EXPERIMENT NO: 1

Objectives:

Introduction to entrepreneurship Basic concept and characteristics of entrepreneurship Need of entrepreneurship

1. Introduction:

There are two keywords in the entrepreneurship:

Entrepreneur Entrepreneurship

Entrepreneur:

Entrepreneur is a person who sets up an enterprise. The owner or proprietor of a business is known as an entrepreneur. Entrepreneur conceives the idea of setting up a business. He performs various activities to give shape to the business and when business gets a proper shape, it is called an enterprise. During the process of formation of an enterprise various opportunities for employment and professions are also created as many people are appointed in the business at every level. After setting up of an enterprise the enterprise takes raw materials from some other business enterprise, supplies finished products to some other business enterprise. We can say emerging of one enterprise employment opportunities, professional opportunities and business opportunities in a nation hence, development of an enterprise helps in economic development .traditionally it was believed that entrepreneurs are born but in the present contest it is not true. Government creates and provides opportunities so that more people can plan to set up an enterprise as by setting up an enterprise one can become job provider rather than acting as job seeker.

Entrepreneurship:

Entrepreneurship is considered as of assuming the risk of an entrepreneur.

EnterpriseEntrepreneur (carrying on various activities)

Entrepreneur {thinks of an idea to start entrepreneur)

a) According to natheal h. leff: entrepreneurship is the capacity for innovation investment and expansion new market product and techniques.

b) Webster highlights: entrepreneurship as economic venture organizing and risk taking capabilities.

c) Joshep a Schumpeter: describe entrepreneurship is the force of creative destruction whereby established way of doing things are destroyed by the creating of new and better ways to get things done.

d) According to S. S. kanaka: Entrepreneurship is a process involving various actions to be taken to establish and enterprise. From the functional view point entrepreneurship is defined as the combination of activities such as perception of market opportunities gaining command over scarce resources purchasing input producing and marketing of product responding to competition and maintaining relation with political administration and public bureaucracy for concession licenses and taxes etc.

2. Basic concept and characteristics of an entrepreneurship:

The basic concepts and characteristics of entrepreneurship are concerned with developing a vision of what a company should be, and then executing that vision by translating it into concrete steps and following through. Entrepreneurs tend to be personally involved in building and shaping their companies, but business success also depends on understanding personal limits, and developing strategies and systems to transcend these limits. Although many business magazines publish long lists of entrepreneurial traits, entrepreneurship is more a way of thinking and behaving than a set of specific, sharply defined character traits. There are some characteristics of entrepreneur as following:

a) Measured Risk:

Entrepreneurs are risk takers, staking money, time, and personal reputations to manifest their visions. But, like heroes, entrepreneurs are rarely reckless. Rather, successful entrepreneurs take measured risks, weighing the stakes and the potential consequences, and then stepping into unknown territory to generate results. As risk takers, successful entrepreneurs understand that failure can be a vital part of success, and that learning from mistakes can be a way of reaping benefits from situations that might otherwise feel like failures.

b) Physical Responsibility:

Businesses run on money, so entrepreneurs must have a solid sense of how to raise and manage funds. Successful entrepreneurs have an intuitive sense of how much money they will need to run their companies, but they supplement this sense with concrete documentation and calculations to mitigate uncertainties. Entrepreneurs are willing to risk money by making investments in building their businesses, but they keep a close eye on the numbers in order to understand how much they are spending and whether their expenditures are bringing about the desired results.

c) Creativity:

Starting a business is a creative endeavor that starts with conceptualizing a product or service, and then building a practical infrastructure that can sustain itself while delivering that product or service. Entrepreneurship requires creative problem solving as well as creative product development, and entrepreneurs have the creative freedom to think outside the box and develop unique strategies that balance personal values with practical constraints.

d) Management Skills:

Successful entrepreneurs see the big picture. They have the skills and the humility to define their own role in company operations, and the interpersonal skills to successfully delegate the tasks they can't complete themselves. Successful entrepreneurs are successful managers, sharing the company's vision and clearly communicating the ways that this vision is infused into mundane daily tasks. An entrepreneur's management skills come into play in the process of carefully choosing employees, and these skills carry over into careful training, as well as the daily challenges of motivating and organizing workers.

3. Need of entrepreneurship:

Entrepreneurship facilitates the rate of development of a country by significantly contributing to the following factors:

By increasing the rate of growth in GDP of a country Increasing productivity. Growing employment opportunity. Increasing economic diversification. Optimum use of local resources Continued innovation in techno – managerial practices Improving in international competitiveness.

