ENTREPRENEURSHIP MANAGEMENT Q1. Explain the concept of entrepreneurship. (Dictated) Q2. What do you mean by entrepreneurship management?

Discuss the characteristics of entrepreneurship. (Dictated) Q3. Explain the role of entrepreneurial activity in developing a nation. (Dictated) Q4. Explain the concept of intrapreneur. Gifford Pinchot introduced the term Intrapreneurship. According to him, intrapreneur is an entrepreneur within an already existing organization. The prime motive of intrapreneur is independence and to get rewarded for performance. Comparison between entrepreneur and intrapreneur. ENTREPRENEUR 1.Meaning entrepreneur is a person who undertakes business ventures and assumes risks and rewards 2. Needs the primary needs of an entrepreneur are independence, innovations and to get rewarded for performance by operating a business venture. 3. Ownership Entrepreneurs possess direct ownership. 4. Popularity of the concept Entrepreneurship is a popular concept in business world 5. Qualifications Entrepreneur may not require paper qualifications. But he/she needs to have good amount of experience and enterprising skills. 6. Resources An entrepreneur makes use of his/her own resources. The resources may be owned or borrowed. 7. Sponsors/ Mentors Normally entrepreneur does not need support of mentors or sponsors. 8. Time orientation An entrepreneur normally considers a longer time orientation. He may consider profit potential for a longer time span. The growth of an enterprise may take place over 5 to 10 years. 9. Approvals An entrepreneur makes his own decision. He need not take approvals from others except in case of partnerships. INTRAPRENEUR Intrapreneur is a person who acts as an entrepreneur within an already existing organization. The primary needs of an intrapreneur are independence, innovations and to get corporate rewards from the organization in which he/she works. Intrapreneur lacks ownership as he/she works for an already existing organization. Intrapreneurship is a modern concept, mostly adopted in MNCs. Intrapreneur requires paper qualification, as they are normally recruited in MNCs. At the same time, an intrapreneur requires good experience and skills too. An intrapreneur makes use of organizational resources in which he/she works.

Normally, intrapreneur needs support of mentors/ sponsors. For an intrapreneur, the time orientation may be shorter or longer depending on the urgency to meet corporate objectives.

An intrapreneur may have to take approval from top management for major decisions.

10. Business activity Entrepreneur gets directly involved in the business activity. Major areas are looked after by the entrepreneur himself.

Intrapreneur gets directly involved in his/her projects and there is less of delegation.

Q5. What are the attributes of a successful entrepreneur?

(Discussed) Q6. Explain the theories relating to concept of entrepreneurship. (Dictated) Q7. Explain the contributions of Mc Clelland and Joseph Schumpeter in entrepreneurship management. Q8. Discuss the problems and limitations of women entrepreneurs in India.
Women Entrepreneurs may be defined as the women or a group of women who initiate, organize and operate a business enterprise. Government of India has defined women entrepreneurs as an enterprise owned and controlled by a women having a minimum financial interest of 51% of the capital and giving at least 51% of employment generated in the enterprise to women. Women in India are faced many problems to get ahead their life in business.

The problems can be broadly divided into two groups: A) Business related 1. Financial Problems: Finance is a most important aspect of any business. Nonavailability of long-term finance, regular and frequent need of working capital and long procedure to avail financial help was found to be the financial problems faced by women entrepreneurs in India. However, of late the situation has changed and numbers of banks have developed special schemes for women entrepreneurs. 2. Marketing Problems: During the process of marketing of products women entrepreneurs faced certain problems viz. poor location of shop, lack of transport facility and tough competition from larger and established units. They find it difficult to negotiate with intermediaries as males dominate most of the distribution channels. They also lack pricing, promotion skills. However, at present women entrepreneurs are getting support from NGOs and government agencies in marketing their products.

