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Entrepreneurship Development

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ICAR - Indian Institute of Natural Resins and Gums

Namkum, Ranchi-834 010, Jharkhand (India)
Citation
Alok Kumar, AK Jaiswal, AK Singh, and RK Yogi (eds.)(2015). Advances in Lac Production,
Processing, Product Development and Value Addition, ICAR-IINRG, Ranchi. 1-206 pp.

Published by
Director

Editors
Dr Alok Kumar, Dr AK Jaiswal, Dr AK Singh and Dr RK Yogi

Publication Committee
Dr PC Sarkar,
Dr Alok Kumar
Dr A Mohansundaram
Shri Shatrughan Kr Yadav

Photographer
Shri RP Srivastava

Cover Page Photographs

Left to Right : Row 1- Lac based handicraft items; Row 2 - Lac cultivation on ber, Lac
processing plant, bleached lac, Lac coated kinnow; Row 3 - Lac encrustation

First Edition 2015

© ICAR-Indian Institute of Natural Resins and Gums
Namkum, Ranchi, Jharkhand, India
Phone: 0651-2261154
Fax: 0651-2260202
Email: head.tot.iinrg @gmail.com
Visit us: www.ilri.ernet.in

Printed at:
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2, Bharatpuri, Purulia Road, Ranchi-834001

ISBN978-93-5196-775-0
 Advances in Lac Production, Processing, Product Development and Value Addition

Entrepreneurship Development
Alok Kumar, AK Singh & RK Yogi
ICAR-Indian Institute of Natural Resins and Gums
Namkum, Ranchi- 834 010, Jharkhand
Introduction
When an entrepreneur plans to start an enterprise, the most important aspect is that
the potential entrepreneur has adequate irst-hand knowledge and skills required
for the particular enterprise. Understanding the technical skills and technology is a
crucial component in developing a successful enterprise. Entrepreneurs may play an
important role in developing and contributing to the economy of a nation. We see
more entrepreneurs in comparatively more developed areas. There is problem of
unemployed population; seeking wage earners career and unaware about the wide
open opportunities for entrepreneurial carrier. This is, by and large, because of the
lack of education about entrepreneurship development. In most of the countries,
entrepreneurship development has not found any place in the education curriculum.

If we talk in terms of agriculture & allied sector all round development, it can be possible
only with efective exploitation of entrepreneurial behaviour skills as well as material
resources. But, our country is scarce of material resources but abundant of human
resources. So, we can identify individuals in all segments of the population, who
have the requisite entrepreneurial behaviour skills. The entrepreneur is an economic
man, who tries to maximise his proits by identiication and adoptions of innovations,
however, the entrepreneurs are not simply innovators but they are the persons with
a will to act to assure risk and bring about a change through organisation of human
eforts. It plays a key role in economic development of the country. Importance of
development of entrepreneurship as an ingredient of economic development has been
recognised long time back. It was as early as in 1950 that the need for entrepreneurial
behaviour development was irst felt and since then substantial amount of research
has been done in this sphere.

Entrepreneur is an Economic Agent who plays a vital role in the economic development
of a country. Economic development of a country refers steady growth in the income
levels. This growth mainly depends on its entrepreneurs. An Entrepreneur is an
individual with knowledge, skills, initiative, drive and spirit of innovation who aims
at achieving goals. An entrepreneur identiies opportunities and seizes opportunities
for economic beneits. Entrepreneurship is a dynamic activity which helps the
entrepreneur to bring changes in the process of production, innovation in production,
new usage of materials, creator of market etc. It is a mental attitude to foresee risk
and uncertainty with a view to achieve certain strong motive. It also means doing
something in a new and efective manner.

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Concept of entrepreneurship
The word entrepreneur is derived from French word “Entreprendre” and the German
word“Unternehmen”, both mean“To undertake”. For a long time there was no equivalent
for the term entrepreneur”in the English language. Three words were commonly used
to connote the sense the French term carried: ad venture, undertaker and projector;
these were used interchangeably and lacked the precision and characteristics of a
scientiic expression (Gopakumar, 1995). Hence the term “entrepreneur” did not ind
any prominence in the history of economic thought. The earliest attempt to invest the
concept with some economic concept with some economic content could be traced
to the works of an 18th century. Entrepreneurship as a concept gathered prominence
in economic literature, the concept some analytical treatment and assigned the
entrepreneur an economic role by emphasizing on “risk” as prominent entrepreneurial
function (Gopakumar, 1995). Entrepreneur means individual response for the operation
of a business, including the choice of a product, the mobilization of necessary capital,
decisions on product prices and quantities, the employment of labour and expanding
or reducing the productive facilities.

