An entrepreneur is a person who starts an enterprise. He searches for change and responds to it.

A number of definitions havebeen given of an entrepreneur- The economists view him as a fourth factor of production along with land labour andcapital. The sociologists feel that certain communities and cultures promote entrepreneurship like for example in India we say thatGujaratis and Sindhis are very enterprising. 1964: Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resourceEntrepreneurship can be described as a process of action an entrepreneur undertakes to establish his enterprise. Entrepreneurship is a creative activity. It is the ability to create and build something from practically nothing. It is a knack ofsensing opportunity where others see chaos, contradiction and confusion. Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks and derive benefits by setting up a venture. It comprises of numerous activities involved in conception, creation and running an enterprise. According to Peter Drucker Entrepreneurship is defined as a systematic innovation, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for economic and social innovation.

ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT . 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

Internal Factors The best thing about internal factors is that you can control many of them. Some factors, such as your business's reputation, image and creditworthiness, are a result of the way you run your business. Other factors, such as your organization's management structure and staffing and the physical decor of your business, are based on your business decisions, and you can change them as you see fit. Changing internal factors usually involves some indirect costs, such as lost productivity while new employees are trained, some direct costs, such as a penalty for terminating a lease before it expires, or some combination of the two.

External Factors
External factors are all those things that are beyond your control. Tight lending conditions, government regulations and competition are some of the external factors that affect virtually every small business. Strategic planners anticipate and manage some of the circumstances that affect their business. Exploring alternative financing sources until lending restrictions ease, developing plans for compliance with regulations and enhancing innovation and service to stay ahead of the competition are forward-thinking ways to keep external factors from threatening the survival of your business.

An entrepreneur performs a series of functions necessary right from the genesis of an idea up to the establishment and effective operation of an enterprise. He carries out the whole set of activities of the business for its success. He recognises the commercial potential of a product or a service, formulates operating policies for production, product design, marketing and organisational structure. He is thus a nucleus of high growth of the enterprise.

According some economists, the functions of an entrepreneur is classified into five broad categories: 1. Risk-bearing function: The functions of an entrepreneur as risk bearer is specific in nature. The entrepreneur assumes all possible risks of business which emerges due to the possibility of changes in the tastes of consumers, modern techniques of production and new inventions. Such risks are not insurable and incalculable. In simple terms such risks are known as uncertainty concerning a loss. The entrepreneur, according to Kinght, "is the economic functionary who undertakes such responsibility of uncertainty which by its very nature cannot be insured nor capitalised nor salaried too." Richard Cantillon conceived of an entrepreneur as a bearer of non-insurable risk because he described an entrepreneur as a person who buys things at a certain price and sells them at an uncertain price. Thus, risk bearing or uncertainty bearing still remains the most important function of an entrepreneur which he tries to minimise by his initiative, skill and good judgement. J.B. Say and other have stressed risk taking as the specific function of the entrepreneur. 2. Organisational Function: Entrepreneur as an organiser and his organising function is described by J.B. Say as a function whereby the entrepreneur brings together various factors of production, ensures continuing management and renders risk-bearing functions as well. His definition associates entrepreneur with the functions of coordination, organisation and supervision. According to him, an entrepreneur is one who combines the land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market, he pays interest on capital, rent on land and wages to labourers and what remains is his/her profit. In this way, he describes an entrepreneur as an organiser who alone determines the lines of business to expand and capital to employ more judiciously. He is the ultimate judge in the conduct of the business. Marshall also advocated the significance of organisation among the services of special class of business undertakers. 3. Innovative Function: The basic function an entrepreneur performs is to innovate new products, services, ideas and informations for the enterprise. As an innovator, the entrepreneur foresees the potentially profitable opportunity and tries to exploit it. He is always involved in the process of doing new things. According to Peter Drucker, "Innovation is the means by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth". Whenever a new idea occurs entrepreneurial efforts are essential to convert the idea into practical application. J.A. Schumpeter considered economic development as a descrete dynamic change brought by entrepreneurs by instituting new combinations of production, i.e. innovation. According to him innovation may occur in any one of the following five forms. The introduction of a new product in the market with which the customers are not get familiar with. Introduction of a new method of production technology which is not yet tested by experience in the branch of manufacture concerned. The opening of a new market into which the specific product has not previously entered. The discovery of a new source of supply of raw material, irrespective of whether this source already exists or has first to be created. The carrying out of the new form of oranisation of any industry by creating of a monopoly position or the breaking up of it.

4. Managerial Function: Entrepreneur also performs a variety of managerial function like determination of business objectives, formulation of production plans, product analysis and market research, organisation of sales procurring machine and material, recruitment of men and undertaking, of business operations. He also undertakes the basic managerial functions of planning, organising, co-ordinating, staffing, directing, motivating and controlling in the enterprise. He provides a logical and scientific basis to the above functions for the smooth operation of the enterprise thereby avoids chaos in the field of production, marketing, purchasing, recruiting and selection, etc. In large establishments, these managerial functions of the entrepreneur are delegated to the paid managers for more effective and efficient execution. 5. Decision Making Function: The most vital function an entrepreneur discharges refers to decision making in various fields of the business enterprise. He is the decision maker of all activities of the enterprise. A. H. Cole described an entrepreneur as a decision maker and attributed the following functions to him.

