Flipkart Success Story

Quick Facts

Introduction
A quick look into any success story shows a path breaking idea at the heart of the tale. Flipkart is
no exception. It is not the idea itself but the conviction to convert ideas into action and action
into results is what defines a true success story. Measured by that yardstick, Flipkart has been a
hugely successful.
History

Back in 2007, when Flipkart was launched, Indian e-commerce industry was taking its beginner
steps. The company is registered in Singapore, but theyir headquarters are in the city of
Bangalore, India.

Founders

Sachin Bansal and Binny Bansal, who were working for Amazon.com had an idea to start an ecommerce company in India. Both of them are alumni of IIT, Delhi and are native of
Chandigarh, India. They left their jobs in Amazon to start their own business.
One can easily call that a risky move. In a country where people have various tastes and
preferences, an ecommerce start-up will always have enormous challenges. In India, people often
prefer to shop in person and buy goods they see and like. Today, thanks to Flipkart, e-commerce
has become one of the fastest growing sectors in India.
How it Started

Flipkart began selling books to begin with. It soon expanded and began offering a wide variety of
goods. Innovating right from the start, Flipkart has been home to few of the striking features of
Indian e-commerce.
Fundings History

In the first few years of its existence, Flipkart raised funds through venture capital funding. As
the company grew in stature, more funding arrived. Flipkart repaid the investors faith with
terrific performances year after year. In the financial year 2008-09, Flipkart had made sales to the

tune of 40 million Indian rupees. This soon increased to 200 million Indian rupees the following
year.
Their last round of Fundraising had increased their value to $ 15 billion, however, as of February
2016, according to Morgan Stanley, their estimated value stands at $11 billion.
Evolution

Back at the time when Flipkart was launched, any e-commerce company faced two major
difficulties. One was the problem of online payment gateways. Not many people preferred online
payment and the gateways were not easy to set up. Flipkart tackled this problem by introducing
cash on delivery and payment by card on delivery in addition to others. Flipkart was the first to
implement the popular Cash On Delivery facility, which every online shopping website in India
offers as an option today.

The second problem was the entire supply chain system. Delivering goods on time is one of the
most important factor that determines the success of an ecommerce company. Flipkart addressed
this issue by launching their own supply chain management system to deliver orders in a timely
fashion.
Today as it stands, Sachin Bansal is the Chairman of the company and Binny Bansal is the CEO
of Flipkart.
Acquisitions

Flipkart also acquired few companies like Myntra.com, LetsBuy.com etc., to better their
presence in the market. With the entry of Amazon.com in India, the competition between the
companies has seen many takeovers. Flipkarts journey from a small book e-retailer to Indias
largest e-commerce platform inspires a generation of start-ups. In a country where stereotypes
are common, Flipkart managed to break the norm and change the ecommerce industry in India
for ever. Flipkarts story proves that if you have a great idea, and you are a doer and not a
thinker, success is not far off.

Full history
Flipkart, a company which started with a mere investment of Rs. 4, 00,000 to develop its
website, has undoubtedly grown up to be one of the biggest e-commerce players in the Indian
peninsula. In this fast pacing world, shortage of time is big crisis and acts as a big push for
consumers to shop online. In this article, we will venture into how the company grew in such a
short span of time. Also, Techstory would give you insights into history and future prospects of
the company.
Flipkart was founded by Mr. Sachin Bansal and Binny Bansal, alumni of Indian Institute of
Technology Delhi, in October 2007. In its initial phase of operation, Flipkart was registered as
Flipkart Online Services Pvt. Ltd and sold only books. Co-Founder of Flipkart and achiever of
Entrepreneur of the Year Award 2012-2013 from Economic Times, Mr. Sachin in an interview
acknowledged that how he thought founding the company was most ridiculous thing he has ever
done and how others around him thought he was insane doing so. Soon, the company grew
bigger and ventured into selling other products such as electronic goods, e-books, stationery
supplies, fashion and life style products as well.

As more and more consumers turned to Flipkart for shopping, investors turned to Flipkart to
support the companys future strategy. The company raised US$1 million in 2009 from venture
capital funds Accel India, and later on US$10 million in 2010 and US$20 million in June 2011
from Tiger Global. But company took everyone by surprise when it announced that it raised $1
billion from already existing investors including Tiger Global Management LLC, Accel Partners,
and Morgan Stanley Investment Management and a new investor Singapore sovereign-wealth
fund GIC.
New York-based private equity company Tiger Global Management LLC is the largest investor
in the company today. Till today, the company has privately raised about $2.7 billion in multiple
rounds of funding.

Flipkart also grew via acquisition. The company acquired many firms such as WeRead in 2010,
Mime360 and Chakpak.com in 2011, Letsbuy.com in 2012 and then myntra.com ( Indias largest
online apparel store) in 2014.

However, the idea of Flipkart (online retailer) was not something unique as e-commerce was
booming everywhere and there were several companies operating in this domain. Then what
pegs Flipkart above other firms? Well! Sachin believes that quality of the service provided is
what sets Flipkart apart from other ventures like theirs. What differentiates them and paves their
way to success is excellent quality of service being provided by them at which their competitors
have lagged behind. To add to list, availability of all sorts of goods of various categories,
enhanced online shopping experience, pre as well as post sales experience, are the companys
key differentiators.
The bigger you grow, tougher the challenges you face and harder it becomes to overcome them.
The same falls in line for Flipkart. In its early stage, two major challenge encountered were to
get book vendors on board with Flipkart as it didnt have a book store and then to obtain the
approval for an online based credit card payment gateway. The founders however faced every
challenge headon ! Sachin recalls how he and Binny used to stand outside Gangaram Book
Stores, Banglore and hand over Flipkart bookmarks to only those who were coming out with
books in hands; to ensure that their target was correct. They had to make several assumptions and
start slowly by building good business relations with consumers and suppliers. Sometimes these
assumptions would turn out to be wrong and they would need to change the direction. But every
time they committed a mistake, it taught them a lesson.

Flipkart hit GVM of $1 billion in March 2014. GVM is the value of good sold or gross
merchandise value and is calculated on monthly average sales. Currently the value of good sold
or gross merchandise value (GMV) on Flipkart is $4 billion.
The company has set the target to reach a GVM of $8 billion, add 100,000 sellers on its platform
and sell 25 million products per month by the end of this year.The company is also said to have
set a target of selling 1 billion goods in a year by the end of 2017.
In 2014, the company reported that it had 15,000 employees working for them.

Currently with massive increase in Flipkarts user base, maintaining a good user experience is a
major challenged posed to company. Flipkart has adopted the strategy to invest a significant
portion of its raised fund into supply chain efficiency, building a better talent pool and
technology innovation. Moreover, taking logistics to all terrains within country including towns
and villages, making payment gateway options secure and easy for the consumers are other
major challenges.
By mid 2016, Flipkart is planning to raise a minimum of USD 5 billion through an Initial Public
Offering (IPO) listing in New York Stock Exchange (NYSE). This will be the largest public offer
by any Indian business till date and will value the company at over USD 30 billion.

Be it selling products worth Rs. 650 Crore on The Big Billion Day or exclusive tie-ups with
companies such as Motorola Mobility and Xiaomi Tech, the company stands for converting
every challenge into an opportunity. On the brighter aspect, with such a huge amount of raised
funds and consumer base, there lies a potential of India producing a $100 billion company, one
of the most difficult task ever but possible. Sachin wants Flipkart to be that company. The aim is
set and next step is to deploy strategies to achieve the same.
Online Book store!
They say that books are mans best friends but according to the present scenario
bookstores are mans best friends. Being online is a cherry on the top. YourStory brings to you an
exciting new way to buy books online in India and thats Flipkart. Flipkart is a passionate and
determined group of professionals that wish to create an excellent buying experience for you by
leveraging the best of breed technology. Sachin Bansal and Binny bansal are the great brains
behind this succesful venture. The duo describes their entrepreneurial yearning in a conversation
with YourStory.
Please tell us something about Flipkart?
Flipkart.com is the largest online book store in India. Currently Flipkart has over 4 million titles
listed; ranging across all categories such as Fiction, Non-Fiction, Literature, Educational,
Professional and Technical, Religion and Philosophy, Entertainment, etc.
Where did you get this idea from?
Idea itself is not new. The genesis of the thought to set up Flipkart came from the bad quality
service provided by competitors. Our business opportunity was to do better than our competition
in terms of service. Hence, our main mission was to focus on customer service. As a start-up
company with ambitions in the e-commerce domain, we had to choose a category that could
facilitate getting started quickly. The low transaction size helped induce customer trials. With
our strong technology background, we could keep the initial costs low.
What is your target market?
The book market in India is pegged at Rs 10,000 crore of which 1% is being bought online.
Flipkart has a market share of 20 25% out of the overall online sales. The online segment is
growing at 50% year on year as online payments have become more secure. The family of book
buyers on Flipkart is spread across the country, with registered buyers in every city and small
town today. Currently speeding along at the rate of more than one book sold every minute, we
have registered sales of more than five lakh books in the past two years and look forward to a

promising future. In India, book readers across the country with internet access could use our
services. Our services are also open to book buyers outside the country who can make purchases
and have it delivered to their loved ones anywhere in the country.

Why Flipkart ?

An attractive neutral name is what we looked for. Good domain names were hard to get. We were
looking at names that did not just speak of books alone, but one that could suit any category of
products that we may add in future. Also, we wanted to have a catchy name with high recall
potential. Flipkart could in simple terms mean Flipping things into your Kart
What sets you apart from other ventures like yours?
The process involved in online shopping for books has gone through drastic changes and is more
secure right now. A customer could use our user-friendly web page to place an order, once the
order is placed online the book is taken off the online inventory. In case of unavailability it
will be purchased from a supplier. The Book will then get packed and couriered on the same day.
Flipkart is currently tied up with around 12 courier service providers. We also use Indian Postal
services to reach areas without courier providers. Logistics play an important role in our
business. Our key differentiators are Availability of variety of goods of various categories, online
shopping experience on the site and post sales experience.
Why did you choose to be an entrepreneur?
We saw a good opportunity in the market around e-commerce. Also, a regular job was not as
challenging. The excitement and satisfaction that comes with building something of a long
lasting value is addictive enough for us to continue this.
How has this journey been?
The journey was quite challenging. Getting customers, suppliers, etc to trust has been a
challenge. We overcame it by persevering in the face of challenges. We started by identifying
people who could trust us initially and slowly built upon our good business relations with them.
We had assumed a lot of things, especially around marketing. When those assumptions turned

out to be incorrect our business model had to be changed. We have changed directions multiple
times and have taken each mistake as a learning experience.
What has been the growth trajectory of Flipkart?
We started off in 2007 by setting up three centers across India without funding. Six months ago,
we reached number one status. We are also four times bigger than our nearest competitor. We
started off small; today we have grown ten times over the last one year and aim to touch the Rs
100 crore mark by March 2011. We currently have hundred and twenty employees across three
centres New Delhi, Mumbai and Bangalore. We have plans to expand to at least two other
cities this year.
Where do you see Flipkart in the coming future?
We aim to reach the Rs. 100 crore mark and hope to expand our operations to many more cities,
by 2011. We are planning to enter into sales of products such as DVDs, Electronic gadgets and
mobile phones in the near future.
Tell us something about your achievements?
We have been featured in Business Today as one of the top 25 startups of 2009. We were also
nominated for Ernst and Young award for the best entrepreneur of 2010. Apart from that we have
been featured multiple times in startup news as well as mainstream news. Today, we are
recognized as number one in the industry. As a testimony to the superior customer experience,
the company has consistently recorded repeat purchase rates of more than 50%. We have also
managed to get a registered buyer in every small town and city. We hope to constantly improve
our service standards.
Any tips for the coming entrepreneurs?
Don't start out alone, it helps to have a co-founder when things are not going your
way.Perseverance and hard work is very important. The core of any business is to earn money.
You have not done your job well until you find a stranger who is willing to open his/her wallet to
give you money for the services/products that you a offering. The next step after that is to focus
on scaling it up well.
In 2007, two twenty something IIT, Delhi graduates quit their cushy jobs at Amazon to turn
entrepreneurs. Backed only by their passion, Sachin and Binny Bansal were determined to start
an e-commerce company in India. As expected, the news of them quitting their job to become
entrepreneurs did not receive a warm welcome by their parents, who reacted fiercely to their
outrageously impractical idea of leaving their jobs and risking their future.

Back in 2007, companies were struggling with poor internet penetration, limited engineering
skills and scratchy customer experience. After weeks of planning and rethinking their plan, they
started Flipkart in a two-bedroom apartment in a residential locality in Koramangala, Bangalore.
They spent several sleepless nights but were persistent in their decision as they envisioned the
flourishing opportunity in e-commerce in India. Like Jeff Bezos, founder of Amazon, they
started off with selling books and eventually, by the end of 2008, they started receiving more
than a thousand orders a day. Flipkart has been on the rise since then and has raised over $1
billion in funding.
In September 2015, Sachin Bansal along with the co-founder of Flipkart, Binny Bansal, was
named the 86th richest person in India with a net worth of $1.3 billion by Forbes India Rich List.
The Bansals have fought hard to raise the bar of e-commerce buying experience in India.
Here are seven lessons we can learn from the duo responsible for the creation of one of Indias
largest e-commerce companies.

Your business should delight your customer

When the Bansals began their e-commerce journey in India in 2007, customer experience was
poor. E-commerce was just beginning to bloom with travel sites such as IRCTC and makemytrip
gaining traction. Flipkart wasnt the first in the business but they definitely were the first to focus
on customer service as their core theme. They knew that building trust would take them a long
way in the e-commerce game.

Diversify where you need to

During their initial years, Sachin and Binny struggled with logistics, relying on creaky logistics
of India Posts and private courier companies. But things began to go sideways with Flipkarts
foray into electronics. They realised that they could not depend on third party logistics partners if
they wanted to do diversify their product range. So they built their own logistics network called
ekart which enabled them to add a lot of value added services like cash on delivery, returns
management, try-and-buy in fashion.

Image Source: huffingtonpost

Always experiment
The Bansals, since the very beginning, believed that focusing on customer experience will
differentiate them from the clutter and help them capture a larger market share. They used the
Flipkart platform as their playground and didnt hesitate to experiment. They did small changes
in design and UI, sometimes every couple of hours, to see how it impacted consumer behaviour.
Being an online portal, they would get instant feedback which they used to better their
customers buying experience.

Start with building depth

For the first three years, Flipkart was known as an online books vendor. Before they expanded
into other product segments, the Bansals wanted to ensure they could provide the best customer
experience, management bandwidth, and capital and infrastructure. They only sold 100 books in
2007 and on December 31, 2007 they even had a zero order day. However, by end of 2008,
Flipkart had crossed over a thousand orders a day and in 2009, they started getting noticed in the
book business.

Expansion will take a toll, but learn to adapt

When Sachin and Binny took the big leap and diversified into electronics, their customer service
experience dropped sharply. When buying a relatively low-value item like a book, one can
deliver it to a neighbour or the watchman of the building. The same wouldnt work for expensive
electronics. The Bansals had to completely re-engineer their business model which took a years
worth of work on technology, supply chain, logistics and marketing.

Shift quickly from execution to ideation and strategy

Initially, as a small company selling books, both Sachin and Binny would be involved with daytoday execution. They even handled customer support. They admit that they never had a forecast
of the business for over two or three months at any given point in time. They realized their
shortcomings in 2008 when they were trying to raise funds and were rejected by several
prospective investors. This experience led them to divert their focus from execution to strategy.

Work with people who believe in your vision

The Bansals faced a lot of rejection from the investor community when they were looking for
funding. Tiger Global, a global investment firm, was much more entrepreneur friendly than most
other VCs and believed in the Bansals vision for Flipkart. Sachin and Binny said in an interview
that Tiger brought a long-term thought process to the table, rather than accounting for every
dollar spent. When Tiger Global invested in Flipkart, investors woke up to the potential in this
sector.
5 things entrepreneurs and co-founders can learn from Flipkarts Sachin and Binny
Bansal

lipkart is an Indian e-commerce megastore that is headquartered in Bangalore. Founded by two

Indian Institute of Technology, Delhi graduates in the year 2005, Flipkart initially focused on
online sales of books. However, the vision of the co-founders Sachin Bansal and Binny Bansal
resulted in the manifestation of this billion dollar company. Slowly, but surely, Flipkart started
selling electronic goods. This e-commerce website has several path breaking stories up its sleeve.
1. Begin at the Bottom:

This is an elusive principle that is often mocked and ridiculed. More often than not, people
get embarrassed when they become the office bearers of less elite and not-so esteemed
designations. Many young men, in pursuit of a lucrative career, do away with the principle of
Begin at the Bottom. By beginning at the top, business heads and administrators are completely
slow on the uptake. Due to the lack of the nitty-gritty of operations at every level, the complete
organizational framework tends to be inept and incompetent. It was just a pittance of 10,000
from their parents that helped the co-founders launch the e-commerce site. The co-founders
understood the executive cadres manifest in each level. It is better to climb a staircase one step at

a time, rather than attempting to reach the top in one leap.

2. Avoid splitting hairs:

The co-founders have been cautious enough in avoiding splitting hairs. Despite their opinionated
and diverse personalities, the two co-founders displayed the bite and penetration to reach a
mutual consensus on business related themes and concerns. They embraced the gospel truth- true

respect cannot be demanded, but must be earned.

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3. High octane performance:

People of their ideologies let their achievements walk the talk. However, achieving something
out of the box and rising above the mundane is never a pushover. What it takes to chase ones

dreams is high octane performance.

4. Invest in People:
The co-founders have been exceptional in hiring top notch programmers and outstanding digital
marketers. Their market research analysts and financial analysts have been phenomenal. Thus,
they have been the paragons of investing in people. Top performers are usually paid fat salaries.
You must also read what motivates an individual to join a startup?

5. Understand and enrich each other:

The co-founders discovered the potential among themselves and used it for a right cause. A
frequent object of contention in several established conglomerates such as Reliance and startups
such as Housing.com is the failure of co-founders to be in rapport with each other.

With
courage, determination and vision, the co-founders carved a niche for themselves.

How did Sachin Bansal and his partners start Flipkart?

It was a 10,000-a-month allowance from their parents for almost 18 months that
helped Sachin Bansal and Binny Bansal launch an e-commerce website retailing
books in October 2007. Today, the near-20% stake they hold, along with the top
management, in Flipkart is valued at almost Rs 2,000 crore.
The duo pooled in Rs 2 lakh each and with two computers launched the site from
their two-bedroom apartment in Koramangala, a primarily residential locality in
Bangalore where the company now has multiple offices. For 10 days, the site did not
see a single sale and then a customer from Andhra Pradesh placed the first order for
the book 'Leaving Microsoft to Change the World' by John Wood.
I know its not the answer that you wanted but thats all I was able to salvage.

meaning
Entrepreneurship has traditionally been defined as the process of designing, launching and
running a new business, which typically begins as a small business, such as a startup company,
offering a product, process or service for sale or hire. It has been defined as the "...capacity and
willingness to develop, organize, and manage a business venture along with any of its risks in
order to make a profit."] While definitions of entrepreneurship typically focus on the launching
and running of businesses, due to the high risks involved in launching a start-up, a significant
proportion of businesses have to close, due to a "...lack of funding, bad business decisions, an
economic crisis -- or a combination of all of these" or due to lack of market demand. In the
2000s, the definition of "entrepreneurship" has been expanded to explain how and why some
individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit
them, whereas others do not, and, in turn, how entrepreneurs use these opportunities to develop
new products or services, launch new firms or even new industries and create wealth.

Traditionally, an entrepreneur has been defined as "a person who organizes and manages any
enterprise, especially a business, usually with considerable initiative and risk". Rather than
working as an employee, an entrepreneur runs a small business and assumes all the risk and
reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is
commonly seen as a business leader and innovator of new ideas and business processes.
Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit
positive biases in their perception (i.e., a bias towards finding new possibilities and seeing unmet
market needs) and a pro-risk-taking attitude that makes them more likely to exploit the
opportunity "Entrepreneurial spirit is characterized by innovation and risk-taking. While
entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial
behavior can be seen in small-, medium- and large-sized firms, new and established firms and in
for-profit and not-for-profit organizations, including voluntary sector groups, charitable
organizations and government.]For example, in the 2000s, the field of social entrepreneurship has

been identified; in which entrepreneurs combine business activities with humanitarian,

environmental or community goals.
An entrepreneur is typically in control of a commercial undertaking, directing the factorsof
productionthe human, financial and material resourcesthat are required to exploit a business
opportunity. They act as the manager and oversee the launch and growth of an enterprise.
Entrepreneurship is the process by which an individual (or team) identifies a business
opportunity and acquires and deploys the necessary resources required for its exploitation. The
exploitation of entrepreneurial opportunities may include actions such as developing a business
plan, hiring the human resources, acquiring financial and material resources, providing
leadership, and being responsible for the venture's success or failure.[11] Economist Joseph
Schumpeter (18831950) stated that the role of the entrepreneur in the economy is "creative
destruction"launching innovations that simultaneously destroy old industries while ushering in
new industries and approaches. For Schumpeter, the changes and "dynamic disequilibrium
brought on by the innovating entrepreneur ... [are] the norm of a healthy economy."[12]
Entrepreneurship typically operates within an entrepreneurship ecosystem which often includes
government programs and services that promote entrepreneurship and support entrepreneurs and
start-ups; non-governmental organizations such as small business associations and organizations
that offer advice and mentoring to entrepreneurs (e.g., through entrepreneurship centers or
websites); small business advocacy organizations that lobby the government for increased
support for entrepreneurship programs and more small business-friendly laws and regulations;
entrepreneurship resources and facilities (e.g., business incubators and seed accelerators);
entrepreneurship education and training programs offered by schools, colleges and universities;
and financing (e.g., bank loans, venture capital financing, angel investing, and government and
private foundation grants). The strongest entrepreneurship ecosystems are those found in top
entrepreneurship hubs such as Silicon Valley, New York City, Boston, Singapore and other such
locations where there are clusters of leading high-tech firms, top research universities, and
venture capitalists.[13] In the 2010s, entrepreneurship can be studied in college or university as
part of the disciplines of management or business administration.

Characteristics of entrepreneur
1. Passion & Motivation
If there's one word that describes the fundamental trait in an entrepreneurship, it
would be passion. Your demonstration of passion and motivation will determine your
success in any entrepreneurial venture. From building and implementing a

prototype, to pitching your idea to venture capitalists, success is a function of

passion and determination.

2. Risk Taking
Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But not all risk
takers are successful entrepreneurs. What differentiates a successful entrepreneur from the rest in
terms of risk? Successful entrepreneurs are will to risk time and money on unknowns, but they
also keep resources, plans and bandwidth for dealing with "unknown unknowns" in reserve.
When evaluating risk, a successful entrepreneur will ask herself, is this risk worth the cost of my
career, time and money? And, what will I do if this venture doesn't pay off?
3. Self-belief, Hard work & Disciplined Dedication
Entrepreneurs enjoy what they do. They believe in themselves and are confident and dedicated to
their project. Occasionally, they may show stubbornness in their intense focus on and faith in
their idea. But the flip side is their demonstrated discipline and dedication.
4. Adaptability & Flexibility
Its good to be passionate or even stubborn about what you do. But being inflexible about client
or market needs will lead to failure. Remember, an entrepreneurial venture is not simply about
doing what you believe is good, but also making successful business out of it. Market needs are
dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome all
suggestions for optimization or customization that enhances their offering and satisfies client and
market needs. A product you develop for yourself alone may qualify as a hobby, but a product for
the market should satisfy market needs.
5. Understand Your Offering And Its Market
Entrepreneurs know their product offering inside and out. They also know the marketplace and
its dynamics inside and out. Remaining unaware of changing market needs, competitor moves
and other external factors can bring even great products to failure (for example, Blockbuster).
6. Money Management
It takes time to get to profitability for any entrepreneurial venture. Till then, capital is limited and
needs to be utilized wisely. Successful entrepreneurs realize this mandatory money management
requirement and plan for present and future financial obligations (with some additional buffer).
Even after securing funding or going fully operational, a successful businessman keeps a
complete handle on cash flows, as it is the most important aspect of any business.

7. Planning (But not Over-planning)

Entrepreneurship is about building a business from scratch while managing limited resources
(including time, money and personal relationships). It is a long-term commitment, and
attempting to plan as much as possible at the beginning is a noble impulse. In reality, however,
planning for everything and having a ready solution for all possible risks may prevent you from
even taking the first step. Successful entrepreneurs do keep some dry powder in reserve, but
more importantly they maintain a mindset and temperament to capable of dealing with
unforeseen possibilities.
Do a feasibility analysis; identify time and capital thresholds; take the deep dive with your
limited resources. If your thresholds are crossed, look for alternatives and be prepared to take the
next exit.
8. Networking Abilities
How do you tap your network for solutions? Many people seek comfort in commiseration:
friends, colleagues and neighbors are happy to complain with you about "the global slowdown,
poor demand, or unfair competition; but that won't improve the bottom line. What do successful
entrepreneurs do? They reach out to mentors with more experience and extensive networks to
seek valuable advice.
Having such networking abilities, including more experienced mentors, is a key characteristics of
successful entrepreneurs.
9. Being Prepared to Take the Exit
Not every attempt will result in success. The failure rate of entrepreneurial ventures is very high.
At times, it is absolutely fine to take the practical exit route and try something new, instead of
continuing to make sunk cost investments in the same venture. Many famous entrepreneurs
weren't successful the first time around. But they had the serenity and foresight to know when to
cut their losses.
10. Entrepreneurs Doubt Themselves But Not Too Much
You may ask yourself, am I an entrepreneur? And the very question may put you in doubt about
the answer. Even if you don't have the flair of Steve Jobs or the hair of Elon Musk, if you have
the courage to ask yourself intimidating questions Can I do this? Do I want to do this? you
have the stuff to be an entrepreneur.
Instead of worrying about fitting the image of the perfect entrepreneur, check in with your gut. Is
it on board?

Types of entrepreneur
The copycat entrepreneur

This entrepreneur sees the success of others and tries to copy them exactly. Their website is the
same, their business cards are the same, and the way they present themself is the carbon copy of
a leader in their industry. Take Pat Flynn of the popular blog Smart Passive Income. Since Pat
became popular, there has been a whole wave of people that copy him line-for-line.
There is nothing wrong with modeling successits actually very smart. There is a fine line,
however, between modeling and copying. Modeling success means you see what works and
figure out how to make it relevant to your business, and who you are as a person. If you have
been copying, get honest and switch from copying to modeling.
3. The research entrepreneur

This entrepreneur loves to learn. They research every possible scenario and outcome for
strategies to start or grow a business. There is nothing wrong with learning, but when thats all
you do, it becomes a problem. The research ends up becoming an excuse for not taking action.
While you should always strive to learn what works, and what could help your business, you
have to implement. Most entrepreneurs know more than they think; too many entrepreneurs fall
victim to information overload. The key to success is learning and then implementing. The
implementing has to happen.
Related:5 Lies Entrepreneurs Need to Stop Believing
4. The determined entrepreneur

This entrepreneur hasnt made it but they will, no matter what. They see the value in
entrepreneurship, they see that success is possible without copying, and they do everything they
can to start or grow their business.
Starting and growing a business is hard, and it takes time, but there is proof that its possible to
thrive. To get there, you need change your mindset from focusing on what too many people
consider reality to what you know your reality can be. Successful entrepreneurs have
determination as their backstory.
5. The accomplished entrepreneur

This entrepreneur has gone through all the stages of entrepreneurship and building a business,
and has reached success. They are now focused on scaling their business and leaving a legacy
that extends beyond their lifetime.
The accomplished entrepreneur has figured out the things that will help you reach success. They
have figured out how to connect with their customer and how to solve their biggest struggles.
They will never make it but they are experiencing true freedom. They understand their time is
their most valuable resource so they use it wisely.
What type of entrepreneur are you? Face the truth and make a change if it needs to be made.
Success will be different for each of us, but if youre stuck, it could be because youre not the
type of entrepreneur you should and want to be.
Success takes time. Growing a business could take a lot of your life, but the freedom
entrepreneurship provides is worth the wait. It all starts with deciding what your goals are.
Decide what you want from your business and how that fits into your life.
Trading Entrepreneur:

As the name itself suggests, the trading entrepreneur undertake the trading activities. They
procure the finished products from the manufacturers and sell these to the customers directly or
through a retailer. These serve as the middlemen as wholesalers, dealers, and retailers between
the manufacturers and customers.
2. Manufacturing Entrepreneur:

The manufacturing entrepreneurs manufacture products. They identify the needs of the
customers and, then, explore the resources and technology to be used to manufacture the
products to satisfy the customers needs. In other words, the manufacturing entrepreneurs convert
raw materials into finished products.
Innovating Entrepreneurs:

Innovating entrepreneurs are one who introduce new goods, inaugurate new method of
production, discover new market and reorganise the enterprise. It is important to note that such
entrepreneurs can work only when a certain level of development is already achieved, and people
look forward to change and improvement.
Technical Entrepreneur:

The entrepreneurs who establish and run science and technology-based industries are called
technical entrepreneurs. Speaking alternatively, these are the entrepreneurs who make use of
science and technology in their enterprises. Expectedly, they use new and innovative methods of
production in their enterprises.

Characteristics of a successful entreprenuer

1. Do what you enjoy.

What you get out of your business in the form of personal satisfaction, financial gain, stability
and enjoyment will be the sum of what you put into your business. So if you don't enjoy what
you're doing, in all likelihood it's safe to assume that will be reflected in the success of your
business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances
are you won't succeed.
2. Take what you do seriously.

You cannot expect to be effective and successful in business unless you truly believe in your
business and in the goods and services that you sell. Far too many home business owners fail to
take their own businesses seriously enough, getting easily sidetracked and not staying motivated
and keeping their noses to the grindstone. They also fall prey to naysayers who don't take them
seriously because they don't work from an office building, office park, storefront, or factory.
Little do these skeptics, who rain on the home business owner's parade, know is that the number
of people working from home, and making very good annual incomes, has grown by leaps and
bounds in recent years.
3. Plan everything.

Planning every aspect of your home business is not only a must, but also builds habits that every
home business owner should develop, implement, and maintain. The act of business planning is
so important because it requires you to analyze each business situation, research and compile
data, and make conclusions based mainly on the facts as revealed through the research. A
business plan also serves a second function, which is having your goals and how you will
achieve them, on paper. You can use the plan that you create both as map to take you from point
A to Z and as a yardstick to measure the success of each individual plan or segment within the
plan.
4. Manage money wisely.

The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for
services, promote and market your business, repair and replace tools and equipment, and pay
yourself so that you can continue to work. Therefore, all home business owners must become

wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two
aspects to wise money management.
1. The money you receive from clients in exchange for your goods and services
you provide (income)
2. The money you spend on inventory, supplies, wages and other items required
to keep your business operating. (expenses)
5. Ask for the sale.

A home business entrepreneur must always remember that marketing, advertising, or

promotional activities are completely worthless, regardless of how clever, expensive, or perfectly
targeted they are, unless one simple thing is accomplished--ask for the sale. This is not to say that
being a great salesperson, advertising copywriting whiz or a public relations specialist isn't a
tremendous asset to your business. However, all of these skills will be for naught if you do not
actively ask people to buy what you are selling.
6. Remember it's all about the customer.

Your home business is not about the products or services that you sell. Your home business is not
about the prices that you charge for your goods and services. Your home business is not about
your competition and how to beat them. Your business is all about your customers, or clients,
period. After all, your customers are the people that will ultimately decide if your business goes
boom or bust. Everything you do in business must be customer focused, including your policies,
warranties, payment options, operating hours, presentations, advertising and promotional
campaigns and website. In addition, you must know who your customers are inside out and
upside down.
Related: Keeping Your Customers Satisfied -- It's All in the Details
7. Become a shameless self-promoter (without becoming obnoxious).

One of the greatest myths about personal or business success is that eventually your business,
personal abilities, products or services will get discovered and be embraced by the masses that
will beat a path to your door to buy what you are selling. But how can this happen if no one
knows who you are, what you sell and why they should be buying?
Self-promotion is one of the most beneficial, yet most underutilized, marketing tools that the
majority of home business owners have at their immediate disposal.
8. Project a positive business image.