The developing countries usually have a limited national wealth. However, they need to spend this wealth to import goods and services. Also, to trade with other countries, they need foreign exchange. Entrepreneurship helps in conserving the outflow of the national wealth in the following ways:

As entrepreneurship is a low-cost strategy of economic development, job creation and technical innovation. Thus they enable the production locally and reduce the need of import.

Entrepreneurs also bear the costs and risk of launching a new venture, developing a new product, commercializing an invention, adopting a technology and enveloping a new market. They will even help in generation of foreign exchange, thus conserving the outflow of national wealth.

Entrepreneurship is a low-cost strategy for Economic development. Job creation. Technical innovation

The entrepreneurs bear the costs and risks of launching a new venture, developing a new product, commercializing an invention, adapting a technology and developing a new market, there by offering a highly leveraged strategy of development. Entrepreneurship alone results in generating wealth and employment, in increasing GDP and the overall development of society. Governments need to spend a lot of money if they have to provide employment and to establish enterprises. But by encouraging entrepreneurs and by supporting them government can achieve these targets easily. So entrepreneurship is called an exercise in low-cost strategy.

Entrepreneurship contributes to the increasing national production through: Its low cost strategy of economic development Job creation Technical innovation

Entrepreneurship or self-employment overcomes these problems as: Adds to the GNP It has unique characteristics of self-generation.

In other words, entrepreneurship offers employment to others. As it is economic activity, it also leads to the emergence of other economic activities. This creates unending employment opportunities.

In the absence of local entrepreneurs for a society, enterprises are organized by the entrepreneurs coming from outside. This leads to

The draining of the wealth generated out of the local resources to the areas of the entrepreneur’s origin.

A large share of the profits earned by the entrepreneurs will not be reinvested in the area of the enterprise.

Backward development of the areas, especially in the developing countries The ‘leech effect’ be developed in the areas where enterprises are established. Non-availability of the wealth which would have been re-invested in the

welfare of the area of profit generation. Reduction in the standard-of-living of the area of profit generation.

Absence of balanced area development in the nation.

The markets in which the entrepreneurs operate has little tolerance for: Miscalculation about business opportunities For lack of commitment Laziness or incompetence

Entrepreneurs also bear the costs and risk of launching a new venture, developing a new product, commercializing an invention, adopting a technology and enveloping a new market. Entrepreneurs either succeed or make a developmental contribution or they fail and disappear from the market place. For this reason, they are called as risk bearers.

Entrepreneurs, by bringing sensitivity to the discipline of the market, make the markets more competitive by reducing both static and dynamic inefficiencies. An entrepreneur facilitates a variety of innovative collaboration, merger and fusion. This helps in improving the international competitiveness.

EXPERIMENT NO: 02

Objectives:

1. Role of entrepreneurship in innovation2. Role of entrepreneurship in economic growth3. Advantage of entrepreneurship

1. Role of entrepreneurship in innovation:

Innovation is an ongoing process of getting an invention to a point where it has an application value of some kind.  That doesn’t happen automatically, because technology is only useful if somebody uses it.  Unlike knowledge, technology doesn’t have any intrinsic value. If you discover that some distant object in the sky is a planet, that knowledge has some abstract value for humanity.  If you find a cure for cancer and it doesn’t teach you anything new about biology, or the human body, and is just a particular mix of stuff that works, then it has no value until it actually cures somebody’s cancer.  We need innovators, because technology needs to be used (this is why we do what we do). 

The boundaries around the innovation process are sloppy, but roughly include all the

steps between invention and pre-commercialization, or possibly commercialization.  This

is the period when you start thinking not just about your idea, but what you need to do to

make it work in practical terms.  You experiment, you fiddle around, you find out that it

doesn’t work on current computers, and you adjust it in some way to make it practically

realizable.  In the act of innovation, you might also invent new things.  But equally

important, you are going to generate a lot of practical know how.  This is where the bulk

of value in a technology startup is created. This know-how is often hard to characterize,

because it is the embedded knowledge in the heads of your people, but it is of enormous

value to any acquirer. 

The concept of entrepreneurship is separate from this. Entrepreneurship is about driving

innovation in a constrained environment (e.g. limited money or time). Often this happens

in a startup, but it’s perfectly possible to be an entrepreneur inside a large corporation if

the constraints are in place. An entrepreneur’s job is not just to bring the technology to

market, or to the commercialization stage; the job of the entrepreneur is to create and

maintain the environment that allows innovation to occur (people, money, goals, etc.). 

