Entrepreneurship Challenges and Opportunities PDF

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Entrepreneurship Challenges and Opportunities...

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Entrepreneurship Challenges and Opportunities: Indian Scenario Risk taking ability, Self-confidence, Decision making ability, Knowledge of cumin growing to harvesting technology, Economic motivation, Market orientation, Risk factors, Soil and firm condition of experiences, Water resources, Water quality and volumes, need to cumin for all technical factors, Ability of co-ordination to cumin related activities, Achievement, Motivation, etc. indicators are behavior of entrepreneurial. Entrepreneurship has gained greater significance at global level under changing economic scenario. Global economy in general and Indian economy in particular is poised for accelerated growth driven by entrepreneurship. Admits environment of super mall culture we find plenty of scope for entrepreneurship in trading and manufacturing. An entrepreneur is a person who is able to look at the environment, identify opportunities to improve the environmental resources and implement action to maximize those opportunities (Robert E. Nelson) it is important to bear in mind the entrepreneurial skills that will be needed to improve the quality of life for individuals, families and communities and to sustain a healthy economy and environment. Taking this into consideration, we will find that each of the traditional definitions has its own weakness (Tyson, Petrin, Rogers, 1994, p. 4). The first definition leaves little room for innovations that are not on the technological or organizational cutting edge, such as, adaptation of older technologies to a developing-country context, or entering into export markets already tapped by other firms. Defining entrepreneurship as risk-taking neglects other major elements of what we usually think of as entrepreneurship, such as a well-developed ability to recognize unexploited market opportunities. Entrepreneurship as a stabilizing force limits entrepreneurship to reading markets disequilibria, while entrepreneurship defined as owning and operating a business, denies the possibility of entrepreneurial behavior by non-owners, employees and managers who have no equity stake in the business. Therefore, the most appropriate definition of entrepreneurship that would fit into the rural development context, argued here, is the broader one, the one which defines entrepreneurship as: "a force that mobilizes other resources to meet unmet market demand", "the ability to create and build something from practically nothing", "the process of creating value by pulling together a unique package of resources to exploit an opportunity". It combines definitions of entrepreneurship by Jones and Sakong, 1980; Timmons, 1989; Stevenson, et al., 1985. Entrepreneurship so defined, pertains to any new organization of productive factors and not exclusively to innovations that are on the technological or organizational cutting edge, it pertains to entrepreneurial activities both within and outside the organization. Entrepreneurship need not involve anything new from a global or even national perspective, but rather the adoption of new forms of business organizations, new technologies and new enterprises producing goods not previously available at a location (Petrin, 1991).

This is why entrepreneurship is considered to be a prime mover in development and why nations, regions and communities that actively promote entrepreneurship development, demonstrate much higher growth rates and consequently higher levels of development than nations, regions and communities whose institutions, politics and culture hinder entrepreneurship. An entrepreneurial economy, whether on the national, regional or community level, differs significantly from a non-entrepreneurial economy in many respects, not only by its economic structure and its economic vigorousness, but also by the social vitality and quality of life which it offers with a consequent attractiveness to people. Economic structure is very dynamic and extremely competitive due to the rapid creation of new firms and the exit of 'old' stagnant and declining firms Redefining entrepreneurship and innovation Succeeding as an entrepreneur and an innovator in today’s world is vastly different from what it was earlier. Organizations will face seven trends in the next decade as they flight to survive, grow and remain competitive.  

Speed and uncertainty will prevail. Technology will continue to disrupt and enable.

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Demographics will dictate much of what happens in business.

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Loyalty will erode.

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Work will be done anywhere, anytime.

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Employment as we know it will disappear.

Women Entrepreneur: Women entrepreneurs have been making a significant impact in all segments of the economy in India, Canada, Great Britain, Germany, Australia and the United States. The areas chosen by women are retail trade, restaurants, hotels, education, cultural, cleaning, insurance and manufacturing The New Thrust suggests following two factors pulling or pushing women in an entrepreneurship Factors leading women to be an entrepreneur:Women entrepreneurs choose a Women takes up business enterprises to Profession as a challenge and an get over financial difficulties and respond- adventure with an urge to do some - sibility is thrust on them due to family -thing new, liking for business and circumstances. to have an independent occupation. With the spread of education and new approaches/awareness, women entrepreneurs are achieving higher level of 3E’s, namely: (i) Engineering (ii) Electronics (iii) Energy. Though we should not forget certain Psycho-Social Barriers which hinders the growth of women entrepreneurs. Opportunities :  

Free entry into world trade. Improved risk taking ability.

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Governments of nations withdrawn some restrictions

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Technology and inventions spread into the world.

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Encouragement to innovations and inventions.

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Promotion of healthy completions among nations

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Consideration increase in government assistance for international trade.

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Establishment of other national and international institutes to support business among nations of the world.

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Benefits of specialization.

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Social and cultural development

Challenges:  

Problems of raising equity capital Difficulty in borrowing fund.