You have but a passing moment to make a positive and memorable impression on people with
whom you intend to do business. Home business owners must go out of their way and make a
conscious effort to always project the most professional business image possible. The majority of
home business owners do not have the advantage of elaborate offices or elegant storefronts and
showrooms to wow prospects and impress customers. Instead, they must rely on imagination,
creativity and attention to the smallest detail when creating and maintaining a professional image
for their home business.
9. Get to know your customers.

One of the biggest features and often the most significant competitive edge the home based
entrepreneur has over the larger competitors is the he can offer personalized attention. Call it
high-tech backlash if you will, but customers are sick and tired of hearing that their information
is somewhere in the computer and must be retrieved, or told to push a dozen digits to finally get
to the right department only to end up with voice mail--from which they never receive a return
phone call.
The home business owner can actually answer phone calls, get to know customers, provide
personal attention and win over repeat business by doing so. It's a researched fact that most
business (80 percent) will come from repeat customers rather than new customers. Therefore,
along with trying to draw newcomers, the more you can do to woo your regular customers, the
better off you will be in the long run and personalized attention is very much appreciated and
remembered in the modern high tech world.
Related: Why You Should Never Prejudge a Sales Prospect
10. Level the playing field with technology.

You should avoid getting overly caught up in the high-tech world, but you should also know how
to take advantage of using it. One of the most amazing aspects of the internet is that a one or two
person business operating from a basement can have a superior website to a $50 million
company, and nobody knows the difference. Make sure you're keeping up with the high-tech
world as it suits your needs.. The best technology is that which helps you, not that which
impresses your neighbors.
11. Build a top-notch business team.

No one person can build a successful business alone. It's a task that requires a team that is as
committed as you to the business and its success. Your business team may include family
members, friends, suppliers, business alliances, employees, sub-contractors, industry and
business associations, local government and the community. Of course the most important team

members will be your customers or clients. Any or all may have a say in how your business will
function and a stake in your business future.
Related: Why Teamwork Should Be Your No. 1 Sales Tool
12. Become known as an expert.

When you have a problem that needs to be solved, do you seek just anyone's advice or do you
seek an expert in the field to help solve your particular problem? Obviously, you want the most
accurate information and assistance that you can get. You naturally seek an expert to help solve
your problem. You call a plumber when the hot water tank leaks, a real estate agent when it's
time to sell your home or a dentist when you have a toothache. Therefore, it only stands to reason
that the more you become known for your expertise in your business, the more people will seek
you out to tap into your expertise, creating more selling and referral opportunities. In effect,
becoming known as an expert is another style of prospecting for new business, just in reverse.
Instead of finding new and qualified people to sell to, these people seek you out for your
expertise.
13. Create a competitive advantage.

A home business must have a clearly defined unique selling proposition. This is nothing more
than a fancy way of asking the vital question, "Why will people choose to do business with you
or purchase your product or service instead of doing business with a competitor and buying his
product or service?" In other words, what one aspect or combination of aspects is going to
separate your business from your competition? Will it be better service, a longer warranty, better
selection, longer business hours, more flexible payment options, lowest price, personalized
service, better customer service, better return and exchange policies or a combination of several
of these?
14. Invest in yourself.

Top entrepreneurs buy and read business and marketing books, magazines, reports, journals,
newsletters, websites and industry publications, knowing that these resources will improve their
understanding of business and marketing functions and skills. They join business associations
and clubs, and they network with other skilled business people to learn their secrets of success
and help define their own goals and objectives. Top entrepreneurs attend business and marketing
seminars, workshops and training courses, even if they have already mastered the subject matter
of the event. They do this because they know that education is an ongoing process. There are
usually ways to do things better, in less time, with less effort. In short, top entrepreneurs never
stop investing in the most powerful, effective and best business and marketing tool at their
immediate disposal--themselves.

15. Be accessible.

We're living in a time when we all expect our fast food lunch at the drive-thru window to be
ready in mere minutes, our dry cleaning to be ready for pick-up on the same day, our money to
be available at the cash machine and our pizza delivered in 30 minutes or it's free. You see the
pattern developing--you must make it as easy as you can for people to do business with you,
regardless of the home business you operate.
You must remain cognizant of the fact that few people will work hard, go out of their way, or be
inconvenienced just for the privilege of giving you their hard-earned money. The shoe is always
on the other foot. Making it easy for people to do business with you means that you must be
accessible and knowledgeable about your products and services. You must be able to provide
customers with what they want, when they want it.
16. Build a rock-solid reputation.

A good reputation is unquestionably one of the home business owner's most tangible and
marketable assets. You can't simply buy a good reputation; it's something that you earn by
honoring your promises. If you promise to have the merchandise in the customer's hands by
Wednesday, you have no excuse not to have it there. If you offer to repair something, you need to
make good on your offer. Consistency in what you offer is the other key factor. If you cannot
come through with the same level of service (and products) for clients on a regular basis, they
have no reason to trust you . . . and without trust, you won't have a good reputation.
17. Sell benefits.

Pushing product features is for inexperienced or wannabe entrepreneurs. Selling the benefits
associated with owning and using the products and services you carry is what sales professionals
worldwide focus on to create buying excitement and to sell, sell more, and sell more frequently
to their customers. Your advertising, sales presentations, printed marketing materials, product
packaging, website, newsletters, trade show exhibit and signage are vital. Every time and every
medium used to communicate with your target audience must always be selling the benefits
associated with owning your product or using your service.
18. Get involved.

Always go out of your way to get involved in the community that supports your business. You
can do this in many ways, such as pitching in to help local charities or the food bank, becoming
involved in organizing community events, and getting involved in local politics. You can join
associations and clubs that concentrate on programs and policies designed to improve the local
community. It's a fact that people like to do business with people they know, like and respect, and
with people who do things to help them as members of the community.

19. Grab attention.

Small-business owners cannot waste time, money and energy on promotional activities aimed at
building awareness solely through long-term, repeated exposure. If you do, chances are you will
go broke long before this goal is accomplished. Instead, every promotional activity you engage
in, must put money back in your pocket so that you can continue to grab more attention and grow
your business.
20. Master the art of negotiations.

The ability to negotiate effectively is unquestionably a skill that every home business owner
must make every effort to master. It's perhaps second in importance only to asking for the sale in
terms of home business musts. In business, negotiation skills are used daily. Always remember
that mastering the art of negotiation means that your skills are so finely tuned that you can
always orchestrate a win-win situation. These win-win arrangements mean that everyone
involved feels they have won, which is really the basis for building long-term and profitable
business relationships.
21. Design Your workspace for success.

Carefully plan and design your home office workspace to ensure maximum personal
performance and productivity and, if necessary, to project professionalism for visiting clients. If
at all possible, resist the temptation to turn a corner of the living room or your bedroom into your
office. Ideally, you'll want a separate room with a door that closes to keep business activities in
and family members out, at least during prime business and revenue generating hours of the day.
A den, spare bedroom, basement or converted garage are all ideal candidates for your new home
office. If this is not possible, you'll have to find a means of converting a room with a partition or
simply find hours to do the bulk of your work when nobody else is home.
22. Get and stay organized.

The key to staying organized is not about which type of file you have or whether you keep a
stack or two of papers on your desk, but it's about managing your business. It's about having
systems in place to do things. Therefore, you wan to establish a routine by which you can
accomplish as much as possible in a given workday, whether that's three hours for a part-time
business or seven or nine hours as a full-timer. In fact, you should develop systems and routines
for just about every single business activity. Small things such as creating a to-do list at the end
of each business day, or for the week, will help keep you on top of important tasks to tackle.
Creating a single calendar to work from, not multiple sets for individual tasks or jobs, will also
ensure that jobs are completed on schedule and appointments kept. Incorporating family and
personal activities into your work calendar is also critical so that you work and plan from a
single calendar.

23. Take time off.

The temptation to work around the clock is very real for some home business owners. After all,
you don't have a manager telling you it's time to go home because they can't afford the overtime
pay. Every person working from home must take time to establish a regular work schedule that
includes time to stretch your legs and take lunch breaks, plus some days off and scheduled
vacations. Create the schedule as soon as you have made the commitment to start a home
business. Of course, your schedule will have to be flexible. You should, therefore, not fill every
possible hour in the day. Give yourself a backup hour or two. All work and no play makes you
burn out very fast and grumpy customer service is not what people want.
24. Limit the number of hats you wear.

It's difficult for most business owners not to take a hands-on approach. They try to do as much as
possible and tackle as many tasks as possible in their business. The ability to multitask, in fact, is
a common trait shared by successful entrepreneurs. However, once in a while you have to stand
back and look beyond today to determine what's in the best interest of your business and yourself
over the long run. Most highly successful entrepreneurs will tell you that from the time they
started out, they knew what they were good at and what tasks to delegate to others.
25. Follow-up constantly.

Constant contact, follow-up, and follow-through with customers, prospects, and business
alliances should be the mantra of every home business owner, new or established. Constant and
consistent follow-up enables you to turn prospects into customers, increase the value of each sale
and buying frequency from existing customers, and build stronger business relationships with
suppliers and your core business team. Follow-up is especially important with your existing
customer base, as the real work begins after the sale. It's easy to sell one product or service, but it
takes work to retain customers and keep them coming back.

Challenges
Cash flow management

The challenge: Cash flow is essential to small business survival, yet many entrepreneurs
struggle to pay the bills (let alone themselves) while theyre waiting for checks to arrive. Part of
the problem stems from delayed invoicing, which is common in the entrepreneurial world. You
perform a job, send an invoice, then get paid (hopefully) 30 days later. In the meantime, you
have to pay everything from your employees or contractors to your mortgage to your grocery
bill. Waiting to get paid can make it difficult to get by and when a customer doesnt pay, you
can risk everything.
The solution: Proper budgeting and planning are critical to maintaining cash flow, but even
these wont always save you from stressing over bills. One way to improve cash flow is to
require a down payment for your products and services. Your down payment should cover all
expenses associated with a given project or sale as well as some profit for you. By requiring a

down payment, you can at least rest assured you wont be left paying others bills; by padding
the down payment with some profit, you can rest assured you can pay your own.
Another strategy for improving cash flow is to require faster invoice payments. I invoice most of
my clients at 15 days, for example, which is half the typical invoice period. This means if a
customer is late on payment I have two weeks to address it and get paid before the next months
bills are due. In addition, more and more companies are requiring immediate payment upon
project completion and in our digital age when customers can pay invoices right from their
mobile phones, its not a stretch to request immediate payment.
You can also address cash flow management from the other side of the equation by asking your
own vendors to invoice you at 45, 60, or even 90 days to allow ample times for your payments to
arrive and checks to clear. If you can establish a good relationship with vendors and are a good
customer, theyll be willing to work with you once you explain your strategy.
And if youre looking for an easier way to pay bills and save money, listen to our recorded
eChecks webinar!
2. Hiring employees

The challenge: Do you know who dreads job interviews the most? Its not prospective
candidates its entrepreneurs. The hiring process can take several days of your time: reviewing
resumes, sitting through interviews, sifting through so many unqualified candidates to find the
diamonds in the rough. Then, you only hope you can offer an attractive package to get the best
people on board and retain them long-term.
The solution: Be exclusive. Far too many help wanted ads are incredibly vague in terms of what
qualifications candidates must have, what the job duties are, what days and hours will be worked,
and what wages and benefits will be paid. You can save yourself a ton of time by pre-qualifying
candidates through exclusive help wanted ads that are ultra-specific in what it takes to be hired at
your firm, as well as what the day-to-day work entails. Approach your employee hunt the same
way you would approach a customer-centric marketing campaign: through excellent targeting.
Once you have a pool of prospects, arrange for a walking interview in which you take
candidates on a tour of their working environments. Ask questions relevant to the job and to
candidates experiences, expectations, dedication, and long-term goals. Dont act like an overlord
determining which minion gets to live another day; rather, behave as though youre seeking a
partner to help you operate and grow your business.
Take the time to seek real references: not the neighbor lady your candidates grew up with, but
people who can honestly attest to their work ethic and potential. Once youve picked a candidate
and before youve made a job offer, ask them specifically what it will take to keep them

employed with you long-term. Tell them to be honest with their expectations. Provided they do a
good job for you, youll know what kind of rewards theyre seeking and you can make
adjustments accordingly: do they want more vacation? The opportunity for advancement? More
pay? Freedom from micromanagement?
This isnt to say you have to bend backwards for your employees; however, it stands to reason
that if you make expectations clear for both parties you can lay the foundation for a long-term,
mutually-rewarding client-boss relationship.
3. Time management

The challenge: Time management might be the biggest problem faced by entrepreneurs, who
wear many (and all) hats. If you only had more time, you could accomplish so much more!
The solution: Make time. Like money, it doesnt grow on trees, of course, so you have to be
smart about how youre spending it. Heres how:

Create goal lists: You should have a list of lifetime goals, broken down into
annual goals, broken down into monthly goals, then broken down into weekly
goals. Your weekly goals, then will be broken down into specific tasks by day.
In this manner, what is on your task list in any given day is all you need to do
to stay on track with your lifetime goals

If any tasks do not mesh with your goals, eliminate it or delegate them

If any tasks do not absolutely have to be completed by you, delegate them

Consistently ask yourself: Is what Im doing right now the absolute best use
of my time?

4. Delegating tasks

The challenge: You know you need to delegate or outsource tasks, but it seems every time you
do something gets messed up and you have to redo it anyway.
The solution: Find good employees (see above) and good outsourced contract help, for starters.
You might have to pay a little more for it, but the savings in time (and the resulting earning
potential) more than make up for it.
Next, be ultra-specific as to what you want done. It will take a little more time at first, but write
down detailed steps listing exactly what you want your help to do. Dont make assumptions, and
dont assume your help will be able to think for themselves (they can, but they will complete the
job verbatim because thats what theyre trained to do). So, dont say list stats in a spreadsheet
when you can say alphabetically list XYZ in the right spreadsheet column, then list statistic A in

the next column. It might seem like overkill, but take the time to be specific once and your help
will get it right every time thereafter.
5. Choosing what to sell

The challenge: You know you could make a mint if you just knew what products and services to
sell. Youre just unsure how to pick a niche.
The solution: Admit that youre weak in identifying prosperous niches, and delegate the task to
someone who is strong in this area. You dont have to hire a huge, expensive marketing firm;
rather, recruit a freelance researcher who has experience in whatever type of field youre
considering entering (retail ecommerce, service industry, publishing, etc.). Have them conduct
market research and create a report with suggested niches, backed by potential profit margins and
a complete SWOT analysis: Strengths, Weaknesses, Opportunities, and Threats.
This isnt to say you should have someone else decide for you; however, if youre not good at
identifying niches its a good idea to have someone who is make suggestions. You can then
analyze the suggestions for yourself to determine if you agree. Taking this step now can save you
a lot of time, money, and hassles later and it can save your entire business and livelihood.
6. Marketing strategy

The challenge: You dont know the best way to market your products and services: print,
online, mobile, advertising, etc. You want to maximize your return on investment with efficient,
targeted marketing that gets results.
The solution: Again, if youre not adept at creating marketing plans and placing ads, its a good
idea to outsource your marketing strategy to someone who is. At this point, all you need is a core
marketing plan: what marketing activities will you undertake to motivate purchases? Give your
planner a budget and tell them to craft a plan that efficiently uses that budget to produce profits.
This is not the time for experimentation. You can do that later, on your own or with the advice of
your marketing strategist, after youve established a baseline that works.
7. Capital

The challenge: You want to start or grow your business, but you have little capital to do it with.
The solution: There are many ways to earn funding, from traditional bank loans to family and
friends to Kickstarter campaigns. You can choose these routes, certainly, but I prefer the selffueled growth model in which you fund your own business endeavors.

Instead of trying to launch a multi-million dollar corporation overnight, focus on your initial core
customers. Continually work to find new customers, of course, but consistently strive to be
remarkable to those customers you already serve. Word-of-mouth will spread, and more
customers will come looking for you. As they do, develop systems and business processes that
allow you to delegate tasks without sacrificing quality. Your business will grow slow and steady,
and youll be able to solve problems while theyre small.
Think about where you want to be five years from now. Can you get there without help, even if
you have to delay growth a bit while youre doing it? This is the best strategy to adopt for small
business entrepreneurs. If you do feel you need funding, however, be sure to consult an attorney
to make sure youre not giving up too much of your business to get it.
8. Strapped budget

The challenge: Even though cash flow is fine, it seems you never have enough in your budget to
market your company to its full potential.
The solution: Unless youre one of the Fortune 500 (and even if you are), every entrepreneur
struggles with their budget. The key is to prioritize your marketing efforts with efficiency in
mind spend your money where it works and reserve the rest for operating expenses and
experimenting with other marketing methods.
Keep a close eye on your money, too: chances are, there are areas you can skim to free up more
funds. Unless an expense is absolutely critical to your business and/or represents an investment
with an expected return, cut it. In fact, do this exercise: see how lean you can run your business.
You dont have to actually do it, but cut everything you can and see if you still feel you can run
your business (save for what you have to delegate and market with). Somewhere in between your
leanest figure and your current budget is a sweet spot that will allow you to be just as effective
and leave funds leftover to fuel growth.
9. Business growth

The challenge: Were assuming you are growing, not that you cant grow, and youve come to
the point at which you cant take on any more work in your current structure.
The solution: Create new processes that focus on task delegation. Many entrepreneurs, used to
wearing all the hats, find themselves in this position once theyve achieved a modicum of
success. Because youre doing everything, your growth halters to as top when it hits a selfimposed ceiling. The only way to break through is to delegate tasks to others and take yourself
out of the production end and segue into management and, finally, pure ownership.
10. Self-doubt

The challenge: An entrepreneurs life is not enviable, at least in the beginning. Its extremely
easy to get discouraged when something goes wrong or when youre not growing as fast as youd
like. Self-doubt creeps in, and you feel like giving up.
The solution: Being able to overcome self-doubt is a necessary trait for entrepreneurs. Having a
good support system will help: family and friends who know your goals and support your plight,
as well as an advisory board of other entrepreneurs who can objectively opine as to the direction
of your business.
One of the best ways to deal with self-doubt is to work your goals and tasks lists. When youre
down and lack motivation, look at your lists and know that the tasks you do today are
contributing to your lifetime goals. By doing them, youre one step closer, and you can rest
assured that you are, indeed, on the path to business success.
Entrepreneurs face many challenges, and volumes have been written about how to overcome
them. Perseverance and intelligence are your allies; use them to your advantage keep working
toward your goals. Understand that youre not the first to struggle, and because of that there are
many resources available to help you get through your darkest days as an entrepreneur so you
can reap the immeasurable rewards that come with building your own successful business.
Want to learn more about overcoming business challenges? Sign up for the FREE Tarkenton
Certificate in Entrepreneurship Mini Course.

Shopping a stress buster for some and on the contrary a stress generating
tool for others. But, why does such a vast difference exist when it is an
essential part of our lives? This question must have struck someone and the
answer to it was online shopping. Hats off to the one who came up with the
idea of e-commerce, as it brings in the best of shopping sans the pangs of
going through the conventional routine. We do not need to walk through the
aisle of a departmental store to look out for the things we need, there is no
waiting in the queue to pay the bill nor does it come with the worry of
transportation. As they say, its just a click away. With the advent of eretailing portals, we can now have anything we desire, delivered at our
doorsteps within a few days. And, for those who, like me, hate to wait,
nowadays, we also have the one day delivery option. Ergo, lets go shopping!

Photo Credit:
https://www.glassdoor.co.in/Overview/Working-at-Flipkart-comEI_IE300494.11,23.htm

The story began not in some rural land where civilization had just set foot but
in an urban setting which was developed- in terms of technology. There, two
creative souls thought of getting started with their own enterprise and started
working around this idea until the day their dream materialized into a reality.
They worked tooth and nail till they saw their baby project reach heights and
become synonymous to online shopping in India. Yes, we are talking about
Flipkart.

Photo Credit:
http://www.livemint.com/Companies/dNCDo1g8OkVNdv5EcZoscP/CanFlipkart-hold-its-ground-against-Amazon.html

Their Vision And Where The Company Is Headquartered!!

Sachin Bansal and Binny Bansal are the minds behind this huge market
revolution in India. They hail from Chandigarh, but contrary to what most
people assume, they are not brothers. Both are alumni of IIT, Delhi, and after
working for some years, they decided to build up their own empire. Thus, on
5th September, 2007, the world saw their vision come true in the form of
Flipkart. Now, the company has offices in some of the major cities of the
country but headquartered in Bangalore, Karnataka, and registered in
Singapore.
Flipkart ushered in with the concept of making shopping hassle free for the
people who do not like to invest too much time in it. Today we find anything
and everything we can think of on Flipkart, but how many of us do know that
their first product was books, and their first customer was from Hyderabad.
After the success of books they expanded their perimeter, including household
items, gadgets and the list goes on and on. They have been driven by the
unrelenting faith their customers rest on them and the satisfaction people gain
from their services.
The co-founders wanted a name which would be apt for their venture at the
time it was launched as well as suit the bill when the business evolved. They
began with books so flip can mean flipping through the pages and kart is the
first thing we pick when going shopping. However, this also meant flipping
through the vast assortment of goods which the portal now provides and in
their words it is Flipping things into your Kart.

Photo Credit:
http://yourstory.com/2014/07/flipkart-funding-1-billion/
The Founders And Their Net Worth:
The Bansals conceived an idea and with time it became a billion dollar baby
and with its growth and development, Sachin Bansal, Executive Chairman and
Binny Bansal, CEO too attained a billionaire status. With a net worth of $1.3
billion each, the co-founders of Flipkart ranked 86th on the Forbes list of
countrys 100 rich, in September 2015 and the companys net worth is
estimated to be $15.5 billion according to Forbes.
Both the co-founders had been employed at Amazon before they switched to
their own venture. Amazon India is based on the Marketplace model which is
generally followed by the big players of the industry of online retailing.
However, initially, Flipkart did not follow that and went for the conventional
business structure which is the Inventory model.
The Business Model That Brought Them Success:

With the passage of time they gained enough experience from their own
mistakes and customers feedback, which made them remodel their business
into the hybrid structure which involves both Marketplace and Inventory. Their
prime focus was customer satisfaction and they understood that in order to
make the process smooth, they had to have their own inventory and
warehouse.
From then on, they worked to make their back-end service stronger which
makes the entire process from placing an order to delivery of goods better. As
quoted by Sachin Bansal, Nearly 60 to 70 per cent of deliveries take place
through our own network.
Being an online shopping portal in India was not easy and taking this plunge
was a big fat risk. However, the Flipkart team came up with innovative ideas to
erase these obstacles and changing the model was one of those solutions.

Photo Credit:
http://www.thinkhappy.biz/work-print.html

Challenges & Threats:

In a country where people derive the real pleasure of shopping by scrutinizing
all the tangible aspects of the goods and where bargaining is considered a
skill, selling products by just displaying photos called for a real challenge. To
eliminate this hindrance, keeping intact the trust people bestowed on them,
they brought in the concept of cash on delivery. For the ones who believe in
plastic money and not carry cash with them, Flipkart also has the payment
through card at the time of delivery option. Following their footsteps, many
shopping websites have incorporated these in their business.

Photo Credit:
https://inc42.com/flash-feed/flipkart-buys-back-ekart-from-ws-retail/
When you are new in the business you are faced with unknown threats and
you do not have a rule book to find solutions to those. Flipkart too, being the
first Indian e-commerce agency was faced with innumerable such threats and
each time they came up with a groundbreaking idea. But this did not always
guarantee profits and it was a threat in itself. However, they did not go by
procuring profits rather to gain a loyal set of customers was their first and
foremost concern. Therefore, they did not mind being in loses for a short time

as they knew this was only a sign of long-term profits and increasing longevity
of the business.
There was a time when they had tied up with various courier services but
later, realized that when the products did not get delivered as promised, it was
their name which was hampered. Hence, they came up with their own logistics
called the eKart. Now, they have their own inventory, warehouse and logistics
too, which means their business is well under their control. In this way,
studying the Indian market and penetrating into the minds of the buyers, they
are evolving and cementing their foothold in the electronic market.

Photo Credit:
http://yourstory.com/2014/07/flipkart-funding-timeline/

Who Invested In FlipKart?

When the company was taking its first steps, the equity firm Accel Partners
provided it with a $1 million fund and then Tiger Global Management and
Naspers Group too funded the venture. Eventually, they gained the faith of
investors with their evolving business and rising statistics which helped them
gain more and more funds.
Investing firms such as Morgan Stanley Wealth Management, Vulcan Inc.
Sofina SA DST Global and Dragoneer Investment Group too contributed huge
amounts to the business.
Every year the flow of funds kept increasing and in 2015 they had raised
funds worth $700 million and by then this big daddy in the business raised
around $3 billion altogether.
Secret To Success?
Putting their customer first is the mantra which made this small idea grow into
the biggest online shopping website of the country within years of its
inception. Whenever they implemented a change or whatever changes they
reverted were all based on the convenience of their customers. Be it the
introduction of cash on delivery or shifting back to the mobile web from app
only platform.

Flipkart, a company which started with a mere investment of Rs. 4, 00,000 to develop its
website, has undoubtedly grown up to be one of the biggest e-commerce players in the Indian
peninsula. In this fast pacing world, shortage of time is big crisis and acts as a big push for
consumers to shop online. In this article, we will venture into how the company grew in such a
short span of time. Also, Techstory would give you insights into history and future prospects of
the company.
Flipkart was founded by Mr. Sachin Bansal and Binny Bansal, alumni of Indian Institute of
Technology Delhi, in October 2007. In its initial phase of operation, Flipkart was registered as
Flipkart Online Services Pvt. Ltd and sold only books. Co-Founder of Flipkart and achiever of
Entrepreneur of the Year Award 2012-2013 from Economic Times, Mr. Sachin in an interview
acknowledged that how he thought founding the company was most ridiculous thing he has
ever done and how others around him thought he was insane doing so. Soon, the company

grew bigger and ventured into selling other products such as electronic goods, e-books,
stationery supplies, fashion and life style products as well.

As more and more consumers turned to Flipkart for shopping, investors turned to Flipkart to
support the companys future strategy. The company raised US$1 million in 2009 from venture
capital funds Accel India, and later on US$10 million in 2010 and US$20 million in June 2011
from Tiger Global. But company took everyone by surprise when it announced that it raised $1
billion from already existing investors including Tiger Global Management LLC, Accel Partners,
and Morgan Stanley Investment Management and a new investor Singapore sovereign-wealth
fund GIC.

New York-based private equity company Tiger Global Management LLC is the largest investor in
the company today. Till today, the company has privately raised about $2.7 billion in multiple
rounds of funding.
Flipkart also grew via acquisition. The company acquired many firms such as WeRead in 2010,
Mime360 and Chakpak.com in 2011, Letsbuy.com in 2012 and then myntra.com ( Indias largest
online apparel store) in 2014.

However, the idea of Flipkart (online retailer) was not something unique as e-commerce was
booming everywhere and there were several companies operating in this domain. Then what
pegs Flipkart above other firms? Well! Sachin believes that quality of the service provided is
what sets Flipkart apart from other ventures like theirs. What differentiates them and paves
their way to success is excellent quality of service being provided by them at which their
competitors have lagged behind. To add to list, availability of all sorts of goods of various
categories, enhanced online shopping experience, pre as well as post sales experience, are the
companys key differentiators.
The bigger you grow, tougher the challenges you face and harder it becomes to overcome
them. The same falls in line for Flipkart. In its early stage, two major challenge encountered
were to get book vendors on board with Flipkart as it didnt have a book store and then to
obtain the approval for an online based credit card payment gateway. The founders however
faced every challenge headon ! Sachin recalls how he and Binny used to stand outside
Gangaram Book Stores, Banglore and hand over Flipkart bookmarks to only those who were
coming out with books in hands; to ensure that their target was correct. They had to make

several assumptions and start slowly by building good business relations with consumers and
suppliers. Sometimes these assumptions would turn out to be wrong and they would need to
change the direction. But every time they committed a mistake, it taught them a lesson.

Flipkart hit GVM of $1 billion in March 2014. GVM is the value of good sold or gross
merchandise value and is calculated on monthly average sales. Currently the value of good sold
or gross merchandise value (GMV) on Flipkart is $4 billion.

The company has set the target to reach a GVM of $8 billion, add 100,000 sellers on its platform
and sell 25 million products per month by the end of this year.The company is also said to have
set a target of selling 1 billion goods in a year by the end of 2017.
In 2014, the company reported that it had 15,000 employees working for them.

Currently with massive increase in Flipkarts user base, maintaining a good user experience is a
major challenged posed to company. Flipkart has adopted the strategy to invest a significant
portion of its raised fund into supply chain efficiency, building a better talent pool and
technology innovation. Moreover, taking logistics to all terrains within country including towns

and villages, making payment gateway options secure and easy for the consumers are other
major challenges.
By mid 2016, Flipkart is planning to raise a minimum of USD 5 billion through an Initial Public
Offering (IPO) listing in New York Stock Exchange (NYSE). This will be the largest public offer by
any Indian business till date and will value the company at over USD 30 billion.
Be it selling products worth Rs. 650 Crore on The Big Billion Day or exclusive tie-ups with
companies such as Motorola Mobility and Xiaomi Tech, the company stands for converting
every challenge into an opportunity. On the brighter aspect, with such a huge amount of raised
funds and consumer base, there lies a potential of India producing a $100 billion company, one
of the most difficult task ever but possible. Sachin wants Flipkart to be that company. The aim is
set and next step is to deploy strategies to achieve the same.

