INTRODUCTION TO ENTREPRENEURSHIP MANAGEMENT

o Entrepreneurs are innovators, willing to take risks and generate new ideas to
create unique and potentially profitable solutions to modern-
day problems. Entrepreneurship is not so much a skill as a habitual state of mind.

o When entrepreneurship describes activities within a firm or large organization,

it is referred to as intrapreneurship and may include corporate venturing, when large
entities spin off organizations.

o Entrepreneurship employs what Schumpeter called the gale of creative

destruction to replace wholly or partly inferior innovations across markets and
industries. This destruction simultaneously creates new products and new business
models.

o Entrepreneurship ranges in scale from solo projects (even involving the part-
time entrepreneur) to major undertakings that create many job opportunities.

o Entrepreneurial activities can be incremental or disruptive. Incremental

innovations are a number of small changes that transform process flows while disruptive
innovations are entirely new approaches.

1
Entrepreneur who were rejected but Successful now

Flipkart- Sachin Bansal and Binny Bhansal (Amazon employees)

The founder of Flipkart, Sachin Bansal didnt have it easy at all points. His journey of
building Flipkart into a successful venture was also etched with enough trials and
tribulations which almost made him rethink his business plan. He almost lost faith in his
idea and was close to shutting it down.

The Reason
The e-commerce site, Flipkart, faced a sharp dip when the companys assets were
evaluated. In TIE-Delhi-NCR, the confident yet unfazed 34-year old was quite disturbed
by the valuation of his start-up by organ and Stanley and claimed that that Flipkart
existed in theory and didnt really have much transaction backing it up. In February 16,
Flipkart estimated its total value to be $15.2 billion. However, Morgan marked down at
the stake of the company to a $109.37/share which was an all-time low at the fund-
raiser.
Bansal was unaffected by the move and still believed in execution despite all odds. He
also claimed, There is no doubt in my mind that in three years, we will cross all
projections.
Currently Flipkart was valued at $15 billion after it raised over $700 million from
prestigious investors like Tiger Global Management.

How 2012 Looked for Flipkart

2012 wasnt a very good year for Flipkart as the e-commerce site had to avail a down
round of funding.

2
The founder, Sachin Bansal stated: The delay in raising money on hopes of better
valuations was a wrong business call. It was the toughest time for us. We were hoping
that if we delay raising funds that was available, wed be able to get a better valuation.
However, Flipkart had to raise funds at valuations of $750 million compared to $1
billion in the round before it.
The company didnt show any records of growth till the end of the year. However, with
the reputation of the company at stake, Sachin Bansal took it upon himself to go back to
the board and regroup. He had ideas about reducing cost and wanted to figure out more
ways to make the company more appealing to consumers.

The Next Step

For any other company, the obvious decision would have been to take a giant step and
go public. But, even under continuous speculation. Bansal decided that theyd not go
public. H claimed that going public would mean tapping into more public domains
which wasnt really a requirement at that moment. Instead, he believed in the growing
market and discarded the idea of raising funds altogether. He also made this decision as
he believed that the depth and expansion in the private market currently should be taken
advantage of instead of going public completely.
He also claimed that someday theyd need to go public but that wasnt the correct time
for venturing into the public market.
Lessons learn from Bansal and his e-commerce venture Flipkart:
1. Tap funds when theyre readily available
The statement Funds are absolutely essential for a start-up isnt foreign to any
entrepreneur. Bansal also advises the budding entrepreneurs to raise funds for their
business when theyre readily available rather than when they are necessary because
that situation isnt a very desirable one.

2. Focus when things are going good

Bansal follows the mantra Customer is the king.

3
He also advices the budding entrepreneurs to focus on things when the business is good
and not when things are going awry. From his standpoint, quality of business and capital
issues faced by the business are the two things every entrepreneur should focus on. He
also advices that improvement is a gradual process which should take place even when
things are going good.
Bansal: As entrepreneurs we dont get emotionally attached to solutions; we get
emotionally attached to the problem.
3. The major focus areas
He believes that focus points for a start-up company should be the market conditions
and building team strength. Business plan undergo numerous changes so a constant
focus on the market opportunities and tapping them in time is crucial.
4. Boundaries are necessary
It may occur to a creative entrepreneur that boundaries are not necessary. But, having
certain constraints and donts can actually save a start-up from making mistakes.
5. Take criticism with a pinch of salt
Flipkart has faced numerous issues on Big Billion day2014, because it servers shut
down and refused to operate properly. However, the company came out of that situation
and took certain steps to improve in the future.
Also, feedback and criticism garnered from passionate people in the same field is
always a good thing as it gives you a chance become better in the future.
6. Always look out for the greater picture
It sounds repetitive but it is tough to adopt in a business model and at certain points,
youre bound to encounter failure. However, at those points, focus on the positives and
the big picture (the sole reason why you started the company) and strive to become
better.
7. Keep tabs of your competitors
Keeping tabs of your competitors is necessary as it could teach you about a lot of things
you might be doing wrong in your venture. Bansal shops on every other e-commerce
site and sends mails to his team regarding areas they could actually improve upon. This
is entrepreneurship at its best!
8. Your personal and professional life are different