Entrepreneurs are a product of the particular social conditions in which they live,
and it is the society which shapes the personality of individuals as entrepreneurs.
Entrepreneur represents an individual or a group of individuals, who conceive,
initiate and maintain for a suiciently long period of time, a social institution which
produces economic goods (Cole, 1949) or to put it diferently, who perceive a business
opportunity and create an organization to pursue it (Bygrave & Hofer, 1991).

Cole (1959) described entrepreneur as decision maker and indicated the following
functions of an entrepreneur.

1. The determination of those objectives of the enterprise and the change of those
objectives as conditions required or made advantages.
2. The development of an organisation including eicient relationship with
subordinates and all employees.
3. The securing of adequate inancial resources the relation with existing and
potential investors.
4. The requisition of eicient technological equipment and the revision of it as new
machinery appeared.
5. The development of market for the products and devising of new products to
meet or anticipate consumer demand.
6. The maintenance of good relationship with public authorities and with society at
large.

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 Advances in Lac Production, Processing, Product Development and Value Addition

Deinitions
Cole (1968) the term entrepreneur represents an individual or a group of individuals
who conceive, initiate and maintain for a suiciently long period of time a social
institution which produces economic goods or to put it diferently, who perceive a
business opportunity and create an organization to pursue it.

Harbison and Hyers (1964) capital cannot itself produce anything. It must be
harnessed for producing goods and the capital goods into harnessed for producing
consumer goods and this investment process requires the services of some agent or
intermediary who initiates, organizes, makes decision, takes risk, innovates and some
time also manages.

Hegan (1968) entrepreneur as a creative problem solver interested in things in the

practical and technological realm most entrepreneurial activities do not involve
innovative techniques to any considerable degree but rather involve coping with the
method of doing business and of combining inputs quite similar to those combinations
already in existence.

Haredero (1979) described agricultural entrepreneur as a person who introduces

changes which directly or indirectly lead to higher agricultural inputs.

Kirzner (1979) stated the entrepreneurs as performing various functional roles as

risk taker, decision maker, organizer or coordinator, innovator, employer of factors
of production, gap seeker, input completer and arbitrageur. According to him
entrepreneur being alert to economic opportunities uses information advantages for
his own proits.

Leeds and Stainton (1978) entrepreneur as a person who initiates production, takes
decision bears risks and involve in organizing and coordinating the other factors.

Pareek and Nadkarni (1978) deined entrepreneur as one who initiates, establishes an
economic activity or enterprise. Entrepreneurship thus refers to the general trend setting
up new enterprise in a society. Operationally entrepreneurship development could
mean development of entrepreneurs and promotion of increased low of individuals to
entrepreneurial ranks.

Rao (1975) opined that any person actively engaged in inventing or developing or
expanding or efectively maintaining an organization was an entrepreneur. According
to him if a person is starting a new organization, developing it or expanding it, the
very act of understanding these activates qualiies him to be called as entrepreneur.

Schumter (1961) an entrepreneur was a dynamic agent of change, or the catalyst who
transformed increasingly physical, natural and human resources into corresponding
production possibilities.