Early life
Sachin Bansal is originally from Chandigarh, the capital city of Punjab and Haryana. His
business partner, Binny Bansal, is also from Chandigarh. Although they have the same last name,
they are not related. They both passed out of St. Anne's Convent School, Chandigarh and
coincidentally both were students of computer science engineering at Indian Institute of
Technology Delhi.
Career
Bansal graduated from IIT in 2005 and joined a company called Techspan for a few months. In
2006, he joined Amazon.com India as Senior Software Engineer. Binny Bansal also worked at
Amazon India at this point.They initially thought of starting a comparison search engine, but
realized that the market for E-commerce in India was very small. Hence, after leaving Amazon in
2007, they founded Flipkart as an e-commerce company.
On October 6, 2014, Flipkart sold goods during the Big Billion Sale of approximately $100
million in 10 hours.
Personal
Sachin Bansal lives in Bangalore with his wife and son. He was born and brought up in
Chandigarh capital of Punjab..
Awards
1. Entrepreneur of the year - ET Awards (2012-2013)
2|Page

Flipkart

Flipkart
The Online Megastore
Type

Private

Industry

Internet

Founded

5 September 2007

Founder

Sachin Bansal, Binny Bansal

Headquarters

Bangalore, Karnataka, India

Area served

India

Key people

Sachin Bansal
Binny Bansal
Amod Malviya

Services

E-commerce
(Online shopping)

Revenue

US$ 1 billion (gross merchandise 2013-14)

Number of employees

15,000 (2014)

Subsidiaries

Myntra

Website

Flipkart.com

Flipkart is an Indian E-Commerce company established in 2007 by Sachin Bansal and Binny
Bansal. It operates exclusively in India, with headquarters at Bangalore, Karnataka. Flipkart has
launched its own product range under the name "DigiFlip" with products including tablets,
USBs, and laptop bags. Flipkart has also launched its own range of personal healthcare and home
appliances under the brand "Citron".
In May 2014, Flipkart received $210 million from DST Global and in July it raised $1 billion led
by existing investors Tiger Global and South Africa's media group Naspers.
3|Page

History
Flipkart (Company) was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the
Indian Institute of Technology Delhi. They had been working for Amazon.com previously. The
business was formally incorporated as a company in October 2008 as Flipkart Online Services
Pvt. Ltd. During its initial years, Flipkart focused only on books, and soon as it expanded, it
started offering other products like electronic goods, air conditioners, air coolers, stationery
supplies and life style products and e-books. The first product sold by them was the book
Leaving Microsoft To Change The World, bought by VVK Chandra from Andhra Pradesh.
Flipkart now employs more than 15000 people. Flipkart allows payment methods such as cash
on delivery, credit or debit card transactions, net banking, e-gift voucher and card swipe on
delivery.
Acquisitions
2010: WeRead, a social book discovery tool.
2011: Mime360, a digital content platform company.
2011: Chakpak.com, a Bollywood news site that offers updates, news, photos and videos.
Flipkart acquired the rights to Chakpak's digital catalogue which includes 40,000 filmographies,
10,000 movies and close to 50,000 ratings. Flipkart has categorically said that it will not be
involved with the original site and will not use the brand name.[14]
2012: Letsbuy.com, an Indian e-retailer in electronics. Flipkart has bought the company for an
estimated US$25 million. Letsbuy.com was closed down and all traffic to Letsbuy has been
diverted to Flipkart.
2014: Acquired Myntra.com in an estimated INR 2,000 crore deal.
4|Page

Finance
Initially, the founders had spent 400,000 only for making website to set up the business. Flipkart
has later raised funding from venture capital funds Accel India (US$1 million in 2009) and Tiger
Global (US$10 million in 2010 and US$20 million in June 2011). On 24 August 2012, Flipkart
announced the completion of its 4th round of $150 million funding from MIH (part of Naspers
Group) and ICONIQ Capital. The company announced, on 10 July 2013, that it has raised an
additional $200 million from existing investors including Tiger Global, Naspers, Accel Partners
and Iconiq Capital.
Flipkart's reported sales were 40 million in FY 20082009, 200 million in FY 2009 2010 and
750 million for FY 20102011. In FY 20112012, Flipkart is set to cross the 5 billion (US$100
million) mark as Internet usage in the country increases and people get accustomed to making
purchases online.] Flipkart projects its sales to reach 10 billion by year 2014. On average,
Flipkart sells nearly 10 products per minute and is aiming at generating a revenue of 50 billion
(US$0.81 billion) by 2015.
On November 2012, Flipkart became one of the companies being probed for alleged violations
of FDI regulations of the Foreign Exchange Management Act, 1999
Flipkart reported a loss of 281 crore for the FY 2012-13. In July 2013, Flipkart raised USD 160
million from private equity investors.
In October 2013, it was reported that Flipkart had raised an additional $160 million from new
investors Dragoneer Investment Group, Morgan Stanley Wealth Management, Sofina SA and
Vulcan Inc. with participation from existing investor Tiger Global.
On 26 May 2014, Flipkart announced that it has raised $210 million from Yuri Milners DST
Global and its existing investors Tiger Global, Naspers and Iconiq Capital.
In early July 2014, it was also highly speculated that Flipkart was in negotiations to raise at least
$500 million, for a likely listing in the US for 2016.
5|Page

On 29 July 2014, Flipkart announced that it raised $1 billion from Tiger Global Management
LLC, Accel Partners, and Morgan Stanley Investment Management and a new investor
Singapore sovereign-wealth fund GIC.
On 6 October 2014, Flipkart sold products worth INR 650 Crore in 10 hours in a special one-day
event - "The Big Billion Day", claiming they had created e-commerce history, but their hard-won
reputation for good customer service suffered because of technical problems, and angry reactions
on social media from buyers disappointed with the pricing and availability of products. It
claimed to sell a whopping 5 lakh mobile handsets, five- lakh clothes and shoes and 25,000
television sets within hours of opening its discounted sale at 8 AM. In December 2014, After it
received $700 million from another funding, Flipkart had a market cap of $11 billion or
Rs.66000 crore.
On 20th December, 2014, Flipkart announced filing application with Singapore based companies'
regulator ACRA to become a public company after raising USD 700 million for long term
strategic investments in India following which its number of investors exceeded 50. The USD
700 million fund raised by Flipkart added new investors - Baillie Gifford, Greenoaks Capital,
Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority - on company's
board.Its existing investors DST Global, GIC, ICONIQ Capital and Tiger Global also
participated in this latest financing round.
Flyte Digital Music Store
In October and November 2011, Flipkart acquired the websites Mime360.com and
Chakpak.com. Later, in February 2012, the company revealed its new Flyte Digital Music Store.
Flyte, a legal music download service in the vein of iTunes and Amazon.com, offered DRM-free
MP3 downloads. But it was shut down on 17 June 2013 as paid song downloads did not get
popular in India due to the advent of free music streaming sites.
6|Page

Exclusive Product Launches

Motorola Mobility, previously owned by Google but then sold to Lenovo, in an exclusive tie up
with Flipkart launched its budget smartphone Moto G in India on 5 February 2014. This
triggered an overwhelming response from online shoppers and more than 20,000 units were sold
within hours of launch on Flipkart. After the Moto G successful debut launch, Flipkart was
looking for a long term tie up with Motorola Mobility. The Moto G success story, led to an
another exclusive tie up between Flipkart & Motorola Mobility, who launched their flagship
Android smartphone, the Moto X on 19 March 2014. After Moto G and Moto X, Flipkart invited
the Moto E, the newest member of Moto family which is even cheaper than Moto G on 13 May
2014. The sale of high-end smartphone Xiaomi Mi3 produced by Xiaomi Tech was launched in
India on an exclusive tie-up with Flipkart. The first batch was sold out within 39 minutes on 22
July 2014, the second in 5 seconds on 29 July 2014. The sale was proceeded on pre-registration
mode where more than 150 000 buyers booked for the 5 August 2014 sale. This got sold off in
less than 2 seconds. Following this Xiaomi Tech decided to sell 20,000 pieces in the next sale
scheduled for 12 August 2014. On September 2, 2014 Flipkart held a flash sale of the budget
Android smartphone the Xiaomi Redmi 1S which was launched in India in July 2014. 40, 000
units priced at Rs 5999 each were sold within seconds. In the second round of Xiaomi Redmi 1S
sale held on Sept 9, 2014, 40,000 units were sold within a span of 4.5 seconds, slightly longer
than the first sale, which lasted just 4.3 seconds. Third round of Redmi 1S sale held on Sept 16,
2014 with again 40,000 units sold in fastest of all 3.4 seconds.] In the 4th round of sale of Redmi
1S held on Sept 23, 2014, Flipkart put more units this time, 60,000 units go out of stock in 5.2
seconds. In the latest Flash sale held on Sept 30, 2014, once again 60,000 units Go out of stock
in 13.9 seconds. Redmi Note in India exclusively through Flipkart. The first flash sale of 50,000
Redmi Note devices held on December 2, 2014 and all the devices sold out in mere 6 seconds,
just like all the earlier flash sales of Xiaomi held at Flipkart.
7|Page

In-house Products
In July 2014 Flipkart launched its own set of tablet, mobile phones & Phablet. The first among
these series of tablet phones was Digiflip Pro XT 712 Tablet.
In July 2014 Flipkart launched its first networking router, under its own brand name named
DigiFlip WR001 300 Mbit/s Wireless N Router.
In September 2014 Flipkart launched its in-house home appliances and personal healthcare
brand Citron. The label includes a wide range of cooking utilities and grooming products.
Criticism
On 6 October 2014 Flipkart launched Big Billion Day with intention to increase the popularity
by targeting billion sales in 1 day. This even though helped Flipkart achieve the target led to
public outcry and widespread criticism across consumers, competitors and partners heavily
damaging its reputation.
Many users couldn't place the order because the servers were not capable enough to take the load
and was giving random errors to users which led to frustration among customers. Many users
who placed orders got email saying that the order got cancelled. Most of the products were sold
for price less than cost price and was accused of killing the competition. Major competitors filed
complaints against Flipkart to commerce ministry claiming that selling products for less than
cost price is against the commerce policy of the country. Ministry said that they will form new
trade rules for e retail after this incident.
On 13 September 2014 a Flipkart delivery boy molested a house maid in Hyderabad.The house
maid's employer has been fighting against Flipkart for justice on this issue, and also for making
offline delivery services safe.
Awards and recognition
Co-Founder of Flipkart Sachin Bansal, got Entrepreneur of the Year Award 2012- 2013 from
Economic Times, leading Indian Economic Daily
8|Page

Flipkart.com was awarded Young Turk of the Year at CNBC TV 18's 'India Business Leader
Awards 2012' (IBLA).
Flipkart.com- got Nominated for IndiaMART Leaders of Tomorrow Awards 2011.
Bibliography:
The Following Website used for collecting information about this Entrepreneur:
http://en.wikipedia.org/wiki/Binny_Bansal
9|Page

http://en.wikipedia.org/wiki/Sachin_Bansal
http://en.wikipedia.org/wiki/E-commerce_in_India
http://en.wikipedia.org/wiki/Flipkart

Sachin Bansal
Sachin Bansal (born August 5, 1981) is an Indian Software engineer and Internet entrepreneur,
known for co-founding India's largest e-commerce platform Flipkart. Sachin is from Chandigarh
and has graduated from the Indian Institute of Technology Delhi with a degree in computer
engineering.

Binny Bansal
Binny Bansal is an Indian Software engineer and Internet entrepreneur, known for co- founding
India's largest e-commerce platform Flipkart along with Sachin Bansal in 2007. He serves as the
Chief Operating Officer at Flipkart. Binny is from Chandigarh and has graduated from the Indian
Institute of Technology Delhi with a degree in Computer Science and Engineering. Before cofounding Flipkart, Binny was previously employed with Amazon for 9 months. Binny currently
resides in Bangalore, the IT hub of India, overseeing Flipkart operations. Binny's father retired as
chief manager at a bank.

JOURNEY OF TWO
Two young entrepreneurs who gained reputation for transforming India's e-commerce industry
as the founders of the biggest online shopping website in the country: Flipkart. It has been a
brave journey from launching the site from their two-bedroom apartment to building a $1 billion
worth business that inspired a generation of startuppers.
Contrary to their name, the two businessmen are not related, but they had a shared destiny even
before Flipkart was born. Both grew up in Chandigarh and later studied at IIT of Delhi, one of
the best graduate schools of the country. After working in different companies for a year they
both ended up at Amazon, one of the biggest e-commerce sites of the world, and that is when the
idea was born to establish their own.
They raised Rs 2 lakh investment each from their family and kicked off a website in October
2007, which sold only books from retailers in the beginning. It was a time when software was on
a boom, but it was a brave attempt to be a pioneer in India's e-commerce industry, as customers

were not used to shopping online that time. They had to build trust as well as a culture of
browsing goods online and tackle the challenges that the nature of this business brought to them.
Their success was largely dependent on the delivery time of the products, so they decided to
launch their own supply chain management system to make sure the orders arrive to people's
doorstep on time. They were also the first ones in India to provide the option of 'Cash on
Delivery' which is widely used today among other online businesses. Their hard work and
persistence led to covering 60% of the domestic e-commerce market, and to 50 million
customers buying everything from mobile phones to jewelry every day.
Their complementary personalities and high expectations had helped them to the honor of
owning India's number one online shopping platform today. Communication was essential for
their success, and when the Economic Times asked Binny how they got through the ups and
downs in the last 8 years, he said: "By fighting every day".
Sachin hopes to see Flipkart as a $100 billion company in the near future gaining a user base in
small towns and villages as well. His goal doesn't seem farfetched having multiple
acknowledgements behind his back: Sachin was honored with the Best Entrepreneur award in
2010 by Ernst and Young and became the Entrepreneur of the Year in 2012.
With the arrival of the new year of 2016, Sachin decided to step down and become the Executive
Chairman of the company providing strategic direction. Binny, his co-founder from the very
beginning will take on the role of CEO and will aim to make Flipkart a world class internet
company. Breaking the norms in business and transforming their industry forever was a good
reason to present them in the For the Brave series, and we are sure they will continue to inspire
us bringing the company further.

EARLY LIFE
Sachin Bansal is originally from Chandigarh, the capital city of Punjab and Haryana. His
business partner, Binny Bansal, is also from Chandigarh. Although they share the same last
name, they are not related. They both were students of computer science engineering at Indian
Institute of Technology Delhi. Before the tremendous success of Flipkart, Sachin Bansal wanted
to become a professional gamer His father has been in business and mother a homemaker, his
brother runs a consumer goods company, he's married to Priya, who is a dentist and has a fouryear old child.

Career
After completion of degree Sachin Bansal joined Techspan company where he served for few
months. In 2006, he joined Amazon.com India as Senior Software Engineer. Then he got Binny
Bansal into the Amazon.com and after 6 months they both decided to leave Amazon.They
initially thought of starting a comparison search engine, but realized that the market for Ecommerce in India was very small. Hence, after leaving Amazon in 2007, they founded Flipkart
as an E-commerce company.
Sachin Bansal and his business partner Binny Bansal launched Flipkart from an apartment in
Bangalore with 400,000 rupees ($6,500) cash.[12] In 2007 during the early days of Flipkart Sachin
Bansal and his business partner Binny Bansal used to deliver books across Bengaluru on their
scooters and in October 2015 they showed up at the doorsteps of some customers, personally
delivering goods in order to gain insights from the online buyers.[1
Awards and recognition

In November 2015, Sachin Bansal along with the co-founder of Flipkart, Binny Bansal,
was named the 86th richest person in India with a net worth of $1.3 billion by Forbes
India Rich List.[14]

Entrepreneur of the year ET Awards (20122013) .He also became richest person in
Forbes World magazine 2016.[15]

Entrepreneurship as an economic activity emerges and functions

in
sociological and cultural environment. It could be conceived as an
individuals
free choice activity or a social groups occupation or profession.
The entrepreneurs perform vital function in economic
development of a
nation. They have been referred to as the human agents needed
to mobilize
capital, to exploit natural resources, to often develop innovative
products or
concepts, to create markets and to carry on business. It may be
construed that the
entrepreneurial contribution spells the difference between
prosperity and poverty
among nations.
A successful entrepreneur is always aware of the new
developments and
changes that take place around him in the society and is prepared
to adapt to the
changing needs of the society. He is the central point, around
whom all other
factors of production, productive resources and techniques shall
revolve. He
integrates talent, abilities and drives to transform the resources
into profitable
ventures.
Studies on entrepreneurs have revealed that personality and
cultural or
social factors are related to entrepreneurial behaviour. Traits such
as self
confidence, creativity, persistence, calculated risk taking capacity,
v
determination, need for achievement, individuality, leadership,
versatility,

optimism and liking for challenges characterize the

entrepreneurial person.
A person who has a business of his own is called an
entrepreneur. But
what differentiate an entrepreneur from a successful entrepreneur
are his
achievements in the field of his business.

Expected outcome of the study

To explore the traits of Indian entrepreneurs

To differentiate successful Indian entrepreneurs from

entrepreneurs

To trace the success stories of selected successful Indian

entrepreneurs

To identify their winning strategies for success in business

To summarize the findings of the study and establishing as bench

mark
for future entrepreneurs to be succe

BONAFIDE CERTIFICATE
This is to certify that the research work titled Successful Entrepreneurs of Indian Origin: A Case
Study is the bonafide work of L. Suresh Mallya

(Reg. No. MNG 007 D 001), who carried out the research under my supervision. Certified
further, that to the best of my knowledge, the work reported herein does not form part of any
other thesis or dissertation on the basis of which a Degree or award was conferred on earlier
occasion on this or any other candidate.
Dr. N.R.V. PRABHU
Research Supervisor
iii
DECLARATION
This is to certify that the thesis titled, Successful Entrepreneurs of Indian Origin: A Case Study
submitted by me to the Dr. M.G.R. Educational and Research Institute University for the award
of the degree of Ph.D is a bonafide record of research work carried out by me under the
supervision of Dr. N.R.V. Prabhu. The contents of this thesis, in full or in parts, have not been
submitted to any other institute or university for the award of any degree or diploma.
Place: Chennai

Signature of the Research Scholar

Date:
iv
SUCCESSFUL ENTREPRENEURS OF INDIAN ORIGIN
A CASE STUDY
ABSTRACT
An organization comes into existence only because of the efforts put in by an individual, who
would be prepared to assume responsibility of leading the enterprise with him. For that, the
individual must have special quality that is known as entrepreneurship.
Entrepreneurship as an economic activity emerges and functions in sociological and cultural
environment. It could be conceived as an individuals free choice activity or a social groups
occupation or profession.
The entrepreneurs perform vital function in economic development of a nation. They have been
referred to as the human agents needed to mobilize capital, to exploit natural resources, to often
develop innovative products or concepts, to create markets and to carry on business. It may be

construed that the entrepreneurial contribution spells the difference between prosperity and
poverty among nations.
A successful entrepreneur is always aware of the new developments and changes that take place
around him in the society and is prepared to adapt to the changing needs of the society. He is the
central point, around whom all other factors of production, productive resources and techniques
shall revolve. He integrates talent, abilities and drives to transform the resources into profitable
ventures.
Studies on entrepreneurs have revealed that personality and cultural or social factors are related
to entrepreneurial behaviour. Traits such as self confidence, creativity, persistence, calculated risk
taking capacity,
v
determination, need for achievement, individuality, leadership, versatility, optimism and liking
for challenges characterize the entrepreneurial person.
A person who has a business of his own is called an entrepreneur. But what differentiate an
entrepreneur from a successful entrepreneur are his achievements in the field of his business.
Expected outcome of the study
To explore the traits of Indian entrepreneurs
To differentiate successful Indian entrepreneurs from entrepreneurs
To trace the success stories of selected successful Indian entrepreneurs
To identify their winning strategies for success in business
To summarize the findings of the study and establishing as bench mark for future entrepreneurs
to be successful
Methodology of the Study
Primary and Secondary data: Interview and secondary sources were referred in this case study
method. Out of the available entrepreneurs in India, these few (fifty) successful entrepreneurs,
who had their investment options from their own sources, were considered for this study.
Based on the hypothesis proposed as above, a sample of fifty successful Indian entrepreneurs is
carefully selected for the study. The methodology chosen is case study method; their history is
studied in depth, the factors deciphered as to identify their secret of success.
vi

Suggestions are made to resolve the various issues relating to

entrepreneurship in small scale industries. The suggestions are given
categorically to the government, to the banks and other financial institutions and
to the entrepreneurs.
vii
ACKNOWLEDGEMENT
My profound thanks and deep sense of gratitude are due to my Supervisor and Guide, Dr. N.R.V.
Prabhu, for his committed supervision and guidance to acquire right perception and perspective
for carrying out this research. But for his patience and time spared for discussion, I would never
have been able to complete this thesis.
Thanks to Dr. S. Ramalingam, Head of the Department, Department of Management Studies, for
his encouragement and valuable suggestions. I also sincerely acknowledge the patience, support,
unstinted cooperation and service rendered by my wife.
I also take this opportunity to thank honorable Chancellor,
Mr. A.C. Shanmugham, for his motivation and encouragement. I also owe my sincere thanks to
Dean (Research) for providing the infrastructure and help to carry out the research. I am grateful
to all the staff colleagues of my department for their kind assistance at every stage of this thesis
work.
L. Suresh Mallya
viii
TABLE OF CONTENTS
ABSTRACT

iv-vi

LIST OF TABLES
1. Table 3.0 Distribution of the type of entrepreneurs'
families

63

2. Table 3.1 Entrepreneurs Ambitions

65

3. Table 3.2 Reasons compelling entrepreneurs to enter

66

industry
4. Table 3.3 Factors facilitating entrepreneurship

68

5. Table 3.4 Distribution of expectations stimulating the

69

entrepreneurs desire to start industry

6. Table 3.9 Reasons for the dissatisfaction with the

70

location of unit
7. Table 4.22 Usefulness of attending Entrepreneurship

71

Development Programme
ix
CHAPTER 1 INTRODUCTION
1.1

Meaning of Entrepreneurship

1
2

1.2Importance of Entrepreneurship
1.3

Classification of Entrepreneurs
5
1.4
Characteristics of successful entrepreneurs
6
1.5
Entrepreneurial scenario in India
6
1.6
Growth of Entrepreneurs
7
1.7
Relevance of study
8
1.8Need for the study
8
1.9Scope of the study
9
1.10Expected outcome of the study
9

1.11Methodology of the Study

9
1.12Limitations of the study
1.13 Scope and organisation of the thesis
CHAPTER 2 REVIEW OF RELATED LITERATURE
2.1Introduction
2.2Review of Related Studies
CHAPTER 3 RESEARCH METHODOLOGY
3.1Methodology
3.1.1 Research design
3.1.2 Research questions
3.1.3 Scope and limitations of the study
3.1.4 Climate and concept for the study
3.1.5 Presentation of the study
3.1.6 Entrepreneurs' ambitions
3.2Reasons compelling entrepreneurs to enter industry
3.3Factors facilitating entrepreneurship
3.4Expectations of entrepreneurs
References
CHAPTER 4 CASES STUDIED
CHAPTER 5 FINDINGS AND SUGGESTIONS
BIBLIOGRAPHY

10

VITAE
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11
11
58
58
59
60
61
63
63
65
67
68
72
73
167
202
i-iii
xi
CHAPTER 1
INTRODUCTION
1.1 MEANING OF ENTREPRENEURSHIP

The definition of entrepreneurship has been debated among scholars, educators, researchers, and
policy makers since the concept was first established in the early 1700s. The term
entrepreneurship comes from the French verb entreprendre and the German word
unternehmen, both mean to undertake. Bygrave and Hofer in1891 defined the
entrepreneurial process as involving all the functions, activities, and actions associated with
perceiving of opportunities and creation of organizations to pursue them. Joseph Schumpeter
introduced the modern definition of entrepreneurship in 1934. According to Schumpeter, the
carrying out of new combinations we call enterprise, and the individuals whose function it is
to carry them out we call entrepreneurs. Schumpeter tied entrepreneurship to the creation of
five basic new combinations namely: introduction of a new product, introduction of a new
method of production, opening of a new market, the conquest of a new source of supply and
carrying out of a new organization of industry.
Peter Drucker proposed that entrepreneurship is a practice. What this means is that
entrepreneurship is not a state of being nor is it characterized by making planes that are not acted
upon. Entrepreneurship begins with action, creation of new organization. This organization may
or may not become self- sustaining and in fact, may never earn significant revenues. But, when
individuals create a new organization, they have entered the entrepreneurship paradigm.
Entrepreneur is a borrowed word from the French language that refers to a person who
undertakes and operates a new venture, and assumes some
xii
accountability for the inherent risks. Being in business or being an entrepreneur is about taking
risks and confronting challenges.
Entrepreneurs build companies that are specifically crafted to exploit a particular opportunity.
This gives them an advantage over older companies that were designed in response to challenges
of the past and must change to adapt to todays requirements. Entrepreneurs can build new
companies. They can also rejuvenate existing companies via buyouts and turnarounds. They can
also build new companies inside existing companies, which can be called corporate
entrepreneurship.
1.2 IMPORTANCE OF ENTREPRENEURSHIP
An organization comes into existence only because of the efforts put in by an individual, who
would be prepared to assume responsibility of leading the enterprise with him. For that, the
individual must have special quality that is known as entrepreneurship.
Entrepreneurship as an economic activity emerges and functions in sociological and cultural
environment. It could be conceived as an individuals free choice activity or a social groups
occupation or profession.
The basic concept of entrepreneurship entails an effective and deliberate inner urge to take risk in
terms of uncertainties and an intuition. In short, an entrepreneur shows sagacity to jump into

untested waters and face the consequences, with a strong self conviction that he will successfully
encounter the sharks and befriend the dolphins.
The common definition for an entrepreneur is a person, who organizes, manages, and takes the
risk of running a business or enterprise. The entrepreneurs perform vital function in economic
development of a nation. They have been referred to as the human agents needed to mobilize
capital, to exploit natural resources, to often develop innovative products or concepts, to create
xiii
markets and to carry on business. It may be construed that the entrepreneurial contribution spells
the difference between prosperity and poverty among nations.
The importance of entrepreneurs to progress cannot be more succinctly expressed than the
statement no entrepreneur, no development. The inactivity or scarcity of entrepreneurs has for
sometimes been the factor seen by many Asian countries as a major hindrance to economic
development. The availability of abundant natural resources, skilled and unskilled labour, and
capital has not proven itself sufficient enough to result in a surge of entrepreneurial zeal among
the people.
One of the important inputs in any economic development of a country is entrepreneurship. More
the entrepreneurship activities, better the development. Entrepreneurship is the life blood of any
economy and it applies more to a developing economy like India. The areas of development are:
Taking to higher rate of economic growth by creation of value.
Speed up the process of industrial use of the factors of production.
Creation of employment opportunities.
Dispersal of economic activities to different sectors of economy and identifying new avenues of
growth.
Development of backward and tribal areas.
Better social changes.
Improvement of the standard of living of different weaker sections in the society.
Bring socio - political change in the society.
xiv
Develop technological know-how.
Improve culture of business and expand commercial activities.

Act as a change agent to meet the requirements of the changing markets and customer
preferences.
Develop a culture of achievement orientation.
1.3 CLASSIFICATION OF ENTREPRENEURS
In the early phases of economic development entrepreneurs will have initiative to start new
ventures and find innovative ways to start new enterprise. New products, new techniques and
new markets are found out by innovative entrepreneurs. It is innovative entrepreneurs who built
the modern capitalism. The enterprising spirit of the innovative entrepreneurs opens new markets
and develops enterprises.
There is a second group of entrepreneurs generally referred to as initiative entrepreneurs who
copy or imitate suitable innovations made by the innovative entrepreneurs. They also contribute
to the development of the economy especially in underdeveloped countries. The adaptation is
mainly due to suit the local conditions. They bring industries to the poorer countries.
The third type is Fabian entrepreneur. By nature these entrepreneurs are shy and lazy. They
follow the set procedures, customs, traditions and religions. They do not venture to take risks.
Usually they are second generation entrepreneurs in a business family enterprise.
The fourth type is Drone entrepreneurs who refuse to copy or use opportunities that come on
their way. They are conventional in their approach and stick to their set practices, products,
production methods and ideas. They may be termed laggards. In such cases the organization
loses market and may be pushed out of the market.
xv
1.4 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
Entrepreneur is a human being, who conceives in his mind an industrial enterprise. For this
purpose he provides considerable efforts for fructifying his dream. It is a purposeful penetrating
action for initiating, promoting and managing the economic activity or activities for the
production and distribution of wealth. There should be a person with a mind, heart and intention
to combine them all and convert them into production or creation of goods and services wanted
by the people. It is the entrepreneur who has to come forward to execute these activities related
to production with the sole purpose of satisfying the customer.
A successful entrepreneur is always aware of the new developments and changes that take place
around him in the society and is prepared to adapt to the changing needs of the society. He is the
central point, around whom all other factors of production, productive resources and techniques
shall revolve. He integrates talent, abilities and drives to transform the resources into profitable
ventures.

Studies on entrepreneurs have revealed that personality and cultural or social factors are related
to entrepreneurial behaviour. Traits such as self confidence, creativity, persistence, calculated risk
taking capacity, determination, need for achievement, individuality, leadership, versatility,
optimism and liking for challenges characterize the entrepreneurial person.
A person who has a business of his own is called an entrepreneur. But what differentiate an
entrepreneur from a successful entrepreneur is his achievements in the field of his business.
xvi
1.5 ENTREPRENEURIAL SCENARIO IN INDIA
During post independence era, entrepreneurship has begun to grow faster. The Government of
India has spelt through industrial policy statements steps for rapid and balanced industrialization
of the country. The government recognizes the vital role of the private sector in accelerating
industrial development especially after the economic liberalization in 1991.
The government pursues the following objectives:
To maintain a proper distribution of economic power between public and private sectors.
To disseminate the entrepreneurial acumen concentrated in a few dominant communities to a
large number of industrially potential people of varied social strata.
To encourage the spirit of industrialization by spreading entrepreneurship from the existing
centres to other cities, towns and villages.
To achieve the above objectives the government has decided to encourage the development of
small scale units. It provides various incentives and concessions to SSI in the form of capital,
technical know how, markets and land to establish industrial units particularly in the backward
areas of the country.
1.6 GROWTH OF ENTREPRENEURS
The business history of India comes out with names of successful entrepreneurs such as Tata,
Birla, Modi, Dalmia, Kirloskar and others who started their enterprises in a small way and made
a good fortune. Post liberalization we have witnessed the latest generation of entrepreneurs such
as
xvii
Ambani, Ruia, Azim Premji, Murthy, Siva Nadar etc. Scanning their personal characteristics
show certain prominent traits:
Willingness to work hard and to persevere even if the business is in the verge of failure.

Having a strong desire to achieve high goals in business.

