Entrepreneurship-Setting The Stage

Program on Educational Entrepreneurship
Module 1: Entrepreneurship-Setting The stage

What Motivates Entrepreneurs?
The Making Of An Entrepreneur- Paradigm Shift
Paradigm Busters
J.M.Pant
Management Consultant, Trainer and Visiting Professor
(0)9811030273, jm.pant@gmail.com
A presentation by J.M.Pant
What Motivates You?
Brief Overview of Motivation
 The process of motivation
Inner state of
Disequilibria- Desired Goal
Motivation
Gap in need, behaviour Accomplished
Desire or
expectation
Hygiene factors and motivators-

Money
Awards, recognition, more
Responsibility, Power,
Achievement, Affiliation
Entrepreneurial Leader
Energising
Energy Execution Cutting edge
others
Self Development, Self motivation

(Passion, Interest)
Self fulfilment needs
Esteem Needs
Social Needs
Safety Needs
Physiological Needs
Motivational Needs (Maslow Hierarchy)
• Achievement Motivation
• Desire for excellence, sets high
standards, prefers challenge.
• Likes to take moderate risks.
• Tends to persist in the face of adversity.
Uses failures as a learning experience.
• Self driven, takes initiative
• Enjoys autonomy and flexibility
• Hunger for more.
• Not satisfied, once goals are
achieved, sets higher goals.
• Wants feedback and learns from
feedback
 Power Motivation
 Enjoys being in charge
 Strives to have influence over
others
 Prefers to be placed in competitive
and control oriented situations
 Tends to be more concerned with
prestige and gaining influence
over others than with effective
performance
 Affiliation Motivation
 Strives for friendship
 Prefers cooperative
situations rather than
competitive ones Kanwarias
journey
 Desires relationships
with a high degree of
mutual understanding
Kumbh mela
What Motivates An Entrepreneur?
 Goals
 Goals motivate people to
achieve them.
 A certain amount of stretch
and stress is motivating
 Absence of work, confused
goals and ‘no targets to
achieve’ is demotivating to
most people.
 Autonomy
 Making Money, Financial
Independence
 Opportunity to think innovatively,
desire to create something new,
most times from scratch
 Achievement, including achievement
of personal objectives
 Action, Doing something
 Not wanting to work for anyone else
 Desire to be one’s own boss
 Job satisfaction
 More opportunities
 Flexibility in work timings, choice of
work
 Thrill – excitement of
entrepreneurship
 Intellectual and physical challenge
 Contribution to society, nation,
world
 Outcome is not known and that
adds to excitement
 Entrepreneurship motivates just
like a person is motivated to play
sports or a game:
 Physical activity
 Creativity
 Social grouping
 Tension, unexpected results
 Locus of control
 An attribute indicating the sense of control a
person has over life
 Concern of entrepreneur
 Whether he or she will have the drive and energy
to overcome inertia in forming something new
 Energy to mange the new enterprise
 Are you internally or externally driven?
 Most successful entrepreneurs are internally
driven
 Childhood family environment
 First born child receives special attention and develops more self
confidence
 Entrepreneurs tend to have self employed or entrepreneurial parents
 Entrepreneurs Family environment- supportive and encouraging
independence, achievement and responsibility
 Education
 Education is critical but not a formal, ‘degree’ focused education
 Entrepreneurs like to learn, explore, research, study what is interests
them and is useful for their enterprise.
 Personal Values
 Superior product quality
 Quality service to customers
 Flexibility
 Adapt to change
 High caliber leadership
 Ethics
 Age
 Age is not a factor for starting entrepreneurship
 What is important is energy, passion and drive
 Most entrepreneurs initiate entrepreneurial careers
between 22 to 45.
 Every five years or so, many people get an urge to become
an entrepreneur
 Experience
 Experience in similar area and relevant to business like
sales, finance, technology is beneficial
 Years not important, Quality of experience is
 Entrepreneurial experience- the best venture is generally
not the first one
 Role Models
 Individuals influencing entrepreneur’s career
choice and style
 Role models could be
 Successful entrepreneurs in India and globally
 Successful entrepreneurs from one’s community,
region, school, college/university
 Parents, in-laws
 Brothers or sisters
 Other relatives
 In your own business, you are all alone. It is lonely at the top.
 Need to establish support groups to keep the entrepreneur going
 Professional support network
 Individuals who help the entrepreneurs in business activities
 Mentors- coach, sounding board-for sharing problems and
successes,
 Business associates- suppliers, consultants, professionals,
customers, self employed individuals
 Trade associations
 Personal affiliations-clubs, alumni, sporting events, shared hobbies,
social networking sites
 Moral support network
 Having an understanding cheering crowd gives encouragement to
entrepreneur to persist through difficulties and problems
 Individuals who give psychological support to entrepreneurs
 Family and friends-a cheering crowd
 Spouse, friends, children, parents, uncles
Negative Motivators
 Positive and Negative Motivators
Positive
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Negative
Negative Motivators
 Bad experiences
 Dissatisfaction with job, boredom and frustration, no
growth/promotion
 Loss of job
 Unable to get a job
 Conflict of ethics and values
 Lack of education
 Not having certified ‘degree’ education
 Circumstances forced one to give up on education
 Provocations
 Humiliation by friends, relatives, spouse/girl friend
 Being told you are not fit to do anything
Paradigm Shift-Process of Making of
an Entrepreneur
1. Identity Search
 Identity crisis
 Experiences dissatisfaction with present identity
 Discomfort in existing situation
 Could be lack of challenge, frustration and boredom,
less money, fight with boss, loss of job, VRS and so
forth
 Exploration-look for ways of reducing the dissatisfaction
 Transitional stress-experiences conflicts and
apprehensions about the new identity
an Entrepreneur
1. Identity Search
 Search alternatives
 Searches entrepreneurial alternatives
 Uses professional and moral support network
 Deliberation- weighs pros and cons of each
alternative
 Choice- makes a tentative choice from amongst
the alternatives
an Entrepreneur
2. Identity Formation
 Pre-enterprise preparation- makes preparation:
 Acquiring relevant knowledge, skills etc
 Gains relevant experience
 Meets experts
 Enterprise building-takes steps towards
establishment of an enterprise
 New Identity- acquires new identity of an
entrepreneur
an Entrepreneur
3. Identity Establishment
 Enterprise management- begin to manage the
enterprise
 Role stress- experiences entrepreneur conflict and
stress
 Identity integration- identifies with other entrepreneurs
 Linkage building- establishes linkages with other
entrepreneurs and support systems for effective
functioning.
Paradigm Busters
 Michael Dell, Dell Inc.