3. Production Problems: Production problems faced by maximum women entrepreneurs. The production problem includes: Non-availability of raw material Non-availability of machine or equipment Lack of training facility Non-availability of labour High cost of required machine or equipment

4. Problem of Infrastructure: Entrepreneurs in general face problem of infrastructure. This happens especially in backward areas. However, there are NGOs and government agencies trying to solve this problem. For instance, SHREY is building microhydro systems to provide electricity to Indian villages. The goal of SBA Hydro and Renewable Energy (SHREY): to provide hydroelectric power to villages in the Himalayan Belt of northern India. The result will be the provision of reliable electricity to more than 6,000 households, representing more than 30,000 people living in rural India. Also, the Government of India has requested the World Bank's assistance to finance the proposed Vishnugad Pipalkoti Hydro Electric Project to be developed by the THDC India Ltd (THDC) on the Alaknanda River in Uttarakhand. THDC is a joint venture between the Government of India and the Government of Uttar Pradesh. 5. Poor quality control: Entrepreneurs also face problem of poor quality control in India, there is lack of emphasis on quality check in most of the enterprises. Thus, the sales of small enterprises do get affected. 6. Lack of professional management: There is lack of professional management. This may be due to lack of experience or literacy. The lack of professionalism in management can be seen in the following areas: Use of outdated technology Over emphasis on profits Lack of social responsibility Poor personnel policies, etc. 7. Tough competition: Usually women entrepreneurs employ low technology in the process of production. In a market where the competition is too high, they have to fight hard to survive in the market against the organized sector and their male counterpart who have vast experience and capacity to adopt advanced technology in managing enterprises. 8. Legal formalities: Fulfilling the legal formalities required for running an enterprise becomes an upheaval task on the part of a women entrepreneur because of the prevalence of corrupt practices in government offices and procedural delays for various licenses, electricity, water and shed allotments. In such situations women entrepreneurs find it hard to concentrate on the smooth working of the enterprise. B) Gender based problems: 9. Problem of dual responsibility Women entrepreneurs have to balance their household life and business work. In Indian society, the lady of the house has social obligation to look after day to day chores of the household such as cleaning, cooking, looking after her kids, etc. as far as male entrepreneurs are concerned, they concentrate on work life most of the times. Thus, women entrepreneurs are at a disadvantage as compared to male entrepreneurs. However, the current scenario says something else. The dual career couples share more or less equal responsibility at home. 10. Problem of education In India women in general are less literate as compared to the male population. There is lack of business awareness especially in rural areas. Of late this trend has changed as females in urban areas do get education including management and technical education. For instance, the Sarva Shiksha Abhiyan programme by the Ministry of HRD, Dept of School Education & Literacy, Government of India.

11. Problem of managing male workers: In India women entrepreneurs find it difficult to manage male workers. Quite often the male workers tend to ignore the directions of woman managers. They look down upon them including women entrepreneur. However, the trend has changed and women entrepreneur do not find it difficult in managing their male workers especially when they possess good managerial skills. 12. Limited mobility: Women mobility in India is highly limited and has become a problem due to traditional values and inability to drive vehicles. Moving alone and asking for a room to stay out in the night for business purposes are still looked upon with suspicious eyes. Sometimes, younger women feel uncomfortable in dealing with men who show extra interest in them than work related aspects. 13. Low risk-bearing capacity: Women in India are by nature weak, shy and mild. They cannot bear the amount risk which is essential for running an enterprise. Lack of education, training and financial support from outsides also reduce their ability to bear the risk involved in an enterprises. 14. Social barriers: The traditions and customs prevailed in Indian societies towards women sometimes stand as an obstacle before them to grow and prosper. Castes and religions dominate with one another and hinder women entrepreneurs too. In rural areas, they face more social barriers. They are always seen with suspicious eyes. 15. Male dominated society: Even though our constitution speaks of equality between sexes, male chauvinism is still the order of the day. Women are not treated equal to men. Their entry to business requires the approval of the head of the family. Entrepreneurship has traditionally been seen as a male preserve. All these put a break in the growth of women entrepreneurs.