They are ordinary people with extra ordinanry ideas- they are entrepreneurs

DevelopmentINDIAN ENTREPRENEURSHIP
Before 1991, Indian business success was a function of ambition, licenses, government contacts, and an understanding of the bureaucratic system. Decisions were based on connections, rather than the market or competition. Business goals reflected a continuation of the Swadeshi movement, which promoted import substitution to attain economic freedom from th e West. Pre-1991 policies were inward looking and geared towards the attainment of self-reliance. During this era, entrepreneurship was subdued, capital was limited and India had very few success stories. As well, society was risk averse and the individual looked primarily for employment stability.

Post liberalization, IT businesses succeeded because they were customer focused and professionally managed. The old, family-managed businesses, which formed the backbone of the economy, needed to evolve and become more institutional, if they were to extend their life cycle. Below, using the Indian mythology trinity of creation, preservation and destruction, I explain the changes that family businesses would have to make below.

BRAHMA: CREATION CYCLE

After liberalization, business opportunities in India were manifold. A good number of entrepreneurs seized them and grew from small-scale contractors to large real estate developers, and from distributors to manufacturers. Success became the result of efficient capital allocation, strong execution and a customer orientation. Today, businesses have access to venture and growth capital, provided that their stories and business models are reasonable. In the pre-1991 License Raj era, abilities such as manufacture and deliver products to the market were the Key Success Factors, without regard for the

customer and other efficiencies. Liberalization also brought in the age of Saraswati [Goddess of Learning in Indian mythology]; businesses would now grow because they had knowledge, , not because of whom they knew.

VISHNU: PRESERVATION CYCLE

To maintain business growth, Indian entrepreneurs need to segregate operating control of the business from beneficial ownership, mitigating business and family succession risks. But, in a male-centric culture, people are reluctant to relinquish operating control and institutionalize processes. Consequently, there are few large, structured and professionally managed institutions in India. Indian businesses need to move from an entrepreneurial-driven, unstructured culture to one dominated by professional managers. Management control should rest with professionals, as they are able to perform more efficiently; beneficial ownership can continue to rest with the owners, who can still provide the vision and connections, and enjoy the fruits [increase in firm valuation] of efficient management.

Sunil Mittal, a first generation entrepreneur, indentified an opportunity in mobile telecom. In 1994, Mr. Mittal successfully bid for a telecom license , and services were launched under the brand name AirTel. The business model was innovative IT management services and hardware (telecom towers) were outsourced to vendors. Fixed costs were converted to variable costs. Mr. Mittal was able to professionalize the organization early, something that helped him build a larger institution. As a result, India now has one of the lowest-priced telecom services in the world. The Burman Family, which owns Dabur Ltd. (consumer goods company), has is a good example of a family company that segregated management from ownership. It has a separate Family Committee that provides the vision and direction, but the dayto-day management rests with the professionals. The family has a formal structure for communicating with management.

SHIVA: DESTRUCTION (EXIT) CYCLE

Owners should exit their business if it is not efficiently managed or if it receives exceptional valuations. A control-and-hold behavior will

simply not enable success. We have seen that a few owners, Malvinder & Shivinder Singh, and Ajay Piramal, for example, both in the pharmaceutical industry, have successfully sold their businesses. As businesses grow, entropy will only increase. The discontinuity will be difficult to manage if a formal family structure is not in place to meet the needs of the next generation. However, if roles and responsibilities of the next generation are defined, and professional management (wherever necessary) takes over, closure of the business can be avoided. As it is said, a lack of liquidity can bankrupt a firm; similarly, the lack of an appropriate family structure can force a business to close after the first generation exits. Thus, Indian owners have to make the transition from being owners to shareholders.

Corporate entrepreneurship, corporate venturing or intrapreneurship, coined by legendary management thinker and consultant Peter Drucker, is the act of initiating new ventures or creating value with an already established organisation or social entity. The most common form of corporate entrepreneurship or corporate venturing exists within the research and development (R&D) department within an organisation to support and create value for the other functional departments in the corporation as well as provide outstanding value for consumers which need to be communicated through the marketing and other functional departments as the entire corporate process is essential to creating superior value for customers or end-users. The corporate entrepreneur is an individual who exists within an organization to generate product and process ideas that will create value for the organization, its stakeholders and its consumers that buy his products. Sustainable business development (SBD) is the art of the societal marketing philosophy which aims to create value for consumers in the long term by providing superior value to consumers and its stakeholders by the adoption of Six Sigma and the triple bottom line (environmental, social and economic) approach. Which pertains to create value superior to its competitors by focusing its resources on sustainable business strategies and activities.