Undying optimism for a future and not disturbed by others and follow their own route.
Independent and not guided by the current problems besieging them.
Good foresight to visualize the likely changes in the business and taking timely actions
accordingly.
Ability to bring together all the resources required for starting the enterprise.
Initiating research and innovative activities to cater to changing needs of customers.
1.7 RELEVANCE OF STUDY
The study of entrepreneurship has relevance today, not only because it helps entrepreneurs better
fulfill their personal needs but because of the economic contribution of the new ventures. More
than increasing national income by creating new jobs, entrepreneurship acts as a positive force in
economic growth by serving as the bridge between innovation and market place. Although
government gives great support to basic and applied research, it has to have great success in
translating the technological innovations to products or services. Although intrapreneurship
offers a promise of marriage of those research capabilities and business skills that one expects
from a large corporation, the results have not been spectacular. This leaves the entrepreneur,
xviii
who frequently lacks both technical and business skills, to serve as the major link in the process
of innovation, development, and economic growth and revitalization. The study of
entrepreneurship and education of potential entrepreneurs are essential parts of any attempt to
strengthen this link so essential to a countrys economic well-being.
1.8 NEED FOR THE STUDY
Modern India is in need of substantial growth of the industrial and agricultural sectors for her
march towards a global power and to successfully meet the social obligations such as poverty
alleviation, raising standard of living, and meaningful employment to all. The role of
entrepreneurs in this aspect is highly significant. Indian entrepreneurs have been instrumental in
shaping the destiny of millions by providing them employment in their enterprises, venturing
into untested arena, and introducing innovative business strategies. This naturally draws our
attention to investigate as to how Indian entrepreneurs succeed in their ventures and the essence
of such enquiry can be used as benchmark for budding and aspiring entrepreneurs.
1.9 SCOPE OF THE STUDY
The Indian entrepreneurs selected for study are based on the conditions that they have started
their career either as low level employees of some organizations or started their venture with

their own meagre investments. They are their own masters, in the sense that they did not have
back up from their family members either in the form of financial support or inheritance of
family wealth. They started their own enterprise with a humble beginning, and slowly and
steadily picked up their business purely due to their entrepreneurship qualities. They faced
hardships in course of their growth, but never gave up. The ingenuity and the spirit of
entrepreneurship always kept up their hopes and confidence and eventually proved to be
successful entrepreneurs.
xix
1.10 EXPECTED OUTCOME OF THE STUDY
To explore the traits of Indian entrepreneurs
To differentiate successful Indian entrepreneurs from entrepreneurs
To trace the success stories of selected successful Indian entrepreneurs
To identify their winning strategies for success in business
To summarize the findings of the study and establishing as bench mark for future entrepreneurs
to be successful
1.11 METHODOLOGY OF THE STUDY
Primary and Secondary data: Interview and secondary sources were referred in this case study
method. Out of the available entrepreneurs in India, these few (fifty) successful entrepreneurs,
who had their investment options from their own sources, were considered for this study.
Based on the hypothesis proposed as above, a sample of fifty successful Indian entrepreneurs is
carefully selected for the study. The methodology chosen is case study method; their history is
studied in depth, the factors deciphered as to identify their secret of success.
1.12 LIMITATIONS OF THE STUDY
Due to time constraint, the researcher could not undertake extensive journeys for data collection.
The difficulty in identifying the qualified entrepreneurs in India to meet the conditions laid down
in the hypothesis, led to a sample size of fifty only. Hence, the result drawn out of the study is
likely to have some error or bias. Nevertheless, the research findings are expected to throw light
on specific factors for success and can act as guidelines for the future generation of
entrepreneurs.
xx
1.13 SCOPE AND ORGANISATION OF THE THESIS

For reasons best known to be explained in the ensuing chapters, it was decided that this
exploratory study of the successful entrepreneurs may best be undertaken through a content
analysis of undisguised and published cases in the descriptive methodology. A total of fifty such
cases were identified and analyzed, few of them were interviewed with a view to corroborating
the case data with the interview data.
In all, therefore, the samples consisted of around hundred ventures got reduced to fifty. The
findings of the study and the review of the relevant literature are arranged in five chapters. It may
be noted that in presenting the findings, I have deviated slightly from the convention of
summarizing all the research literature on the topic in one chapter, and have spread them over
different categories, depending on the sub-topics to which the findings discussed in the
respective chapters are related.
The second chapter comprehensively reviews the literature related to this study. Chapter III
explains the methodology which is a combination of the case method and the survey method
(popularly known as the case survey (method). In the next chapter, namely Chapter IV, provides
some empirical support for the paradigm of strategic choice (as opposed to that of environmental
determinism) underlying the theoretical model as proposed in the earlier chapters. Following the
discussions, in Chapter V, narrates the process of identifying successful entrepreneurs with their
entrepreneurial heuristics and thumb rules so identified with findings and conclusions.
xxi
CHAPTER 2
REVIEW OF RELATED LITERATURE
2.1 INTRODUCTION
Several studies have been made in India and abroad on specific aspects of the field of
entrepreneurship. The researcher is interested in presenting here a few studies from India and
abroad relevant to the objectives of the present study, namely, to identify the success factors
behind the successful Indian entrepreneurs.
2.2 REVIEW OF RELATED STUDIES
J.S. Saini and B.S. Rathore (2001) in their book titled Entrepreneurship: Theory and Practice,
deal with entrepreneurial philosophy, where the success of entrepreneurs has been discussed.
According to the authors, success of an entrepreneur depends on the entrepreneurs willingness
to hold responsibility for his own work. Though the risk of failure is always present, he takes
risks by assuming responsibility for his actions. Learning from past experiences will help
channel his actions to obtain better results and persistent efforts will yield success for sure.
Bholanath Dutta (2009) in his book, Entrepreneurship Management: Texts & Cases, deals in
detail on the factors influencing entrepreneurship, viz., education, legality, infrastructure,
finance, procedures, IT and communication, rapid changes, size of the firm, R & D and

technology, stakeholders and globalization. The author has elucidated the characteristics of a
successful entrepreneur at length. According to him, there are many critical factors contributing
success such as skills, innovative mind, providing completeness to the factors of production,
decision making, creative personality, plan making,
xxii
dynamic leadership, creator of wealth, self confidence and ambitiousness, risk bearing, and
adventurous mind.
S.S.Khanka (2009) in his book Entrepreneurship Development illustrates the personal
characteristics of successful entrepreneurs as hard work, desire for high achievement, high
optimism, independence, foresight, good orgainising capacity, and innovativeness. According to
the author, success of a small enterprise is, to a great extent, attributed to the success of the
entrepreneur himself.
David H. Holt (2000) in his book Entrepreneurship: New Venture Creation has dealt in detail
about the success factors for entrepreneurs. Holt says at the top of the success factor list is the
Entrepreneurial Team comprising of partners, associates or extensive network of advisors.
A typical successful entrepreneur has an average education, in his thirties, and has solid job
experience. Most technical entrepreneurs tend to start businesses closely related to what they did
in previous career positions. Holt is emphasizing the point that success is closely related to a
solid knowledge base and substantial experience in related field of operations. Moreover, they
will also have well developed social and business relationships and therefore, have a strong
foundation for building a team or support network.
Mary Kay Copeland (2010) in her article, Strategies of a Successful Entrepreneur: Nature or
Nurture, in MBA Review, has deliberated on the characteristics of a successful entrepreneur.
According to the author, the behaviours and personality characteristics that leading researchers
have found in effective and successful entrepreneurs are self confidence, risk taking capacity,
discerning power, inquisitiveness, tolerance of ambiguity and uncertainty, creativeness,
resourcefulness, affinity for autonomy and control, opportunism, optimism, action-orientedness,
intuitiveness, persuasion, adaptation, resilience, tenacity and courage.
xxiii
Translating these attributes into behaviours is believed to increase an entrepreneurs
effectiveness. These include total commitment, determination and perseverance, drive to
achieve and grow, orientation to goals and opportunities, taking initiative and personal
responsibility, veridical awareness and a sense of humour, seeking and using feedback, internal
locus of control, tolerance of ambiguity, stress and uncertainty, calculative risk taking and risk
sharing, low need for status and power, integrity and reliability, decisiveness, urgency and
patience, learning from failure, team builder and hero maker.

Mahima Rai (2010) in her article, Horning Entrepreneurial Skills: Role of B Schools, in MBA
Review, enumerates the characteristics of a successful entrepreneur self confidence and
optimism, extra-ordinary energy and diligence, ability to take calculated risks, strong urge to
achieve and creativity, ability to respond positively to challenges, leadership qualities, flexibility
and adaptability, responsive to suggestions/criticism, initiative, resourcefulness and
perseverance, independent minded with ability to get along well with others, perception and
foresight, versatile knowledge of the market, government rules etc. The common thread in all
entrepreneurial ventures is that the leaders driving these organizations have the ability to identify
opportunity and create an organization to carry it through the creation of value for them.
Sujatha Mukherjee (2010) in her article, Profiling the Urban Women Micro-entrepreneurs in
India, in the Journal of Entrepreneurship Development, draws the picture of an entrepreneur as a)
a person who assumes the risk associated with uncertainty b) an adventurer who undertakes
risks, brings together the capital and labour required for the work c) an innovator d) a decision
maker e) an economic leader f) a manager or a superintendent g) an organizer and coordinator of
economic resources h) an owner i) a contractor j) a referee and k) a locator of resources for
alternative uses. According to the author, being entrepreneurial involves combining personal
characteristics and financial means and resources within an environment to set up a business.
xxiv
Lakshman Prasad and Subhasish Das (2008) in their book Entrepreneurial Climate: An Assorted
Coverage make an intensive study on entrepreneurship involving psychological as well as sociocultural milieu, viewing entrepreneurs as innovators. The integrated behavioural framework,
suggests the pooling of traits such as achievement orientation, strategic vision, personal
resourcefulness, innovativeness and opportunity seeking at high intensities in non-restrictive
environment to give rise to an enterprise.
Some surveys conducted by the authors on the subject of identifying entrepreneurial traits bring
out a host of some distinguishing features of successful entrepreneurs. They are: leadership and
vision, creativity, dynamism, team building spirit, commitment and goal orientation, and problem
solving temperament.
Dr. A. Peter (2004) in his book Youth Entrepreneurship Everywhere explains youth
entrepreneurship as a process of turning ideas into opportunities and opportunities into successful
businesses through the practical application of one-to-one mentoring model, entrepreneurship
awareness-building skills, personal empowerment skills, entrepreneurial/enterprise skills,
business planning skills, business management skills, support services availing skills and
business improvement skills.
The author substantiates through the example of a growing child that enormous entrepreneurial
potentials are hidden inside every youth. The hidden treasures are the entrepreneurial potentials
hidden inside every youth waiting to be utilized. The author says that we are all entrepreneurial
in nature, because everyone has been born with many entrepreneurial skills such as courage,
creativeness, initiative, self-confidence, self-motivation, risk-taking, failure managing,
persistence etc.

R. Nagendran, Dr. K. Banumathy and Dr. N.R.V.Prabhu (2002) in their book Entrepreneurship
Management and Development of Small Business
xxv
explain the characteristics of successful entrepreneurs. A successful entrepreneur is always aware
of the new developments and change that take place around him in the society and is prepared to
adapt to the changing needs of the society. He is the pivot around which all other factor of
production, productive resources, and techniques should revolve. He combines talents, abilities
and drive to transform the resources into profitable undertakings.
According to the authors, studies on entrepreneur have revealed that personality and cultural or
social factors are related to entrepreneurial behaviour. Cross cultural studies covering India,
Japan, Guinea, Malaysia, Mexico, Philippines and Indonesia indicate that traits such as self
confidence, creativity, persistence, calculated risk taking capacity, determination, need for
achievement, initiative taking flexibility, individuality, leadership, versatility, optimism and
liking for challenge, characterize the entrepreneurial person.
Priti Krishnan (2007) in ICFAI Business School Case Studies on Entrepreneurship narrates the
qualities of an entrepreneur in the overview as: he takes risks and is innovative, opportunistic,
creative, flexible, dynamic and growth oriented. However, each of these facets is neither
conclusive nor definitive. For example, a common notion that entrepreneurs are only those
individuals who start their own companies, neither Jack Welch of GE or Ray Kroc of McDonalds
did that. But few would deny that they are entrepreneurs. This reflects that not all are the same.
Although they share some common characteristics, every entrepreneurial style is unique in its
own way.
B. Badhai (2001) in his book Entrepreneurship for Engineers defines entrepreneur as a person
who has already started an enterprise or who is in the process of starting one. The author enlists
the characteristics of an entrepreneur in Indian conditions as need for achievement, risk taking
attitude, need to influence others, ability to sense opportunities, positive self concept, level of
expectation, initiative, inclination to accept challenges, independent thought and
xxvi
action, problem solving attitude, inclination for searching environment, time boundness, sense of
dissatisfaction, result orientation, influence to get through bureaucratic red tapism, financial
soundness etc.
Poornima M Charantimath (2008) in her book Entrepreneurship Development and Small
Business Enterprises narrates some of the characteristics that every successful entrepreneur must
possess in adequate measure. They are creativity, innovation, dynamism, leadership, team
building, achievement motivation, problem solving, goal orientation, risk taking and decision
making ability and commitment. According to the author, ideas usually evolve through a creative
process whereby imaginative people bring them to reality, nurture them and develop them

successfully. The creative process for an idea involves five stages germination, preparation,
incubation, illumination and verification.
Thomas W. Zimmerer and Norman M. Scarborough (2006) in their book Essentials of
Entrepreneurship and Small Business Management, describe entrepreneur as a person who
creates a new business in the face of risk and uncertainty for the purpose of achieving profit and
growth by identifying significant opportunities and assembling the necessary resources to
capitalize on them.
Although research studies have identified several characteristics entrepreneurs tend to exhibit,
according to the authors, none of them has isolated a set of traits required for success.
Nevertheless, they have given a brief summary of the entrepreneurial profile for success. They
are desire for responsibility, preference for moderate risk, confidence in their ability to
succeed, desire for immediate feedback, high level of energy, future orientation, skill at
organizing and value for achievement for money. The authors have supplemented other
characteristics frequently exhibited by entrepreneurs as high degree of commitment, tolerance of
ambiguity, flexibility and tenacity.
xxvii
The authors make a summary about the entrepreneurial personality at the end of their research,
which says that entrepreneurs are not of one mold; no one set of characteristics can predict who
will become entrepreneurs and whether or not they will succeed. Anyone, regardless of age, race,
gender, colour, national origin, or any other characteristics can become an entrepreneur.
Entrepreneurship is not a mystery; it is a practical discipline. It is not a genetic trait; it is a skill
that most people can learn.
Robert D. Hisrich, Michael P. Peters and Dean A. Shepherd (2007) in their book on
Entrepreneurship have identified a few capabilities or personal characteristics that an
entrepreneur should possess. According to him, the entrepreneur should have adequate
commitment, motivation and skills to start and build a business. The entrepreneur must
determine if the management team has the necessary complementary skills to succeed. Some key
characteristics of a successful entrepreneur are: a) Motivator an entrepreneur must build a
team, keep it motivated and provide an environment for individual growth and career
development. b) Self-confidence entrepreneurs must have belief in themselves and the ability
to achieve their goals. c) Long-term involvement an entrepreneur must be committed to the
project with a time horizon of five to seven years. d) High energy level success of an
entrepreneur demands the ability to work long hours for sustained periods of time. e) Persistent
problem- solver he must have an intense desire to complete a task or solve a problem,
creativity is an essential ingredient. f) Initiative he must be able to set challenging but realistic
goals. g) Moderate risk taker and learn from failures. These personal traits go a long way in
making an entrepreneur successful. However, no entrepreneur possesses total strength. In such
cases, he acquires and/or associates and thus strengthens his enterprise.

James J. Berna (1960) brings us to the issue of the appropriate criteria for evaluating
entrepreneurial activity in under-developed countries. A country with little or no industrial
tradition can hardly produce innovators capable of
xxviii
substantial transformations without first producing and in large numbers, the humbler type of
entrepreneur. This type of entrepreneurship is a complex phenomenon involving numerous subfunctions. Chief among these sub- functions are business promotion, capital provision, and riskbearing, technical innovation and adaptation, and business management. The list of sub-functions
enumerated brings out clearly the fact that entrepreneurship is basically a type of human skill, or
more accurately a combination of skills and abilities. The most important of these are
organizational and administrative ability, some degree of business and technical knowledge,
alertness to opportunity, willingness to accept change and the psychological capacity to assume
risk.
According to James J. Berna, a true entrepreneur besides possessing functional qualities must
also possess a broad personality which helps in developing initiative and drive to accomplish
great tasks and face challenges squarely. The author has stressed the following qualities of a
good entrepreneur:
1.He is an enterprising individual, is energetic, hardworking, resourceful, aware of new
opportunities and able to adjust himself to changing conditions with ease and willingness to
assume risks involved in change.
2.He is interested in an advancing technology and in improving the quality of his product or
service.
3.He is interested in expanding the scale of his operation by reinvesting his earnings.
4.He visualizes changes and adapts to changing conditions.
5.He is a firm believer in planning and systematic work.
6.He works for the society at large and for the good of his fellow-beings.
The above qualities sum up, what is usually implied from the phrase, the spirit of enterprise. It
is difficult to conceivers of a first-rate industrial entrepreneur who is not adaptable to change,
anxious to grow large and improve
xxix
technologically. Entrepreneurship appears as a personal quality which enables certain individuals
to make decision with far-reaching consequences. The personal qualities that contribute to the
success of an entrepreneur are motivation towards achievement, creativity and clarity among
others.

James J. Berna narrates James T. McCrorys study on a small industry in a North Indian town. In
contrast to industrial entrepreneurs of a mercantile background, McCrory found that the
craftsman-entrepreneur he encountered had all the qualities of good entrepreneur. These
qualities he describes as follows: They live frugally and save. They are highly skilled themselves
or employ skilled personnel. They are quality conscious, able to make improvements in
techniques on their own, quick to learn from others. As entrepreneurs, they are tenacious to the
extreme. When one industrial venture fails, their first act is to begin scrapping together savings
for another. As manufacturers, they are versatile and resourceful with the few resources at their
command. If they cannot buy a machine, they will build it themselves. If they cannot reproduce a
technique, they will improvise one of their own. Most are as sensitive to new demands and
market changes as their information and their circumstances permit.
Based on his findings, McCrory has laid emphasis on such qualities as to live frugally and save,
tenacity of purpose, versatility and resourcefulness as the main attributes of entrepreneurs. His
further observation is that there are neither technological nor organizational reasons why small
industrial firms of this type should not grow steadily and without losing the identity into medium
or even large firms.
H. Nandan (2007) in his book Fundamentals of Entrepreneurship highlights on the ultimate
success in any entrepreneurial endeavour. According to him, the success depends on the
personality, that is to say, the composite characteristics, of the entrepreneur. The entrepreneurial
personality denotes the
xxx
totality of the entrepreneurs individual character traits, including attitude, habits, emotional
tendencies and behavioural patterns. In fact, extraordinary personal traits not only constitute
entrepreneurs, but also serve to identify them from others.
Entrepreneurial function requires certain distinctively special qualities and skills. Individuals
aspiring to become successful entrepreneurs are expected to possess distinctive abilities, rather
than the requisite qualities and skills, to achieve their desired goals. Studies have revealed that all
entrepreneurs crowned with success do not and need not necessarily possess a specified range of
exactly similar attributes. In other words, no two entrepreneurs will have ever their competencies
absolutely identical in nature, intensity and combination. However, a belief strongly held by
many suggests that most entrepreneurs commonly share quite a few distinctive qualities and
skills that are not evident in average people.
The primary attributes said to be closely associated with the most enterprising individuals are: a)
inquiring mind studying the business environment and looking for opportunities to penetrate into
the market, and b) unceasing alertness adjusting business strategies so as to reach their targets.
Entrepreneurs, in particular, have foresightedness to ascertain market trends and the ability to
assess consumer needs and wants for change. Entrepreneurs understand that in the struggle to
gain ground or to survive in a competitive free market economy, the need for innovations
becomes all the more important. In short, the successful entrepreneurs possess such
characteristics as creative frame of mind, desire to break away from the age-old traditional

practices, think deeply of varied untried ideas aimed at creating new means of production, new
devices, products or services, conceptualize new ideas, and possess independent energetic spirit
to translate their thoughts into realities. They decide very clearly what they want, determine the
course of action and prioritise the steps they must
xxxi
execute. They are able to assemble the required resources, risk uncertainties and face challenges.
Owner-entrepreneurs exercise persevering attention, clear thinking and good judgement in
dealing with day-to-day operations. They have interest and knowledge in practical business
matters, and power to grasp and sort out problems. They are adept in coping with difficult
situations and dealing with all sorts of people. Most entrepreneurs possess sound health, dynamic
leadership, emotional stability and organizing ability. Above all, the noteworthy typical
personality traits commonly possessed by the vast majority of entrepreneurs include sharp
intelligence, keenness of perception in practical business matters, optimism, determination, high
level energy, persuasiveness, single-mindedness and hard work.
Entrepreneurship Development Institute of India (EDI-I) (unpublished data), in its reference
book, Developing New Entrepreneurs, draws a detailed picture about an ideal entrepreneur and
keeps certain standards as yardstick for identifying future successful entrepreneurs. The most
frequently cited personal variables found to be predictable in successful entrepreneurs which the
EDI-I selection process attempts to identify include the following: need to achieve, moderate and
calculated risk-taking, initiative and independent, problem solving, hopeful about future and high
level of aspiration, time boundness, tendency to analyze the environment, and desire to
influence.
An international research project to identify and validate the entrepreneurial traits and
competencies, in which EDI-I participated, identified Personal Entrepreneurial Characteristics
(PECs) by studying the tasks, activities and behaviour of successful and average entrepreneurs of
India, Malawi and Ecuador.
The important entrepreneurial competencies which emerged as relevant for success in
entrepreneurial career among all the three countries include:
xxxii
a)Achievement cluster: initiative; seeing and acting on opportunities; persistence; information
seeking; concern for high quality work; commitment to work contracted; efficiency orientation.
b)Thinking and problem solving cluster: systematic planning; problem solving.
c)Personal maturity cluster: self confidence.
d)Influential cluster: persuasion; use of influence strategies.

e)Directing and controlling cluster: assertiveness.

The findings of the research also suggested that most of these PECs are cross - culturally
common, irrespective of personal background of the entrepreneurs, their social status, values,
culture and the level of economic growth of the society. This research showed strong evidence
that the success of an entrepreneur in a small business hinges upon these PECs which include a
cluster of competencies pertaining to achievement motivation the concept used by EDI-I in the
selection adopted and spread to other parts of the country.
Based on the studies made on the characteristics/traits of personalities of successful
entrepreneurs, S.B. Srivastava (1992) in his book A Practical Guide to Industrial Entrepreneurs
says that some of the qualities are inherent, but others are most acquired. Broadly speaking, four
qualities are the most important ones, i.e., intelligence, motivation, knowledge and opportunity.
While intelligence is inherent, knowledge is generally gained by a continuous process. The
dynamic and successful entrepreneurs generally create their own opportunities; the government
is, however, greatly instrumental in creating a basic infrastructure and opportunities. The
qualities of entrepreneurs may further be sub-divided as under:
Capacity to take risk, capacity to work hard, desire for deferred consumption, capacity to take
advantage of an external situation, imagination,
xxxiii
emulation, initiative, sociability and flexibility, inventive ability and knowledge
both informative and technical.
Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1983) in their article, The Practice of
Entrepreneurship in this book by S.B. Srivastava describe that entrepreneurs are people who
have the ability to see and evaluate business opportunities, to gather the necessary resources, to
take advantage of them and to initiate appropriate action to ensure success. The following list of
characteristics and traits provides a working profile of entrepreneurs:
Characteristics
Self confidence

Traits
Confidence,

independence,

optimism.
Task result-oriented

Need for achievement, profit oriented,

individuality,

perseverance, determination, hard work, drive,

energy, initiative
Leadership

Leadership, behaviour, gets along with others,

responsive to suggestions & criticism

Originality

Innovative,

creative, flexible,

resourceful,

versatile, knowledgeable
Future oriented

Foresight, perceptive

A person may not have all these qualities, but the more one has, greater is the chance of being an
entrepreneur.
S.K. Bhattacharya and M.M.P. Akhouri (1975) in their article Profile of a Small Industry
Entrepreneur in this book by S.B. Srivastava, declare the following aspects as important
components of entrepreneurial profile:
1. Entrepreneurs have high need for achievement
2. They take calculated and moderate risks
xxxiv
3.They have high personal efficacy
4.They possess leadership qualities
5.They show high commitment to task
6.They are good at team work
7.They have good planning ability
8.They have sound decision making ability

Understanding entrepreneurial traits and qualities enable identification and selection of

entrepreneurs and developing suitable programmes for upgrading their knowledge and skills and
developing the right motivation in them to take up enterprises of their own and manage them
well.
David C. McClelland, (1961) in The Achieving Society, in the book by S.B. Srivastava, has
pointed out that successful entrepreneurs are characterized by a) an unusual creativeness b) a
propensity of risk-taking c) a strong need for achievement. An entrepreneur possesses the
following attributes:
1.Likes to take personal responsibility
2.Likes to take moderate risks
3.Wants to know the result of his efforts
4.Tends to persist in the face of adversity
5.Tends to be innovative
6.Is oriented towards future
7.Tends to be mobile and is not completely satisfied
T. Venkateswara Rao, Udai Pareek and Prayag Mehta (1978) declare in their compiled handbook
Developing Entrepreneurship, Learning Systems that
xxxv
every entrepreneur may not have all the characteristics as generally believed to have. In fact,
there is no research to indicate this. However, it may be that the more these characteristics are
present in a person, the more effective he is likely to be an entrepreneur.
Generally, every entrepreneur is assumed to possess the good qualities as enumerated below:
a) Need for achievement b) Need for influencing others c) Sense of efficacy d) Risk taking e)
Openness to feedback and learning from experience f) Need for independence g) Hope to success
h) Expectation from employees i) Competition and collaboration j) Flexible authority
relationship m) Concern for society n) Social consciousness o) Dignity of labour and p) Saving
for future.
The authors raise a pertinent question whether entrepreneurship is a package of characteristics.
The portrayal of entrepreneurial characteristics so far is likely to give an impression that he
represents a special type of person and that everyone cannot be a entrepreneur. This is not true,
though. The characteristics listed so far are based on several studies and experience and most of
them are not conclusive.

Nonetheless, an entrepreneur would certainly be different from the non- entrepreneur in terms of
his psychological and social dispositions. But he need not have all these characteristics together.
There is no evidence to indicate that an entrepreneur cannot be successful without some of these
characteristics. Entrepreneur with strengths in creative abilities may emerge successful without
possessing many of these characteristics. Answers to questions like what are the optimal
combinations of characteristics needed to an entrepreneur are not clearly available. The evidence
only points to some dominant traits in successful entrepreneurs. In such situations, certain
generalisations could, however, be made. a) The traits described earlier can be developed in
people through
xxxvi
psychological education c) Presence of these traits increase probability of an entrepreneur
emerging out successful.
P.Saravanavel (1991) in his book Entrepreneurship Development: Principles, Policies and
Programmes, depicts the right qualities of a true entrepreneur. An entrepreneur should be one
who bears, innovates or initiates and organizes the business. As successfully he performs such
functions to the extent he justifies his existence. Whether he performs such functions effectively
is determined by the nature of quality control, cost reduction, improved industrial relations, profit
earning and the like. All these are possible if the entrepreneur is especially a talented person and
he possesses the following qualities in him:
1.Capacity to assume risk and possessing self confidence
2.Technological knowledge, alertness to new opportunities, willingness to accept change and
ability to initiate.
3.Ability to marshal resources
4.Ability to organize and administer
Astudy of European entrepreneurs in the 19th century at the time of Industrial Revolution reveals
that a typical entrepreneur was found more self- centered than others. He believed in breaking up
the old traditions and establishing new traditions. Such an entrepreneur was found highly
ambitious. He had the will to conquer, the impulse to fight and succeed and a tendency to prove
himself superior to others.
A true entrepreneur, besides possessing functional qualities mentioned above, must possess the
broad personality contours which help him in developing initiative and drive to accomplish such
tasks which he decides from time to time. In an early period, an economist like J.B. Say observed
that an
xxxvii

entrepreneur must possess the following special qualities: He must have judgement,
perseverance and the knowledge of the world as well as of business. He is called upon to
estimate, with tolerable accuracy, the importance of specific product, the probable amount of
demand, and the means of its production; at another buy or order the raw material, collect
labourers, find consumer, and give at all times a rigid attention to order and economy, in a word,
he must possess the art of superintendence and administration.
Joseph Prokopenko and Igor Pavlin (1992) draw a rather not so rosy picture about the
entrepreneurship development activities in public enterprises. In view of the limited
entrepreneurial practices and opportunities inside the public sector, in particular in socialist
economies in the past, a systematic effort should be made to develop endogenous
entrepreneurship. Many researchers of western business, among them for example, Peter
Drucker, point out that entrepreneurship and entrepreneurs can be developed through conscious
action. According to this view, the development of entrepreneurs and entrepreneurship can be
stimulated by a set of supporting institutions, by deliberate innovative action stimulating change,
and above all charging the management of existing corporations with the responsibility of new
products and spin-off firms by giving full support to capable individuals and entrepreneur
groups. While the role of the individual with innovative ideas and sufficient drive is still
emphasized, the purposeful and systematic management of this process is also of key
importance. As a result, different methods for the development of entrepreneurship have been
tried, ranging from entrepreneurial training courses at different educational levels and
management/employee buy-outs, to new business incubators.
B.S. Rathore and S.K. Dhameja (2000) outline the challenges the future entrepreneurs have to
face in this century through their book Entrepreneurship in the 21st Century. The future
entrepreneurs will have to face considerable challenges and severe competition not only from
domestic industries, but also
xxxviii
from enterprises of global nature. With liberalization, the Indian entrepreneur is facing
competition from the global players even in such areas like consumer products which recently
had some protection.
The future entrepreneurs have to be prepared through training and exposure for planning and
launching an enterprise. Another task which is important in serving the entrepreneur of the 21st
century is the creation of suitable data banks in technology and services available, arranging of
technical tie-ups between competent open minded entrepreneurs existing within the country and
with entrepreneurs/investors in other selected developed and developing countries.
Centre for Entrepreneurship Development (unpublished data) in its preparatory notes on
Entrepreneurship and Small Business Management, describes successful entrepreneur as one
who is always aware of the new developments and change that take place around him in the
society and is prepared to adapt to the changing need of the society. He is the pivot around whom
all other factors of production, productive resources and techniques should revolve. He combines
talents, abilities and drive to transform the resources into profitable undertakings.

Studies on entrepreneurship have shown that personality and cultural/social factors are related to
entrepreneurial behaviour. Cross cultural studies covering India, Japan, Guinea, Malaysia,
Mexico, the Philippines and Indonesia indicate that traits such as self-confidence, creativity,
persistence, calculated risk taking ability, determination, need for achievement, initiative taking,
flexibility, individuality, leadership, versatility, optimism and liking for challenge, characterize
the entrepreneur person.
The knowledge of entrepreneurial competence has been sharpened over the last three decades.
The following is a list of major competencies that contribute top performance: Taking initiative,
seeing and acting on
xxxix
opportunities, persistence, information seeking, concern for high quality of life, commitment to
work contract, efficiency orientation, systematic planning, problem solving, self-confidence,
assertiveness, persuasion, use of influence strategies, monitoring and concern for employee
welfare.
S.V.S. Sharma (1979) in his book Developing Entrepreneurship: Issues and Problems, narrates a
detailed description on the characteristics of successful entrepreneurs and draws comparison with
the unsuccessful entrepreneurs among other issues. Research on entrepreneurship indicates a
gradual convergence of interest in the factors that contribute to successful entrepreneurship and
has attempted to answer the following questions.
1.What are the individual or psychological characteristics of an entrepreneur?
2.Is there any typical social background which characterizes an entrepreneur?
3.Are most of the successful entrepreneurs drawn from particular occupational groups?
Attempts have been made by social scientists to find answers to the above questions. The vast
amount of research which has been generated as a result of tremendous interest in the field of
entrepreneurship and entrepreneurial behaviour is generally related to sociological and sociopsychological aspects of entrepreneurship.
A study of personality factors of successful and unsuccessful entrepreneurs (Alladin, M.T., 1979)
at the SIET Institute covering 16 dimensions of personality revealed that successful
entrepreneurs were found to be significantly more social, emotionally stable and more assertive
than unsuccessful ones. The findings were also suggestive of a trend indicating that successful
entrepreneurs were less suspicious but more apprehensive than unsuccessful ones. However, on
dimensions like intelligence, expedient vs. conscientiousness, sly vs. venturesome, tough-minded
vs. tender-minded,
xl

practical vs. imaginative, far-sighted vs. shrewd, conservative vs. experimenting, group
dependent vs. self-sufficient and relaxed vs. tense, the differences between successful and
unsuccessful entrepreneurs were found to be negligible.
On the final analysis, the role of the characteristics associated with the success of
entrepreneurship personal, social and psychological, individually or in combination, stands out
significantly. And it appears possible and perhaps necessary to develop ways and means of
identifying potential entrepreneurs who could be encouraged and supported on a selective basis.
It is not suggested that one could arrive at a universally applicable and invariant portrait of an
entrepreneur. But what is advocated is the view that in every society some people possess
entrepreneurial qualities to a greater degree than others. And these people have to be involved to
take advantage of developmental activity. While entrepreneurial behaviour can be readily
identified as a common pattern, the underlying roots of such behaviour seem to vary from culture
to culture. A more conclusive picture will emerge only out of well planned research efforts in
different countries, individually and in coordination.
Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1982) in their book The Practice of
Entrepreneurship describe the features of entrepreneurs. They are action oriented, highly
motivated individuals who take risks to achieve goals. Most entrepreneurs have definite goals
and expectations. The clearer the goals are, the more likely they are to achieve them. Every
person is a unique individual and no two persons are alike. All people have had different past
experiences, are living in different life situations, have different commitments and
responsibilities, and have different life goals. The previous experiences of an entrepreneur are
usually broad and varied and determine his present life situation. Most entrepreneurs have
modeled themselves on another; probably older entrepreneur and close identification with such a
role model will lead to the acquisition of entrepreneurial behaviour and skills.
xli
The current job and the financial and family circumstance, as well as other factors, help to
determine the attitude towards being entrepreneurial. He has various obligations and
commitments to himself and to others, including his family, employer and employees, friends
and other community members. If he has too many commitments and responsibilities outside his
work, he will find it difficult to be entrepreneurial. In planning for the future he has to be realistic
in determining those things that can be changed and those that cannot. His past experiences
should help him to understand better his present situation.
To some extent, success as an entrepreneur depends on their willingness to accept responsibility
for their own work. Even though the risk of failure is always present, entrepreneurs take risk by
assuming responsibility for their actions. Some entrepreneurs succeed only after experiencing
many failures. Entrepreneurs have a sound mental outlook on life. They are matured individuals
who have developed a way of viewing all experiences in a healthy manner. Entrepreneurs are
people who know how to find satisfaction in work and are proud of their accomplishments.
Successful entrepreneurs are successful leaders, whether they lead a few employees or a few
thousands. By the very nature of their work, entrepreneurs are leaders because they must seek