Q9. Prospects for women entrepreneur in India/ special schemes/ role of government/ NGOs for women entrepreneurs in India.
Women have been among the most disadvantaged and oppressed section of our country with regard to access to resources. Problems faced by them continue to be grave particularly for illiterate and semi literate women of rural and urban areas. In order to alleviate their problems, various organizations, NGOs, government agencies have initiated various schemes for women entrepreneurs to make them economically dependent.
1. TRADE RELATED ENTREPRENEURSHIP ASSISTANCE AND DEVELOPMENT SCHEME FOR WOMEN (TREAD) With a view to encourage women in setting up their own ventures, government launched a Scheme, namely, Trade Related Entrepreneurship Assistance and Development (TREAD). The scheme envisaged economic empowerment of women through the development of their entrepreneurial skills in non-farm activities. There are three major components of the scheme: GoI grant upto 30% of the total project cost to the Non- Government Organisations (NGOs) for promoting entrepreneurship among women. The remaining 70% of the project cost is financed by the lending agency as loan for undertaking activities as envisaged in the project. GoI grant upto Rs.1 lakh per programme to training institutions / NGOs for imparting training to the women entrepreneurs.

Need-based GoI grants upto Rs.5 lakh to National Entrepreneurship Development Institutions and any other institutions of repute for undertaking field surveys, research studies, evaluation studies, designing of training modules etc.

2. EXHIBITIONS FOR WOMEN UNDER PROMOTIONAL PACKAGE FOR MICRO & SMALL ENTERPRISES Development commissioner (MSME) has formulated a scheme for women entrepreneurs to encourage Small & Micro manufacturing units owned by women in their efforts at tapping and developing overseas markets, to increase participation of representatives of small/micro manufacturing enterprises under SIDO stall at International Trade Fairs/Exhibitions, to enhance export from such units. Their schemes: provide rent free space in the exhibitions reimburse 100% economy class air fare for one representative reimburse shipping cost upto Rs.15,000/ The overall ceiling shall however be Rs. 1.25 lakh. 3. SIDBI SCHEMES: There are several schemes for Women Entrepreneurs provide by SIDBI. For instance, Mahila Udyam Nidhi where in assistance is provided to Women entrepreneurs for setting up new projects in tiny/small scale sector and rehabilitation of viable sick SSI units. 4. SBI SCHEME FOR WOMEN ENTREPRENEUR: Under its Stree Shakti Scheme, for women entrepreneurs in Retail trade, Business enterprises, Professionals and self employed, small scale units or tiny units where the women entrepreneurs stake is more than 51%, Term Loan & Working Capital facility is available with concessionary margins and interest rates. 5. KVIC SUPPORT; The KVIC has a number of boards, committees or bodies associated with it for the purpose of its advice on various policies and programme to be implemented by it. One of it includes Women Empowerment Committee in the interest of women entrepreneurs.

6. SCHEMES OF SFCs: The State Financial Corporations provide schemes for women entrepreneurs in the area of finance. Women entrepreneurs can obtain direct finance from SFCs for setting up enterprises. The SFCs can in turn get refinance from SIDBI. 7. Women Industries Fund Scheme Under this scheme entrepreneurs get 15% seed capital of the total cost of the project. The seed capital amount is subject to maximum amount of rs.1 lakh and the cost of project should not exceed more than rs.10 lakh. The women entrepreneur should contribute at least 10% of the total cost of the project. 8. Production Grant The women entrepreneur can obtain grant for setting up a production unit from Central Social Welfare Board. The CSWB also provides training and extension services to women entrepreneurs.

9. Special Awards A number of organizations including NGOs provide special awards to women entrepreneurs in order to motivate them and encourage women entrepreneurs. For instance, Business Today awards Most Powerful Women in Indian business. INDIA TODAY WOMAN IN BUSINESS title was Awarded in 2010 to Priya Paul, Chairperson, Apeejay Surrendra Park Hotels. INDIA TODAY WOMAN IN THE CORPORATE WORLD(2010) was awarded to Sangeeta Talwar, Executive Director, Tata Tea. 10. Entrepreneurship Development Programme To cater needs of potential women entrepreneurs, SIDO has introduced EDPs in areas like TV repairing, leather goods, etc. The EDPs go in a long way to help encourage potential women entrepreneurs to set up small enterprises. Others: Women cell which provides assistance to women entrepreneurs facing specific problems Income Generating Scheme to make women entrepreneurs economically independent. Schemes of Bank of India like Priyadarshan Yajana. District Industrial Centres which facilitates assistance in respect of training, research and marketing assistance.