The entrepreneur's role in sustainable business development to create a product or process that under the guidelines of SBD creates a sustainable business strategy that makes the company unique within its market. Corporate Entrepreneurship has been recognized as a potentially viable means for promoting and sustaining organizational performance, renewal and corporate competitiveness over the past three decades. The entrepreneurial activities help companies to develop new businesses that create revenue streams. Corporate Entrepreneurship activities also enhance a companys success by promoting product and process innovations. Corporate Entrepreneurship is embodying risk taking, pro-activeness and radical product innovations. These Corporate Entrepreneurship activities can improve organizational growth and profitability and, depending on the companys competitive environment, their impact may increase over time. The empirical evidence is compelling that Corporate Entrepreneurship improves company performance by increasing the firms pro-activeness and willingness to take risks, and by pioneering the development of new products, process and services through enriching its competitiveness. However, the creation of corporate activity is difficult since, it involves radically changing internal organizational behaviour patterns. Many studies have attempted to understand the factors that accelerate or impede Corporate Entrepreneurship, which examined the effect of a firms strategy, organization and external environment. It appears that the environment plays a profound role and influencing. There is consensus that the external environment is an important antecedent of Corporate Entrepreneurship. Focus on the environment, the literature highlights two fire-burning questions that deserve examination. First, how do firms that compete in different environments vary in the Corporate Entrepreneurship activities? Second, which Corporate Entrepreneurship activities are philosophicative, processicative and conductive to superior performance in different environments? In this backdrop, the present paper develops a theoretical foundation of these questions and emphasizing on the perceptual mapping between Corporate Entrepreneurship and strategic management in a integrating model of Corporate Entrepreneurship, giving special and unique attention to the strategic behaviour, corporate context and organizational types. Independent entrepreneurship is the process whereby an individual or group of individuals acting Independently , create a new organization. Corporate entrepreneurship is the process whereby an individual or a group of individuals, in association with an existi ng organization , create a new organization or instigate renewal or innovation wit hin that organization. Corporate Venturing -refers to corporate entrepreneurial efforts that lead to the creation of new business organizations within the corporate organization. They may follow from or lead to innovations that exploit new markets, or new product offerings, or both. These venturing efforts may or may not lead to the formation of new organizational units that are distinct from existing organizational units in a structural sense (e. g., a new division). External corporate venturing refers to corporate venturing activities that result in the creation of semi-autonomous orautonomous organizational entities that reside outside the existing organizational domain.

Internal corporate venturing -refers to the corporate venturing activities that result in the creation of organizational entitiesthat reside within an existing organizational domain.

Intrapreneurship is a concept of an employee thinking and acting as an entrepreneur, but within a company. An
intrapreneur acts independently, is proactive, brings new ideas, which means that he brings innovations to the company. He/she thinks as an entrepreneur, but within his/her company, within a smaller world which he/she understands perfectly.

Intrapreneurship refers to employee initiatives in organizations to undertake something new, without being asked to [5] do so." Hence, the intrapreneur focuses on innovation and creativity, and transforms an idea into a profitable venture, while operating within the organizational environment. Thus, intrapreneurs are Inside entrepreneurs who follow the goal of the organization. Intrapreneurship is an example of motivation through job design, either formally or informally.
Intrapreneurship involves creating or discovering new ideas or opportunities for the purpose of creating value, where this activity involves creating a new and self-financing organisation within or under the auspices of an existing company. An intrapreneur is a person who practises intrapreneurship. According to this definition, a corporate manager who starts a new initiative for their company which entails setting up a new distinct business unit and board of directors can be regarded as an intrapreneur.

Organisational Transformation is a term referring collectively to such activities as reengineering, redesigning and redefining business systems. The dominant enabling technology in transforming organization is information and technology. As business model change rapidly in the financial environment and mergers and acquisition change the face of the organization. So, organization continually need to a. A flexible, effective and efficient organization. b. A customer-centric approach to organizational activities c. Recognition of current strengths to create a more productive environment d. Understanding and reaping the benefits of competitive IT and business alignment e. Promotion of an integrated approach to IT and business Three Types of Transformation 1. Improving Operation: To achieve a quantum improvement in the firm's efficiency, often by reducing costs, improving quality and services and reducing development time. 2. Strategic Transformation: The process of changing strategy seeks to regain a sustainable competitive advantage by redefining business objectives, creating new competences and harnessing these capabilities to meet market opportunities. 3. Corporate Self-Renewal: Self-Renewal creates the ability for a firm to anticipate and cope with change so that strategic and operational gap does not develop.

Phases of Transformation

Phase-1: It begins with the automation of existing activities to reduce cost and raise capacities and expands to encompass a broader range of applications to optimize operations. Phase-2: It focuses on adding features, functions, value-added processes and new service to the core business. Phase 3: It may become principal vehicles for growth; the existing business can be redefined.
Corporate entrepreneurship responsibility-

Corporations can also play a pivotal role in supporting entrepreneurship by doing business with startups and providing mentorship to entrepreneurs. Finally, highlighting entrepreneurial role models and success stories through the media is vital to raising awareness and positioning entrepreneurship in our everyday life activities. Here I focus on three important aspects of a sound CER strategy:

providing effective education and mentoring for entrepreneurs helping start-ups to obtain financing creating market opportunities for early-stage companies

Core reasons that companies work with entrepreneurs include:

Bolstering Innovation Acquiring New Customers Making Their Industry Bigger Encouraging Platform Development Diversifying Procurement Building a Philanthropic Brand

Bolstering Innovation The largest competitor in 10 years for top corporations may be companies that dont exist today. As I learned at the Corporate Venturing & Innovation Partnering Summit, corporations realize this, and they use strategies like partnerships, investments, licensing, and acquisitions to bring innovation into their organizations. Over the past three years, 182 corporate venture fundswere launched, bringing the total number to roughly 900. In 2012, 15.2% of all venture capital deals included corporate venture funds according to a MoneyTree Report created in collaboration with PricewaterhouseCoopers and the National Venture