opportunities, initiate projects; gather the physical, financial and human resources needed to
carry out projects; set goals for themselves and others; and direct and guide others to accomplish
goals.
Kalpana Vaish (1993) in her book Entrepreneurial Role of Development Banks in Backward
Areas quotes Prof. Schumpeter on his views on entrepreneurs. According to him, supply of
entrepreneurs depends on the rate of profit and social contract. Profit induces the prospective
entrepreneur to get into the business and start new activities. But this does not necessarily imply
that the entrepreneur is concerned only with pecuniary profits. He is basically an innovator, with
an achievement motive which aspires for something more than
xlii
money. It is for such entrepreneurs to function effectively that the necessary entrepreneurial
culture and a social climate conducive to industrialization are needed.
Development of entrepreneurship involves identification of potential entrepreneurs, training
them and developing in them the characteristics or abilities required for entrepreneurial success
and providing support to the trained entrepreneurs in all subsequent stages of actual enterprise
building.
S.B. Verma (2005) in Entrepreneurship and Employment: Strategies for Human Resource
Management, highlights the role of entrepreneurship on economic development.
Entrepreneurship as an economic activity emerges and functions in sociological and cultural
setting. It could be conceived of as an individual free choice activity or a social groups
occupation or profession. In Indian context, entrepreneurs hail either from communities which
are traditionally endowed with entrepreneurial qualities or those from traditionally nonentrepreneurial group. Further, entrepreneurship may result in basic, partial or total
transformation in the client community.
The entrepreneur in this context is defined as one who could start a new activity or a new
enterprise which is a deviation from his traditional family occupation or profession.
Entrepreneurship can also be thought of as a creative activity. The entrepreneur is an innovator
who introduces something new into the economy a method of production not yet tested, a
product with which consumers are not familiar, a new source of raw material, or a new market
hitherto unexplored and other similar innovations.
Dr. B.S. Patil (2009) in his book on Social Entrepreneurship draws in detail the role and
responsibilities of social entrepreneurs. Any definition of social entrepreneurship should reflect
the need for a substitute for the market discipline that works for business entrepreneurs. The
definition combines an emphasis on discipline and accountability with the notions of value
creation
xliii

taken by Say, innovation and change agent from Schumpeter, pursuit of opportunity from
Drucker, and resourcefulness from Stevenson. In brief, this definition can be stated as follows:
Social entrepreneur plays the role of change agents in the social sector by:
1.Applying a mission to create and sustain social value
2.Recognizing and relentlessly pursuing new opportunities to serve that mission
3.Engaging in a process of continuous innovation, adaptation and learning
4.Acting boldly without being limited by resources currently in hand
5.Exhibiting heightened accountability to the constituencies served and for the outcomes created
Social entrepreneurship describes a set of behaviours that are exceptional. These behaviours
should be encouraged and rewarded in those who have the capabilities and temperament for this
kind of work. Social entrepreneurs are one special breed of leaders and they should be
recognized as such. We need them to help us find new avenues towards social improvement.
Dilip Gangopadhyay (2001) in his book Enterprise and Entrepreneurs draws our attention on the
intense relationship between them, and highlights the importance of entrepreneurship for the
economic growth of a country. Entrepreneurship is a variable, depending on the countrys
resolution for economic growth and its scope is limited by the agenda under the national policy.
In regard to our country, it is encouraged towards:
a) Social justice b) Removal of imbalance amongst the regions and dispersal of entrepreneurial
activities in backward rural areas c) Equitable distribution of income by way of creating jobs for
the unemployed d) Substantial
xliv
addition to the GNP and off late e) Techno-economic reliance through economic liberalization
and industrial globalization by way of turning mixed economy into market economy.
Once the role and functions of an entrepreneur are understood properly, the qualities which must
be present or need to be developed to undergo the entrepreneurial process with success should be
determined. Such qualities termed as characteristics are:
Capacity to take risk, capacity to work hard, capacity to search, capacity to exalt competence,
capacity for creative thinking, capacity to influence and persuasion, quality consciousness and
desire for deferred consumption.
Mario Rutten and Carol Upadhya (1997) in their book Small Business Entrepreneurs in Asia and
Europe, Towards a Comparative Perspective, highlight the general features of entrepreneurs
engaged in Asia and Europe. The authors quote Harvey (1989) and others who have argued that

the growth of small scale and rural based entrepreneurial classes throughout Asia and Europe
may be related to the profound transformation which has taken place in the capitalist world
system during the last two decades. Many of the small enterprises, both manufacturing and
service-oriented, are linked to larger companies through sub-contracting relations.
Most studies on entrepreneurs have found social networks to be central to their functioning and
this is true of European as of Asian businessmen. If social networks are viewed in a broader
sense as a kind of social capital, then their ubiquity among business entrepreneurs can be better
understood. The creation of social capital is essential not only for successful business dealings
and the enhancement of prestige, but also for insurance against an uncertain future.
Naunihal Singh (2003) has written his book Effective Entrepreneurial Management from a
definite and pragmatic point of view that stated, is this:
xlv
Neither innovative genius, nor hard work, nor even luck is in itself a guarantee for corporate
success. Assuming that all these are present in the new venture in at least trace quantities, the
missing catalytic element often seems to be what we might call the entrepreneurial state of
mind. It might be characterized as a degree of tough-mindedness that stops somewhere short of
combativeness, a confidence in ones intuitive as well as ones rational faculties, a capacity to
think tactically on ones feet, as well as to plan strategically in the business school sense; an
aptitude that senses timely action based on sometimes inadequate information, ahead of
prolonged fact-finding; a mental set stressing integration of many facts into action plans, rather
than endless differentiation and analysis.
A Hand Book for New Entrepreneurs (1986) (unpublished data) prepared by EDI-I faculty and
experts give their version of entrepreneurship. It is not a matter of heritage; it is entirely a
manifestation of such potentialities that any individual born in any caste, community and class
can have. As such, any person having a certain set of behavioural traits and mental aptitudes in
him/her can become an entrepreneur. Besides, there is no need for such person to be groomed
from the very childhood for becoming an entrepreneur. Even if he/she is grown up, has worked
on a different line, and has developed these traits or aptitudes, he/she can be groomed and
developed as an entrepreneur through counseling and motivational measures.
In order to know at first hand the factors which have led to the promotion of entrepreneurship in
small scale industry sector, a study was conducted by B.S. Batra (2002). This led to an in-depth
analysis of the socio-economic profile of entrepreneurs and the various factors of promotion,
success or failure of entrepreneurs.
There are a number of factors which motivate a person to enter into industry. There are internal
as well as external factors. Among the external
xlvi

factors, incentives to set up the new units prompted many to enter into entrepreneurial activity.
Heavy demand for the product, high profit margin and other external factors motivated them to
start the business units in the states. Among the internal factors, strong urge to do some
independent job accounted for a major chunk. The analysis of personality factors indicated that
competencies of entrepreneurs and risk taking ability have been a major motivating factor.
Many factors generally affect the growth of entrepreneurs. These include previous occupation,
family background, caste, education, technical know-how, financial position, government help,
and personality of entrepreneurs. These factors affect the process of industrial growth. Thus, in
order to promote industrial growth and development, it becomes necessary to create a conducive
climate which helps in promoting entrepreneurship.
The entrepreneurial spirit, as described by various studies and experiences on the subject
involves not only desire to gain monetary benefits, but also an admixture of an utmost need for
achievement and all the motivations evident in a high achiever. Long term involvement with a
goal which the entrepreneur has set for himself creates the need to persist with the undertaking
even in the face of number of barriers.
The advanced countries have made spectacular performance on the basis of industrial
entrepreneurship. The Asian region presents a similar underdevelopment. In India, most of the
industrialized states have shown a high rate of industrial growth during the last many decades.
There is predominance of small scale units which have shown a tendency of growth. The states
have plenty of small scale enterprises, but there are a few persons who have entered medium and
large scale sectors. However, the entrepreneurs have matched their counterparts in developed
regions in risk bearing capacity and their
xlvii
entrepreneurial skills. It is true to a large extent that whatever the various states have been able to
achieve is mainly due to the efforts of the entrepreneurs.
The entrepreneurs in low capital base depended mostly on family funds while those in medium
capital base tried to tap some nearby sources like friends and relatives. However, more than half
of the persons in high capital base got resources from governments as well as various financial
institutions. The business families supply more entrepreneurs than any other type. The persons
from business families are directly or indirectly exposed to family businesses which make them
familiar with business practices. The families with business occupation provided large number of
entrepreneurs.
Neal Thornberry (2006) describes the entrepreneurial philosophy in his book Lead like an
Entrepreneur. The entrepreneurial half of the entrepreneurial leadership requires the wearing of
an entrepreneurial hat on a day-to-day basis. Some people refer to this focus as a mindset or
philosophy or perhaps a lens through which a leader tends to consistently view his corporate
world. It is more fruitful to view this as a mindset than as an inherent or inborn characteristic,
since people can learn to wear this hat.

Simply defined, this mindset is a way of thinking and acting that is entrepreneurial in nature and
manifests itself in number of outwardly observable behaviour. Unlike a trait, mindset can be
learnt by most people if they have a desire to do so. What separates most organizational
managers from entrepreneurial leaders is desire. Some people have this desire naturally, but we
have seen others, employed in large corporations, get it through a combination of education,
personal development, and well designed compensation and motivational strategies.
The entrepreneurial mindset involved the following 10 qualities:
xlviii
Internal locus of control, Tolerance for ambiguity, Willingness to hire people smaller than
oneself, A consistent drive to create, Build or change things, Passion for an opportunity, A sense
of urgency, Perseverance, Resilience, Optimism and Sense of humour about oneself.
Entrepreneurship is about opportunity identification, development and capture. This is the be-all
and end-all. This is what entrepreneurs do and why they are called so. What separates most of us
from successful entrepreneurs is that they are willing to spend the time and energy to go through
this process. The process is not magic; it can be learnt. A clear discipline is involved in turning
an idea into an opportunity. Companies which wish to rekindle their entrepreneurial spirit need to
create an environment in which managers become impassioned about an idea to the point that
they are willing to pursue it even if there are obstacles.
G.R. Basotia and K.K. Sharma (1999) explain the role of entrepreneurs in developing enterprises
in their handbook on entrepreneurship development. An entrepreneur has to coordinate and
control various factors of production for achieving a given objective. All factors are equally
important for making the enterprise a success. Various departments should work in coordination
with one another and organizational and financial planning should be properly determined.
Modern business has become complex and complicated. The improvement in technology and
changing consumer preferences are creating more challenges for the entrepreneurs. All aspects of
an enterprise production, financing, marketing etc., should be properly arranged and
coordinated to make an enterprise successful. Some pre-requisites for the success of an enterprise
are: Setting objectives, Proper planning, Sound organization, Proper location and lay out of
plant, Marketing and distribution and Dynamic leadership.
J. Gayathri (2009) quotes Tata, Birla, Modi, Dalmia, Kirloskar and others as examples of
successful entrepreneurs, who started their business enterprises
xlix
with small size and good fortunes. Success or otherwise of a small enterprise, is to a great extent,
attributed to the success or otherwise of the entrepreneur himself. What makes them successful?
Whether they have anything in common in their personal characteristics? The scanning of their
personal characteristics shows that there are certain qualities of entrepreneurs which are found
usually prominent in them. The principle characteristics identified are: hard work, desire for high
achievement, highly optimistic, independence, foresight, good organizing and innovative mind.

Chris Boulton and Patrick Turner (2006) in their book Mastering Business in Asia, concentrate
on the essential qualities required for a person to succeed in entrepreneurial venture in Asian
region. The fact that there are wide variations between entrepreneurial activities in different
countries, even taking into account the distinction between necessity-based and opportunitydriven entrepreneurs opens up the whole subject area of what factors influence people to become
entrepreneurs and stimulate entrepreneurial activity.
You are more likely to become an entrepreneur if someone in your environment is or has become
one. Your environment includes more than just your family, and so it can also be said that if there
is a strong entrepreneurial community where you were brought up or even a cluster of towns in
your area, then this can also encourage you to think of becoming an entrepreneur.
Global Entrepreneurship Monitor (GEM) report found that post secondary or graduate education
are twice likely to be involved in an entrepreneurial firm than those with less education. GEM
report found that another of three statistically significant contributing factors to high levels of
entrepreneurial activity was a belief on the part of the individual that he possessed the skills
necessary to start and manage a business. People who believed this were on average five times
more likely to be engaged in entrepreneurship.
l
This finding can be taken together with the third of the three significant favourable factors,
which was perception of business opportunities, those who could see good opportunities were
three times more likely to be an entrepreneur than the rest. Another major factor influencing the
level of entrepreneurial activity was how easy or difficult it was to become an entrepreneur in
other words, the level of official and administrative burden that an entrepreneur has to cope with.
Also other factors to be reckoned with were costs an entrepreneur had to face, both at the start up
and during the operation of the business and the availability of funding for entrepreneurial
activities.
Neeta Baporikar (2002) establishes the role of entrepreneurs in the economic and industrial
development of countries through her book Entrepreneurship and Small Industry. Entrepreneur is
not an inventor. The large number of innovations would have all gone waste had they not been
made commercially viable by the entrepreneurs. That is why entrepreneurs are given the credit
for the success of the Industrial Revolution. What qualities or traits are required to be a
successful entrepreneur? While t is difficult to answer this question definitely, it appears that a
successful entrepreneur has the following qualities: Willingness to take sacrifices, leadership,
decisiveness, confidence in the project, marketing orientation, and strong ego.
Sathish Khanna (2004) in his book The Rising Indiapreneur: Instilling Entrepreneurial Skills
discovers the unique characteristics demanded for an entrepreneur to succeed in Indian business
environment. Entrepreneurs are the crux of the economy of any country. In order to succeed in
the era post-WTO, a new culture is required in India to fill this lacuna. It is not that we lack the
required resources or skills for faring better than what we already are. On the contrary, its people
are more than well qualified.

Even the definition of an entrepreneur has to undergo change. Earlier, any one who started a
business with his own money or loan money- irrespective of
li
the merits of the project was nomenclatured as an entrepreneur. Many times, he was just
launching the project because there were fiscal subsidies being offered by the government or the
project had duty protections or that easy loan money was available. For some, it was an
opportunity to siphon off money. Some started a particular business because others were making
profits in that business
the so-called entrepreneur could hire some employees and literally steal the technology and
customer base to copy the project. In the process, he neither made the intended profit for himself
nor did he allow the original player to continue making profits, based on his being the actual
entrepreneur.
This was an era of Destructive Construction. Most investments made in those days are
stagnating or losing the value. Some good investments have gone towards the destructive mode
too through value erosion.
It is time to deliberately destroy businesses which have taken in huge national resources, bred
inefficiently and are no more capable of withstanding global competition. Such destruction will
be a Constructive Destruction and hereafter new businesses based on global competitive merits
will have to be constructed. These should find opportunities within India and abroad. This will be
Constructive Construction and those who contribute this mode of creation will be the
entrepreneurs who will be able to restore respect for themselves.
Dr. Vasanth Desai (2008) in his book Small Scale Industries and Entrepreneurship, comments
that the characteristics of an entrepreneur that contribute to success are the result of his
achievement motivation. A successful entrepreneur is a person who has started the business
where there was none before. He is essentially an enterprising individual who is able to
recognize the potential profitable opportunity and who initiates to produce marketable products
by combining the various technologies and through organizing together the people, finance,
material resources marketing tools, in order to ultimately translate the idea in the minds to
physical realities. In short, entrepreneur is a
lii
person who initiates, establishes, maintains and expands a new enterprise. He is basically an
innovator, creator and accomplisher.
According to research studies, there are more than fifty personality traits and all these traits,
attributes and attitudes constitute the characteristics of a successful entrepreneur. Though all the
characteristics cannot be found in a single entrepreneur yet the presence of greater number of
these characteristics in an individual makes him an entrepreneur and only then it is possible for
him to be successful to achieve the goals of entrepreneurship. Some of the characteristics or

qualities of a successful entrepreneur are as follows: Need for achievement, Risk taking, Need
for independence, Sense of effectiveness, Social consciousness, Need for extension, Optimistic,
Open minded, Non-fatalist, Low affiliation, Pragmatist, Aggressive, Commitment and
conviction, Capacity to analyze, Initiative, Hopeful, Efficiency, Technical competence, Good
judgement, Intelligence, Leadership qualities, Self-confidence, Energy, Creativeness, Fairness,
Honesty, tactfulness and Emotional stability.
An entrepreneur who has a high level of administrative ability, mental ability, human relations
ability, communication ability and technical knowledge stands a much better chance of success
than his counterpart who possesses low levels of these basic qualities. Brilliant men with first
class degrees from universities hesitate becoming entrepreneurs because one thing they cannot be
taught is coping with human emotions.
V.S. Patvardhan (1990) in his research study on Growth of Indigenous Entrepreneurship
conducted a detailed study on B.D. Gareware, and his entrepreneurial growth as apart of a study
of prominent families from Maharashtra who have been involved in business and industrial
activity. The author throws light on the personality of B.D. Gareware (BDG), his motivation, the
environment in which he grew up, his uncanny business sense to exploit the opportunities at the
right time, the manner in which he reacted to the changing
liii
economic and social environment, the factors responsible for his decision making in the process
of expanding of his business, entrepreneurial aspects of his philosophy pertaining to
management, personal relations, product choice, and developing expansion and diversification.
BDG is known to be extremely careful and choosy while selecting his executives, train and
mould them, test them, and then repose full trust in them once they come out successful
according to his expectations. Creating leadership quality within his executives and cultivate a
sense of confidence among them has been one of his fondest activities in the running of his
different companies. Though a non-technician, he likes to learn by himself and remains a shade
better than his best technical personnel. He has experimented successfully by creating a mix of
hereditary and professional management in two of his companies. He is able to generate a sense
of belonging and identity within the organization among the employees with whom he used to
work. He spares no efforts and pains to nurture quality consciousness as a way of life.
BDG always believes in the kind of process of growth of the personnel providing them avenues
for promotion and encouraged active labour participation in ownership and management of his
companies. He would encourage his executives to take up responsibilities and gave credit for
their achievements. He would endeavour to know the problems of his employees, show
understanding and strive to create an atmosphere in which they would be satisfied and happy.
The overall thinking or philosophy as regards management of his companies has been based on
futuristic approach laced with practical conservatism. Management by hunches is perhaps a
unique feature of his business decisions. He continuously looks around for something new by

way of products and market. He is perceptive of the market and of the emerging competition and
not sentimental in being attached to particular products. Single
liv
minded devotion to the objective set before oneself and perseverance also can be counted as
important contributory characteristic of BDG. He is imbued with the true entrepreneurial spirit to
take up challenges and pursued them with a practical approach. He is a man of vision and
persistent and willing to put up in any amount of hard work.
Through the detailed and painstaking study of the personality traits, qualities and practices of
B.D. Gareware, the author has illustrated the living example of a successful entrepreneur and the
important attributes required for success.
R. Setty (2004) draws our attention towards the potential and challenges for women to become
entrepreneurs. Woman has been the economic partner of man in several fields but when it comes
to entrepreneurship, man seems, outwardly, at any rate, to dominate the entrepreneurial world.
Entrepreneurship is not simply a masculine job as army or navy. She, too, is equally endowed
with the psychological qualities and managerial abilities that matter in successful
entrepreneurship. Sometimes, the environment and opportunities are the same for both man and
woman. But interestingly, the entrepreneurial activity in the traditional developing societies has
been restricted to man.
In general, the potential woman entrepreneur may be a teacher, a nurse, a secretary or any
woman stuck in a job that does not fulfill her or which does not bring sufficient income. The
entrepreneurial woman is simply the woman who wants to start her own business. The promotion
of entrepreneurship among women depends very much on the organization, education,
simulation, and motivation of the clientele through concerted and systematic approach, focusing
on the individuals and groups. This objective can be achieved gradually through working with
people and demonstrating with possibilities of women venturing into entrepreneurial activities,
accompanied with adequate rewards development and social growth.
lv
Pankaj Kumar and P.N. Sharma (2009) in their article Development of Women Entrepreneurs in
India: With special reference to Bihar, draws the picture of women aspiring to become
entrepreneurs. The emergence of entrepreneurship in a society depends upon to a great extent on
the economic, social, religious, cultural and psychological factors prevailing in the society.
Emergence of women entrepreneurship has been an important development in advanced
countries and even in developing countries in recent years.
Today we find women in different types of industries, traditional as well as non-traditional. What
motivates women to aspire for career in business is an interesting thing to explore and analyse.
According to McClelland and Winter, motivation is a critical factor that leads towards
entrepreneurship. This apart, the challenge and adventure to do something new, liking for
business, and wanting to have an independent occupation are some of the attractive leverages for

women. These factors indicate a relatively deeper commitment to entrepreneurial profession on

the part of the entrepreneur. Responsibility thrust due to death or incapacitation of near ones, tax
benefit for self and for relations are the push factors. In addition, special qualifications achieved
for running concern, identifying the demand for the market, external motivation, employment to
needy and destitute to set up an ancillary unit, business already in the family, are some of the
factors which give stimulus to women entrepreneurs to start business.
S.K. Dhameja (2002) narrates the opportunities, performance, and problems experienced by
women entrepreneurs with reference to our country. In India, from the very beginning, women
have been managers of the kitchen and have solely dominated the area of household activities.
Today, non-traditional enterprises are easily managed by women and are done efficiently with
them as the decision makers. They are flourishing well as consultants, publishers, exporters,
manufactures, designers, interior decorators and the like.
lvi
The hidden entrepreneurial potential of women has gradually been changing with the growing
sensitivity to the role and economic status in society. Women are increasingly being conscious of
their existence, their rights and their work situations. Today, women entrepreneurs represent a
group of women who have broken away from the beaten path and are exploring new avenues of
economic participation. Among the reasons for women to run organized enterprises are their skill
and knowledge, their talents and abilities in business and a compelling desire to do something
positive.
Women entrepreneurs are regarded as persons who accept a challenging role to quench their
personality needs and to become economically independent by making suitable adjustments in
both family and social life. They are constantly on the look out for new and innovative ways
which lead to strong economic participation. Their adeptness, skill and knowledge, their acumen
in business and a pushing desire to do something positive are among the reasons for women to
establish and manage organized industries and take up challenging ventures.
Mark Casson (1982) says that the entrepreneur needs to be a generalist rather than a specialist. In
other words, it is important for entrepreneur to be reasonably proficient in all aspects of decision
making, rather than very proficient in some aspects but inadequate in others. Entrepreneur who is
deficient in some qualities in principle hire delegates who have these qualities. The entrepreneur
and the delegate complement each other and can take decisions successfully as a unit. In order to
hire complementary qualities the entrepreneur needs some additional qualities of his own,
namely, delegation skills and organization skills.
The difficulty of screening and devising incentives is far greater for some qualities than others.
Among these scarce qualities, the most difficult to screen for are imagination and foresight. It
follows that these qualities are essential to
lvii

the successful entrepreneur. Beside these qualities, however, the entrepreneur also needs either to
be himself a generalist, so that he can discharge his function without delegation or possess
delegation and organizational skills.
All entrepreneurial qualities are to extent innate. However, not all of them are entirely innate.
Some can be enhanced by training or simply be experienced. For example, analytical ability and
computational skill can be enhanced at school and university, while practical knowledge and
search skills can be enhanced by general experience of every day life. Entrepreneurial careers
will be strongly influenced by the desire to enhance qualities which are scarce, yet difficult to
obtain through delegation because of the problem involved in screening for them. Of the two
indispensable qualities mentioned above, imagination is almost entirely innate, while foresight,
though some extent innate, can be enhanced by a varied experience. Delegation skill and
organization skill though not essential are highly desirable whenever large scale decision making
is contemplated. These too are qualities which can be enhanced through experience.
Dr. Nagendra P Singh (1985) says there have been several studies which highlight that the
entrepreneur is a person who bears, innovates or initiates and organizes the business. His
existence can be justified with effective performance of various functions related to his role.
Entrepreneurial skills can be acquired and inculcated among the entrepreneurs, provided he
possesses certain qualities identifiable through his overt behavioural manifestation.
Significant identifiable traits of entrepreneurs are:
High empirical value

Observed and experienced traits

Need for achievement

Dignity of labour

Need for influencing others

Strong will power

lviii
High sense of efficiency

High self esteem

Change proneness

Tactful competition

Degree of self perceived readiness

Exploitative and opportunistic

Overall modernity

Creative

Business and financial background

Imaginative

A review of entrepreneurial characteristics has indicated 57 traits of the entrepreneur on the basis
of several researches and past experiences. It suggests that presence of any or most of the
characteristics should define the entrepreneur.
Ratna Ghosh, Meenakshi Gupta and S. Dian Dhar (1998) in their article, Women and
Entrepreneurship in India, describe the research project undertaken by The Centre for
Management Development in Trivandrum titled Management Skills for Rural Enterprises: A
Field Investigation. The project involved motivating, training and assisting men and women
towards developing independent business ventures. This study focused on the experiences of
women who started micro-enterprises. Based on the quantitative analysis of the data obtained
from questions administered to 73 women who invested in small scale industries, an attempt was
made to develop a profile of women entrepreneurs and draw out some implications for study.
Profile of woman entrepreneur - It is evident that she is not one of highly qualified persons but is
in whom knowledge combined with experience and circumstances have helped her to succeed in
her endeavour. Age and marital status have important roles to play in success. The typical woman
entrepreneur is married with less than 3 children and over 32 years of age. She could be from
either a nuclear or joint family. In any case, she should have both the advantages and
disadvantages in terms of personal independence and household support.
lix
Her initial investment range is quite high when compared to her economic background. She is
able to obtain sufficient funds from the Government to set up a small lucrative business which
would give her economic independence and higher social status because of increase in family
income.
Characteristically from a lower middle class family, the woman entrepreneur has a father or
husband who is at least a matriculate and works in the service sector. Yet she has succeeded in
establishing herself as an individual proprietor and has been encouraged to do so by her family
members. Employing mostly females, she has male support for handling the outside transactions.
Among the several reasons for becoming an entrepreneur, need for economic independence and
self- fulfillment is quiet strong. Although she herself is keen on her project and how she will
implement it, she clearly needs male support both at home in terms of a conducive home
environment as well as her entrepreneurial work. Societal and cultural values impinge upon her
outside her home, making her difficult to operate in male spheres of activity. She is obliged to
make her work and home environments fit to run smoothly and pleasantly.

Jasmer Singh Saini (2005) in his book Entrepreneurship Development: Programmes and
Practices, quotes Kilby (1971) who says entrepreneur perform four tasks: a) Exchange
relationship b) Practical administration c) Management control d) Technology. All these fields of
activities involve entrepreneur in decision making under conditions of uncertainty. Thus the
entrepreneur under Kilbys proposed framework would involve a) A determination of the types
and degrees of uncertainty confronting the performance of a particular operation b) The ability to
make appropriate decisions necessary for the goal achievement.
Kilby concludes, entrepreneurial performance in those roles involving exchange relationships
and practical administration is vigorous and effective. On the other hand, entrepreneurs typically
do not apply themselves with equal
lx
intensity to their tasks in the realms of management control and technology. Deficiencies in these
latter areas represent in many instances the operational bottlenecks to indigenous individual
development.
Dr. C.B. Gupta and Dr. N.P. Srinivasan (1999) quote Jeffrey Timmons (1985) who conducted
research on entrepreneurial traits and identified following traits: Total commitment,
determination and perseverance, Drive to achieve and grow, Opportunity and goal orientation,
Taking initiative and personal responsibility, Persistent problem solving, Realism and a sense of
humour, Seeking and using feedback, Internal locus of control, Calculated risk taking and risk
seeking, Low need for status and power, and Integrity and reliability.
The trait approach to entrepreneurship is useful. By developing a profile of a successful
entrepreneur, it becomes possible to spot and develop entrepreneurs. But we do not know which
traits are necessary for entrepreneurial success. Many traits used to describe entrepreneurs also
apply to many managers. The trait approach lacks specificity and is not applicable to all cultures.
Another difficulty is that traits lists are all positive. Thus, the trait approach is not fully satisfied.
Prof. Tandon (1975) has described the following qualities of a true entrepreneur capacity to
assume risk, technical knowledge and willingness to change, ability to marshall resources, and
ability to organization and administration. Historically there is a long list of entrepreneurs who
are instrumental in introducing new methods, products, new markets and new forms of industrial
organization. Such people were drawn from all strata of society. But they had common
characteristics. They were men who valued business as a means and sign of achievement, they
were people who appreciated the possibility of innovation and they were people who tried to
overcome the resistances and obstacles in the way of doing new things. Their motive was to
increase profit and improve efficiency by reducing costs. They were the great
lxi
figures of the Industrial Revolution in England, who earned their reputation as innovators and
organizers. They fulfilled in person the functions of the capitalist, financier, manager, merchant
and salesman.

Renu Arora and Dr. S.K. Sood (2004) in their book Entrepreneurial Development explain that an
entrepreneur should possess all such characteristics with the help of which he can perform
successfully. He should be: calculated risk taker, innovator, organizer, creative, achievement
motivated, self confident, socially responsible, optimistic, quipped with capability to drive,
blessed with mental ability, human relations ability, communication ability, decision making,
business planning, visionary, ability to spot and exploit opportunity and courage to face
adversities.
Marc J. Dollinger (2003) in his book Entrepreneurship: Strategies and Resources, draws out in
detail how the modern day entrepreneur is different from the older ones. If entrepreneurship is
one of the hot labels today, it is because the concept of being an entrepreneur has changed. 15
years ago, an entrepreneur might have been described as a business version of a John Wayne
cowboy who steered his business through the rodeo of commerce without the help of training or
education and without the assistance of bankers or other experts. Entrepreneurs were once seen
as small business founders with a strong independent streak and may be a flair for the dramatic
actions. Entrepreneurs were once born, not made.
Things are different now. What is emerging today is a class of professional entrepreneurs who
rely more upon their brains than their guts and who have been trained to use both methods and
technology to analyse the business environment.
The author has given a comparison of traits of old and new entrepreneurs
as:
lxii
Then

Now

Small business founder

True entrepreneur

Boss

Leader

Lone ranger

Net worker

Secretive

Open

Self reliant

Inquisitive

Seat of the pants

Business plan

Snap decisions

Consensus

Male ownership

Mixed

According to Bill Wetzel, Professor at University of New Hampshire, the old type entrepreneur
of business founders was thought primarily to be about learning a living, while todays
entrepreneur has the intention of building a significant company that can create wealth for him
and the investors.
The new entrepreneur comes from different sources too. Many of them are corporate track drop
outs, pushed out by downsizing or lured out by the quest for status, big money, or control of their
personal lives. Globalisation has many small start-ups to compete against with big businesses.
Academia has contributed to the creation of this new professional entrepreneur class too.
Harvard Business School which once had 3 or 4 professors teaching courses about small business
now has 17 full time faculties in its entrepreneurial studies programme. Staffing at other colleges
and universities reflect the same trend. The content of many finance, marketing and other
business courses has also been adjusted to reflect new concerns about development methods. The
new class of entrepreneurs do not just do, they understand what they are doing.
Sathish Taneja and Dr. S.L. Gupta (2001) in their book Entrepreneur Development: New Venture
Creation explain the characteristics and role
lxiii
demands of entrepreneurs. The wide range in the nature of business and the entrepreneurs who
have started and run them make generalisations about their characteristics at best, risky and at
worst, something misleading. For example, product-oriented business is significantly different
from service -oriented ones. Technical entrepreneurs have been found to have different
educational background than non-technical and service entrepreneurs. Further, the requirement to
build a large enterprise are different and more demanding than the personal requirements needed
for setting up a small scale enterprise or even a franchise.
Entrepreneurial characteristics can be developed, such as goal setting and certain role
requirements such as knowledge of particular business can be learnt. A person in his twenties
launching his part-time/full-time venture may start a small proprietorship or partnership concern.
Early success in such enterprises provides valuable learning. The experiences gained provide a
platform to build a larger, more complex and demanding venture on a later date.

