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Entrepreneurship setting the stage by J.M. Pant

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  • 1. 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
  • 2. What Motivates You? A presentation by J.M.Pant
  • 3. 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 A presentation by J.M.Pant
  • 4. Brief Overview of Motivation Entrepreneurial Leader Energising Energy Execution Cutting edge others Self Development, Self motivation (Passion, Interest) A presentation by J.M.Pant
  • 5. Brief Overview of Motivation Self fulfilment needs Esteem Needs Social Needs Safety Needs Physiological Needs Motivational Needs (Maslow Hierarchy) A presentation by J.M.Pant
  • 6. Brief Overview of Motivation• 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 A presentation by J.M.Pant
  • 7. Brief Overview of Motivation 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 A presentation by J.M.Pant
  • 8. Brief Overview of Motivation 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 A presentation by J.M.Pant
  • 9. 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. A presentation by J.M.Pant
  • 10. What Motivates An Entrepreneur? 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 A presentation by J.M.Pant
  • 11. What Motivates An Entrepreneur? 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 A presentation by J.M.Pant
  • 12. What Motivates An Entrepreneur? 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 A presentation by J.M.Pant
  • 13. What Motivates An Entrepreneur? 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 A presentation by J.M.Pant
  • 14. What Motivates An Entrepreneur? 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 A presentation by J.M.Pant
  • 15. What Motivates An Entrepreneur? 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 A presentation by J.M.Pant
  • 16. What Motivates An Entrepreneur? 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 A presentation by J.M.Pant
  • 17. Negative Motivators Positive and Negative Motivators Positive E Finish your I enjoy learning this subject. I x homework and Ma The homework given by n t will give you an class teacher is interesting. t r Icecream It challenges me. I want to r i do and will do. i n Finish your I don’t want to do this boring n s homework or teacher homework. It will not help in s i will punish you my learning process. I find i c no reason to do it. c Negative A presentation by J.M.Pant
  • 18. 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 A presentation by J.M.Pant
  • 19. Paradigm Shift-Process of Making ofan Entrepreneur1. 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 A presentation by J.M.Pant
  • 20. Paradigm Shift-Process of Making ofan Entrepreneur1. 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 A presentation by J.M.Pant
  • 21. Paradigm Shift-Process of Making ofan Entrepreneur2. 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 A presentation by J.M.Pant
  • 22. Paradigm Shift-Process of Making ofan Entrepreneur3. 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. A presentation by J.M.Pant
  • 23. 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 A presentation by J.M.Pant
  • 24. 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. A presentation by J.M.Pant
  • 25. 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. A presentation by J.M.Pant
  • 26. 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. A presentation by J.M.Pant
  • 27. 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. A presentation by J.M.Pant
  • 28. 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. A presentation by J.M.Pant
  • 29. 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. A presentation by J.M.Pant
  • 30. 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. A presentation by J.M.Pant
  • 31. 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. A presentation by J.M.Pant
  • 32. Making the shift Paradigm shiftCompany Original Business Current BusinessReliance Textiles Oil, petrochemicals, real estate, infrastructure- power, communicationSuzlon Energy Textiles Wind energy generationWipro Vegetable Oil ITMax India Drug manufacturer Insurance and health careUnitech Construction Real Estate developmentGMR Infrastructure Textiles InfrastructureICICI Development Banking, insurance, stock financing trading, financial services A presentation by J.M.Pant
  • 33. A presentation by J.M.Pant