Capital Association. Acquiring New Customers There are over 25 million small businesses in the US. Approximately, 750,000 are started every year. The small business segment is starting to dramatically increase their usage of new technologies such as social,Internet, and mobile (CEBs 2013 Marketing to Small Business Summit). This means theyre purchasing products they wouldnt have in the past. Furthermore, a small percentage of startups are high-growth and can scale to hundreds or even thousands of employees in a few years. Servicing a high-growth business in its beginning can lead to a very valuable lifetime customer. Given the need to operate at scale, corporations partner with associations and organizations with large bases of small businesses and entrepreneurs. For example, Fedex has partnered with the US Chamber of Commerce [disclosure: The Chamber is a sponsor of Empact Sphere] to provide shipping discounts to Chamber members. This creates a a big win for entrepreneurs who can find discounts by joining relevant associations such as the Chamber, National Association for the Self Employed, Freelancers Union, and FoundersCard. Making Their Industry Larger For example, one of Visas goals is for people to use credit cards for more transactions instead of cash. More people use Goo gle products when the Internet is faster. Encouraging Platform Development In the world of winner-take-all platforms, technology companies want developers to use their platform. Examples of different approaches companies have taken to accomplish this include creating an accelerator (ie, Nike partnered with TechStars to create the Nike+ Accelerator), sponsoring hacker events (ie, Amazon Web Services and Google Developers, have partnered with Startup Weekend), and providing discounted and free software and cloud services for Diversifying Procurement Corporations spend hundreds of billions of dollars per year purchasing products and services. According to Gwendolyn Turner, Former Director, Worldwide Supplier Diversity, Pfizer and a Small Business Advisor, Large corporations procure from small businesses for a few reasons; (1) Responding to government compliance regulations (2) Building the companys reputation (3) Complying with a client requirement that mandates procuring from a small business. She maintains that, Large businesses obtain greater value working with the the small business segment because the segment provides lower costs, higher quality, and better service. Two prominent initiatives that are helping to make the procurement process easier are IBM Supplier Connection (the common application for procurement) and NYSE Corporate Connections (online platform where established companies can tap a trusted network of entrepreneurs to build strategic relationships and obtain ideas for products, services and other innovations). Building a Philanthropic Brand The importance of job creation has gone mainstream in the media as the pain of unemployment has persisted. At the same time, Kauffman Foundation research has shown that startups created in the last five years are the major cause of job creation. Therefore, supporting entrepreneurs has become a widely accepted strategy for fighting unemployment. For example, TheStartup America Partnership, launched at the White House in 2011, has been effective at rallying corporations behind the idea of supporting high-growth entrepreneurs that could be future job creators.

Pros:

Resources are readily available. This means they can have access to finances, R&D, an established sales force, an existing brand, distribution channels an established customer base, and more. They have job security. The failure of an entrepreneurial idea doesnt put their job at risk. Mistake arent costly, if a mistake is made the company can absorb the failure A large network of individuals can help them generate new ideas Their time is limited. Although they have access to a companys resources, they can only use them when the company isnt. Longer approval cycles. They cant just start working on their ideal, it needs to be approved by the company first. Company owns the concept, and typically the intellectual rights surrounding the concept Limits are placed on the financial rewards entrepreneurs can receive Rules, procedures and bureaucracy hinder the entrepreneurs ability to maneuver through the company

Cons:

Core CE Competence (Knowledge & Skill) Business Building (infrastructure, strategic planning, marketing) Finance (models, indicators, measurements) Operations (implementation, sustaining innovation)

Foundational CE Competence Communications Relationship Management / Collaboration Negotiations / Influencing skills Sales / Persuasion skills Personal Branding

Differentiating CE Competence

Personal Risktaking / Resilience Entrepreneurial Leadership Change Catalyst / Succession Strategist Emotional Intelligence

Compassionate Leadership Compassionate leadership prepares people for career success on their terms, shows workers how to rebound from adversity, and teaches them how to glean the gems from their professional experiences and setbacks.

They help to create the future business - finding effective ways to enter new markets without exposing the company to excessive risk.

Corporate entrepreneurs have the intuition to see threats to existing businesses and the conviction to change direction and explore brand new markets and sectors. For example Lee Clarke, who led the creation of npower hometeam, the energy company's new home service business. This capability enables npower to compete with other utility companies through service, not just price. Lee is now General Manager of Forewind, a joint venture that is building the world's largest offshore wind farm in the North Sea.