4
The life of an entrepreneur can be tough. In the professional space, he has to deal with
investors, meetings, decisions and criticism. But once of that space, Bansal is the perfect
family man. He has a doting six-year old son and he loves spending time with his son.
Separating personal and professional life can have positive effects on your health as
well.
Bansal has successfully earned the title of a successful entrepreneurship and deserves
every bit of it. If his lessons are kept in mind, every entrepreneur will receive massive
help from a man who almost shut down a billion-dollar company.

Royal Enfield- Sidarth lal

CEO Royal Enfield

Early life and education

Siddhartha Lal is son of Vikram Lal who was the Chief executive officer of Eicher
Motors
Lal attended the St. Stephen's College in Delhi and attained Bachelor of Arts degree
in economics in the year 1994. Between 1996-1998, he attained Postgraduate
diploma inMechanical engineering from Cranfield University and Master of
Science degree in Automotive engineering from University of Leedsin United Kingdom

5
Business Model
In 2005, the company was selling only about 25,000 bikes every year. "I was clear that
it would be an amazingly profitable business," recalls Lal. But the company needed
manufacturing scale. Fixed cost had to be spread around 100,000 bikes. "This set the
building blocks for the next decade," says Lal.

He focussed on Enfield first, leaving trucks for later. Lal engineered and improved
Enfield bikes by riding hundreds of kilometres himself. He also initiated a motorcycling
culture in the team. Ravichandran says Lal always leads from the front. "He is both
passionate and practical and has a deep sense of understanding of what separates Royal
Enfield from the other brands," he adds.

Under Lal, as quality improved, sales grew too. By 2010, the company was selling
50,000 bikes, but on three platforms. That was when Lal decided to build all Enfield
bikes on a single platform to maximise economies of scale. The Enfield Classic,
launched from this single platform, caught the fancy of customers. Sales shot up six
times in half a decade from 50,000 units in CY10 to 300,000 in CY14. Now, the target
is 4,50,000 units in CY15.

6
ENTREPRENEUR WHO ARE SUCCESSFUL AND FAMOUS

Ford Motor Company- Henry For

Founded: 1903

Life journey:
Henry Ford, one of the few men that made mainstream automobiles become a reality.
He was born into a family of farmers who originated from England and Ireland. Not the
wealthiest of families but certainly not poverty stricken. In his teenage years, his father
had given him a timepiece, which he later took to pieces just to see if he could piece it
together again successfully, which he did. He then started to do the same with other
peoples timepieces and eventually he started to repair them too. Henry was also a
sufferer of Dyslexia, and although this was a hurdle it was by no means a reason to give
up.

7
He went on to complete an apprenticeship with James F. Flower & Bros, and also with
the Detroit Dry Dock Company. In 1891 he met with Thomas Edison who liked his
concept of an auto-mobile, so he allowed him to use his warehouses to manufacturer
two vehicles. Ford was grateful but later went on to build his own company so he could
build the cars on his own terms backed by William H. Murphy he founded the Detroit
Automobile Company (1899). This was short lived however, as the vehicles produced
lacked the quality and precision Ford wanted as well as being horribly expensive. The
business went under but it didnt stop him. Ford went on to build the Cadillac
Automobile company. After almost failing a second time due to lack of sales and high
debts more partners came into the business and the name was changed to the Ford
Motor Company. Current sales for the Ford group are now a massive $190 billion.
Hurdles faced by Henry Ford:
The Association of Licensed Automobile Manufacturers didnt want him to sell cars. He
won in court against them.
Ford was sued by his stockholders for putting money into his company. Ford lost the
case but he later bought them out.
Education qualification:
Hard skills in Mechanical engineering
Lessons learned by henry ford:
Serve Others
The secret to success lies in serving others! All successful people serve, the greater the
success, the greater the service. Wealth is created from service; wealth only comes from
service.
Focus.
When you focus your life, impossibilities become possibilities. Get focused, you can do
more than you think you can!