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T hought-cut completions endangered existence of small companies.

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Problems of availing raw-materials.

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Problems of obsolescence of indigenous technology

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Increased pollutions Ecological imbalanced.

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Problems of TRIPS and TRIMS.

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Exploitation of small and poor countries, etc.

Suggestions  

Govt. should provide separate financial fund of women’s entrepreneur. We should provide her special infrastructure facilities what ever she deeds.

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Govt. should arrange special training programmes of women entrepreneurship

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Govt. should felicitated top ranker women’s entrepreneur.

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Women entrepreneur should more competitive and efficient in the local & international market.

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Use should invite successful women entrepreneurs from foreign countries.

Women Entrepreneurship in India Out of total 940.98 million people in India, in the 1990s, females comprise 437.10 million representing 46.5 percent of the total population. There are 126.48 million women workforce but as per the 1991 census, only 1, 85,900 women accounting for only 4.5 per cent of the total selfemployed persons in the country were recorded. As per a rough estimate the number of SSIs are expected to be2.5 billion having 9% women entrepreneurs in to it. Considering this trend,

women participation in another five years was 20 % more, raising the number of women entrepreneurs to about 5, 00,000. Combined effect of motivational drive, preparation of information material, conducting training, creation of women industrial estates, and training of promoters and use of mass media all together is bound to accelerate the process of women entrepreneurship development. Some psycho-social factors impede the growth of women entrepreneurs are as follows:  

Poor self-image of women Inadequate motivation

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Discriminating treatment

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Faulty socialization

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Role conflict

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Cultural values

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Lack of courage and self-confidence

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Inadequate encouragement

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Lack of social acceptance

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Unjust social, economic and cultural system

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Lack of freedom of expression

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Afraid of failures and criticism

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Susceptible to negative attitude

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Low dignity of labour

What New Awareness has to say about it? The new Industrial Policy of the Government of India has specially highlighted the need for special entrepreneurship programmes for women entrepreneurs in the nature of product-process oriented courses – to enable them to start smallscale industries. A majority of women entrepreneurs are from the middle class families who have low technical education, less family responsibilities but desire to become entrepreneurs. This potential should be identified and tapped. Rural Entrepreneur Succeeding as an entrepreneur and an innovator in today’s world is vastly different from what it was earlier. Besides the existing generation of entrepreneurship also is passing through the transition period. They experience financial resource limitation to promote or to develop a venture and there is also look of research and innovation to meat with marketing challenges. Indian rural economy is also experiencing behavior of entrepreneurial. Aim of most farmers is to earn profits from farming as from any other business, if he determines the objectives. A farm business necessary requires deliberate decision and proper investment, after assessing risk and available resources to maximize profit. There for entrepreneurship is not simply adoption of new activity but it is transformation of a person from traditional of modern

India is known as “Home spices” and is in fact the largest producer, consumer and exporter of spices in the world. Though, cumin cultivation requires more inputs and production prices are high but last two years monetary output is uncertain. It is also sensitive crop to many disease, pest and also highly risky crop considering natural hazards, as well as the day to day fluctuating wholesale price index. Organizations will face seven trends in the next decade as they flight to survive, grow and remain competitive.  

Speed and uncertainty will prevail. Technology will continue to disrupt and enable.



Demographics will dictate much of what happens in business.



Loyalty will erode.



Work will be done anywhere, anytime.



Employment as we know it will disappear.

Opportunities For rural Entrepreneurs.  

Crashed Scheme for Rural Development Food for Work Programme

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National Rural Employment Programme

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Regional Rural Development Centers

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Entrepreneurship Development institute of India

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Bank of Technology

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Rural Innovation Funding

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Social Rural Entrepreneurship.

Challenges For Rural Entrepreneurs  

Growth of Mall Culture Poor Assistance

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Power Failure

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Lack of Technical know how

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Capacity Utilization

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Infrastructure Sickness

Present Entrepreneurial Scenario

Mr. Ratan Tata had clearly articulated to us his ‘vision’ for Tata Motors. The company has very successfully launched its passenger cars- ‘Indica’ and ‘Indigo’ and recently in January’ 2008 they have set a benchmark in the history of four-wheeler industry all around the globe by offering their masterpiece ‘NANO’ to be the world’s cheapest car worth 1 Lac rupees only. The company has also taken over the business of Corus, a giant in the steel industry. Vijay Mallya and talk of innovation, to hit the Indian market. Vijay Mallya’s mission was to create brand Kingfisher as a generic brand for lifestyle. There happened to be some sort of compatibility between the way he lived his life and the brand image that he was thinking to create. One of the key ingredients of innovation is to simply be yourself. He did the restructuring process of United Breweries without any sense of embarrassment. We are all sometimes stymied, curbed and limited by ourselves. Philips, Sony, Honda, Ford provide the signposts of entrepreneurship today for all to emulate. Some of these have come up only in recent years and from small beginnings. In India, too, one sees glimpses of such entrepreneurship. ICICI’s experience tells a great deal about entrepreneurship – good as well as not so good. Following Indian firms will keep on dominating the corporate world in the future too —  