Unlike single person corporations or partnerships that do not have an inherent constraint,

opportunity, or even desire to scale (doctors, lawyers, consultants, and other freelancers),

entrepreneurs engage in an aggressive pursuit  of scale under conditions of risk.

When we look at these definitions together, we learn something critical about the people needed for technology transfer.  First, you do not need an inventor as the CTO in your startup.  This is a mistake I see a lot of startups make. You need access to the inventor to get clarity on their thoughts, but that can take the form of a consultancy on an as needed basis.  What you really need is an innovator in your startup’s technical leadership role.  This is someone who has enough understanding of the technology and commercialization process to drive the technology from invention to commercial application.  If the inventor does not have the skills or know-how to be an innovator, your startup company will die (this is in my experience the number one reason for failure in startups led by university professors).

2. Role of entrepreneurship in economic growth:

INNOVATION

Invention Entrepreneurship

Opportunity

evaluation

Generi

c issues

Contexua

l influences

Personal commit

ment

Managed

implementation

Entrepreneurship is basically concerned with creating wealth through production of goods and services. This results in a process of upward change whereby the real per capita income of a country rises overtime or in other words economic development takes place. Thus entrepreneurial development is the key to economic development. In fact it is one of the most critical inputs in the economic development of a region. It speeds up the process of activating factors of production leading to a higher rate of economic growth, dispersal of economic activities and development of backward regions. If a region is unable to throw up a sufficient number of entrepreneurs then alien entrepreneurs usually step in to provide goods and services needed by the people. However the profits earned by these entrepreneurs are usually not ploughed back but repatriated to their place of origin. As a result development in that region cannot take place.

Entrepreneurship begets and also injects entrepreneurship by starting a chain reaction when the entrepreneur continuously tries to improve the quality of existing goods and services and add new ones. E.g. when computers came into the market there was continuous improvement in the models, their functions etc. like first generation computers, personal computers, laptops, palmtops etc. Not only had this fostered the development of the software industry, computer education institutes, computer maintenance and stationery units etc. but also other industries like banking, railways, education, travel, films, medical and legal transcriptions, business process outsourcing [BPOs] etc. In this manner by harnessing the entrepreneurial talent a society comes out of traditional lethargy to modern industrial culture. India needs entrepreneurs to capitalize on new opportunities and to create wealth and new jobs.

The industrial health of a society depends on the level of entrepreneurship existing in it. A country might remain backward not because of lack of natural resources or dearth of capital [as it is many times believed] but because of lack of entrepreneurial talents or it inability to tap the latent entrepreneurial talents existing in that society. Entrepreneurs historically have altered the direction of national economies, industry or markets- Japan, Singapore, Korea, Taiwan to name a few.

a) Entrepreneurship and economic development:

Entrepreneurship is basically concerned with creating wealth through production of goods and services. This results in a process of upward change whereby the real per capita income of a country rises overtime or in other words economic development takes place. Thus entrepreneurial development is the key to economic development. In fact it is one of the most critical inputs in the economic development of a region. It speeds up the process of activating factors of production leading to a higher rate of economic growth, dispersal of economic activities and development of backward regions. If a region is unable to throw up a sufficient number of entrepreneurs then alien entrepreneurs usually step in to provide goods and services needed by the people. However the profits earned by these entrepreneurs are usually not ploughed back but repatriated to their place of origin. As a result development in that region cannot take place. Dr. M.M. Akhori refers to this

practice as ‘The Leech Effect’. The above reiterates the importance of entrepreneurship development for fuelling economic growth of a region.

Entrepreneurship begets and also injects entrepreneurship by starting a chain reaction when the entrepreneur continuously tries to improve the quality of existing goods and services and add new ones. E.g. when computers came into the market there was continuous improvement in the models, their functions etc. like first generation computers, personal computers, laptops, palmtops etc. Not only had this fostered the development of the software industry, computer education institutes, computer maintenance and stationery units etc. but also other industries like banking, railways, education, travel, films, medical and legal transcriptions, business process outsourcing [BPOs] etc. In this manner by harnessing the entrepreneurial talent a society comes out of traditional lethargy to modern industrial culture. India needs entrepreneurs to capitalize on new opportunities and to create wealth and new jobs.

b) Entrepreneurship and education:

Towards the end of the sixties, two significant contributions were made in the field of entrepreneurship .One was that there is a positive linkage between entrepreneurship and economic development and the other was regarding the emergence of a strong hypothesis that entrepreneurship can be developed through planned efforts1. Consequently planners realized that absence of a strong entrepreneurial base acts as a serious handicap in the industrial development of a region. The identification and development of first generation entrepreneurs through Entrepreneurial Development Programs is an important strategy. There is a growing realization that presence of resources and favorable government policies cannot automatically manufacture economic development. It is the entrepreneurial spirit of the people, which can transform the economy of that region. Both the quantity and quality of entrepreneurs are of utmost significance for achieving the goal of economic development. The myth that entrepreneurs are born with some innate traits is fortunately no longer held. You will learn more about this in the lesson on motivation. Many research studies have brought out that entrepreneurship can be taught and learned. Entrepreneurship is a discipline and like all disciplines it has models, processes and case studies, which can help an individual to study this subject. The necessary competencies required of a successful entrepreneur can be acquired through training and development. Numerous courses in entrepreneurship are being taught all over the world in schools and colleges, seminars and conferences are being organized and EDPs are being conducted. The thinking today is why just create managers why not create people who can absorb managers. One can acquire the traits and learn the skills for becoming an entrepreneur e.g. a person can learn to be achievement oriented, self- confident, perseverant etc. which are all part of the characteristics of a successful entrepreneur. Usually the model used for entrepreneurial education has three phases:

a. Stimulatory phase:

This phase involves planned publicity for opportunities, motivation training and help and guidance in selection of product or service.

b. Support Phase: This provides help in registration of units, arrangement of finance as well as land, sheds, power, water, common facility centre’s etc. Help is also provided in marketing of products.

c. Sustenance Phase: Once the enterprise is set up the enterprise is set up then help is provided for modernization, diversification, additional finance etc.

3 Advantage of entrepreneurship:

To an Individual

Provides Self Employment for the entrepreneur Entrepreneur can provide employment for near & dear one as well Entrepreneurship often provides an employment and livelihood for next generations as

well. Freedom to use own ideas – Innovation and creativity Unlimited income / higher retained income – Bill Gates has risen to become richest in the

world in a single life time through entrepreneurship Independence Satisfaction

To the nation

Provides larger employment – Entrepreneurs provide employment for self as well as other people and is source of employment creation.

Results in wider distribution of wealth – This is a logical sequel of above issue. Higher the employment, greater the distribution of wealth

Mobilizes local resources, skills and savings. Accelerates the pace of economic development – Entrepreneurship is the govt.’s one of

the most trusted vehicles for economic development Stimulates innovation & efficiency

EXPERIMENT NO: 03

Objectives:

1. Planning for business enterprise2. Entrepreneurial career opportunities for engineers3. Business entrepreneurship and management students4. Govt. policies for entrepreneurs

1. Planning for business enterprise:

a) Business enterprise planning:

Planning is an essential business function that requires a dedicated effort from the company’s management team in order to fully realize the benefits. Companies often have an annual planning process whereby the strategies and budget for the upcoming year are determined, but, ideally, planning should be a part of everyday management thinking. It is a mind-set of continually looking for ways to make the enterprise more competitive.

Benefits:-During the planning process, goals are set for both the short and long term. These may be financial goals, such as increasing revenues 25 percent in the upcoming year, or they may less intangible but just as significant goals, such as improving company-wide morale. Having goals provides direction for all members of an organization. Once goals are set, strategies are determined to reach the goals. These are actions that must be taken to achieve the stated goals, including who is responsible for completing them. Planning provides a sharply focused blueprint by which the management team can guide the company.

Research Needed:-Information is the raw material that fuels the planning process. Management must gather detailed information about the strength and weakness of competitors in order to come up with strategies that create a competitive advantage for the company. To plan a business enterprise, you also have to have a thorough understanding of the current state of your industry so you can identify emerging opportunities. Market research is also key; understanding your customers will allow you to better attract and serve them. Consumers’ needs change, their tastes change, and what they are willing to pay for products or services changes depending on the economic environment.

Thinking Process:-Planning requires vision, or the ability to see success for your company before it occurs. Knowing where you want the company to be in three to five years and what you want to achieve during that time is an essential ingredient of successful planning. All of the decisions the company makes should contribute to making this vision a reality.