For the entrepreneur as well as prospective partner and investor, the question of the nature and
extent of ones entrepreneurial potential is paramount. The criteria identified can be a useful
guide to help identify major shortcomings or a fatal flow that could make pursuit of an
entrepreneurial career a failure, rather than a success. It can assist in determining if there is a
reasonable chance of launching a successful venture to suit an individuals goals, values, and
needs or not.
Investigations have identified 14 dominant characteristics of successful entrepreneurs:
Need to achieve desire to be a winner
Perseverance quality to stick to it
Moderate risk taker prefer middle of the road
Use of feedback knowing how they perform
lxiv
Facing uncertainty tolerance for ambiguity and unfamiliar situations Stress takers posses
drive and energy
Self confidence faith in their abilities
Initiative seeking responsibility
Positive self concept aware of one self and internal locus of control Motivators possess
interpersonal skills
Flexibility flexible in decisions
Independence dislikes working for others
Analytical ability unaffected by personal likes and dislikes
Ability to find and explore opportunity
It is not enough to possess a large and intense level of these entrepreneurial characteristics. In
addition, certain conditions, pressures and demands are inherent in the role of entrepreneurship.
These role requirements have important implications for a persons suitability to
entrepreneurship and for the eventual success of a new venture. While successful entrepreneurs
may share several characteristics in common with successful persons in others careers, their
preference for and tolerance of the combination of requirements, unique to the entrepreneurial
role, is a major distinguishing feature. There are some important role requirements of an
entrepreneur accommodation to the venture, total immersion and commitment, economic
values, integrity and reliability.

R. Kumaresan (2009) in his book, Entrepreneur versus Entrepreneurship Development, makes a

detailed listing of the qualities required by an entrepreneur for successful management of his
enterprise. Entrepreneur is a human being who has his dignity, self respect, values, sentiments,
aspirations and dreams apart from economic status. If we analyse the business history of India
and the persons who have emerged as successful entrepreneurs namely Tata, Birla, Kirloskar,
Ambani and TVS Iyengar, we can find that there are some common qualities of entrepreneurs
capacity to take risk, capacity to
lxv
work hard, above average intelligence and wide knowledge, self motivation, vision and foresight,
willingness to differ consumption, imagination, initiation and emulation, inventive ability and
sound judgement, flexibility and sociability, desire to take personal responsibility, desire to seek
and use feedback, persistence in the face of adversity, innovativeness and future-orientation,
mobility and drive, creative thinking, strong need for achievement, ability to marshall resources,
high degree of ambition, will to conquer and impulse to fight and will to prove superior to others.
Dr. Bhawna Bhatnagar and Ankur Budhiraja (2009) quote Vasant Desai who has defined the
modern entrepreneur. According to Vasant Desai, the entrepreneur brings in overall change
through innovation for the maximum social good. Human values remain sacred and inspire him
to serve the society. He has firm belief in social betterment and he carries out his responsibility
with conviction. In the process, he accelerates personal, economic as well as human
development. The entrepreneur is a visionary and integrated man with outstanding leadership
qualities. With a desire to excel, the entrepreneur gives top priority to research and development.
He always works for the well being of the society. More importantly, entrepreneurial activities
encompass all fields/sectors and foster a spirit of enterprises for the welfare of mankind.
Based on the above definition, we can conclude that a modern entrepreneur tries to keep himself
updated by way of evaluating new situations and analyzing his environment to explore new
prospects, takes risk and then arranges for necessary resources to start his enterprise.
P. Vijaya Banu (2006) gives the characteristics about entrepreneur as named by various authors:
Organizer Say
Capitalist Adam Smith
lxvi
Innovative Schumpeter, Drucker
Change agent Young
Risk taker Webster, Walker, Knight
Opportunist Drucker, Dewing

Decision maker Danhof

Visionary Hisrich
Leader Hisrich
Dreamer Luther
Problem solver Hagen
High achiever McClelland
If we go through the business history of India, we come across the names of persons who have
emerged as big successful entrepreneurs - for example, Tata, Birla, Modi, Dalmia, Kirloskar,
Ramasamy, TVS Iyengar, and Anantharamakrishnan. When we study about them we find besides
twelve characteristics of the entrepreneurs as enumerated above, several other characteristics in
them. They are: hard work, time/speed, self reliance, communicator, motivator, initiative,
discipline, will power, optimistic, strategist, sound knowledge, technical knowledge, self
confidence, passion, flexibility, assertiveness, independent, creativity, human relations,
involvement, pride, adaptability, values, foresight, conviction, dynamism, courage, high energy
level, dreamer, determination and commitment.

lxvii
CHAPTER 3
RESEARCH METHODOLOGY
3.1 METHODOLOGY
The present study is descriptive in nature. The researcher made an attempt to find out the
demographical composition of the samples and to analyze their perceptions on the ways and
means of entrepreneurship. The case study method reveals their attributes towards their
perception on individualistic patterns in their uniqueness on entrepreneurial ventures.
3.1.1 Research design
According to the population enumeration of the census of India, the population of entrepreneurs
in each state stood at a measureable percentage. In this connection, it may be mentioned that the
problems of social engineering and population growth has given impetus for the growth of
entrepreneurship. Hence, the scope of the present study has been confined to these people alone.
It comprises 50 samples (estimated) of successful entrepreneurs which have been selected on
random basis. The method of sampling adopted here is Stratified Random Sampling with the list
of entrepreneurs as sampling frame and the sample size is determined on the basis of a Pilot

Survey (taking 10 entrepreneurs). As a matter of fact, entrepreneurs of Indian origin have gained
a lot of significance on account of several factors particularly due to their large number of
population in absorbing the labour force. The research samples were further confined to microlevel by the researchers concentration on only successful entrepreneurs.
The formula used is
n = Za2 x S2
e2
lxviii
Where,
n = sample size
e = marginal error/permissible error a
Za = standard variate at "a" level
S = standard deviation.
In the selection of the sample units for the purpose of the study, those with less than 5 years of
existence and not in business at present have been completely ignored. It had also been ensured
to give representation to different types of business houses.
The data for the study have been collected mostly from the primary sources. An elaborate
interview schedule was prepared for administering among the entrepreneurs. For the purpose of
conversing the questions, one entrepreneur for each business shall be selected irrespective of the
fact that some are partnership firms and some are private limited companies.
Apart from these, secondary data have also been collected from different Government
Departments like Department of Commerce & Industries, District Industries Centers, Department
of Economics and Statistics, State Industrial Development Corporation, etc. The data so collected
have been tabulated and analyzed properly with their level of achievement.
3.1.2 Research questions
1.Entrepreneurship development in any state is very slow and far below than the all Indian
average.
2.The industrial growth in a state has been on low growth path mostly due to more industrial
failures in the small scale sector.
lxix

3.Lack of demand for products, scarcity of working capital and above all, infrastructure
bottlenecks are the main factors for entrepreneurial backwardness in any given state.
4.Improper project planning, lack of industrial conception, absence of entrepreneurial class
adoptive to competitive and changing market forces and corrupt bureaucracy have also added to
the problem of sickness in small scale industries.
3.1.3 Scope and limitations of the study
The study conducted has the following scope and limitations:
(i)The scope of the present study has been confined to Indian nationals only.
(ii)Field survey was conducted during 2009 - 2011.
(iii)As the findings and conclusions of this study are based on data collected from the selected
entrepreneurs in the study area, it cannot be generalized for the entire nation.
(iv)The methodology followed and tools employed in the analysis of the data involved certain
merits as well as demerits of their own and also reflect the limitations of the database.
(v)Data pertaining to capital, borrowings and time devoted by entrepreneurs were gathered from
the selected entrepreneurs directly. There were no proper records maintained at the individual or
firm level. Thus the information given by the sample units may not be accurate. However, utmost
care was taken by the researcher to ensure accuracy, by adopting cross checking methods.
lxx
3.1.4 Climate and concept for the study
It is proposed to analyse the factors that have motivated and facilitated the entrepreneurship
development for study. What makes a man is mostly his environment and his attitudes. The
prevailing social-economic, psychological and the cultural factors naturally influence a man and
act as a source of inspiration to make a successful living in the society.
Environment and attitudes are not two different separable entities. The former influences the
latter and vice-versa. But the attitudes of people exert more influence on the environment.
Sometimes, man becomes a prisoner of the environment of which he is the creator. Here again,
the attitudes of man are not static. They are ever changing. Man constantly endeavours to
conceive new and better ideas and indulges in experimenting on them. This process guides to
changed attitudes and changed environments.
The level of economic development differs from one country to another country because the
people of these countries are placed in different socio- economic setting with different attitudes.
Wytinsky remarks that if it was possible to transplant overnight all the factories of Michigan,
Ohio and Pennsylvania to India without changing the economic attitudes of the people, two

decades later, the country would be as poor as it is now. He felt that the main source of India's
weakness lies in the human factor. What are lacking are not innate abilities or technical skills in
her people but it is the lack of initiative or interest in improving their economic status.
The paradox of the abundance of innate abilities, the lack of enterprising qualities in India is well
exemplified by Ram K. Vepa. He cited the example of Bihar, Orissa, Assam and Madhya Pradesh
which are endowed with rich natural resources and have, in the past, produced amazing
achievements both artistic and cultural. He cited the temples at Konark, Bhubaneshwar and
Khajuraho which speak in volumes about the skills of the master-craftsmen and the culture of the
lxxi
people of those areas in the past but which remained backward. Even today, these states remain
backward despite massive investment in public sector projects there since the beginning of the
era of planning in India.
As such, of all the attitudes, innovation, risk taking and future planning are the most important:
from the point of view of industrial development. It is the entrepreneur who acts as a 'spark plug'
to transform the economic scene and brings a sense of dynamism into it. Entrepreneurs like any
other careerists are not born but they are made. Career depends upon several factors other than
the attitudes of the careerist himself. The attitudes of others like his family members, friends and
relatives and the government would exert influence into the career making. Entrepreneurship is
no exception. Entrepreneurs are not only a product of their ambitions, but also those of the
aspirations of their family members, friends and the nation.
Certain compulsions also, at times, push them to the entrepreneurial roles. The encouragement
and help received from Government and non-governmental agencies are some of the important
factors instrumental to the emergence of entrepreneurship. It is proposed in this chapter to
enquire into the entrepreneurs' ambitions, the compelling forces, the sources of motivation, the
facilitating factors, etc.
Table 3.0 shows the distribution of the type of entrepreneurs' families. 84 of the total
entrepreneurs (79.2 per cent) were in joint life families at the time of starting their units and 22
(20.8 per cent) were in nuclear families.

lxxii
Table 3.0
District

Type of Families
Joint

Nuclear

Total

Total Count

84

22

106

% within Religion

79.2

20.8

100

% within Families

100

100

100

% of Total

79.2

20.8

100

Source: Field Survey

3.1.5 Presentation of the study
The study has been presented in five chapters: Chapter I deals with the concept of
entrepreneurship and its relationship with economic development, the emerging trends of small
scale industry, objectives of the study and research design. The second chapter comprehensively
reviews the literature related to this study. Chapter III explains the methodology which is a
combination of the case method and the survey method (popularly known as the case survey
(method). In the next chapter, namely Chapter IV, provides some empirical support for the
paradigm of strategic choice (as opposed to that of environmental determinism) underlying the
theoretical model as proposed in the earlier chapters. Following the discussions, in Chapter V,
narrates the process of identifying successful entrepreneurs with their entrepreneurial heuristics
and thumb rules so identified with findings and conclusions.
3.1.6 Entrepreneurs' ambitions
Ambitions motivate men. Ambition is an index of one's own resourcefulness. It activates men,
broadens their vision and makes the life more meaningful. Ambition is not something which is
akin to greed or windfall. Greed
lxxiii
results in disaster and windfall makes one a speculator. Like an individual, a nation or a region
may have their own ambitions or aspirations which speak of their resourcefulness. Galbraith

further explained that because the people of Asian and African nations are lacking in ambition,
they are lagging behind others in development.
Ambition is the wrench of all motives. The intentions and initiative of a man are motivated by
his ambitions. The importance of ambition in life can be justified by the common saying "aimless
life is a goalless game." Hence, their aspirations and means to reach their goal is much more
important than the man himself. However, ambitions differ from one person to another person
depending upon the characteristics, priorities, etc. which they have set for themselves.
Sometimes, personal ambitions may come in the way of achieving national aspirations. Well
conceived notions, careful planning, calculated risk taking, timely decision-making and swift
execution make the ambition meaningful and fruitful and hence the achievement of nation's
economic growth and development.
As regards the entrepreneurs ambitions, the entrepreneurs were asked to rank in order of
importance, any three of five given ambitions. The ambitions marked by them were ranked by
weighted score by according three points to the ambitions ranked first, two points to the
ambitions marked second and one point to the ambition ranked third. On the basis of the
percentage of total weighted score of each ambition, overall ranking was made. As can be
observed from Table 3.1, the ambition of gaining independent living or self-employment was
ranked first. To make money received second rank, and to to gain social prestige was the
third ranked ambition.
"To fulfill the desire of myself/my father/my wife" was the fourth ranked ambition. The "other"
ambition ranked fifth which includes the desire to do something new or creative, selfemployment to youths, etc. It is clear from the

lxxiv
above analysis that the entrepreneurs had mainly the ambition of gaining independent living or
self-employment, making money, gaining social prestige and fulfilling the desires of himself and
his family. It is also to be noted that basically there was only a slight, just an inter-changing,
difference in the ambitions of entrepreneurs in respect of the top three ambitions.
3.2 REASONS COMPELLING ENTREPRENEURS TO ENTER
INDUSTRY
Sometimes the compulsion rather than the ambition leads the man to success. At times, the initial
aspirations and the opportunities may clash with each other. Then the destiny is shaped none
other than by the compulsions encountered by the individual. Sometimes, one may be thrown out
of his job all of a sudden or he may remain unemployed for long time after his education. There
are also cases of people who start as tiny industry as a diversification of economic interests and
ultimately making lakhs of rupees and providing

lxxv
employment to others in hundreds. Such is the importance of the element of compulsion in
everyday life. Hence, it is thought appropriate to examine the reasons that might have compelled
the entrepreneurs to pursue entrepreneurship.
Table 3.2 shows the compulsion number one that has compelled the entrepreneurs was the
diversification of economic interests (31.3 per cent). 'Unemployment' was the number two
compulsion that has driven 23.5 per cent of the entrepreneurs to the industry whereas
'dissatisfaction' with the previous job held has shaped the destiny of 21.8 per cent of the
entrepreneurs to become industrialists. Compelling reason that ranked fourth is making use of
idle funds (12.6 per cent).
lxxvi
It may be interesting to note that 6 entrepreneurs had no compelling reason to start industry.
Moreover, 40 entrepreneurs had not mentioned any number two compelling reason. Likewise, 35
entrepreneurs did not find any number three compelling reason to start industry.
It is not an easy task to differentiate between one's ambition and compulsion. What is an
ambition for one entrepreneur may be a compulsion for another. It is the entrepreneurs' attitudes
that ultimately make the difference.

3.3 FACTORS FACILITATING ENTREPRENEURSHIP

Ambitions or compulsions alone may not make an entrepreneur. Sometimes, the encouragement
he got from his family members or his friends and relatives, the experience he gained in
employment, the skills he acquired or inherited etc., also facilitate the exercise of
entrepreneurship. Many factors may come up in the way of starting an industry. For example,
encouragement of the family elders is very much needed in the process of starting a unit. If they
are reluctant, quite naturally, it is difficult to expect support from others including entrepreneur's
wife. Moreover, first generation entrepreneurs generally face strong opposition from their parents
as occupation pursued by the family so far is different from what is going to be done by the
entrepreneur. Therefore, an attempt has been made to examine whether there were any such
facilitating factors.
Table 3.3 demonstrates the factors facilitating the emergence of entrepreneurship. Previous
experience in manufacturing was rated highest (33.2 per cent) of all the facilitating factors. The
next important factor facilitating entrepreneurship was the encouragement of family
members/relatives/friends (26.5 per cent). Success stories of entrepreneurs were ranked as the
third important factor (15.6 per cent). Closely followed, acquired or inherited professional and
technical skills were rated as the fourth factor facilitating the entrepreneurship.

lxxvii
It is clear from the analysis that there are at least two important factors facilitating
entrepreneurship apart from a few others. They are previous experience in manufacturing and
encouragement of family members/ relatives / friends. These two were ranked first and second
most important factors.
3.4 EXPECTATIONS OF ENTREPRENEURS
Expectations of the entrepreneurs which stimulated their desire to jump into entrepreneurship
and the degree of fulfillment of such expectations are enquired in this section. It is quite natural
that many of the entrepreneurs expect a lot from the state government and other non-government
agencies. Whether

lxxviii
these expectations get fulfilled or not, they initiate a useful function in stimulating the desire of
the entrepreneur to start a firm.
In this study, a long list of possible expectations or aspirations are given to the entrepreneurs and
asked to mark any expectation or expectations that had stimulated their desire to enter industry.
Table 3.4 shows the distribution of the expectations. Even though a long list of expectations is
given to the entrepreneurs, 19.6 per cent (11 out of 56 entrepreneurs) and 28 per cent (14 out of
50 entrepreneurs) admitted that they had no expectations as such. Many of the entrepreneurs (73
out of the total 106) expected financial assistance from State Government, State Industrial

lxxix
Development Corporation (SIDCO) and other state and national agencies. Expectation of getting
technical assistance from the government/non- government agencies ranked second (7.6 percent),
whereas expectation of availability of skilled labour was ranked third (6.6 percent). Only 3
entrepreneurs expected getting of ancillary relation with large firms.
Reasons for dissatisfaction from 21 entrepreneurs who are not satisfied with the location of their
unit are solicited. Table 3.9 observed the reasons for their dissatisfaction. Inadequate common
facilities were rated highest as reason number one by 16 out of 21 dissatisfied entrepreneurs. To
be more precise, lack of water supply, erratic power condition and more specially, lack of testing
laboratory for raw-materials and products are some of the inadequate common facilities availed
by the entrepreneurs. The second reason was inaccessibility to markets (rated 17.1 percent) by
entrepreneurs.

lxxx
The usefulness of attending EDPs from 39 entrepreneurs is also enquired. Table 4.22 shows the
responses from the entrepreneurs. 71.8 per cent of those entrepreneurs who had taken training
programmes (28 out of 39) found that EDPs are very useful to their enterprises while 17.9 per
cent rated it as useful. Only 5.1 per cent rated attending EDPs as not useful. It can thus be
concluded that attending some sort of entrepreneurial training can go a long run in the smooth
functioning of the small units.
lxxxi
3.1.7 REFERENCES
1.Davenport Robert W., Financing the small Manufacturing in Developing Countries, McGraw
Hill Book Company, New York, 1967, pp. 12-13.
2.Gupta S.K., 'Entrepreneurship Development Training Programme in India', Small Enterprise
Development', Vol. 1, No.4, December 1990.
3.John Kenneth Galbraith, "Economic Development' Harvard University Press, Cambridge,
1969, P. 15.
4.Mc Cleland D.C. & Winter D.G., 'Motivating Economic Achievement', The Free Press, New
York, 1969.

5.Ram K. Vepa, "Entrepreneurship for Development of Backward Areas," National Productivity

Council, New Delhi, 1973, PP. 14 -15.
6.Wytinsky, India: The Awakening Giant, P. 187
lxxxii
CHAPTER 4
CASES STUDIED
1. AJAY PIRAMAL -PIRAMAL ENTERPRISES LIMITED
Ajay Piramal is the Chairman of Piramal Enterprises Limited, India. From owning what was then
an almost defunct textile company, Piramal today is the Chairman of Rs.4,000 crore group,
comprising Nicholas Piramal, the fourth - largest pharmaceutical company in India, Morarjee
Weaving and Spinning and Gujarat Glass.
In 1988, he heard from a friend that Nicholas Laboratories, an Australian MNC that was exiting
India, is up for sale. There were many large suitors but Piramal decided to meet Mike Barker, the
man in charge of selling the company, and told him that he had no track record, was only 33, but
was confident of achieving his dream of putting Nicholas among the top five pharma companies
in India (from 48th at that time). Barker laughed with disbelief but decided to sell the company
to him after hearing out the "young and untried entrepreneur's" turnaround plan. He took the
company to a place among the top five pharmaceutical companies in India through a string of
overseas acquisitions like the Indian subsidiaries of Roche, Boehringer Mannheim, Rhone
Poulenc, ICI and Hoechst Research Centre.
Piramal says proudly that a decade later he went to see Barker in retirement in Kenya armed with
Nicholas' annual report which showed that the company was among the top five pharma
companies in India. Ajay Piramal draws his inspiration from Foot prints on the sands of time.
This story, writes Business Standard, has acted as a guiding spirit for him.
lxxxiii
2. AMAR BOSE - BOSE CORPORATION
Amar Gopal Bose born in 1929 is the Founder Chairman of Bose Corporation. An American
electrical engineer of Bengali descent, he was listed on the 2007 Forbes 400 with a net worth of
$1.8 billion. The child of an Indian Bengali father and white American mother, Bose was born
and raised in Philadelphia, Pennsylvania. Bose graduated from Abington Senior High School and
entered the Massachusetts Institute of Technology, graduating with a BS in Electrical
Engineering in the early 1950s. Bose spent a year in Eindhoven, Netherlands, in the research labs
at NV Philips Electronics and a year in Delhi, India, as a Fulbright student. He completed his
Ph.D. in electrical engineering from MIT, writing a highly mathematical thesis on non-linear
systems.

Following graduation, Bose took a position at MIT as an Assistant Professor. He focused his
research on acoustics, leading him to invent a stereo loudspeaker that would reproduce, in a
domestic setting, the dominantly reflected sound field that characterizes the listening space of the
audience in a concert hall.
Bose was awarded significant patents in two fields which, to this day, are important to the Bose
Corporation. These patents were in the area of loud speaker design and non-linear, two-state
modulated, Class-D, power processing.
To found his company in 1964, for initial capital, he turned to angel investors including his MIT
thesis advisor and Professor, Dr. Y. W. Lee (who invested his life savings on the effort). Today,
the Bose Corporation is a multifaceted entity with more than 12,000 employees, worldwide, that
produces products for home, car, and professional audio, as well as conducts basic research in
acoustics, automotive systems, and other fields. In addition to running his company, Bose
remained a Professor at MIT until 2000.
3. S. ANANTHARAMAKRISHNAN AMALGAMATION GROUP
lxxxiv
Sivasailam Anantharamakrishnan (19051964), affectionately called "J" was an Indian
industrialist and business tycoon who founded and led the Amalgamations Group of industries
from 1945 to 1964.
EARLY YEARS WITH SIMPSON AND COMPANY
Anantharamakrishnan joined Simpsons Group, a British-owned South Indian business
conglomerate as Secretary in 1935. He became one of the three directors and the only Indian
director (the other two being European) in the board of Simpsons group when Sir Alexander
MacDougall, Chairman of Simpson's, and W.W. Ladden, Managing Director of the Company
founded a holding company in 1938. Anantharamakrishnan's induction marked the partial
Indianization of Simpsons group which was, till then, completely owned by Europeans. The very
next year, it was converted into a public limited company. This eventually became the
Amalgamations Group in 1941.
EXPANSION OF THE AMALGAMATIONS GROUP
In 1922, John Oakshott Robinson of Spencer's had purchased the Madras newspaper The Madras
Mail and the Higginbotham's and merged the companies with his printing company Associated
Printers and the Spencer's to form the Associated Publishers. In 1945, Anantharamakrishnan
purchased Associated Publishers on behalf of Amalgamations and added the new companies to
the group. According to popular Chennai historian S. Muthiah, the successful takeover was the
result of an overheard conversation at a Hotel Connemara. This takeover is regarded as over of
the biggest business deals of post-colonial Madras.

During the period 19381955, the group also promoted a finance company called Simpson and
General Finance, an advertising company (Madras Advertising Company), Wheel-Precision
Forgings, Speed-a-way and Wallaces Castwright. India Piston was established in 1949. Addison
Paints and Chemicals
lxxxv
were established in 1947. With Indian independence and Indianization of commercial
establishments in the country, the Europeans in the board left handing the company to Indians.
Consequently, Anantharamakrishnan became the Chairman of the Amalgamations group in 1953.
Anantharamakrishnan died an untimely death on April 18, 1964 at the age of fifty-nine.
4. ANIL AGARWAL VEDANTA GROUP
Agarwal has travelled a long way, from the Patna lad who left school at 15 to founder, Chairman
of the $10 billion conglomerate Vedanta Resources.
One of the most thrilling moments of my life was the day I got my first cycle, reminisces Anil
Agarwal, founder Chairman of the London Stock Exchange-listed mining and metals
conglomerate with a market cap of $10 billion. The cycle, a gift from his father, a fabricator of
grills and gates in small- town Patna in the 1960s, meant the youngster could ride to his
municipal school in style, instead of making the daily 10 km hike on foot. Much later, Agarwal
graduated to a Vespa scooter, but never made it to college. Agarwal came to Mumbai as a scrapmetal dealer in 1976, going on to build an empire in copper, zinc, aluminium and iron ore,
recently venturing into power generation.
Vedanta Resources was the only Indian group to go for a primary listing on the London Stock
Exchange in 2003 and its subsidiary, Sterlite Industries, was listed on NYSE in 2007 in the
largest IPO in the US by an Indian company. The tipping point came in 2003. Frustrated with the
licence raj regime and the constraints of raising capital in India, Agarwal had earlier moved to
London. From a British newspaper he learnt that Brian Gilbertson, the South African dealmaker
who engineered the $57 billion takeover of BHP by Billiton in 2001 to create the worlds largest
mining group, had fallen out with the merged leadership.
lxxxvi
So Agarwal made a cold call, just like that: I always take a chance. I told Gilbertson that I
would like him to help me list my company. In turn, Gilbertson asked about his hobbies, and
Agarwal recollects, I told him that my hobbies are whatever the other man wants. Gilbertson
said, I do cycling. I replied, I do cycling too. The pair biked 60 km from Oxford to London,
with Agarwal trailing. Agarwal reflects, Some strength helped me cover that distance.
Gilbertson came to India, checked out all our assets and was impressed. I offered him a good
package and he became Chairman. Vedanta subsequently attracted others on the boardP.
Chidambaram, the late Sir David Gore-Booth and Michael Fowle, Chairman, KPMGand the
company successfully listed on the London Stock Exchange. With this, Agarwal became a global
player in mining and metals in less than a decade.

When Agarwal came to Mumbai for the first time as a 20-year-old, he was fascinated by
Narendra Desai, Chairman, Apar Group, the doyen of the aluminum industry at that time. Thirty
years later, the two still meet over a cup of tea every week and share a bond that transcends
business. Agarwal says, He is a follower of the Hare Krishna movement. From him I learnt that
you can be an industrialist and also be a bhakt.
In 1993, Ranjit Pandit, now Managing Director, General Atlantic, had just moved back to
Mumbai from New York, to open McKinsey and Co.s India practice, which he chaired. In
inimitable Agarwal style, Pandit got a call out of the blue, with Agarwal describing Sterlite as a
small company which had a lot to learn. From then on, Pandit has been a regular sounding board.
He says: Look at the power generation company hes going to list. It has just 1,000MW, but hes
growing it to 10,000MW, and his valuation is based on that.
The person who has perhaps most influenced Agarwals recent thinking is an American, Steve
Elbaum, Chairman, Superior Cables, inspired Agarwals 2006 $1 billion pledge to set up the
Vedanta University, a world-class
lxxxvii
university, on a 3,200 ha site in Orissa. Says Agarwal: I want to spend 20% of my time on
philanthropy, building lasting institutions the way American industrialists have done. Thats my
passion now. His critics say the real motivation is Vedantas interests in Orissa, which holds the
worlds fourth largest bauxite depositsthe mining of these has been opposed by some
environmentalists and tribals, resulting in Norways Government Pension Fund divesting its
small holding in Vedanta.
5. AZIM PREMJI - WIPRO
Achievements: Azim Premji has several achievements to his credit. In 2000, the Asia week
magazine voted Premji among the 20 most powerful men in the world. He was among the 50
richest people in the world from 2001 to 2003 as listed by Forbes. In April 2004, Time magazine
rated him among the 100 most influential people in the world. In 2005, the Indian Government
honoured Azim Premji with the Padma Bhushan. Chairman of Wipro Technologies; one of the
richest Indians for the past several years; his success story is a source of inspiration to a number
of budding entrepreneurs.
He was studying Electrical Engineering from Stanford University, USA, when due to sudden
demise of his father he was called upon to handle the family business. He took over the reins of
family business in 1966 at the age of 21 years.
At the first general meeting of the company attended by Azim Premji, a shareholder doubted
Premjis ability to handle business at such a young age and publicly advised him to sell his
shareholding and give to a more mature management. This spurred him and made him all the
more determined to make Wipro a success story. And the rest is history. When Azim Premji
occupied the hot seat, Wipro dealt with in hydrogenated cooking fats and later diversified into

bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products
and hydraulic cylinders. Thereafter Premji made a focused
lxxxviii
shift from soaps to software. Under his leadership Wipro has metamorphosed from a Rs.70
million company in hydrogenated cooking fats to a pioneer in providing integrated business,
technology and process solutions on a global delivery platform. Today, Wipro Technologies is the
largest independent R&D service provider in the world. Under his leadership, the fledgling US$
2 million hydrogenated cooking fat company has grown to a US$1.76 billion IT Services
organization serving customers across the globe. In the past two years Wipro has also become the
largest BPO services provider, based in India. Wipros growth continues be driven by its core
values.
Wipro was the first Indian Company to embrace Six Sigma, the first Software Services Company
in the world to achieve SEI CMM Level 5 and it also became the worlds first organization to
achieve PCMM Level 5 (People Capability Maturity Model). Premji equates Quality with
Integrity both being non-negotiable.
In the year 2001, Premji established Azim Premji Foundation, a not-for- profit organization with
a vision of significantly contributing to quality universal education to build a just, equitable and
humane society. This means every child receiving quality education. Although one of the richest
Indians, he flies economy class and is happiest when hiking, reading or discussing the foundation
he has set up to promote primary education.
Excellence endures and sustains. It goes beyond motivation into the realms of inspiration.
Excellence can be as strong a uniting force as solid vision. What is excellence? It is an unending
great journey all about going a little beyond what we expect from ourselves. I have found that
excellence is not so much a battle you fight with others, but a battle you fight with yourself, by
constantly raising the bar and stretching yourself and your team, Azim Premji.
HOW DOES ONE CREATE EXCELLENCE IN AN ORGANIZATION?
lxxxix
First, we create an obsession with excellence. We must dream and think of excellence not only
with our mind but also with our heart and soul. Let us look outside, at the global standards of
excellence in quality, cost and delivery and let us not rest until we surpass them.
Second, we need to build a collective self-confidence, because excellence requires tremendous
faith in one's ability to do more and in a better way. Unless, we believe we can do better, we
cannot.
Third, we must understand the difference between perfection for its own sake and excellence.
Time is of essence. Excellence is about doing the best we can and speed lies in doing it quickly.

These two concepts are not opposed to each other; in fact, speed and timeliness are important
elements of quality and excellence.
Fourth, we must realise that we cannot be the best in everything we do. We have to define what
our own core competencies are and what we can outsource to other leaders. Headaches shared
are headaches divided.
Fifth, we must create processes like Six Sigma, CMM or ISO that enable excellence. Use them
because they are based on distilled wisdom and it is imperative that we use the most modern
tools to keep processes updated.
Sixth, we must create a culture of teaming (Quality). Cross-functional teams that are customer
facing can cut through an amazing amount of bureaucracy, personal empire building and silos
and deliver savings that spreads to the rest of the organization and teaming becomes a way of
life.
Seventh, invest in excellence for the future. Future always seems to be at a distance. But it comes
upon you so suddenly that it catches you by surprise, if not shock. We must certainly trim our
discretionary expenses, but must ensure that our investments in strategic areas lead to excellence
are protected.
xc
Finally, excellence requires humility. This is especially needed when we feel we have reached the
peak of excellence and there is nothing further we can do. We need an open mind to look at
things in a different way and allow new inputs to come in. The great man then shared some tips
for success:
Have the courage to think big; never compromise on fundamental values;
Build up self-confidence, always look ahead and have the best around you;
Have an obsessive commitment to quality; play to win; and
Leave the rest to the force beyond.
6. BHAI MOHAN SINGH - RANBAXY LABORATORIES LIMITED
Bhai Mohan Singh, founder of pharmaceutical giant Ranbaxy Laboratories, can be called as the
doyen of pharmaceutical industry in India. Bhai Mohan Singh was born in 1917 in Rawalpindi
district. Bhai Mohan Singh began his business career in the construction business during the
Second World War. He started business as a moneylender. Ranbaxy was started by his cousins
Ranjit Singh and Gurbax Singh. Ranbaxys name was a fusion of Ranjit and Gurbaxs names.
When Ranbaxy defaulted on a loan, Bhai Mohan Singh bought the company on August 1, 1952,
for Rs.2.5 lakhs.