3. Be Productive
If you fail, you will fail because you failed to make excellent use of your time, if you
succeed, you will have succeeded in mastering your time! Are you mastering your
time?

8
4. Solve Problems
You will only be rewarded for the problems that you solve for other people. Are you
solving any problems? If you solve big problems you will receive big rewards, if you
solve little problems, then you will receive little rewards. If you solve problems for a
few people, then your payment will be small, if you solve problems for the masses, then
you will become rich.
Dont waste your time going around problems, solve them!

5. Nothing is Particularly Hard

Henry Ford said, There are no big problems; there are just a lot of little problems.
When you think about ityou see how true this is, nothing is really that hard. You
climb a mountain one step at a time; the individual steps arent hard; the hard part is
being consistent.

6. Keep Your Eye on the Prize

Never take your eyes off your goal! It is the goal that motivates; it is the goal that gives
you the strength to keep going. You must consistently see what you want to be. You
must see the goal as complete; you must experience the goal as accomplished in your
imagination.
7. Think!
Thinking is how you prepare, its the hard work, its where you figure out the little
nuances and make ready your plans. Ford said, Before everything else, getting ready
is the secret of success. Are you ready? Are you thinking

Business Model
Mr. henry ford is very well famous for the T model

Virgin Group- Richard Branson.

Founder- Virgin group

9
ENTREPRENEURSHIP JOURNEY

By 1969, Branson was living in a London commune, surrounded by the British music
and drug scene. It was during this time that Branson had the idea to begin a mail-order
record company called Virgin to help fund his magazine efforts. The company
performed modestly, but made Branson enough that he was able to expand his business
venture, adding a record shop in Oxford Street, London. With the success of the record
shop, the high school drop-out was able to build a recording studio in 1972 in Oxford
shire, England.

BUSINESS MODEL

Branson expanded his entrepreneurial efforts yet again, this time to include the travel
company the Voyager Group in 1980, the airline Virgin Atlantic in 1984, and a series of
Virgin Megastores. But Branson's success was not always predictable. By 1992, Virgin
was suddenly struggling to stay financially afloat. The company was sold later that year
to THORN EMI for $1 billion.

Branson was crushed by the loss, reportedly crying after the contract was signed, but
remained determined to stay in the music business. In 1993, he founded the station
Virgin Radio, and several years later he started a second record company, V2. Founded
in 1996, V2 now includes artists such as Powder Finger and Tom Jones.

Branson's Virgin Group now holds more than 200 companies in more than 30 countries,
including the United Kingdom, the United States, Australia, Canada, Asia, Europe and
South Africa.

10
BUSINESS EXPANSION

He has expanded his businesses to include a train company, a luxury game preserve, a
mobile phone company and a space-tourism company, Virgin Galactic

Virgin Galactic strategies of earning profits and beating their competitors

In recent years, the ever-adventurous Branson has focused much of his attention on his
space tourism venture. He partnered with Scaled Composites to form The Spaceship
Company, which is currently developing a suborbital space plane, and, in April 2013,
the project made an impressive leap forward with the test launch of Spaceship Two.

Branson was delighted by the success of his spaceship's first test, telling NBC News that
"We're absolutely delighted that it broke the sound barrier on its very first flight, and
that everything went so smoothly." He expected to finish testing the craft by the end of
2013. By April 2013, more than 500 people had bought their tickets for Virgin Galactic's
voyages.

11
Start-up Business which failed
Dazo
Founder - Shashank Kumar Singhal and Monica Rastogi.

Investors:
The Google India MD, the Amazon India country manager, the Free Charge CEO, and
the founders of CommonFloor, TaxiForSure, and Yo China
Life journey:
Golden investors and bona fide founder certification still couldnt save this one. were all
investors in this food start-up. Its founder, Shashank Kumar Singhal, was the mobile
product head for Indias first bus ticketing site RedBus, who had qualified from the
prestigious Indian School of Business. His co-founder Monica Rastogi was equally well
qualified. And yet, it had to shut down in October within a year of launching.