Opportunity Analysis:-The Core concept of enterprise planning is resource allocation, or making the tough decisions about where to spend money and devote staff members’ time in order to reach the organization’s stated goals and succeed versus the competition. Companies must allocate their resources to what they determine are their best opportunities, and should be constantly seeking out new opportunities. A company’s best opportunities result from a combination of its capabilities, or what it does particularly well in comparison to its competitors, and what the most critical customer needs are. The products and services the company offers should match up extremely well with customer needs.

b) Planning the Team:- The quality of the management team is an important determinant of the company’s ultimate success. A business owner, as part of the planning process, must constantly assess the skills and capabilities of his current team versus the changing requirements of the business. Growth brings increasing complexity to the operation of a business and can expose weaknesses in management. The business owner must anticipate this and bring in additional talent as well as build the skills of the existing team members through additional training and education.

Identification of Business Opportunity:-The opportunity identification literature indicates four ways in which opportunities are identified: active search, passive search, fortuitous discovery, and creation of opportunities. Active search, passive search, and fortuitous discovery adopt the ontological perspective that opportunities “exist out there,” and it is the job of the entrepreneur to un- cover these opportunities. The creation perspective is consistent with the ontological perspective that opportunities are a product of one’s mind. There are marked differences between these four models of opportunity identification with respect to ontological perspective and the roles of the environment and the individual.

Idea Generation:-Idea generation is a process of deliberately brain storming. It is the foundation of the process of discovering new sustainable business opportunities. New ideas often arise from simple questions like “What is this?”, “What is it for?” and “What it could be for?”. Questioning the basic uses of utensils we use in everyday life and common customs and

rules opens up space for many new opportunities. Therefore looking at things from a different angle is the first step to innovate and invent new solutions. This activity aims to boom participant’s creativity and help them to develop creative ideas that make a difference. Demand Estimation:-Demand estimation is a prediction focusing on future consumer behavior. It predicts demand for a business’s products or services by applying a set of variables that show how, for example, price changes, a competitor's pricing strategy or changes in consumer income levels will affect product demand. Once armed with this information, management can then begin to make strategic business decisions ranging from reviewing pricing strategies to setting product inventory levels to deciding whether to make fixed asset investments and whether to introduce a new product or enter a new market.

Feasibility Study:-A Feasibility Study is a first step in exploring a new business idea. It can be instrumental in flushing out a business idea, as well as determining if further investment into the idea is warranted. In short, it provides a framework by which a “go” or “no-go” decision can be reached. Additionally, a well-rounded feasibility study can serve as a solid foundation for a full-fledged business plan.

2. Entrepreneurial career opportunities for engineers:

It is an exciting time to be an engineer. In recent decades, the engineering workforce has helped the United States make substantial advances in communications, health, defense, infrastructure, and manufacturing (Blue et al. 2005), and the time between the emergence of new technologies and their implementation has steadily declined (Kurzweil 2001). Opportunities and challenges continue to require engineers to literally invent the future by developing breakthrough technologies that solve global problems and enhance the quality of life. Ongoing innovation is required to address pressing problems and to maintain America’s global competitiveness, and engineering is the foundation of much of that innovation. To be prepared to enter the workforce and thrive in this ever changing global economy, engineers need to be able to collaborate effectively as leaders, in teams, and with their peers. In addition to their technical and analytical expertise, they need to be flexible, resilient, creative, empathetic, and have the ability to recognize and seize opportunities (NAE 2004; Sheppard et al. 2008). All of these skills can and should be taught to engineers as part of their formal education. It is thus the responsibility of engineering educators to instill these qualities in students to enable them to be more innovative and entrepreneurial. In this article, we examine the importance of entrepreneurship efforts in engineering education, national support for entrepreneurship, student and faculty attitudes and engagement, noteworthy programs, and early research on these initiatives. We then offer our perspective on the future landscape for innovation and entrepreneurship in engineering education.

Importance of Entrepreneurship Education:-

It is no longer enough to come out of school with a purely technical education; engineers need to be entrepreneurial in order to understand and contribute in the context of market and business pressures. For engineers who start companies soon after graduation, entrepreneurship education gives them solid experience in product design and development, prototyping, technology trends, and market analysis (Nelson and Byers 2010). These skills are just as relevant for success in established enterprises as they are in startups; students with entrepreneurial training who join established firms are better prepared to become effective team members and managers and can better support their employers as innovators.

Entrepreneurship education teaches engineering students in all disciplines the knowledge, tools, and attitudes that are required to identify opportunities and bring them to life. Students who take part in entrepreneurship programs as undergraduates gain insights not available from traditional engineering education, such as understanding and designing for end users (“empathy”), working in and managing interdisciplinary teams, communicating effectively, thinking critically, understanding business basics, and solving open-ended problems (ABET 1995; NAE 2004).