"Corporate entrepreneurs, unlike their independent counterparts are rarely driven by

financial reward."
They speed up the core business - delivering results faster than would otherwise be possible and making better use of existing resources. This benefit is sometimes overlooked as it is easy to mistake entrepreneurship as solely about entering new markets or buying other companies. Large established companies have amazing resources and the managers who can marshal these assets in new and creative ways are very successful. Take Douglas Johnson-Poensgen at BT, who created 'Tiger Teams' to address major business challenges and explore new problem solving approaches. They inspire talent and change cultures - drawing in exceptional people with similar mindsets. Who doesn't want to work for an innovative and entrepreneurial company? Success breeds success and entrepreneurial managers inspire their teams and create powerful cultures that spawn further innovation. A great example of this is Veera Johnson who led a self-selecting group of hard workers and risk-takers to build ProcServ, a spin-off from PA Consulting. 'No rules, no rank, no status' became the mantra, and still is. When something needed to be done, they would all just "get stuck in." They have an unrelenting focus on customers they are intuitive about what matters in the market and what customers really care about. This is reflected in the role that corporate entrepreneurs take; their companies often act as the customer champion. This was illustrated by Rachel Sheridan who established new ways of serving customers at invitation-only fashion retailer Cocosa, a Bauer Media brand. "Think like a competitor" advises Sheridan. "Once you've dealt with the internal politics and got the board onside, think like a start-up because that's who you're going to be competing with." They take full accountability for delivering results they are acutely aware of the commercial dynamics of their business and the impact that they make. Corporate entrepreneurs, unlike their independent counterparts are rarely driven by financial reward. They are unlikely to become rich, even if successful, so their prize is legacy and the satisfaction of creating something significant. There are many successful examples of intrapreneurship through industrial history. Morses telegraph revolutionised communications technology. Henry Ford pioneered the mass assembly of automobiles. Rockefeller created oil empires and fortunes that are yet legendary. Alexander Graham Bell launched the telecommunications industry with the telephone and Thomas A. Edison created the light bulb. These innovative ideas may have existed even prior to that, but these intrapreneurs commercialised it and were responsible for innovations that significantly improved human productivity. On the Indian scene we were lucky to have stalwarts like JRD Tata, Walchand Hirachand, S. L Kirloskar and many others who created empires and rendered service to India. Of late we have had the late Dhirubhai Ambani, Aziz Premji and Narayan Murthy who continue to inspire other Indians. A closer look at the models illustrates how they help companies build corporate entrepreneurship in different ways. The Opportunist Model All companies begin as opportunists. Without any designated organizational ownership or resources, corporate entrepreneurship proceeds (if it does at all) based on the efforts and serendipity of intrepid project champions people who toil against the odds, creating new businesses often in spite of the corporation. The opportunist model works well only in trusting corporate cultures that are open to experimentation and have
diverse social networks behind the official hierarchy.

Women entrepreneurship development is an essential part of human resource development. The development of women entrepreneurship is very low in India, especially in the rural areas. Entrepreneurship amongst women has been a recent concern. Women have become aware of their existence their rights and their work situation. However, women of middle class are not too eager to alter their role in fear of social backlash. The progress is more visible among upper class families in urban cities.

Ways to Develop Women Entrepreneurs 1. Consider women as specific target group for all developmental programmers. 2. Better educational facilities and schemes should be extended to women folk from government part. 3. Adequate training program on management skills to be provided to women community. 4. Encourage women's participation in decision-making. 5. Vocational training to be extended to women community that enables them to understand the production process and production management.
Supportive Measures for WomenS Economic Activities and Entrepreneurship 6.1 Direct & Indirect Financial Support

 Nationalized banks State finance corporation State industrial development corporation District industries centers Differential rate schemes Mahila Udyog Nidhi scheme Small Industries Development Bank of India (SIDBI) State Small Industrial Development Corporations (SSIDCs)

6.2 Technological Training and Awards Stree Shakti Package by SBI Entrepreneurship Development Institute of India Trade Related Entrepreneurship Assistance and Development (TREAD) National Institute of Small Business Extension Training (NSIBET) Women's University of Mumbai

6.3 Federations and Associations National Alliance of Young Entrepreneurs (NAYE) India Council of Women Entrepreneurs, New Delhi Self Employed Women's Association (SEWA) Association of Women Entrepreneurs of Karnataka (AWEK) World Association of Women Entrepreneurs (WAWE) Associated Country Women of the World (ACWW)

Women entrepreneurship development is an essential part of human resource development. The development of women entrepreneurship is very low in India, especially in the rural areas. Entrepreneurship amongst women has been a recent concern. Women have become aware oftheir existence their rights and their work situation. However, women of middle class are not too eager to alter their role in fear of social backlash. The progress is more visible among upper class families in urban cities.Challenges Facing Women Entrepreneurs

Entrepreneurship isnt a walk in the park for anyone and it can be even more challenging if you are of the female persuasion. Even with allof the advancements that women have made in the business world, there is still a long way to go before the success rate is level betweenmale and female entrepreneurs. Below are some of the top challenges that female entrepreneurs need to overcome in general in orderfor woman-owned businesses to be more successful as a whole. Not Being Taken Seriously: Within the business world, womensopinions and advice are not always viewed as expert compared to a mans opinion. And

when a female starts a business,sometimes family, friends, and others in the business community can view it as a hobby or a side project to family duties, ratherthana bona fide business. Seeking out extra support can help to help overcome this bias, but women need to realize that this is a true gender bias obstacle.

Challenges Facing Women Entrepreneurs

Entrepreneurship isnt a walk in the park for anyone and it can be even more challenging if you are of the female persuasion. Even with allof the advanements that women have made in the business world, there is still a long way to go before the success rate is level betweenmale and female entrepreneurs. Below are some of the top challenges that female entrepreneurs need to overcome in general in order for woman-owned businesses to be more successful as a whole.