Tata Steel & Motors Indian Oil Corporation

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Reliance industries

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Infosys Technologies

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Moser Baer

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Bharti Tele-ventures

Twaalfhoven and Indivers (1993, pp. 3-4), they are run by dynamic entrepreneurs, who manage and lead their companies not only to remain in the business but to expand it. Dynamic entrepreneurs look for growth, they do not have only a vision but are also capable of making it happen. They think and act globally, look for expansion, rely on external resources, seek professional advice or they work with professional teams. They challenge competitors instead of avoiding them and take and share risks in a way that leads to success. In this way economic vitality of a country largely depends on the overall level of entrepreneurial capacity, i.e., on its ability to create rapidly growing companies Summary The entrepreneurs provide a magical touch to an organization, whether in public or private or joint sector, in achieving speed, flexibility, innovativeness, and a strong sense of selfdetermination. They bring a new vision to the forefront of economic growth. After over 5 decades of Independence and Industrialization in our country, still large part of population remains under poverty line. Agriculture continues to be the back bon of rural society.As per this study, 70 per cent of holdings are held by small and marginal farmers

resulting in over crowding on the agricultural land and diminishing farm produce. This also results in migration of farm worker in large numbers to the urban areas. In both the cases the population remains under poverty line.

Agricultural work force has a share of 70 per cent in the total work force of the country. Cultivators who own farmland come to about 68 per cent of this work force while agricultural labor accounts for the remaining 32 per cent. These cultivators are increasing in number over the years but the large increase was among the agricultural labor which went up from 20 per cent of the rural work force to 32 per cent. One also needs to keep in mind that there is a continuous growth of population.Thus, the policy for rural development has to tackle, the problems by providing other occupation options to the rural youths.

What could be a better option than entrepreneurship? Entrepreneurship could take off the excess of labor from the farms that causes disguised employment. Disguised Employment means that there might be groups of people working on the farmland and calling themselves employed. However, when these people are taken off that farm and employed elsewhere, the production of the farm does not go down. Hence, such people though employed do not add to the production of the farm.We have also seen in recent past that despite enough food stocks with government warehouses, people are dying of starvation. This indicates problem with the public distribution system. The question is, do we have to depend on government public distribution system? The response is, people taking up entrepreneurship themselves in the form of Trading and Cooperatives.

The basic entrepreneurial principles should be applied to rural development. This would result in: a] Better distribution of farm produce resulting in the rural prosperity. b] Entrepreneurial occupation rural for youth resulting in reduction of disguised employment and alternative occupations for rural youth. c] Formations of big cooperatives like Amul for optimum utilization of farm produce. d] Optimum utilization of local resource in entrepreneurial venture by rural youth

THE SUPPORT SYSTEM: However, there has not been enough development in this area. One of the reasons can be that management modes used were largely governmental. Those who were charged with the responsibility of rural development were either bureaucrats or technocrats, who were using only

the schemes as the motivation for developing entrepreneurs, without providing the necessary training for running an enterprise. Wherever we see on oasis of development in the desert of rural underdevelopment, we can trace an imaginative entrepreneur, who has used the correct mode of management of rural entrepreneurial venture to the best.

For example, the case of dairy development in the State of Gujarat. This model is popularly known as “Amul Model”. The Gujarat experiment was started more than 30 years ago. Starting from a small complex of eight societies which originally collected only a few hundred litres of milk it has grown into a huge complex collecting nearly seven lakh litres of milk per day from 240,000 members organized into 840 village societies. Today 90 per cent of the processed butter and cheese market of the organized sector in the country is controlled by Amul. This has helped small farmers. Behind the success of this co-operative venture is that dynamic entrepreneur and leader, Dr. Kurien whose target of opportunity seeking is not financial but social gain, not for himself, not for the enterprise or agency he works for, but for the people he serves.

The model for frozen peas market developed by MAFCO in Maharashtra is another

success story. This venture was started eight years ago. During the first year only 10 tonnes of peas were sold, which went up to 42 tonnes in the second year, 120 tonnes in the third year and 140 tonnes next year and so on. Behind this success story is also that the entrepreneur who could foresee and implement his plans of marketing. The opportunities in this area are quite big. For example, the market for vegetables in West Asia is approximately Rs. 36 lakhs per day, to be transported by air daily. What is lacking is managerial talent, which could exploit these opportunities by organizing small farmers of this country.

Despite impetus provided by government there has not been much development in the rural area. One of the major reasons why not much headway has been made in this area during the last 50 years is the lack of committed government officials implementing these projects. However, before a profile of these rural Entrepreneurs is carved, it is necessary to review the existing rural scene and the agencies involved in the rural development. Such a review would help us in understanding the problems of rural India in a better way. This would also help us in drawing the profile of the Entrepreneurs for rural development.The term Entrepreneur for r...