Bhai Mohan Singh collaborated with Italian pharma company Lapetit Spa and later on bought it.
He made his mark in the pharmaceuticals industry in the late 1960s when he launched his first
superbrand, Calmpose, which was an imitation of Roches valium. He established an R&D
facility at Mohali and launched one blockbuster pill after the other, such as Roscillin, Cifran, etc.
Ranbaxy Laboratories Ltd went public in 1973. Bhai Mohan Singh also co-founded Max India
with his youngest son, Analjit Singh. As a pioneer of India's pharmaceuticals industry, 89-yearold Bhai Mohan Singh was the
xci
survivor of many a courtroom and boardroom battles, be it to regain hold over the company or to
claim rights to products and patents.
Bhai Mohan Singh died on March 27, 2006. He was the ex-Vice President of the New Delhi
Municipal Corporation (NDMC). For his contribution in civic matters he was awarded the
Padma Shri. For his contribution to the industrial development of Punjab, the Punjab
Government named an industrial township near Ropar after him.
7. BRIJMOHAN LAL MUNJAL - THE HERO GROUP
Achievements: Chairman of Hero Group; honoured with Ernst & Young Entrepreneur of the Year
in 2001. Today, the Hero Group is the largest manufacturer of two-wheelers in the world and
B.M.Munjal is the man credited with its success.
His journey began in 1944 at the age of 20. He along with his three brothers moved from his
birthplace Kamalia in Pakistan to Amritsar. The brothers started supplying components to the
local bicycle business. After partition in 1947, the family was forced to move to Ludhiana. In
1952, Munjals made a shift from supplying to manufacturing. They started manufacturing
handlebars, front forks and chains. In 1956, the Punjab state government announced the issue of
12 new industrial licenses to make bicycles in Ludhiana. The Munjal brothers cashed on this
opportunity. Soon Hero Cycles started giving well established players such as Raleigh, Hind
Cycles and Atlas Cycles a run for their money. The Hero Cycle was comparatively cheaper and
was sturdy and reliable. It gave the customers value for their money.
In 1984, Japans Honda, the largest manufacturer of motorcycles elicited interest in collaborating
with the Hero Group to manufacture motorcycles in India. Even after the collaboration has
broken, the Hero Group is the largest manufacturer of motorcycles in the world.
xcii
SEEDING A DREAM
The founder and patriarch of the $ 2.8 billion Hero Group is a classic first generation
entrepreneur. He is a man who started small, dreamt big and used a combination of grit and

perseverance to create one of the country's largest corporate groups and the World's No.1 two
wheeler company.
BUILDING RELATIONSHIPS
When Brijmohan and his brothers started out, there was no concept of organized dealer
networks. Companies just produced, and most dealers functioned like traders. Brijmohan
changed the rules of the business by trusting his gut instincts; introducing business norms that
were ahead of their time, and by investing in strategic relationships. "Thanks to the relationships
that we have nurtured so passionately in the Hero Family, the younger generations of some of
our bicycle dealers have become dealers of Hero Honda. These relationships have survived
through generations - through bad times and good times'' the patriarch now reminiscences.
STAYING AHEAD
In the 1980s, when all two-wheeler companies in India opted for two- stroke engine technology,
Brijmohan preferred a four-stoke engine - a technology that dramatically increased fuel
efficiency and reduced maintenance costs. This technology was one of the biggest reasons for
Hero Honda's stupendous success.
A CORPORATE CITIZEN
The Ludhiana Stock Exchange owes its existence to Brijmohan's vision as does the Ludhiana
Flying Club. He has also set up the not-for-profit Dayanand Medical College and Hospital - an
institute now rated as one of the
xciii
best medical colleges in India, in terms of infrastructure, quality of staff and alumni profile.
By 1971, the Munjals had set up a rim-making division for Hero Cycles and launched another
company called Highway Cycles that would make freewheels -- it was then that Brijmohan Lal
restructured and streamlined Heros rapidly expanding business. Within a span of 6-7 years,
production at the Hero Cycles plant doubled and in 1975 it became the largest manufacturer of
bicycles in India.
He worked on two premises; first that all four brothers, the original four brothers, had an equal
stake in all the Munjal companies. The second premise was that any Munjal who wanted to
work, had to have a business to run. Now what did that mean? That meant that between the
1980s, 1990s and 2000, the business began to expand and to diversify -- they went into textile
spinning, they went into financial services . . . although not all of these succeeded.
They had also integrated vertically right up to a cold-rolling steel mill. But the biggest and the
most important factor in all this was their continuous growth in the auto components' segment,
and this would become perhaps the Munjal's key competitive strength.

Brijmohan Munjal is steady in his dedication towards his work. With the widespread network of
5,000 dealers across the country, the Hero Group today is a conglomerate with an annual
turnover of Rs.10,000 crore. Highs and lows, rewards and backlashes have all been a part of the
Hero Group's corporate story, but downfalls did not discourage them, nor did losses kill their
spirit of entrepreneurship.
8. CHETAN MAINI: REVA ELECTRIC CAR
Chetan Maini began building toy cars and planes when he was eight. And, with some nifty
workmanship, he has turned his hobby into an innovative
xciv
business. He serves as Chief of Technology & Strategy Officer and Deputy Chairman of
Mahindra REVA Electric Vehicle Co Ltd. (alternative name is REVA Electric Car Company
Private Ltd.), a joint venture between Maini Group of Bangalore and AEV LLC, USA. Mr. Maini
has over 14 years experience with electric vehicles during the course of which he has developed
over 6 electric, solar and hybrid-electric vehicles in India and US. At Stanford, he served as the
project leader.
In this regard, Chetan Kumar Maini, the former owner of Reva Electric Cars is a lucky man to
have built a remote-controlled toy car at the age of 8, and won a school prize in the sixth
standard. Later, he started building toy planes and go-carts with a scooter engine. As a
mechanical engineering student, he built solar and hybrid cars. And, finally, he designed and
built a battery-operated car - India's first electric car, the Reva. He just takes three weeks to put
together a model. Today, Maini picks up most of his ready-to-assemble kits from shops in
Bangalore for Rs.6, 000 to 12,000 apiece.
His childhood fascination for cars led him to pursue a mechanical engineering degree from the
University of Michigan. Maini's fascination for hybrid vehicles really took off during his
postgraduate days at Stanford. He spent a lot of time researching green technologies and
companies that were working in that space.
"In my college days, we were four friends who were working on a solar car together. We were
always looking at starting a company, especially in the electric vehicles space," he says. That is
how he ended up working for a company called Amerigon, which was working on the electric
vehicle technology. And that is where the idea of Reva was born.
When Maini introduced Reva in India in 2001, the auto market looked at his electric car with
amusement, some even indulged him by taking test rides, but few took the car seriously. In late2006, the company received an investment
xcv
of $20 million from Draper Fisher Jurveston and Global Environment Fund to help Reva's
strategic growth globally.

9. DEEPAK PAREKH HDFC

He is a Chartered Accountant. Mr. Parekh is a Fellow of the Institute of Chartered Accountants
(England & Wales). He is designated as Chartered Financial Accountant from England and
Wales. Mr. Parekh received a Bachelor of Economics of Bombay University and holds a
Financial Chartered Accountant degree from England and Wales.
Mr. Parekh joined Housing Development Finance Corporation in a senior management position
in 1978 and served as its Managing Director from 1985 to 1993. He is an eminent banker and a
renowned financial expert in the country. He served as the unofficial Crisis Consultant to the
Government of India. He began his career with Ernst & Young Management Consultancy
Services in New York.
HDFC has reached where it is today because of sheer hard work and shared vision.
Mr. Parekh was awarded the Padma Bhushan in 2006 for his contribution in the field of trade and
industry. On January 24, 2008, Mr. Parekh was awarded the lifetime achievement award by
Finance Asia for his contribution towards the banking/financial sector in Asia in 2003. He was
also the first recipient of the Qimpro platinum award for Quality for his contributions to the
services sector and the youngest recipient of the prestigious corporate award for lifetime
achievement from the Economic Times. He has won several other awards including 'Hall of
Fame' award by Outlook Money Magazine in 2005 and Best Non Executive Director award by
the Asian Centre for Corporate Governance in 2006.
10. DHIRUBHAI AMBANI RELIANCE GROUP
xcvi
Achievements: Dhiru Bhai Ambani built Indias largest private sector company. He created an
equity cult in the Indian capital market. Reliance is the first Indian company to feature in Forbes
500 list.
Dhirubhai Ambani was the most enterprising Indian entrepreneur. His life journey is reminiscent
of the rags to riches story. Dhirajlal Hirachand Ambani was born in 1932, at Chorwad, Gujarat,
into a Modh family. His father was a school teacher. Ambani started his entrepreneurial career
selling bhajias to pilgrims in Mount Girnar over the weekends.
After doing his matriculation at the age of 16, Ambani 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,
Dhirubhai built Indias largest private sector company, Reliance India Limited, from scratch.
Over time his business has diversified into a core specialization in petrochemicals with
additional interests in telecommunications, information technology, energy, power, retail,
textiles, infrastructure services, capital markets and logistics.

Dhirubhai revolutionized capital markets. From nothing, he generated billions of rupees in

wealth for those ho put their trust in his companies. His efforts helped create an equity cult in
the Indian capital market. With innovative instruments like the convertible debenture, Reliance
quickly became a favourite of the stock market in the 1980s.
In 1992, Reliance became the first Indian company to raise money in global markets, its high
credit taking in international markets limited only by Indias sovereign rating. Reliance also
became the first Indian company to feature in Forbes 500 list. Dhirubhai Ambani was named the
Indian entrepreneur of the 20th century by the Federation of Indian Camber of Commerce and
xcvii
Industry. A poll conducted by the Times of India in 2000 voted him greatest creator of wealth in
the century.
He is the man behind Reliance Industries, whose empire extends from petrochemicals to textiles.
With his vision and astute leadership, Ambani has succeeded in established Reliance as one of
the largest private sector company in India. Dhirubhai Ambani has received global adulation for
his success. In a recent poll conducted by Asia week, he was selected as one of the 5 most
powerful people in Asia. He has been profiled by Times of India in their section- Indian of the
Century. He was awarded the Wharton School Daans medal for his contribution as a leader to
international business, world economy and political policy.
11. EKTA KAPOOR - BALAJI TELEFILMS
Achievements: Creative Director of Balaji Telefilms; awarded with Ernst & Young Start up
Entrepreneur of the Year award in 2001. Ekta Kapoor can be aptly called the reigning queen of
Indian television industry. The serials produced by her company are a great hit with the masses
and are dominating all the major T.V. channels.
Ekta is the daughter of former Bollywood superstar Jeetendra and sister of the current Bollywood
hero Tusshar Kapoor. Ekta did her schooling from Bombay Scottish School and later on joined
Mithibai College. She was not interested in academics and on the advice of her father ventured
into TV serial production at the age of 19. Her company has produced more than 25 serials and
each one is being shown, on an average, four times a week on different channels. Ekta Kapoors
serials have captured the imagination of the masses. She has broken all previous records of TV
serial production and popularity in India.
xcviii
Ekta Kapoor has produced and co-produced numerous soap operas, television series and movies.
Today, Ekta Kapoor dominates Indian television, producing more than eight television soaps for
STAR Plus, India's leading general entertainment channel.
She has traversed a long way, pushing through a host of odds that have stood her way since her
first musical game show Dhum Dhamaka went on air around 1994.

The self-confessed control freak has moved on to making films, though the factor continues in
her life, stronger than ever. From the small screen to the big, she still courts controversy with the
way she deals with some of the subjects in her serials; she still hires and fires people.
Though her dreams appeared to shatter as her creative products flopped on the small screen, her
confidence in herself and her belief in the Almighty saw her pulling off success with a hilarious
comedy show "Hum Paanch". After that there has been no looking back for this young wizard of
Indian television.
Today, Balaji is no more a private limited enterprise but a public limited company. And no prizes
for guessing how much sweat, toil and labour the largest and youngest single producer of
television software in the history of India's entertainment industry has put in.
Despite the popularity of her soaps, Ekta has received a lot of criticism for her controversial and
bold scenes, the portrayal of female characters, false sophisticated sets and repetitive, frivolous
plots. In the short span of her career this young entrepreneur of India has achieved many awards
and civic honours. She was chosen to lead the Confederation of Indian Industries' (CII)
entertainment committee. Truly, it is not Ekta Kapoor alone for the bull's eye success of Balaji
Telefilms, rather there is a strong team of more than 300
xcix
professionals who are sincerely working behind the scenes and so the familiarity must have gone
to the company and its team and not Ekta alone.
12. GALLA RAMACHANDRA NAIDU AMARARAJA BATTERIES
Dr. Ramachandra Naidu Galla born in1938 is an Indian industrialist, the founder of the Amara
Raja Group of companies. He is married to Aruna Kumari Galla, a minister in the Andhra
Pradesh state government.
CAREER
Galla was born in the village of Petamitta in Chitoor District, Andhra Pradesh. He did his
bachelors in Electrical Engineering at Jawaharlal Nehru University in Anantapur, then took a
masters degree at the Regional Engineering College, Rourkela and a second masters degree at
Michigan State University. After leaving Michigan, he worked for US Steel, and then as a
consulting engineer on the design of power plants.
He returned to India in the 1980s, when he founded Amara Raja Batteries in Chitoor; the group
spun off a number of subsidiaries, including Galla Foods and Mangal Precision Products. The
group currently has an annual turnover of Rs.1900 crore.
Dr. Ramachandra N. Galla is the patriarch of an illustrious business family of Andhra Pradesh,
Gallas, who have established a name for themselves by successfully setting up Amara Raja
Batteries. Dr. Galla started his career as an Electrical Engineer in US Steel Corporation, USA

moved on to Sargent & Lundy, USA as a Consulting Engineer for the Designing of Nuclear &
Coal Fired Power Plant. He initiated various projects in these corporations & mastered the ropes
of this competitive business in a very short time. However, he soon discovered that his natural
inclination was serving his country and as a
c
logical sequel he gravitated towards Chittoor his native place in India. Dr. Galla laid the
foundation of Amara Raja batteries in 1985 in Chittoor.
Dr. Galla's finest hour as a businessman came in 1998 when he was presented Best Entrepreneur
of the Year 1998 by Hyderabad Management Association, Hyderabad. He has been bestowed
with honorary doctorate degrees from Jawaharlal Nehru Technical University in 2008 at
Hyderabad & Sri Venkateswara University in 2007 at Tirupati. He has also been conferred with
The Spirit of Excellence award by Academy of Fine Arts, Tirupati, and various other
prestigious awards.
He is passionate about a corporates responsibility to society as well as championing eco-friendly
business practices. Dr. Galla has established various charitable trusts. He is dedicated to rural
development and improving the economic conditions of the farmers in Chittoor District, Andhra
Pradesh.
13. GAUTAM ADANI - ADANI GROUP
Gautam Adani born in 1962 is the Chairman of the Adani Group, a leading trading and export
company of India. In September, 2010 Forbes magazine announced that Adani is the 6th richest
person in India with a personal wealth of US $10 billion as of March, 2011. He is the first
billionaire from the city of Ahmedabad.
Gautam Adani was born in Ahmedabad, India, to Shantilal and Shantaben Adani in a Gujarati
Jain family. He set out for Mumbai to make a living with only a few hundred rupees at the age of
18. He studied at the Seth C. N. Vidyalya School in Ahmedabad and later on at Gujarat
University. Adani is a University dropout; he studied till his second year for a Bachelor's Degree
in Commerce.
ci
He worked in Mumbai as a diamond sorter at Mahindra Bros. After working there for two years,
Adani, 20 at that time, set up his own diamond brokerage outfit at Zaveri Bazaar and made his
first lakh.
In 1981, one year later, his elder brother Mansukhbhai, bought a plastics unit in Ahmedabad and
asked Gautam to run it. This marked the beginning of Adani's foray into global trading by
beginning to import polyvinyl chloride (PVC), a key raw material for manufacturing plastics.
After the economic liberalization, the import duty on various goods was slashed, and profits of
Adani Exports, then his flagship company, grew immensely.

In the first half of the 1990s, the American multinational Cargill and the small Indian company
Adani Group joined hands for a project to produce and export salt from Gujarat. The Americans
exited the proposed partnership citing management and control differences, leaving the Indian
partner with 5,000 acres of land for which it had no use. Gautam Adani could have been in
trouble. But he saw there an opportunity. Call it prescience, providence or a good gamble. In
place of the captive jetty to export the salt, now stands Mundra Port, Indias largest private port.
The surrounding land is home to the largest multi- product special economic zone in the country.
These crown jewels on the Gujarat coastline stand testimony to Adanis business acumen. He
started with an investment of Rs.5 lakh in 1988, and his groups current turnover is Rs. 7,000
crore.
Adani soon saw an opportunity to import plastic and break the monopoly of the local
manufacturers. Adani Exports Ltd was formed in 1988 as a partnership firm. The company went
public in the mid 1990s, by which time it had expanded to coal and scrap metal businesses. Says
Pranav Adani, his nephew and Managing Director of Adani Wilmar: What separates him from
the rest is that he can see 5-7 years ahead.
cii
Mundra was the fountainhead of the groups activitythe locus of all expansion that followed.
After building the port, Adani added backward and forward links to complete the chain. As the
port became active, he realized that there would be need for power and began importing coal.
This was the seed for his foray into power and energy sector.
The transition of his flagship company, Adani Enterprises, would be more spectacular. From a
trading house with around Rs.22, 000 crore revenue, it is set to become an infrastructure
conglomerate with more than Rs.42, 000 crore revenue by 2012. Adani Group can make India
and Indian infrastructure happen, says Uday Kotak, Vice-Chairman and MD, Kotak Mahindra
Bank.
Adani Enterprises is among the top five players in every business it is into, says a research report
by the financial services firm IDFC-SSKI. Currently, it is the largest trading house in India and
the largest private sector player in coal trading with 20 million tonnes contracts in 2008-09. It is
also the largest private company in power trading. Adani plans to emulate the success in his
newer ventures. He has earmarked investments of over Rs.25, 000 crore over the next three
years. What people accomplish in 10 years, my father wants to do in two, says Karan.
Adani Groups entry into power generation thus becomes an automatic extension. It is also the
most ambitious. It will determine the groups fate and its rise to the top echelons of Indian
industry. But Adani has a clear-cut plan. With the development of power plants, we will be
vertically integrated and drawing synergistic benefits among the Adani Group companies for
capturing value across the entire chain, he says.
ciii

Does Adani function purely as an instinctive entrepreneur or is there a process to his ambition?
Three years ago we were not in the power business. But when the State Electricity Act gave
way to deregulation, we entered the business, say Pranav and Karan.
14. GHANSHYAM DAS BIRLA BIRLA GROUP
Achievement: Laid the foundations of the Birla Empire; founder of the Federation of Indian
Chambers of Commerce and Industry (FICCI).
Ghanshyam Das Birla is the man who laid the foundation of the Birla Empire. He was a close
associate of Mahatma Gandhi and advised Gandhiji on economic policies. He was the most
important pre-Independence contributor to the Indian National Congress. He is also popularly
known as the builder of Birla Mandirs.
Born in 1894, G.D. Birla was a native of Pilani. His grandfather Shiv Narayan Birla was a
traditional marwari moneylender. Ghanshyam Das Birla entered the business arena during the
time of First World War. He established a cotton mill in Sabzi Mandi, and later on established
Keshoram Cotton Mills. Along with cotton mills he diversified to jute business and shifted his
base to Calcutta city in Bengal, the world's largest jute producing region. He established Birla
Jute Mills in Bengal, much to the consternation of established European merchants.
In 1919, with an investment of Rs.50 lakhs, the Birla Brothers Limited was formed and a mill
was set up in Gwalior. In 1930s, G.D. Birla set up Sugar and Paper mills. In 1940s, he ventured
into the territory of cars and established Hindustan Motors. After independence, Ghanshyam Das
Birla invested in tea and textiles through a series of acquisitions of erstwhile European
companies. He also expanded and diversified into cement, chemicals, rayon and steel tubes.
civ
After independence, the Birlas expanded their business and started production in many fields.
Near Mirzapur, he, in collaboration with Caesar, an American friend, set up an Aluminum Plant
Hindalco. Ghanshyam Das Birla also founded several educational institutions. Birla Institute of
Technology and Sciences (BITS) Pilani has today evolved into one of Indias best engineering
schools. He also established many temples, planetariums, and hospitals.
In 1957, he was awarded Indias second highest civilian honour, the "Padma Vibhushan" by the
Government of India. G.D. Birla award for scientific Research has been established to encourage
scientists for their contribution in the various fields of scientific research in his honor. The Birla
family is one of the foremost business houses in India. During the decades of 70`s and 80`s, Birla
brothers were among the topmost Industrial Houses of India. Their businesses vary from
petrochemicals and textiles to automobiles and Infocomm.
Ghanshyam Das Birla died in 1983 at the age of 90.
15. GOENKA. R.P. RPG GROUP

Rama Prasad Goenka MP is the founder and currently Chairman Emeritus of the RPG Group,
one of India's leading industrial houses. With a turnover of more than Rs.8000 crore last year, the
RPG Group's core business activities include power (CESC, which supplies power to the city of
Kolkata); Tyre (CEAT, a leading Indian tyre company); power transmission (KEC International,
the world's second largest EPC power transmission company), retailing (Spencer's, India's largest
organized retail chain), entertainment (Saregama India, India's oldest music company) and
technology (which embraces life sciences and IT).
Born in Kolkata in 1930, Rama Prasad Goenka was educated at the famed Presidency College,
where he came in touch with some outstanding teachers of his time and picked up an abiding
interest in history and economics. Soon after
cv
his graduation, Rama Prasad Goenka became associated with the Indian jute industry. At a very
young age as Chairman of Indian Jute Mills Association, he played a leading role in underscoring
the need for modernizing the traditional industries.
The RPG Group was set up in 1980 with jute, cable and carbon black, with a turnover of Rs.70
crore. He, found time to have a stint at Harvard University and later took pioneering steps to
invite the renowned IMD at Lausanne to India and set up the International Management Institute
in Delhi, where he continues as Chairman. Rama Prasad Goenka is a former Chairman of the
Federation of Indian Chambers of Commerce and Industry (FICCI) and Chairman of the
Confederation of Asia Pacific Chambers of Commerce & Industry, where he continues as a
Member of the Advisory Board.
Currently a Rajya Sabha member of the Parliament, R.P. Goenka is deeply involved in social
work. He is a Trustee of the Jawaharlal Nehru Memorial Fund and a Trustee of the Indira Gandhi
Memorial Trust. He is also a trustee of the Rajiv Gandhi Foundation. Rama Prasad Goenka has
taken abiding interest in education, particularly higher education and served as Chairman of
Board of Governors of this Institute for two terms, during which IIT Kharagpur was rated the
country's No. 1 engineering education institute by India Today.
During his colourful business career spanning more than five decades, Rama Prasad Goenka
served many public institutions. He is a former Director of the Central Board of Reserve Bank of
India, General Insurance Company of India, Steel Authority of India and Industrial Development
Bank of India.
In recognition of his unique services, the Emperor of Japan bestowed on him his country's
highest honour for a Foreigner "The Order of the Sacred Treasure Gold and Silver Star". The
Institute of Advanced Studies in Education Deemed University (IASE), Rajasthan has already
honoured him with a D. Litt
cvi
(Honoris Causa) for his contribution to industry and his deep involvement in social work.

16. JEYSINGH THOMAS - AVT GROUP

Born at Idayankudi near Tirunelveli, Mr. Jeysingh Thomas did his graduation in the MCC and a
post graduation in business in UK. He established the first commercial plant tissue culture lab in
India in 1984. He remained a role model for budding entrepreneurs in agriculture.
DIVERSE BUSINESSES
Mr. Thomas became the Chairman of AV Thomas group in 1968 after his fathers demise.
Established in 1925, the group is involved in diverse businesses including tea, coffee, rubber,
spices, leather goods, food ingredients and natural extracts, medical appliances, treated rubber
wood, shipping and warehousing, agency services and plant technology. He employs more than
11, 000 people.
Habib Hussain, one of the executives on the board of A.V. Thomas Group, said Mr. Jeysingh
Thomas had a sharp business mind. He made friends for life and kept his word.
17. JINDAL, O.P. - JINDAL GROUP
Shri Om Prakash Jindal more popularly known as O.P. Jindal was born in 1930 to a farmer late
Netram Jindal of village Nalwa of district Hisar in Haryana. Since his childhood the young Jindal
had interest in technical work. He started his industrial career with a small bucket-manufacturing
unit in Hisar. In 1964, he commissioned a Pipe Unit Jindal India Limited, followed by a large
factory in 1969 under the name Jindal Strips Limited.
cvii
At present, there are twenty factories under the flagship of the Jindal Organization, which are
worth over Rs.17, 500 crores, under whose umbrella, thousands of families directly or indirectly
benefit themselves.
O.P. Jindal was the Chairman of the Jindal Organization. In 2004, Jindal was conferred the
prestigious "Life Time Achievement Award" for his outstanding contribution to the Indian Steel
Industry by the Bengal Chamber of Commerce & Industry. According to the latest Forbes' List,
O.P. Jindal has been ranked 13th amongst the richest Indians of the country and placed 548th
amongst the richest persons of the world.
His life's mission was to help others particularly the common man in every possible way. Shri
Jindal was known for his unassuming generosity and donates crores of rupees annually not only
to known but also to needy strangers. Numerous social and religious institution of India also
received liberal donations from Shri Jindal for noble causes.
Jindal's philosophy was that without the upliftment of weaker and backward sections of society
our dream of being a leading nation of the world shall remain unfulfilled. To realize this
conviction he was motivated into politics. Like industry in politics too, he had a successful story
to tell. He received tremendous support and co-operation of the people and became a Member of

the Haryana Legislative Assembly in 1991. In 1996, he was elected as a Member of Parliament
in the 11th Lok Sabha from the Kurukshetra Parliamentary Constituency of Haryana with a
landslide victory.
The life journey of Jindal from a farmer's son to a successful industrialist, a philanthropist, a
politician and a leader would serve as a great source of inspiration for generations to come.
cviii
18. JOHN YESUDHAS, V.F. WAVETEL
Yesudhas began his career as a marketing executive in 1998 with a salary of Rs.3500. In 2000, he
decided to freelance as a dealer. With the money he made, he started a shop in a tiny 250 sq. ft.
space in Plaza Centre, Chennai. Thus was born Wavetel in rather humble surroundings.
Today, in a decade, Wavetel is the number one retailer of mobile phones in South India. At the
beginning of 2008, Wavetel had eight branches. Then in August 2009 Wavetel had 23 outlets
22 in Chennai and one in Chengelpet, near Chennai. Wavetel created two records the first by
clinching the highest number of phones sold on an opening day at their Valsaravakkam branch, in
Chennai. They sold 367 phones that day, which is a national record. The second is their exclusive
mobile retail shop in Chengelpet. It is the largest individual telecom store in the country, spread
over a space of 3400 sq. ft.
Wavetelmobile.com, the brands website is hugely popular among customers. The website gets
an astounding 80, 000 hits a day. Another web- based initiative by John is wavetelsms.com. It is
one of the few websites which gives customers the option of sending unlimited free sms-es.
Today the company employs approximately 300 people and their turnover has been increasing
steadily. John has ambitious plans for the brand saying, We are in the process of talks with
foreign investors for equity investment to go national. We are looking towards having a pan
Indian presence.
John is understandably proud of brand Wavetel after all, from being a small player in the
market, today it is a brand to contend with in the south. Wavetel also bagged South Indias
Number One Retailer Award for the 2008 - 09 financial year. Riding the crest of success, John
and Wavetel are surfing to a bigger and brighter future.
cix
19. KALLAM ANJI REDDY - DR REDDY'S LABS
Achievements: Founder Chairman of Dr. Reddys Group of Companies, awarded with the
Padmashri in 2001, Dr. K. Anji Reddy is a pioneer in pharmaceutical research in India. Dr.
Reddy served in the PSU Indian Drugs and Pharmaceuticals Limited from 1969 to 1975. He was
the founder-Managing Director of Uniloids Ltd., from 1976 to 1980 and Standard Organics Ltd.,
from 1980 to 1984. Dr. Reddy is a serving member of the Prime Ministers Council on Trade &

Commerce, Government of India, and has been nominated to the Board of National Institute of
Pharmaceutical Education and Research.
Kallam Anji Reddy is an Indian entrepreneur in the pharmaceutical industry, the founder of Dr
Reddy's Labs. He spent his early years in the village of Tadepalli in Guntur district, Andhra
Pradesh, where his father grew turmeric. Reddy graduated from the local high school and went
on to get his first Bachelor of Science degree from A.C. College at Guntur in 1958. Dr. Reddy
holds a B.Sc.-Tech in Pharmaceuticals and Fine Chemicals from Bombay University and a
Ph.D., in chemical engineering from the National Chemical Laboratory, Pune.
It was the first company to take up drug discovery research in India. In 2001Dr. Reddys Labs
became the first Asian pharmaceutical company outside Japan to be listed on the New York
Stock Exchange. The company has revenues of $ 546 million is Indias second largest
pharmaceutical company.
Dr. Reddy is also a philanthropist. He is the founder-Chairman of Dr. Reddys Foundation for
Human & Social Development, a social arm of Dr. Reddys, which acts as a catalyst of change to
achieve sustainable development.
20. KARSANBHAI PATEL NIRMA
cx
Dr. Karsanbhai Khodidas Patel born in 1945, in Gujarat, is an Indian industrialist, founder of the
Rs.2500 crore Nirma group with major interests in detergents, soaps and cosmetics. He has
interests in education, and founded a leading engineering college, the Nirma Institute of
Technology. He is sometimes referred to as Dr. K.K. Patel.
LIFE
Born into a farmer family from north Gujarat, Karsanbhai finished his B.Sc. in Chemistry at age
21 and worked as a lab technician, first in the New Cotton Mills, Ahmedabad, of the Lalbhai
group and then at the Geology and Mining Department of the state Government. In 1969,
Karsanbhai set up Nirma, (named after daughter Nirupama) selling detergent powder. This was
an after- office business - the one-man company would bicycle through the neighbourhoods
selling handmade detergent packets door to door. At a price of Rs.3 per kg, (one third the price of
leading detergents), it was an instant success.
After three years, Karsanbhai felt confident enough to quit his job. Later he said: the lack of any
such precedent in my family made the venture fraught with fear of failure. But farmers from
North Gujarat are known for their spirit of enterprise. Karsanbhai set up shop at small workshop
in an Ahmedabad suburb. The Nirma brand quickly established itself in Gujarat and Maharashtra.
The high quality and low price of the detergent made for great value. Fueled by housewifefriendly advertisement jingles, Nirma revolutionized the detergent market, creating an entirely
new segment for economy detergent powder. At the time, detergent and soap manufacture was

dominated by multinational corporations with products like Surf by Hindustan Lever, priced
around Rs.13 per kg. Within a decade, Nirma was the largest selling detergent in India. Since
production was labour intensive, Nirma also became a leading employer. Made without some
phosphates, Nirma was also somewhat more environment friendly.
cxi
After establishing its leadership in economy-priced detergents, Nirma entered the premium
segment, launching toilet soaps Nirma bath and Nirma beauty soap, and premium detergent
Super Nirma detergent. Ventures into shampoo and toothpaste were not successful, but the edible
salt Shudh is doing well. Nirma beauty soap is one of the leading toilet soaps, behind Lifebuoy
and Lux. Overall Nirma has a 20% market share in soap cakes and about 35% in detergents.
Nirma also has successful operations in neighbouring countries.
In 1995, Karsanbhai started the Nirma Institute of Technology in Ahmedabad, which grew into a
leading engineering college in Gujarat. An Institute of Management followed, with the entire
structure being consolidated under the Nirma University of Science and Technology in 2003,
overseen by the Nirma Education and Research Foundation. The Nirma labs education project,
aimed at training and incubating entrepreneurs, was launched 2004.
Karsanbhai's two sons and son-in-law are now at leading positions in the Nirma organization:
Rakesh K Patel (MBA) looks after procurement and logistics, Hiren K Patel, chemical engineer
and MBA, heads marketing and finance, while Kalpesh Patel is in human resources.
AWARDS
In 2001, Karsanbhai was awarded an honorary doctorate by Florida Atlantic University,
recognizing his exceptional entrepreneurial and philanthropic accomplishments.
In 1990, the Federation of Association of Small Scale Industries of India (FASII), New Delhi,
awarded him the 'Udyog Ratna' award. The Gujarat Chamber of Commerce felicitated him as an
'Outstanding Industrialist of the Eighties'. He has served twice as Chairman of the Development
Council for Oils, Soaps and Detergents.
cxii
21. KIRAN MAZUMDAR-SHAW - BIOCON LTD
Achievements: Chairman & Managing Director of Biocon Ltd., Indias largest biotechnology
company. In 2004, she became Indias richest woman. Kiran Mazumdar was born in Bangalore.
She did her schooling at Bishop Cotton Girls School and Mount Carmel College at Bangalore.
After completing her B.Sc in Zoology from Bangalore University in 1973, she went to Ballarat
University in Melbourne, Australia and qualified as master brewer in 1974. Her professional
career kick-started immediately and she joined Carlton and United Beverages as a trainee brewer.
Four years later she changed tracks to join the Irish company Biocon Bio-chemicals Limited as a

