside the scope of their work.
When employees spend their time doing the same tasks day after day, they become stuck in routine
thought. Encourage involvement in projects outside day-to-day tasks -this would help boost creative
thought. Allow them to job shadow someone in another department, or help a team member with
something new.
4. Hosting productive brainstorming sessions.
Meet with employees regularly to brainstorm new ideas and ensure strategies are aligned with
organizational goals. Design compelling meetings with a clear purpose.
5. Emphasizing individuality over conventionality.
The environment has a significant impact on creative thinking. Because not everyone is inspired by the
same surroundings, not all work environments should be identical. They should tailor their services to
the needs of each individual. Allow employees to express themselves by arranging their workstation in a
way that motivates them.
6. Allowing ideas time to incubate.
When employees are allowed to let go and come back to a problem, they have time to let the idea
incubate and produce the needed solution. Sometimes, the most innovative ideas take time. Allow
employees to step away and take focus off complicated challenges and issues when they hit a roadblock.
Then, unexpectedly, the right answer may come to them.
Q. 4What are the challenges faced by women entrepreneurs? How entrepreneurship would be a
better
career option for Women?
Challenges faced by Women entrepreneurs –
1. Limited Mobility:
Women's movement in India is severely restricted, compared to men's, for a variety of reasons. A lone
woman requesting a room is still seen as suspicious. The time-consuming nature of beginning a business,
combined with the officials' degrading attitude toward women, causes them to abandon their plans.
2. Family Ties:
Support and approval of husbands seem necessary condition for women’s entry into business.
Accordingly, the educational level and family background of husbands positively influence women’s
entry into business activities.
3. Lack of Education:
Illiteracy is the basis of India's socioeconomic difficulties. Women are unaware of business, technology,
and market understanding due to a lack of education, particularly of high quality education. Women also
have poor achievement motivation due to a lack of knowledge. As a result, women face a variety of
challenges when it comes to starting and running businesses due to a lack of education.
4. Male-Dominated Society:
In India, male chauvinism still reigns supreme. The Indian Constitution guarantees gender equality. In
practice, however, women are viewed as weak in every way. Men have misgivings about a woman's role,
aptitude, and potential, and women are treated as a result. In a nutshell, women in India's male-
dominated society are not treated equally to males. This, in turn, creates a barrier for women to enter
the workforce.
5. Low Risk-Bearing Ability:
Women in India lead a protected life. They are less educated and economically not self-dependent. All
these reduce their ability to bear risk involved in running an enterprise. Risk-bearing is an essential
requisite of a successful entrepreneur.
6.Family Responsibilities
In India, it is mainly a women’s duty to look after the children and other members of the family. Man
plays a secondary role only. In case of married women, she has to strike a fine balance between her
business and family. Her total involvement in family leaves little or no energy and time to devote for
business.
7.Financial constraints
Firstly, women do not generally have property on their names to use them as collateral for obtaining
funds from external sources. Thus, their access to the external sources of funds is limited.Secondly, the
banks also consider women less credit-worthy and discourage women borrowers on the belief that they
can at any time leave their business. Given such situation, women entrepreneurs are bound to rely on
their own savings, if any and loans from friends and relatives who are expectedly meager and negligible.
Thus, women enterprises fail due to the shortage of finance.
Entrepreneurship would be a better career option for Women in the following way–
1. Entrepreneurship provides workplace flexibility in terms of hours and goals: Women can work and
balance their home and work responsibilities on their own accord.
2.Since it is a high-elasticity profession, it will never be congested; hence, there will be no quotas or
reservations.
3. Women are excellent money managers. It has been seen again and again how women can efficiently
manage finances even as a home maker. Hence, it is of no question that they can effectively manage the
finances of a company.
4. Women are equal to or better than men. The take on responsibilities from early childhood. Hence,
they can take on the responsibility of a company and excel at it.
Contribution in urban, semi urban and rural areas of India –
In light of the country's high unemployment rate, women entrepreneurs play a critical role. Significant-
scale companies cannot absorb large amounts of labor because they require a lot of capital, while small-
scale enterprises play an important role, accounting for around 80% of total employment. As a result,
female entrepreneurs have a tremendous economic impact in terms of their potential to create jobs for
themselves and others. By founding businesses and generating goods and services, women
entrepreneurs add to the country's gross domestic product. Jewelry designing, Fashion designing,
Channel products, Tailoring, Catering, Papad, Pickles, Politics and Education are some of the
conventional business options while Tourism, Entertainment industry, IT, Corporates, Hospitality and
Social entrepreneurship, etc. are among the new prospects available to women entrepreneurs. Women
entrepreneurs add dynamism to the market because of their entrepreneurial activity. They also
contribute to the country's increased national GDP in this way.