12
The start-up began as an internet kitchen with its own chefs and reliable partners serving
a few localities in Bangalore. But soon the pressure to scale up made it pivot into an
aggregator of restaurants as it focused on the tech at the cusp of food and logistics. This
made it dependent, however, on many restaurant partners whose food quality and
delivery efficiency were beyond its control. The curation of content it promised at the
outset began to take a beating. It changed its name from TapCibo (because many new
consumers didnt get cibo is Italian for food), but neither the new name Dazo nor the
cool tech it had developed could prevent its slide.
A number of other food start-ups like Tiny Owl and Zomato have run into problems this
year, but are trying to ride it out with a longer runway they have in funding.
Food before brand
The tech play comes in different forms on the mobile-only Dazo. For one thing, its a
location intelligent app. If you open the Dazo app on MG Road in Bangalore, you will
only see the 8-10 options suitable to you, according to your preferences. You dont
have to go through hundreds of options, Singhal points out.
More fundamentally, Dazo puts the food before brand. What you pick is the meal that
you want, and not a restaurant or a brand like McDonalds. What Dazo tries to ensure is
a standardized experience in ordering and delivery, packaging and of course the food
itself. Its home-style Indian fare with lentils, rice, and vegetables, or chicken curry
with roti (unleavened bread), accompanied with chutney and curd. Seasonal vegetables
and the wide array of Indian cooking styles provide daily variety. You just choose the
meal you want, without worrying about where its made.

Lessons learned:

Jewelskart, Bagskart, Watchkart- Piyush Bansal

13
All three niche online marketplaces were launched by Vayloo Technologies, along with
Lenskart, an eyewear marketplace which is among the 15 top-funded ecommerce
startups in India this year. The shutdown of Jewelskart, Bagskart, Watchkart which had
more competition and less traction was therefore a strategic move to focus energies on
the niche segment that took off this year.
Lenskart backers signaled their approval by pumping US$21 million into the eyewear
marketplace this year. So here you have an emerging success story embedded in an
apparent failure. This is also a classic VC model where the fast risers get strong backing
while the slow growers get killed off early.

Lumos
Founder- Yash Kotak, Pritesh Sankhe, and Tarkeshwar Singh

14
This hardware startup in the IoT (internet of things) space is different from all the others
we spoke about so far. Its founders Yash Kotak, Pritesh Sankhe, and Tarkeshwar Singh
are candid about what went wrong, what couldve been better, and what others can
learn from their mistakes.
The three BTech graduates from Indian Institute of Technology (IIT) Gandhinagar
started Lumos right out of college in 2014. The idea was to build smart switches that
can automate all electrical appliances in a home. The switches would have inbuilt
sensors that allow them to track ambient conditions and human presence to take
accurate automation decisions and they would learn from the users behavior.

15
Lessons learned:
We were neither experts nor target users of the product that we were building.
We did not do the due diligence on the idea before we started building the product.
We let sunk cost bias affect our decisions about pivoting.
We were trying to do everything for everybody.
We underestimated hardware.

Kotak says:
Building a prototype is the easiest part of building a hardware startup. The real
challenge comes in product design, production engineering, manufacturing, distribution,
and marketing/sales.
Like all resilient entrepreneurs, these three founders havent given up yet. They are busy
building their next venture, Fundamine. Its a community for professionals to stay
connected with others in their space, exchange notes, and stay updated.

16
Analysis and Interpretaion
Your Scrap.in Joel Picardo
Mission
YourScrap is on a mission to empower more than 2000 kabadiwalas and rag-pickers &
make it simple and easy for at least one million customers to sell their scrap & earn by
the end of year 2020.

Our Vision
We at YourScrap have a dream that in the near future no human will be collecting scrap
from the streets & rag pickers would just disappear.

About The Company

We at YourScrap help you sell your scrap on-demand. We have collaborated with local
scrap collectors & rag pickers to collect scrap from your doorstep. This enables us to
provide quality and quick service to our customers at the same time empower local
scrap collectors.
We believe that this is the first step to achieving our dream and also believe that every
business should bring more value to the society through empowerment. We at
YourScrap plan to revolutionise the scrap industry in India which is highly unorganised.

About The Founder

Joel Picardo drives the companys vision and manages the customer relation and vendor
relation. He is management graduate and entrepreneurship is in his DNA. He believes
that every business should empower people and create more value to the society. He has
micromanaged his dads business. He is inspired by his dads work ethics and also by
Elon Musk who has created wonders at SpaceX, Tesla and Solar City.