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Characteristics of entrepreneurs
§ Speciic, measurable, achievable, realistic and time bound goals.
§ Innovative, creative and hard/ smart working.
§ Risk management
§ High achievement motivation
§ Moderate risk taking – not high nor low
§ Time conscious- Meeting deadlines on Time
§ Time conscious- Seasonal and Timely
§ Goal setting behavior – SMART goals
§ Urge for excellence
§ Sustenance & growth
§ Diversiication
§ Organizing resources
§ Management
§ Problem solving and not problem avoidance
§ Action oriented – believes in action and see results
§ Well aware of personal strengths
§ Ability to perceive obstacles properly
§ Market survey and business acumen
§ Pragmatic and realistic in their approach

Need and scope of entrepreneurship

§ Demand driven market economy.
§ Exploiting opportunities in sunrise sectors.
§ Farm diversiication for sustainable development.
§ Private extension and contract farming options.
§ Human resource utilization-labour intensive work.
§ Horticulture and related enterprises.
§ Precision agriculture for cost reduction on farms.
§ Harnessing ICTs for Rural development.
§ Gearing farmers to meet export potential.
§ Cereal growers continue to remain poor and poorer.
§ Low purchasing power and low accessibility.
§ Agriculture cannot absorb surplus agricultural labourers.
§ Non-farm sector has greater scope.
§ Raw agricultural produce vs. value added products

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Why entrepreneurship?
§ Self employment
§ Increasing national production.
§ Challenging career options
§ Income generating activities
§ Dispersal of economic power.
§ Weakening monopoly.
§ Harnessing youth vigour.
Entrepreneurial development involves
§ Stimulating the entrepreneurial motivation.
§ Providing support to the potential entrepreneurs.
§ Helping them to sustain and manage their enterprises.

Phases of entrepreneurship
Stimulation phase
§ Stimulation environment
§ Caste and traditional occupations
§ Entrepreneurial Motivation Training (EMT)
§ Achievement Motivation
§ Need for achievement – personal and social
§ Risk Taking behavior
§ Goal setting behavior
§ Identifying personal strengths and perception
§ Achievement Planning Orientation
§ Measuring and enhancing motivation
§ Proit motive and economic motive
§ Sustaining the initial enthusiasm and interest

Support phase
§ Business Plan for agri-business
§ Identifying enterprises-Micro-screening
§ Market survey and analysis
§ Developing Project Proposal
§ Feasibility studies and Financial Analysis
§ Institutional support-training, banks, etc.
§ Seeking loans from Banks

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§ Setting up or launching the enterprise

§ Trial run and teething troubles
§ Cash lows and managing costs
§ Price ixing and marketing agreements
§ Agreements for input supply and labour
Sustenance phase
§ Teething troubles and management
§ Management issues-production, personnel
§ Marketing issues-price ixing and competition
§ Management of working capital and inances
§ Running to full capacity and problems
§ Capturing and sustaining market shares
§ Diversiication and growth of enterprise
§ Production cycles and payments
§ Dues recovery in marketing and supplies
§ Loan recovery, repayments and discipline
§ Financial health and treatment of sick units
§ Cooperatives and group counselling
Types of entrepreneurs
Classiication on the Basis of attitude
Empirical: He /She is an entrepreneur hardly introduces anything revolutionary and
follows the principle of rule of thumb.

Rational: The rational entrepreneur is well informed about the general economic
conditions and introduces changes which look more revolutionary.

Cognitive: Cognitive entrepreneur is well informed, draws upon the advice and
services of experts and introduces changes that relect complete break from the
existing scheme of enterprise.

Classiication on the basis of common characteristics

Innovative: Innovative entrepreneur is one who assembles and synthesis information
and introduces new combinations of factors of production. They are characterized
by the smell of innovativeness. These entrepreneurs sense the opportunities for
introduction new ideas new technology, new markets and creating new organizations.
Innovative entrepreneurs are very much helpful for their country because they bring
about a transformation in life style.

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Imitative/ Adoptive: Imitative entrepreneur is also known as adoptive entrepreneur.

He simply adopts successful innovation introduced by other innovators. These
entrepreneurs imitate the existing entrepreneurs and setup their enterprise in the
same manner. Instead of innovating, they just imitate the technology and methods
innovated by others. These entrepreneurs are very helpful in less developed countries
as they contribute signiicantly in the growth of enterprise and entrepreneurial culture
in these countries. Further by adopting the technology, which is already tested, they
generate ample employment avenues for the youth and therefore they are treated as
agent of economic development.

Fabian: The Fabian entrepreneur is timid and cautious. He imitates other innovations
only if he is certain that failure to do so may damage his business. They are very
much skeptical in their approach in adopting or innovating new technology in their
enterprise. They are not adaptable to the changing environment. They love to remain
in the existing business with the age-old techniques of production. They only adopt
the new technology when they realize that failure to adopt will lead to loss or collapse
of the enterprise.