Q. 5 What are the main sources of entrepreneurial ideas? How does an entrepreneur go about short
listing ideas and zeroing in on a particular line of new business activity?
Entrepreneurs throughout the world use the following sources to tap to identify good ideas:
1.Customers: Prospective clients are the best judges of what they desire and what habits/tastes will be
popular in the near future. Customers' reactions to the current product and the expected product idea
may inspire new product or service ideas. Prospective customer interactions can also disclose aspects
that should be included in a product or service. Customers can be paid attention to informally or by
conducting surveys among potential customers. Competing products and services of existing
organizations and evaluation thereof is a successful source of new ideas.
2.Distribution channels
Member of the distribution channels; intermediaries, transient customer preference, and possible
expectations may be a good business idea. Not only do channel members frequently have suggestions
for completely new products, but they can also help in marketing the entrepreneur’s newly developed
products.
3.Government
New product ideas can respond to government regulations, industrial policy, investment guidelines,
annual plan, Five-year plan, etc. The files of the Patent Office contain numerous new product
possibilities or suggest other more marketable new product ideas. Several government agencies
nowadays assist entrepreneurs in discovering evaluating business ideas. Finally, government
publications on trade and industry can also help set new venture ideas.
4.Financial institutions and Development Agencies
These organizations also provide ready projects and offer suggestions to potential entrepreneurs who
help identify promising projects. Entrepreneurs can take help of such financial institutions and
Development agencies to fuel a Business Idea.
5.Research and Development
The entrepreneur’s own “research and development” is the largest source of new ideas. It may be an
informal research endeavors at the private level or a more formal endeavor connected with one’s
current employment. Formal institutional research and development are often better equipped,
enabling the entrepreneur to conceptualize and develop successful new product ideas.
6.Trade Shows, Fairs aid Exhibitions
These sources display new products and innovations in processes and services. An innovative
entrepreneur can get product ideas to adapt or modify and produce with indigenous materials and
technology.
7.Focus Groups
A moderator leads a group of people through an open, in-depth discussion rather than simply asking
questions to solicit participant response; for a new product area, the moderator focuses the group’s
discussion in either a directive or a nondirective manner. The group of 8 to 14 participants is stimulated
by comments from other group members to conceptualize and develop a new product idea to fulfill
market needs.
To go about short-listing on his ideas entrepreneurs can undertake various activities like
1.Brainstorming
The brainstorming method for generating new product ideas is based on the fact that people can be
stimulated to greater creativity by meeting with others and participating in organized group experiences.
2.Collective Notebook Method
In the collective notebook method, a small notebook, containing a statement of the problem, blank
pages, and any pertinent background data, is distributed. Participants consider the problem and its
possible solutions, recording ideas several times a day. At month end, a list of the best ideas is
developed, along with suggestions.
3.Heuristics Method
Heuristics relies on the entrepreneur’s ability to discover through a progression of thoughts, insights,
and learning. The technique is probably used more than imagined because entrepreneurs frequently
must settle for an estimated outcome of a decision rather than a certainty.
4.Value analysis Method:
The value analysis technique develops methods for maximizing value to the entrepreneur and the new
venture. It is a method for developing a new idea by evaluating the worth of aspects of ideas. Under this
technique, regularly scheduled times are established to develop, evaluate, and refine ideas.
5.Checklist Method
A new idea is developed through a lot of related issues or suggestions. The entrepreneur can use the list
of questions or statements to guide the direction of developing entirely new ideas or concentrating on
specific “idea” areas. The checklist may take any form and be of any length.
6. Synectics Method
Synectics is a creative process that force individuals to solve problems through four analogy mechanisms.
The first step is to make the strange familiar through generalizations or models, this involves consciously
reversing the order of things and putting the problem into a readily acceptable or familiar perspective.
Once the strangeness is eliminated, participants engage in the second step, making the familiar strange
through personal, symbolic, direct or fantasy analogy, which ideally results in a unique solution being
developed.
7.Dream Approach
The big dream approach to coming up with a new idea requires that the entrepreneur dreams about the
problem and. Its solution- thinking big. Every possibility should be recorded and investigated without
regard to all the negatives involved or the resources required.
8.Market Gap Analysis
Market gap analysis is a powerful method used to uncover areas in the market in which the needs and
wants far exceed the supply. This method has a hopper or gathering effect of converting everyday
information into bunches of lucrative product and service gaps that few have thought of before.
9.Life-style analysis Method
For product-service concepts, entrepreneurs can employ lifestyle analysis without restriction.
Consumers' key activities (work, hobbies, shopping, sports, social events), interests (food, fashion, family,
recreation), and opinions are all measured (about themselves, social issues, business, products). The
lifestyle study will assist entrepreneurs in determining new requirements and desires in light of changing
circumstances. It will also reflect shifting customer values, which could provide inspiration for new
products and services.