Not Being Taken Seriously: Within the business world, womens opinions and advice are not always viewed as expert compared to amans opinion. And when a female starts a business, sometimes family, friends, and others in the business community can view it as ahobby or a side project to family duties, rather than a bona fide business. Seeking out extra support can help to help overcome this bias, but women need to realize that this is a true gender bias obstacle. Letting Fear Stand in the Way: In general, women can be less prone to taking risks and can let their own fears (such as the fear of failure,fear of success, fear of being on their own etc.) stand in the way of going for it and pursuing the path of entrepreneurship.Confidence is a great way to combat these fears and the best way to feel confident in what you are doing is to make surethat you are as prepared as possible before you start your business endeavor. Also, believe in what you bring to the table and value your time, efforts and capabilities. Wanting to Please Everyone: Females are often taught to be nice and people pleasers, which can lead to seeking the approval of others. Subsequently, women can have a harder time saying No, which can lead to under-charging for their products/services or being too giving of their time and help in general. This typically comes at the expense of their own needs, business or otherwise. Wearing Too Many Hats: In their personal lives, women have a tendency to try to be everything to everyone and wear so many differenthats that juggling everything becomes very difficult. So, when women add entrepreneur and business owner into the mix, this tendency is further magnified. Women can feel like they have to do it for themselves or are the best per son for every job and have a tougher time delegating responsibilities to others. This causes more time to be spent working in their business, rather than on their business. This is a major hurdle to overcome in order to have a successful business

Factors affecting women entrepreneurs performance

Women Entrepreneurs have grown in large number across the globe over the last decade and increasingly the entrepreneurial potentials of women have changed the rural economies in many parts of the world. But this does not mean that the problems are totally resolved. In support of this The Centre for Womens Business Research in th A. Access to finance Access to finance is a key issue for women. Accessing credit, particularly for starting an enterprise, is one of the major constraints faced by women entrepreneurs. Women often have fewer opportunities than men to gain access to credit for various reasons, including lack of collateral, an unwillingness to accept household assets as collateral and negative perceptions of female entrepreneurs by loan officers (Mahbub, 2000).

B. Access to markets The ability to tap into new markets requires expertise, knowledge and contacts. Women often lack access to training and experience in on how to participate in the market place and are therefore unable to market goods and services strategically. Thus, women-owned SMEs are often unable to take on both the production and marketing of their goods. In addition, they have often not been exposed to the international market, and therefore lack knowledge about what is internationally acceptable. The high cost of developing new business contacts and relationships in a new country or market is a big deterrent and obstacle for

many SMEs, in particular women-owned businesses. Women mayalso fear or face prejudice or sexual harassment, and may be restricted in their ability to travel to make contacts

C. Access to training Women have limited access to vocational and technical training in South Asia. In fact, women on average have less access to education than men, and technical and vocational skills can only be developed on a strong foundation of basic primary and secondary education. South Asia is characterized by low enrolment among women in education, high dropout rates and poor quality of education. The table below shows female literacy levels as a percentage of male literacy as well as average years of schooling of women and men, respectively. The figures are testifying to the existence of gender discrimination in building capacity of women and providing them with equal opportunities D. Access to networks Women have fewer business contacts, less knowledge of how to deal with the governmental bureaucracy and less bargaining power, all of which further limit their growth. Since most women entrepreneurs operate on a small scale, and are generally not members of professional organizations or part of other networks, they often find it difficult to access information. Most existing networks are male dominated and sometimes not particularly welcoming to women but prefer to be exclusive. Even when a woman does venture into these networks, her task is often difficult because most network activities take place after regular working hours. There are hardly any women-only or women-majority networks where a woman could enter, gain confidence and move further. Lack of networks also deprives women of awareness and exposure to good role models. Few women are invited to join trade missions or delegations, due to the combined invisibility of women-dominated sectors or sub sectors and of women as individuals within any given sector E. Access to policymakers Most women have little access to policymakers or representation on policymaking bodies. Large companies and men can more easily influence policy and have access to policymakers, who are seen more as their peers. Women tend not to belong to, and even less reach leadership positions in, mainstream business organizations, limiting their input into policymaking through lobbying. A professional is a member of a profession. The term also describes the standards of education and training that prepare members of the profession with the particular knowledge and skills necessary to perform the role of that profession. In addition, most professionals are subject to strict codes of conduct enshrining rigorous ethical and moral obligations

ENTREPRENEUR Wants to be involved in all aspects in business Quick and intuitive in decision making when faced with new business opportunities Is used to a more informal organization structure which allows for more flexibility Has a power based on ownership

PROFESSIONAL MANAGER Will build a management team and delegate authority Decisions based on logic and rationalization Will require it to be more formal in structure with clearly defined reporting lines Will have power from position of authority

A Professional To be a professional, it implies that a person is goodin his job and can be depended upon putting in hisbest effort. A professional or a company needs to be evaluatedagainst the following yardsticks. A professionaltherefore means: Highly educated person (or a companyemploying) engaged in challenging work providingconsiderable autonomy of working

Highly competentand conscientious and Trustworthy following strict ethical and moralstandards. Family Business is : A company in whose ownership and/orfunctioning two or more members of the samefamily are directly involved firm whose ownership passes from onegeneration of a family to another (succession) A company where voting majority is in the handsof the controlling family; including the founderwho wants to pass on the business to hisdescendents.