Drone: These entrepreneurs are conservative or orthodox in outlook. They never

like to get rid of their traditional business and traditional machinery or systems of
the business. They always feel comfortable with their old fashioned technology of
production even though the environment as well as the society have undergone
considerable changes. Thus, drone entrepreneurs refuse to adopt the changes. They
are laggards as they continue to operate in their traditional way and resist changes.
His entrepreneurial activity may be restricted to just one or two innovations. They
refuse to adopt changes in production even at the risk of reduced returns.

Classiication on the Basis of Ownership

Private: Private entrepreneur is motivated by proit and it would not enter those
sectors of the economy in which prospects of monetary rewards are not very bright.

Public: In the underdeveloped countries government take the initiative to share

enterprises.

Classiication Based on the Scale of Enterprise

Small scale: This classiication is especially popular in the underdeveloped countries.
Small entrepreneurs do not possess the necessary talents and resources to initiate large
scale production and introduce revolutionary technological changes.

Large scale: In the developed countries most entrepreneurs deal with large scale
enterprises. They posses the inancial and necessary enterprise to initiate and introduce
new technical changes. The result is the developed countries are able to sustain and
develop a high level of technical progress.

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Managing an enterprise
The basics of management of an enterprise are as follows-
Planning is an initiatory function in the sense that it is initiated in the irst place to
formulate a systematic programme in detail for doing or achieving a mission still
unformed or undeveloped. It is a function which implies a comprehensive and extensive
task of devising and laying out in distinguished sections a detailed programme of
actions to be carried out to convert an idea into a safe and sound business entity.
Planning for an enterprise, as generally observed, is the groundwork in preparation for
making a proposed venture start and grows smoothly.
Organizing involves establishing an international structure of roles through
determination of activities required to achieve the goals, grouping of activities,
delegation of authority and coordination etc.
Staing demands deining the workforce, utilization of manpower, appointment,
promotion and remuneration is including downsizing and organization unity.
Leading the entrepreneurial unit in terms of addressing the desire, attitude and
behaviour of individual and groups amidst challenges towards opportunities.
Controlling is the measuring and correcting the activities of staf to assure that events
conform to plan. It measures the performance against goals.
Finance is most crucial that warrants the personal inluence and rapport with the
inancial institutions to get it materialized. The entrepreneur has to show the required
faith and credibility, and strength of the enterprise to get the required credit.
Quality control determines the future of one’s inspirational climb up. Quality products
create wide market, thus making the entrepreneur’s task of intervention easy amidst
stif challenges.
Marketing linkage should be diligently built up by making the products cost
competitive, unique and indispensable before the consumers.
Alternative opportunity refers to the next best option that could be explored or
employed on the face of parallel enterprises and challenge to ones entrepreneurship
venture.

Monitoring and evaluation of an enterprise

Monitoring and evaluation provides with better means for learning from past
experience, improving service delivery, planning and allocating resources and
demonstrating results as part of accountability to key stakeholders. Although
evaluation is distinguished from monitoring, they are in fact interdependent.
Monitoring presents what has been delivered and evaluation answers the question
“what has happened as a result of the intervention?” Impact evaluation is a particular
aspect of evaluation, focusing on the ultimate beneits of an intervention.

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Monitoring: It is regular systematic collection and analysis of information to track

the progress of programme implementation against pre-set targets and objectives.
It means to keep a careful check of project activities over a period of time. To work
to its full potential, any kind of project needs to set out proposals and objectives.
Then a monitoring system should be worked out to keep a check on all the various
activities, including inances. This will help project staf to know how things are going,
as well as giving early warning of possible problems and diiculties. It is performed
while a project is being implemented, with the aim of improving the project design
and functioning while in action. Monitoring gives information on where a policy,
program or project is at any given time (or over time) relative to respective targets and
outcomes. Monitoring focuses in particular on eiciency, and the use of resources.