 Changed the rules of the PC business by
eliminating intermediaries and pioneering a

low inventory made-to-order model.
 Herb Kelleher, South West Airlines
 Introduced the concept of low cost flying and
served it up with a dash of fun, and warm on-
board service
Paradigm Busters
 Howard Schultz, Starbucks

 Through a combination of clever marketing
and vision, turned the coffee bar into an
upscale must-have experience
 Jeff Bezos, Amazon.com
 Most successful online retailers in the face of
skepticism about selling on the internet.
Paradigm Busters
 Sam Walton, Wal Mart
 His relentless focus on low cost leading to ‘every
day low prices’ strategy that’s retailing benchmark
today.
 Ajay Bijli, PVR Mutiplex
 Introduced multiplexes when single screen
cinema halls were the convention.
 Better ambience, advanced sound system, latest
English and Hindi movies, on-line ticketing,
comfortable viewing.
 Even with twice the existing price.
Paradigm Busters
 C.K.Ranganathan, CavinKare
 Stormed the FMCG sector by constant
innovation in packaging, distribution and
pricing.
 Launch of Spinz talc in 20g, 50, 100g, 400g in
1997 just after 1996 world cup (spinz from
‘spin’), Spinz deodarants, Nyle creams,
Natural Fairever, Meera herbal shampoo in
8ml, 25 ml and 100 ml, and so forth.
 Satchets and small packings made it
convenient for frequent travellers.
Paradigm Busters
 Kishore Biyani, Future group -
Pantaloon and Big Bazar
 Started as a trouser manufacturing unit, Pantaloon has
become a big retail company.
 Changed the face of retail business in India.From
fashion to food to furniture to real estate to stationery to
finance – everything under one umbrella.
 K V Kamath, CEO ICICI
 Change the rules of banking making it like FMCG: ATMs,
personal, consumer and auto loans for mass.
 Expanding the model to rural areas.
Paradigm Busters
 Over time we take paradigm shift for granted.

We forget how business was done before.
 A good start is never enough- innovation has
to be continuous.
 For reigning incumbents will hit back plus
there are copycats.
Paradigm Busters
 Robert Frost ‘ I took the road less travelled by, and

that has made all the difference’.
 Paradigm shifters are more risk friendly.
 They have a big dream.
 Failures don’t deter them- it makes them hungrier.
For example, Biyani’s initial set of failures (flopped
films, managing Hanse Cronje, initial failures in
Pantaloon and Big Bazar)
 Air Deccan’s inaugural flight-one engine caught fire
 No journey is complete without pitfalls.
Paradigm Busters
 <Examples>
 Reliance Industries – started in 1966 as a small
textile manufacturer. Now it ranks among one of the
world’s largest oil and gas companies.
 Suzlon energy- Tulsi Tanti started a textile mill in
Gujarat……ran into problems because of erratic
power supplies and rising energy costs.
 Set up two windmills in 1990 with turbines imported
from a German company. Suzlon is now one of the
world’s fastest growing wind energy equipment
makers.
 What would have happened if both had continued
with textiles is anyone’s guess.
Paradigm Busters
 <Examples>
 Business stuck in sunset industries must
radically overhaul their business.
 Wipro- Azim Premji’s initiative transformed a
family run vegetable oil firm into a major IT
services and products supplier.
 Max India- stared as pharma company,
acquired telecom licence, sold telecom
business, entered into insurance and
healthcare segment.
Making the shift
 Paradigm shift
Company Original Business Current Business
Reliance Textiles Oil, petrochemicals, real
estate, infrastructure-
power, communication
Suzlon Energy Textiles Wind energy generation
Wipro Vegetable Oil IT
Max India Drug manufacturer Insurance and health care
Unitech Construction Real Estate development
GMR Infrastructure Textiles Infrastructure
ICICI Development Banking, insurance, stock
financing trading, financial services

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Program on Educational Entrepreneurship

Module 1: Entrepreneurship-Setting The stage

Hygiene factors and motivators-

Self Development, Self motivation

Self fulfilment needs

Motivational Needs (Maslow Hierarchy)

 Tension, unexpected results

 Michael Dell, Dell Inc.

eliminating intermediaries and pioneering a

 Howard Schultz, Starbucks

skepticism about selling on the internet.

 Over time we take paradigm shift for granted.

 Robert Frost ‘ I took the road less travelled by, and

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