“ Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction of independence .”
Entrepreneurship Process The Idea Realizing the opportunity Engaging the idea & opportunity Exploiting the opportunity to build something of value The Inventor The Opportunity Spotter The Project Champion
After doing his matriculation at the age of 16, Dhirubhai moved to Aden, Yemen. He worked there as a gas-station attendant, and as a clerk in an oil company.
He returned to India in 1958 with Rs 50,000 and set up a textile trading company.
Assisted by his two sons, Mukesh and Anil, Dhiru Bhai Ambani built India's largest private sector company, Reliance India Limited, from a scratch.
Over time his business has diversified into a core specialisation in petrochemicals with additional interests in telecommunications, information technology, energy, power, retail, textiles, infrastructure services, capital markets, and logistics .
According to David McClelland, regardless of culture or gender, people are driven by three motives:
ACHIEVEMENT, AFFILIATION, and INFLUENCE.
The 'need achievement' refers to an unconscious disposition to energize and drive. High Achievement individuals are constantly 'competing with standards of excellence'. Further, they are attracted to tasks of moderate difficulty.
McClelland further described the profile of an entrepreneur as someone high in Achievement and low in Power, while good managers have high Power and low Achievement.
Over 4 decades of research into the characteristics of entrepreneurs has established that the essential need for achievement for entrepreneurship is learned at an early age. Persons with a high 'need achievement' have a general predisposition towards entrepreneurial activity.