Monitoring
§ Clariies program objectives
§ Links activities and their resources to objectives
§ Translates objectives into performance indicators and sets targets
§ Routinely collects data on these indicators, compares actual results with
targets
§ Reports progress to managers and alerts them to problems
Evaluation: It is an objective assessment of an ongoing or recently completed project,
programme or policy, its design, implementation and results. Evaluation deals with
questions of cause and efect. It is assessing or estimating the value, worth or impact
of an intervention and is typically done on a periodic basis –perhaps annually or at
the end of a phase of a project or program. An evaluation studies the outcome of a
project (changes in income, housing quality, beneits distribution, cost-efectiveness,
etc.) with the aim of informing the design of future projects. Evaluation looks at the
relevance, efectiveness, eiciency and sustainability of an intervention. It will provide
evidence of why targets and outcomes are or are not being achieved and addresses
issues of causality.
Evaluation

§ Analyzes why intended results were or were not achieved

§ Assesses speciic casual contributions of activities to results
§ Examines implementation process
§ Explores unintended results
§ Provides lessons, highlights signiicant accomplishments or program potential
and ofers recommendations for improvement

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Follow up
Follow-up need not be expensive and can be easily achieved through phone and
email. Follow-up refers to responding to business queries, inquiries, and complaints
if your business is relative new. Many businesses fail soon after they are launched
only because they didn’t ofer good customer support along with their products
and services. Every customer has unique needs and as a smart entrepreneur, it’s your
job to ind out what customers expect from your products as well as your company.
While quality is by far the most motivating factor for buying a particular product for
many customers, they also want more in terms of customer support, lexible payment
options, free product replacement and repair, and extended warranties or product
guarantees.

Managing competition
Competition is everywhere. Very few industries or markets haven’t experienced some
form and degree of competitiveness. Researching competition through competitor
intelligence can be a powerful tool for entrepreneurs. Competitor intelligence is a
process of gathering information on who competitors are, what they are doing, and
how their actions will afect your organization

Women entrepreneurship
Women constitute around half of the total world population. So is in India also. They
are, therefore, ‘regarded ‘ as the better half of the society. In traditional societies, they
were conined to the four walls of houses performing household activities. In modern
societies, they have come out of the four walls to participate in all sorts of activities.
The global evidences buttress that women have been performing exceedingly well in
diferent spheres of activities like academics, politics, administration, social work and
so on. Now, they have started plunging into industry also and running their enterprises
successfully. Therefore the development of women entrepreneurs in the country is of
paramount important for economic development.

Women entrepreneurs may be deined as a woman or group of women who initiate,

organize and run a business enterprise. The Government of India has deined women
entrepreneurs based on women participation in equity and employment of labusiness
enterprise. Accordingly, a women entrepreneur is deined as “an enterprise owned
and controlled by a women having a minimum inancial interest of 51 % of the capital
and giving at least 51 % of the employment generated in the enterprise to women”.

In nutshell, women entrepreneurs are those women who think of a business enterprise,
initiate it, organize and combine the factors of production, operate the enterprise and
undertake risks and handle economic, uncertainty involved in running a business
enterprise. In India, women entry into business is a new phenomenon. Women entry
into business or entrepreneurship is traced out as an extension of their kitchen activities
mainly to 3 Ps, viz., Pickles, Powder and Pappad. Women in India plunged into business

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 Advances in Lac Production, Processing, Product Development and Value Addition

for both pull and push factors. Pull factors imply the factors which encourage women
to start an occupation or venture with an urge to do something independently. Push
factors refer to those factors which compel women to take, up their own business
to tide over their economic diiculties and responsibilities. With growing awareness
about business and spread of education among women over the period, women have
started shifting from 3 Ps to engross to 3 modern Es, viz., Engineering. Electronics and
Energy. They have excelled in these activities. Women entrepreneurs manufacturing
solar cookers in Gujarat, small foundaries in Maharashtra and T.V. capacitors in Orissa
have proved beyond doubt that given the opportunities, they can excel their male
counterparts. Smt. Sumati Morarji (Shipping Corporation), Smt. Yarnutai Kirloskar
(Mahila Udyog Limited), Smt. Neena Malhotra (Exports) and Smt. Shahnaz Hussain
(Beauty Clinic) are some exemplary names of successful and accomplished women
entrepreneurs in our country.

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