A professional manager is one who specializes in the work of planning, organizing, leading and controlling the efforts of others by the systematic used of classified knowledge and principles. He subscribes to the standards of practice and code of ethics established by a recognized body. To be a professional manager he should

The characteristics of professional management are as follows:

Body of Knowledge: Management theory has a philosophy of its own. It is based on systematic and scientific studies. Precisely, the management of knowledge is the passport to enter the world of entrepreneurship. Management Tools: Tools of management such as accounting, business law, psychology, statistics and data processing have been developed to enhance the practical utility of the science of management.

Project finance is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. Usually, a project financing structure involves a number of equity investors, known as 'sponsors', as well as a 'syndicate' of banks or other lending institutions that provide loans to the operation. They are most commonly non-recourse loans, which are secured by the project assets and paid entirely from project cash flow, rather than from the [1] general assets or creditworthiness of the project sponsors, a decision in part supported by financial modeling. The financing is typically secured by all of the project assets, including the revenue-producing contracts. Project lenders are given alien on all of these assets and are able to assume control of a project if the project company has difficulties complying with the loan terms.

Startup Capital
Business might need finance to at the start in the form of Capital. This is known as startup capital. Startup capital is used up for initial investment such as land, building, machinery, employee people etc.

Expansion
A business might need additional source of finance when it needs to expand. This expansion may include

extension of present facilities such as purchasing additional machinery and extending capacities. a business might also need to go in for inorganic expansion such as purchase of another business through a takeover. Usually a business will have to arrange huge amount of additional finances for these purposes. entering new markets. It involves huge investments in research and development and aggressive marketing campaigns.

Research and Development

Businesses need finance to develop new products. Multinational businesses usually spend millions of dollars every year in Research and Development purposes. R & D is carried out regularly in big businesses as a mean to get a competitive edge over its competitors.

Running of the business

Apart from investment at the initial stages a business needs a constant flow of capital in the form of working capital. A shortage of working capital might lead to serious consequences for the business or cash flow problems.

During trouble times

A business might need additional dose of capital or financial help during troubled times such as a recession, or when the sales of the business are fall temporarily due to market conditions.

Start-up costs - the initial one-off outlays when starting your business and can include expenses such as: Security bond and initial rent for business premises. Repairs, remodelling and redecorating of business premises. Equipment/ tools/ machinery purchases including installation costs. Security deposits for utilities, telephones, leased or rented equipment. Furniture and fixtures. Office supplies and stationary. Vehicles. Initial stock. Pre-opening marketing, advertising and promotion costs. Licenses, registrations, and permits. Legal and professional fees. Ongoing costs - the continual costs required to run and maintain the business and can include expenses such as: Rent and lease payments. Mortgage and loan repayments. Phone and utilities. Maintenance and repair of premises, equipment, and vehicles. Office supplies and stationary.

Operating stock/ suppliers bills. Advertising and promotion. Delivery and shipping costs. Personal drawings and employee wages. Insurance premiums.
Taxes. Membership fees and subscriptions.

Venture capital (VC) is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fundearns money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as biotechnology, IT and software. Venture capital is a subset of private equity. [1] Therefore, all venture capital is private equity, but not all private equity is venture capital. It is also a way in which public and private sectors can construct an institution that systematically creates networks for the new firms and industries, so that they can progress. This institution helps in identifying and combining pieces of companies, like finance, technical expertise, know-hows of marketing and business models. Once integrated, these enterprises succeed by becoming nodes in the search networks for designing and building products in their domain.

LOCATING VENTURE CAPITALIST= Check with venture capital associations. Venture capital associations provide various tools and resources to entrepreneurs and small business in order to assist them in locating the right venture capitalist for them. There are many national and regional associations available to those looking for funding. Ask around. Corporate attorneys, successful entrepreneurs, and business brokers can be good sources of information when it comes to finding a VC in your area. Check with your colleagues, the popular social networks, and business associates in your area for the names and contact information of VC firms near you.
Do some research. Finding a VC is more than looking up names and contact numbers in a directory. You want to find a venture capitalist that is right for your company or business idea. This means doing some research to find out everything you can about the VCs you are considering contacting. To locate information about various VCs and Venture Capitalist firms, visit their website, check their Twitter, Facebook, and LinkedIn posts, and read their blogs. Check references. All VCs are not created equal. You want to find a VC that will help make your business successful. Check the firms references to determine how many successful deals it has put together, if it has previously worked with companies similar to yours, and how successful the firms most recent deals have been. A legitimate venture capitalist should be willing to provide you with references, and many maintain websites where they publish information about their most successful deals and clients. ===Venture Capital Firms come in all sizes and depending on the amount of the funding you are seeking, that will determine the size firm you should contact. Do not contact a 2 billion dollar firm if you only need $1,500,000 since they probably fund deals greater than $5,000,000. Also, you need to determine in what types of companies do they invest. Do they only invest in biotech, pharmaceuticals, technology or manufacturing companies? A Venture Capital Directory or similar listing service is a good place to start. Private investors are also a great source for raising capital, even for microcap companies with $1,000,000 or more in gross revenues. It is best to start your search in your own home state. It is rare that an investor will invest in your company without meeting you and your Management Team face-to-face, so this will lessen the travel burden. Also, Venture Capital Firms can usually give some managerial advice, recommend someone to add to your Management Team and help you with strategic relationships. Most firms have an online format in which you can submit your Business Plan or a condensed version of only pertinent information. Venture Capital Companies are constantly receiving Business Plans and requests for funding from many companies each month. They have tried to streamline the review process and save time or you and them.