17
On hot sunny afternoons Joel used to always look at the guys working in the car scrap
industry at Kurla and he used to always wonder why are the people working in such
horrible conditions? Why are they using such age old techniques? Why the scrap
industry in India is so highly unorganized? Why havent we seen any change in the
scrap industry? And thats when he decided to revolutionize the scrap industry and
empower the people working in it. Other than this he is passionate about cars.

concept for the business:

I used to always look at the guys working in the car scrap industry at Kurla and I used
to always wonder why are the people working in such horrible conditions? Why are
they using such age old techniques? Why the scrap industry in India is so highly
unorganized? Why havent we seen any change in the scrap industry? And thats when I
decided to revolutionize the scrap industry and empower the people working in it
mission at the outset:
Mission is something for the short term I would like to tell you about our long term
VISION at your scrap. We have this dream that no human will be collecting scrap from
the streets of India and Rag Pickers would just disappear.

charter the business:

18
From the December of 2015 I was working on it part time and launched our website
yourscrap.in on the 18th September, 2016.

biggest mistake
Spend my time starting a business/startup rather than going to a business school.
How did you deal with failure?
I believe we should think of failu:
Never make that same mistake again.

What habits make you successful:

Reading books and speaking to like minded people
How did you distinguish yourself from your competitors:
None of my competitors have the vision like we do.

employees working under you:

Right now one

services or product do you offer or manufacture:

We help you turn your scrap into cash in about 90 mins. While we empower rag pickers

advertise your business

Right now we advertise via pamphlets

What made you choose your current location

Kharghar is our test market. If things work out as planned we shall expand to the tier 1
cities of India

Whats your companys goals

Our mission is to get 2000 ragpickers into our platform and server at least one million
customers by the end of 2020

19
What is unique about your business?
We empower the Rag Pickers and turn them into micro entrepreneurs.
We create a better environment for our childrens children by helping you recycle
quicker

responsibilities as business owner?

From customer satisfaction to driving the vision

Reason for this type of business:

I just wanted to revolutionize this industry and empower the people working in it

Help to the community where it is located:

Right now we havent started with any CSR activity

20
Conclusion
In the modern world people can no longer expect large enterprises to guarantee them
jobs for life. Individuals are increasingly expected to seek out their own opportunities,
actively create value and behave ethically, rather than faithfully follow rules and
routines set by others. In particular, today's young people need to learn to be
enterprising, both when working for others and when setting up their own businesses.
Being enterprising involves taking responsibility for decision making, becoming
increasingly self reliant, pioneering, adventurous, daring, dynamic, progressive,
opportunist, ambitious and holding your values, as well as being able to initiate ideas
and see them through into action.

21
Recommendation
The businesses that start needs to be tested at least for a thousand days and need to give
thorough checks
Some start up fails due to the lack of research and consumer and market research and
even branding and communication
The successful entrepreneur has one model is general which a never giving up attitude
and more over has much more innovations to their operations which led to success
Major phases of entrepreneurs are due to government policies and lack of funding and
right mentors
The actual reason that are successful now and where a shamble at the start was majorly
due to growth rate of the start up
Since a business is pure game of hard work innovation so does the success that works
organically

22
APENDIX
How did you get your idea or concept for the business?

What was your mission at the outset?

When did your charter the business?

What was your biggest mistake?

How did you deal with failure?

How did you learn from failure?

What habits make you successful?

How did you distinguish yourself from your competitors?

How many employees do you have presently working under you?

Right now one

What services or product do you offer or manufacture?

How do you advertise your business?

What made you choose your current location?

Whats your companys goals

What is unique about your business?

23
What are your responsibilities as business owner?

What made you choose this type of business?

Does your company help the community where it is located?

24
REFERENCES
Kotler, Philip, and Alan Andreasen. Strategic Marketing for Nonprofit Organisations.
6th edition. Prentice Hall, 2002.
Lovins, Amory, Hunter Lovins, and Paul Hawken. Natural Capitalism: The Next
Industrial Revolution. 2nd edition. Earthscan, 2005.
Moore, Mike. A World Without Walls: Freedom, Development, Free Trade and Global
Governance. Reissue edition. Cambridge: Cambridge UP,2007
Reinhardt, Forest. Down to Earth. Harvard Business School Press, 2000.
Shulman, J. and T. Stallkamp. Getting Bigger by Growing Smaller. Prentice Hall
Financial Times, 2003.
Smith, Bucklin and Associates. The Complete Guide to Nonprofit Management. 2nd
edition. Wiley, 2000.
Southwick, K. Silicon Gold Rush. Wiley, 1999.q
Spinelli, S., Birley, S. and R. Rosenberg. Franchising: Pathway to Wealth. Prentice Hall-
Financial Times, 2003.
Spinelli, S., and J. Timmons. New Venture Creation for the 21st Century. 9th edition.
McGraw-Hill, 2012.
Thomas Robert J., ed. New Product Success Stories: Lessons from Leading Innovators.
Wiley, 1995.

25