Expanding Support for Entrepreneurship:-

In many universities, entrepreneurship is no longer confined to business schools. In fact, it is one of the fastest growing subjects in undergraduate education overall, with formal programs such as majors, minors, and certificates quadrupling from 1975 to 2006 (Brooks et al. 2007). And interest in entrepreneurship extends beyond higher education. In recent decades, technology entrepreneurs have become American heroes, and the entrepreneurial process has been embraced as a key element of the country’s future success and global leadership. The White House has emphasized entrepreneurship as a means of driving innovation: in addition to improving STEM education, President Obama’s strategy for American innovation calls for an investment in high-growth and innovation-based entrepreneurship to drive the US economy (NEC 2011).

The National Science Foundation has also invested in entrepreneurship and innovation with programs such as Innovation Corps (I-Corps), which prepares scientists and engineers to consider broader opportunities for their technology and research, and the National Center for Engineering Pathways to Innovation (Epicenter). Managed by Stanford University and the National Collegiate Inventors and Innovators Alliance (NCIIA), Epicenter was established in 2011 to expand the infusion of entrepreneurship into undergraduate engineering education. It sponsors initiatives that inspire engineering students to envision possibilities and create viable, innovative products, services, and processes.

Student and Faculty Attitudes toward Entrepreneurship Education:-

Unlike other changes to the engineering curriculum that have been implemented with little student input, there is substantial and growing student demand for entrepreneurship education. In an annual survey of American college freshmen, 41 percent of respondents said that “becoming successful in a business of my own” is an objective they considered “essential” or “very important” (Pryor et al. 2012). In a study of engineering students by Duval-Couetil and colleagues (2012), two-thirds of the respondents agreed that entrepreneurship education would broaden their career prospects and choices.

Among faculty and administrators, according to a recent ASEE survey, about 50 percent of respondents reported that access to entrepreneurship programs is important for their engineering undergraduates (Peterfreund 2013). While this might be interpreted as a discouraging statistic for the expansion of entrepreneurship in education, we view it as an opportunity.

3. Business entrepreneurship and management students:-

1. A Management Graduate is a person trained in necessary skills and knowledge to manage an enterprise.

2. A Management Graduate is best placed to be an entrepreneur. With his knowledge of business domain, his chances of launching a successful entrepreneurial venture are much higher than anyone else. It will benefit the Management Graduate as well as the country.

3. Experience even from Harvard Business School confirms that more Management Graduates take Entrepreneurial Role (after gaining some experience) and the average income of entrepreneurs is higher by almost 2.5 times compared to their friends who are in job.

4. A Management Graduate should therefore not be just a Job Seeker. He can and should take the role of Job Provider.

5. Enterprises in protected economy can sustain mismanagement because the markets are assured under quota and license raj. In the ensuing monopoly or monopolistic market, there is a demand supply mismatch and therefore profit margins are high. Therefore, there is enough

resilience to sustain errors and consequential losses in an entrepreneurial venture once the license was obtained.

6. Enterprises in competitive environment are essentially to be well managed. In the resulting perfect or near perfect market, profits are thin and any losses due to errors cannot be passed on to the consumer. Therefore, entrepreneurial ventures have to be well managed.

7. Even in his employment in a company, he needs to become an INTRAPRENEUR in order to deliver maximum to his employer and increase his own stock in return.

8. Therefore, either way, Entrepreneurship Management becomes an essential part of Curriculum of management studies.

4. Govt. policies for entrepreneurs:-

India’s tryst with entrepreneurship is an emerging phenomenon when compared to its 65 years of existence as an independent nation. While socialist policies were at the helm of deciding the policy framework in the early years, the last 3 decades have brought about changes in the government’s thinking leaning towards a market oriented economy. Various support mechanisms have been designed by the government to nurture the entrepreneurial mindset, some of which are highlighted below:

SIDBI was established in April 1990 under an Act of Parliament as a wholly-owned subsidiary of Industrial Development Bank of India (IDBI) is the principal financial institution for the following three-fold activities:

1 Financing the small scale sector by providing indirect assistance to primary lending institutions (PLIs) and direct assistance to small scale units.

2 Development and Support services for promoting small industries.

3 Liaoning with other institutions engaged in similar activities.

The Government of India has adopted some global support mechanisms which have been customized as per local requirements. To focus on certain industries, the foundation was by establishing institutes under the umbrage of government departments.