Take advantage of the online submittal process. However, do not submit confidential or trade secret information to them at this time. Submit information about your company to any Venture Capital Company that fits your criteria. This will save you significant time, effort and expense. Venture Capital Firms, also called Private Equity Firms, can fund large sums of money. If your company is a start-up, development stage or existing company here are some tips you should know.

THE NATURE OF INTERNATIONAL ENTREPRENEURSHIP

As more countries become market oriented and developed, the distinction between foreign and domesticmarkets is becoming les s pronouncd. International entrepreneurship is the process of an entrepreneur conducting business activities across national boundaries. It is exporting, licensing, or opening a sales office in another country. When an entrepreneur executes his or her business in more than one country,international entrepreneurship occurs.

Assistance to small industries development India provides a wide array of assistance programmes to promote small industry development. They can perhaps be conveniently grouped under four headings as follows: - Assistance in expanding markets (including preference in purchasing by government; support in joint tendering for government purchase contracts; price preference; and reservation of certain product lines or industries for only small-scale manufacturers). - Supply of essential raw materials. - Provision (and subsidy on cost) of finance for investment and working capital. - Provision of technical assistance and other advisory services. Policy and implementation bodies along all these lines exist at national and state levels and sometimes also lower down. Many forms of assistance are given from the large variety of institutions but an attempt has been made to provide one window bassistance through District Industries Centres which directly provide all assistance or at least coordinate it

GOVT POLICY The Ministry of Micro, Small and Medium Enterprises acts as the nodal agency for growth and development of SSIs in the country. The ministry formulates and implements policies and programmes in order to promote small scale industries and enhance their competitiveness. It is assisted by various public sector enterprises like:

Small Industry Development Organisation (SIDO) is the apex body for assisting the Government in formulating and overseeing the implementation of its policies and programmes/projects/schemes.

Small Industries Development Bank of India is an non-independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises (MSME) inIndi

National Small Industries Corporation Ltd (NSIC) was established by the Government with a view to promoting, aiding and fostering the growth of SSI in the country, with focus on commercial aspects of their operation. The Ministry has established three National Entrepreneurship Development Institutes which are engaged in development of training modules, undertaking research and training and providing consultancy services for entrepreneurship development in the SSI sector. These are:

National Institute of Small Industry Extension Training (NISIET) at Hyderabad, National Institute of Entrepreneurship and Small Business Development (NIESBUD) at NOIDA Indian Institute of Entrepreneurship (IIE) at Guwahati

The National Commission for Enterprises in the Unorganised Sector (NCEUS) has been constituted with the mandate to examine the problems of enterprises in the unorganised sector and suggest measures to overcome them. Small Industries Development Bank of India (SIDBI) acts as apex institution for financing SSIs through various credit schemes.

Provisions relating to taxation of Small Scale Industries In a developing country like India, Small Scale Industries play a significant role in economic development of the country. They are a vital segment of Indian economy in terms of their contribution towards country's industrial production,exports,employment and creation of an entrepreneurial base.These industries by and large represent a stage in economic transition from traditional to modern technology. Small industry plays a very important role in widening the base of entrepreneurship. The development of small industries offers an easy and effective means of achieving broad based ownership of industry, the diffusion of enterprise and initiative in the industrial field.

Given their importance,the Government policy framework right from the First plan has highlighted the need for the development of SSI sector keeping in view its strategic importance in the overall economic development of India. Accordingly, the policy support from the Government towards Small Scale Industries has tended to be conducive and favourable to the development of small entrepreneurial class. Government accords the highest preference to development of SSI by framing and implementing suitable policies and promotional schemes.

Policy Initiatives Since 1999

The emerging economic scenario in the changed, liberalised, and competitive economic environment necessitated structural and fundamental changes in the policy framework, causing a shift in focus from protection to promotion. In the post-reforms period, the government took a number of steps including partial de-reservation, change in investment limits, facilities for foreign participation, establishment of growth centres, export promotion, marketing assistance, incentives for quality improvements, and so on. The more important steps among these are given below. To better focus the attention on the problems of the SSI sector, a new Ministry of Small-scale Industries and Agro and Rural Industries was created on October 14, 1999. The ministry announced an Agenda for the Millennium policy. A new Credit Insurance Scheme was announced in the Budget 19992000 for SSI security to banks and to improve the flow of investment credit to SSI units, particularly export-oriented and tiny units. Banks on the basis of 20 per cent of their annual turnover determine the working capital limit for SSI units. The turnover limit for this purpose has been enhanced from Rs 4 crore to Rs 5 crore. A national programme to boost rural industrialisation has been announced, with a mission to set up 100 rural clusters every year. FIANANCIAL INSTITUTION IN INDIA