Trainee Manager. Not quite content with being just an employee, the same year Mazumdar Shaw
took the bold step of founding Biocon India in collaboration with the parent company Biocon
Bio-chemicals. In retrospect, calling it a bold step seems to be an understatement as her capital
investment was a paltry Rs.10, 000. Banks were hesitant to give loans to her as biotechnology
was a totally new field at that point of time and she was a woman entrepreneur, which was a rare
phenomenon.
HER DETERMINATION
Her initial operations included developing a process to extract papain, an enzyme from papaya.
This fermentation process made way to develop processes for many other industrial enzymes. By
1990, Biocon India became proficient enough to start an in-house research programme, in solid
substrate fermentation technology, which allowed it to produce enzymes from pilot to plant level.
Mazumdar Shaw, however, was not satisfied. The visionary in her saw that Biocon had potential
to enter the field of biopharmaceuticals. She, thus, initiated strategic research programs. In 1994,
Biocon established Syngene International Private Limited as a Custom Research Company
(CRC) under the stewardship
cxiii
of Kiran Mazumdar Shaw. In 2000, Biocon established Clinigene, India's first Clinical Research
Organisation (CRO).
Today, Biocon is recognized as Indias pioneering biotech enterprise. In 2004, Biocon came up
with an IPO and the issue was over-subscribed by over 30 times. Post-IPO, Kiron Mazumdar
held close to 40% of the stock of the company and was regarded as Indias richest woman with
an estimated worth of Rs.2,100 crore. She is a much sought after biotech pioneer who has been
referred to as "India's Biotech Queen" by The Economist and "India's mother of invention" by
New York Times.
Besides her hectic professional life, Mazumdar Shaw has also penned a coffee table book titled
'Ale and Arty'. She has made sure that Biocon has an active corporate social responsibility and is
active in the field of public health and education. She also heads the Vision Group on
Biotechnology for the state of Karnataka and was instrumental in making Bangalore a Biotech
Hub.
WINNER TAKES IT ALL
It is difficult to ignore such achievements, and Mazumdar Shaws efforts have been duly
acknowledged. She has been the recipient of several awards over the years. These include ET
Businesswoman of the Year, Best Woman Entrepreneur, Model Employer, Ernst & Youngs
Entrepreneur of the Year award for Life Sciences & Health Care in 2002, Leading Exporter,
Outstanding Citizen, Technology Pioneer, the Lifetime Achievement Award from the Indian
Chamber of Commerce in 2005, and the Wharton Infosys Business Transformation Award in
2006. The Government of India conferred her with Padmashri (1989) and Padma Bhushan

(2005). But the award she values the most is the MV Memorial, one named after the great
engineer and visionary Sir M. Vishweshwariah.
22. KISHORE BIYANI PANTALOON
cxiv
Kishore Biyani is the Chairman of the Company. He is a commerce graduate with a postgraduate diploma in marketing management. He has over 25 years of experience in the field of
manufacturing and retailing of ready-made garments. Over the years, he has led the emergence
of Pantaloons Retail as the leading retailer in the country. He has received several awards
including the 'CEO of the Year - 2001', 'the most Admired Retailer of the Year 2004', the 'Retail
Face of the Year - Images Retail Awards 2005' and the 'E&Y Entrepreneur of the Year Services
2006'.
Pantaloon's Kishore Biyani has become India's largest retailer, but still has several aces up his
John Miller shirtsleeves. And now that he has set himself the task of retaining control of the
largest retail space in the country, he would not let anyone - suppliers or international promoters
included - catch him slacking.
Unlike most people, Kishore Biyani makes no bones about his simplicity. He believes in taking
quick decisions. The deal with Bennett, Coleman & Co was done in seven days flat. He has
never met V. Banga of Unilever in his life, and leaves the task of relationship building to his
managers. Biyani has not always played in the big league. Having quit the family business,
which supplied denim to Arvind Mills, in 1987, he collected Rs.7 lakh and set up a small plant
that produced 200 trousers a day.
In the crowded market of ready-mades, Biyani learned his first lesson - to be heard, you need to
shout louder than the rest. As a result, though the turnover for his Bare brand was only Rs.7 lakh
in the first year, he spent Rs.16 lakh advertising it. He also added John Miller shirts to his
portfolio. This year, Pantaloon will spend Rs.85 crore advertising its various store formats.
The shift from manufacturing to retail was the critical point in Biyani's career. Distribution costs
were the reason brands were snuffed out in the market, so Biyani decided to rewrite the rules of
the game. In 1993, he experimented
cxv
with a small store format, and Pantaloon Shoppe was launched in Panjim, Goa, "where we could
make mistakes without anyone noticing them".
From the shoppe to the large store format in 1998 - this time in Kolkata ("If you can conquer
Kolkata, you can conquer other markets too. Calcuttans, contrary to perception, have money and
are loyal customers. They are emotional people and get emotionally attached to a brand.") - was
a carefully crafted plot. And he was proved right when the Kolkata Pantaloon store became a
raging success and Biyani stepped on to the turf as a super retailer.

Other professionals have wondered where Biyani picked up the tricks of the retailing trade.
Some he learned from his own mistakes, he admits. Others he picked up from the big boys of
international retail. Biyani was not above picking up the gauntlet and launched Big Bazaar, a
hypermarket in Mumbai as a gamble; financing it mostly through a loan. To India's surprise, the
format worked and the rest is history. He goes personally to people's homes, talks to local
community leaders and spends weeks walking streets of bazaars to get a feel of what products
should be stacked in a new store.
The year 2004-05 has been eventful for Pantaloon Retail as it crossed the Rs 1,000-crore target.
But there have been other watershed years, such as 1997 when it launched its first departmental
store, Pantaloons, in Kolkata and 2002, when it opened its first departmental store, Big Bazaar.
Today, Pantaloon is poised to don a new look with a new corporate identity. From the
`Knowledge Group,' it will be now known as the `Future Group' with a new logo (a human palm
print) with the message `India tomorrow.'
The Rs.1,100-crore retail company has been moving at a scorching pace straddling almost all
possible segments in retail (fashion, food, general merchandising, home, leisure, entertainment,
finance, beauty, wellness and e-tailing), exploring new areas and formats. His passion is
observing and he enjoys watching Hindi drama and cinema. He is a compulsive reader.
cxvi
23. KOCHOUSEPH CHITTILAPPILLY -V GUARD
Kochouseph Chittilappilly: I started my business 30 years back at very small level with only
two workers. At that time when I was working as a supervisor my ambition was to earn more so I
started a small industry. Slowly and steadily the industry started growing but I believe the main
reason was the quality of products for our growth story.
Aged 56 years, is a post graduate in Physics from Calicut University. He started his career as a
Supervisor in an electronics company, where he worked for three years. In the year 1977, he
started a SSI Unit engaged in the manufacturing and selling of electronic voltage stabilizers.
He is one of the founder promoters and has motivated the company to succeed in its business. He
has been the Managing Director of the company since its inception and has taken the company to
its current levels of stature and recognition with his experience and vision. He is the recipient of
numerous awards, which were bestowed on him for his exemplary performance in business.
Among them are Business Man of the Millennium 2000 from Rashtra Deepika, Tourism Man of
the year from Destination Kerala and Samman Pathra Award for top income tax payer from
Honourable Union Minister of State for Finance. As the Managing Director, Mr. Kochouseph has
been the main driving force behind the companys sustained growth. Finding capital was
difficult; banks were not impressed by his proposal, and refused to fund him. Nevertheless, in
1977 an undeterred Chittilappilly ventured into stabiliser manufacturing with an investment of
one lakh rupees that his father gave him. With just two employees, all that he could make were
two stabilisers a day.

Today, Chittilappilly is one of the most successful businessmen in Kerala. His Rs.165-crore VGuard group is a household name in the state, with its flagship stabilisers and a host of products
such as water pumps, water heaters, UPS, wiring cables and starters. V-Guard employs more than
4,000 people
cxvii
directly and indirectly. The group includes V-Star creations, makers of apparel ranging from
designer churidars to lingerie, and the Veega Land amusement park.
I believe that the achievements of V-Guard group are not entirely due to my abilities. I realise
that our managers, staff and other associates have played a major role in bringing V-Guard to this
level, he says. No wonder he has set apart four percent of the equity for his 700-odd employees.
24. MOHAN SINGH OBEROI - OBEROI GROUP
Achievements: Founder of the Oberoi Group of Hotels; honoured with the Padma Bhushan in
2001. M.S. Oberoi can be aptly termed as the father of the Indian hotel industry.
M.S.Oberoi was born in 1898, in the erstwhile undivided Punjab, now in Pakistan. He did his
early schooling in Rawalpindi and completed his graduation from Lahore. In 1922, to escape the
epidemic of plague, he came to Shimla, and got a job of a front desk clerk at the Cecil hotel at a
salary of Rs.50 per month. He was a quick learner and shouldered many additional
responsibilities along with the job of desk clerk. Hs diligence prompted Mr. Clarke to request
Oberoi to assist him when he acquired Clarkes hotel, where he gained first hand experience in
all aspects of hotel operations.
In 1934, M.S.Oberoi acquired the Clarkes Hotel from his mentor, by mortgaging his wifes
jewellery and all his assets. In 1938, he signed a lease to takeover operations of the five hundred
rooms of Grand Hotel in Calcutta, which was up for sale following a cholera epidemic. In 1943,
M.S.Oberoi acquired the controlling interest in the Associated Hotels of India which owned the
Cecil, and Corstophans in Shimla, and the Maidens and the Imperial in Delhi, and a hotel in
Lahore, Murree, Rawalpindi and Peshawar. He thus became the first Indian to run the largest and
the finest hotel chain.
cxviii
In 1959, the Oberoi group became the first group to start flight catering operations in India. In
1965, M.S.Oberoi opened the first modern five star international hotel in the country, the Oberoi
Intercontinental, in Delhi. In 1966, he established the prestigious Oberoi School of Hotel
Management, recognized by the International Hotel Association in Paris. The Oberoi group
opened the 35 storey International Sheraton in Mumbai. Oberoi was the first to employ women
in the hospitality sector. Today, the Oberoi group owns or manages 37 luxury and first class
international hotels in seven countries. M.S. Oberoi was elected to the Rajya Sabha in 1962 and
in 1972. He was also elected to the Lok Sabha in 1968.

He was the recipient of many awards and honours. In 1943, he was conferred the title of Rai
Bahadur by the British Government. Other honours include admission to the Hall of Fame by the
American Society of Travel Agents; Man of the World by the International Hotel Association,
New York; named by Newsweek as one of the Elite Winners of 1978 and the PHDCCI
Millennium award in 2000. M.S.Oberoi was honoured with the Padma Bhushan in 2001.
It is not often acknowledged that M.S.Oberoi, Chairman of an empire of 29 hotels spanning most
of the worlds landmass is also the man who pioneered India as a brand, way back when it was
only a bazaar of begging bowls and exotica. At 90, he looked back in something close to awe and
said, I often wonder how I did it.
Life served his lemons regularly but with even greater regularity did the Rai Bahadur make
lemonade.
The story of the Rai Bahadur is all the more impressive because there was nothing in his
background to suggest that he would be able to create the world class ambience and
sophistication for which the group is celebrated now that he
cxix
would be able to foresee Indias current positioning in the global market, while doffing a
deferential hat to history when it was demanded.
25. NARAYANA MURTHY, N. R. INFOSYS
Achievements: One of the founders of Infosys Technologies Ltd., chosen as the World
Entrepreneur of the Year in 2003 by Ernst & Young, Narayana Murthy is the Non- Executive
Chairman and Chief Mentor of Infosys Technologies Ltd. He is a living legend and an epitome of
the fact that honesty, transparency, and moral integrity are not at variance with business acumen.
He set new standards in corporate governance and morality when he stepped down as the
Executive Chairman of Infosys at the age of 60.
Born in 1946, N.R. Narayana Murthy is B.E. in Electrical Engineering from the University of
Mysore and M. Tech from IIT Kanpur. He began his career with Patni Computer Systems in
Pune. In 1981, he founded Infosys with six other software professionals. In 1987, Infosys opened
its first international office in USA.
With the liberalization of the Indian economy in 1990s, Infosys grew rapidly. In 1993, the
company came up with its IPO. In 1995, Infosys set up development centres across cities in India
and in 1996 it set up its first office in Europe in Milton Keynes, UK. In 1999, Infosys became the
first company to be listed on NASDAQ. Today, Infosys has a turn over of more than $2 billion
and has an employee strength of over 50, 000. In 2002, Infosys was rated No.1 in the Best
Employers in India 2002 survey conducted by Hewitt and in the Business Worlds survey of
Indias Most Respected Company conducted in the same year.

He has received many honours and awards. In June 2000, the Asia week magazine featured him
in a list of Asias 50 Most Powerful People. In 2001, Narayana Murthy was named by
TIME/CNN as one of the 25 most influential
cxx
global executives. He was the first recipient of the Indo-French Forum Medal and was voted the
World Entrepreneur of the Year 2003 by Ernst & Young. The Economist ranked Narayana
Murthy as eighth on the list of the 15 most admired global leaders (2005) and he also topped the
Economic Times Corporate Dossier list of Indias most powerful CEOs for two consecutive
years - 2004 and 2005.
As founder Chairman and CEO of Infosys Technologies, he heads the countrys successful
Silicon Valley- style start up, one that is right at the forefront of Indias charge on the global
software market. With 4800 employees, 11 software development centers in India and 13
overseas offices, Infosys is a world class act, deriving 97 % of its revenues from exports.
In the past five years Infosys has grown at breath taking speed: sales grew at a compounded
annual rate 74 per cent and profits by 78 per cent, a performance that puts Infosys way ahead of
its peers. It created history by becoming the first Indian registered company to list on an
American stock exchange-NASDAQwith an issue of two million American Depository Shares
that raised $ 70 million. Infosys pioneering step has paved the way for other Indian IT
companies.
At Patni Computer Systems (PCS), Mumbai-based company, as head of software, he recruited
six professionals who were to eventually partner him in his first experiment of creating wealth
namely Nilekani, S. Gopalkrishnan, Ashok Arora, N.S. Raghavan, K. Dinesh and S. Shibulal.
When he mooted the idea of creating a software supplier leveraging Indian skills and aimed at
overseas markets, they readily bought into the concept. Infosys Consultants was formed in July
1981 with the pooled savings of the seven partners of Rs.10, 000/- mostly borrowed from their
wives. Murthys HDFC- financed Shivajinagar apartment in Pune was the first registered office.

SUCCESSFUL ENTREPRENEURS
OF INDIAN ORIGIN: A CASE STUDY
A THESIS
Submitted by
L. SURESH MALLYA
for the award of the Degree
of
DOCTOR OF PHILOSOPHY
DEPARTMENT OF MANAGEMENT STUDIES,
Dr. M.G.R.
EDUCATIONAL AND RESEARCH INSTITUTE
UNIVERSITY
(Declared under section 3 of the UGC Act, 1956)
CHENNAI - 600 095
AUGUST 2011
ii
BONAFIDE CERTIFICATE
This is to certify that the research work titled Successful Entrepreneurs of Indian
Origin: A Case Study is the bonafide work of L. Suresh Mallya
(Reg. No. MNG 007 D 001), who carried out the research under my supervision.
Certified further, that to the best of my knowledge, the work reported herein does
not form part of any other thesis or dissertation on the basis of which a Degree or
award was conferred on earlier occasion on this or any other candidate.

Dr. N.R.V. PRABHU

Research Supervisor
iii
DECLARATION
This is to certify that the thesis titled, Successful Entrepreneurs of Indian Origin: A
Case Study submitted by me to the Dr. M.G.R. Educational and Research Institute
University for the award of the degree of Ph.D is a bonafide record of research work
carried out by me under the supervision of Dr. N.R.V. Prabhu. The contents of this
thesis, in full or in parts, have not been submitted to any other institute or
university for the award of any degree or diploma.
Place: Chennai

Signature of the Research Scholar

Date:
iv
SUCCESSFUL ENTREPRENEURS OF INDIAN ORIGIN
A CASE STUDY
ABSTRACT
An organization comes into existence only because of the efforts put in by an
individual, who would be prepared to assume responsibility of leading the enterprise
with him. For that, the individual must have special quality that is known as
entrepreneurship.
Entrepreneurship as an economic activity emerges and functions in sociological and
cultural environment. It could be conceived as an individuals free choice activity or
a social groups occupation or profession.
The entrepreneurs perform vital function in economic development of a nation. They
have been referred to as the human agents needed to mobilize capital, to exploit
natural resources, to often develop innovative products or concepts, to create
markets and to carry on business. It may be construed that the entrepreneurial
contribution spells the difference between prosperity and poverty among nations.
A successful entrepreneur is always aware of the new developments and changes
that take place around him in the society and is prepared to adapt to the changing
needs of the society. He is the central point, around whom all other factors of
production, productive resources and techniques shall revolve. He integrates talent,
abilities and drives to transform the resources into profitable ventures.

Studies on entrepreneurs have revealed that personality and cultural or social

factors are related to entrepreneurial behaviour. Traits such as self confidence,
creativity, persistence, calculated risk taking capacity,
v
determination, need for achievement, individuality, leadership, versatility, optimism
and liking for challenges characterize the entrepreneurial person.
A person who has a business of his own is called an entrepreneur. But what
differentiate an entrepreneur from a successful entrepreneur are his achievements
in the field of his business.
Expected outcome of the study
To explore the traits of Indian entrepreneurs
To differentiate successful Indian entrepreneurs from entrepreneurs
To trace the success stories of selected successful Indian entrepreneurs
To identify their winning strategies for success in business
To summarize the findings of the study and establishing as bench mark for future
entrepreneurs to be successful
Methodology of the Study
Primary and Secondary data: Interview and secondary sources were referred in this
case study method. Out of the available entrepreneurs in India, these few (fifty)
successful entrepreneurs, who had their investment options from their own sources,
were considered for this study.
Based on the hypothesis proposed as above, a sample of fifty successful Indian
entrepreneurs is carefully selected for the study. The methodology chosen is case
study method; their history is studied in depth, the factors deciphered as to identify
their secret of success.
vi
Suggestions are made to resolve the various issues relating to
entrepreneurship in small scale industries. The suggestions are given
categorically to the government, to the banks and other financial institutions and
to the entrepreneurs.
vii

ACKNOWLEDGEMENT
My profound thanks and deep sense of gratitude are due to my Supervisor and
Guide, Dr. N.R.V. Prabhu, for his committed supervision and guidance to acquire
right perception and perspective for carrying out this research. But for his patience
and time spared for discussion, I would never have been able to complete this
thesis.
Thanks to Dr. S. Ramalingam, Head of the Department, Department of Management
Studies, for his encouragement and valuable suggestions. I also sincerely
acknowledge the patience, support, unstinted cooperation and service rendered by
my wife.
I also take this opportunity to thank honorable Chancellor,
Mr. A.C. Shanmugham, for his motivation and encouragement. I also owe my sincere
thanks to Dean (Research) for providing the infrastructure and help to carry out the
research. I am grateful to all the staff colleagues of my department for their kind
assistance at every stage of this thesis work.
L. Suresh Mallya
viii
TABLE OF CONTENTS
ABSTRACT

iv-vi

LIST OF TABLES
1. Table 3.0 Distribution of the type of entrepreneurs'

63

families
2. Table 3.1 Entrepreneurs Ambitions

65

3. Table 3.2 Reasons compelling entrepreneurs to enter

66

industry
4. Table 3.3 Factors facilitating entrepreneurship

68

5. Table 3.4 Distribution of expectations stimulating the

69

entrepreneurs desire to start industry

6. Table 3.9 Reasons for the dissatisfaction with the

70

location of unit
7. Table 4.22 Usefulness of attending Entrepreneurship

71

Development Programme
ix
CHAPTER 1 INTRODUCTION
1.1

Meaning of Entrepreneurship

1
2

1.2Importance of Entrepreneurship
1.3

1.4

1.5

1.6

1.7

4
Classification of Entrepreneurs
5
Characteristics of successful entrepreneurs
6
Entrepreneurial scenario in India
6
Growth of Entrepreneurs
7
Relevance of study
8

1.8Need for the study

8
1.9Scope of the study
9
1.10Expected outcome of the study
9
1.11Methodology of the Study
9
1.12Limitations of the study
1.13 Scope and organisation of the thesis

10

CHAPTER 2 REVIEW OF RELATED LITERATURE

2.1Introduction
2.2Review of Related Studies
CHAPTER 3 RESEARCH METHODOLOGY
3.1Methodology
3.1.1 Research design
3.1.2 Research questions
3.1.3 Scope and limitations of the study
3.1.4 Climate and concept for the study
3.1.5 Presentation of the study
3.1.6 Entrepreneurs' ambitions
3.2Reasons compelling entrepreneurs to enter industry
3.3Factors facilitating entrepreneurship
3.4Expectations of entrepreneurs
References
CHAPTER 4 CASES STUDIED
CHAPTER 5 FINDINGS AND SUGGESTIONS
BIBLIOGRAPHY
VITAE
x
11
11
58
58
59
60

61
63
63
65
67
68
72
73
167
202
i-iii
xi
CHAPTER 1
INTRODUCTION
1.1 MEANING OF ENTREPRENEURSHIP
The definition of entrepreneurship has been debated among scholars, educators,
researchers, and policy makers since the concept was first established in the early
1700s. The term entrepreneurship comes from the French verb entreprendre
and the German word unternehmen, both mean to undertake. Bygrave and
Hofer in1891 defined the entrepreneurial process as involving all the functions,
activities, and actions associated with perceiving of opportunities and creation of
organizations to pursue them. Joseph Schumpeter introduced the modern definition
of entrepreneurship in 1934. According to Schumpeter, the carrying out of new
combinations we call enterprise, and the individuals whose function it is to carry
them out we call entrepreneurs. Schumpeter tied entrepreneurship to the
creation of five basic new combinations namely: introduction of a new product,
introduction of a new method of production, opening of a new market, the conquest
of a new source of supply and carrying out of a new organization of industry.
Peter Drucker proposed that entrepreneurship is a practice. What this means is
that entrepreneurship is not a state of being nor is it characterized by making
planes that are not acted upon. Entrepreneurship begins with action, creation of
new organization. This organization may or may not become self- sustaining and in

fact, may never earn significant revenues. But, when individuals create a new
organization, they have entered the entrepreneurship paradigm.
Entrepreneur is a borrowed word from the French language that refers to a person
who undertakes and operates a new venture, and assumes some
xii
accountability for the inherent risks. Being in business or being an entrepreneur is
about taking risks and confronting challenges.
Entrepreneurs build companies that are specifically crafted to exploit a particular
opportunity. This gives them an advantage over older companies that were
designed in response to challenges of the past and must change to adapt to todays
requirements. Entrepreneurs can build new companies. They can also rejuvenate
existing companies via buyouts and turnarounds. They can also build new
companies inside existing companies, which can be called corporate
entrepreneurship.
1.2 IMPORTANCE OF ENTREPRENEURSHIP
An organization comes into existence only because of the efforts put in by an
individual, who would be prepared to assume responsibility of leading the enterprise
with him. For that, the individual must have special quality that is known as
entrepreneurship.
Entrepreneurship as an economic activity emerges and functions in sociological and
cultural environment. It could be conceived as an individuals free choice activity or
a social groups occupation or profession.
The basic concept of entrepreneurship entails an effective and deliberate inner urge
to take risk in terms of uncertainties and an intuition. In short, an entrepreneur
shows sagacity to jump into untested waters and face the consequences, with a
strong self conviction that he will successfully encounter the sharks and befriend
the dolphins.
The common definition for an entrepreneur is a person, who organizes, manages,
and takes the risk of running a business or enterprise. The entrepreneurs perform
vital function in economic development of a nation. They have been referred to as
the human agents needed to mobilize capital, to exploit natural resources, to often
develop innovative products or concepts, to create
xiii
markets and to carry on business. It may be construed that the entrepreneurial
contribution spells the difference between prosperity and poverty among nations.

The importance of entrepreneurs to progress cannot be more succinctly expressed

than the statement no entrepreneur, no development. The inactivity or scarcity of
entrepreneurs has for sometimes been the factor seen by many Asian countries as a
major hindrance to economic development. The availability of abundant natural
resources, skilled and unskilled labour, and capital has not proven itself sufficient
enough to result in a surge of entrepreneurial zeal among the people.
One of the important inputs in any economic development of a country is
entrepreneurship. More the entrepreneurship activities, better the development.
Entrepreneurship is the life blood of any economy and it applies more to a
developing economy like India. The areas of development are:
Taking to higher rate of economic growth by creation of value.
Speed up the process of industrial use of the factors of production.
Creation of employment opportunities.
Dispersal of economic activities to different sectors of economy and identifying new
avenues of growth.
Development of backward and tribal areas.
Better social changes.
Improvement of the standard of living of different weaker sections in the society.
Bring socio - political change in the society.
xiv
Develop technological know-how.
Improve culture of business and expand commercial activities.
Act as a change agent to meet the requirements of the changing markets and
customer preferences.
Develop a culture of achievement orientation.
1.3 CLASSIFICATION OF ENTREPRENEURS
In the early phases of economic development entrepreneurs will have initiative to
start new ventures and find innovative ways to start new enterprise. New products,
new techniques and new markets are found out by innovative entrepreneurs. It is
innovative entrepreneurs who built the modern capitalism. The enterprising spirit of
the innovative entrepreneurs opens new markets and develops enterprises.

There is a second group of entrepreneurs generally referred to as initiative

entrepreneurs who copy or imitate suitable innovations made by the innovative
entrepreneurs. They also contribute to the development of the economy especially
in underdeveloped countries. The adaptation is mainly due to suit the local
conditions. They bring industries to the poorer countries.
The third type is Fabian entrepreneur. By nature these entrepreneurs are shy and
lazy. They follow the set procedures, customs, traditions and religions. They do not
venture to take risks. Usually they are second generation entrepreneurs in a
business family enterprise.
The fourth type is Drone entrepreneurs who refuse to copy or use opportunities that
come on their way. They are conventional in their approach and stick to their set
practices, products, production methods and ideas. They may be termed laggards.
In such cases the organization loses market and may be pushed out of the market.
xv
1.4 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
Entrepreneur is a human being, who conceives in his mind an industrial enterprise.
For this purpose he provides considerable efforts for fructifying his dream. It is a
purposeful penetrating action for initiating, promoting and managing the economic
activity or activities for the production and distribution of wealth. There should be a
person with a mind, heart and intention to combine them all and convert them into
production or creation of goods and services wanted by the people. It is the
entrepreneur who has to come forward to execute these activities related to
production with the sole purpose of satisfying the customer.
A successful entrepreneur is always aware of the new developments and changes
that take place around him in the society and is prepared to adapt to the changing
needs of the society. He is the central point, around whom all other factors of
production, productive resources and techniques shall revolve. He integrates talent,
abilities and drives to transform the resources into profitable ventures.
Studies on entrepreneurs have revealed that personality and cultural or social
factors are related to entrepreneurial behaviour. Traits such as self confidence,
creativity, persistence, calculated risk taking capacity, determination, need for
achievement, individuality, leadership, versatility, optimism and liking for
challenges characterize the entrepreneurial person.
A person who has a business of his own is called an entrepreneur. But what
differentiate an entrepreneur from a successful entrepreneur is his achievements in
the field of his business.
xvi

1.5 ENTREPRENEURIAL SCENARIO IN INDIA

During post independence era, entrepreneurship has begun to grow faster. The
Government of India has spelt through industrial policy statements steps for rapid
and balanced industrialization of the country. The government recognizes the vital
role of the private sector in accelerating industrial development especially after the
economic liberalization in 1991.
The government pursues the following objectives:
To maintain a proper distribution of economic power between public and private
sectors.
To disseminate the entrepreneurial acumen concentrated in a few dominant
communities to a large number of industrially potential people of varied social
strata.
To encourage the spirit of industrialization by spreading entrepreneurship from the
existing centres to other cities, towns and villages.
To achieve the above objectives the government has decided to encourage the
development of small scale units. It provides various incentives and concessions to
SSI in the form of capital, technical know how, markets and land to establish
industrial units particularly in the backward areas of the country.
1.6 GROWTH OF ENTREPRENEURS
The business history of India comes out with names of successful entrepreneurs
such as Tata, Birla, Modi, Dalmia, Kirloskar and others who started their enterprises
in a small way and made a good fortune. Post liberalization we have witnessed the
latest generation of entrepreneurs such as
xvii
Ambani, Ruia, Azim Premji, Murthy, Siva Nadar etc. Scanning their personal
characteristics show certain prominent traits:
Willingness to work hard and to persevere even if the business is in the verge of
failure.
Having a strong desire to achieve high goals in business.
Undying optimism for a future and not disturbed by others and follow their own
route.
Independent and not guided by the current problems besieging them.
Good foresight to visualize the likely changes in the business and taking timely
actions accordingly.

Ability to bring together all the resources required for starting the enterprise.
Initiating research and innovative activities to cater to changing needs of
customers.
1.7 RELEVANCE OF STUDY
The study of entrepreneurship has relevance today, not only because it helps
entrepreneurs better fulfill their personal needs but because of the economic
contribution of the new ventures. More than increasing national income by creating
new jobs, entrepreneurship acts as a positive force in economic growth by serving
as the bridge between innovation and market place. Although government gives
great support to basic and applied research, it has to have great success in
translating the technological innovations to products or services. Although
intrapreneurship offers a promise of marriage of those research capabilities and
business skills that one expects from a large corporation, the results have not been
spectacular. This leaves the entrepreneur,
xviii
who frequently lacks both technical and business skills, to serve as the major link in
the process of innovation, development, and economic growth and revitalization.
The study of entrepreneurship and education of potential entrepreneurs are
essential parts of any attempt to strengthen this link so essential to a countrys
economic well-being.
1.8 NEED FOR THE STUDY
Modern India is in need of substantial growth of the industrial and agricultural
sectors for her march towards a global power and to successfully meet the social
obligations such as poverty alleviation, raising standard of living, and meaningful
employment to all. The role of entrepreneurs in this aspect is highly significant.
Indian entrepreneurs have been instrumental in shaping the destiny of millions by
providing them employment in their enterprises, venturing into untested arena, and
introducing innovative business strategies. This naturally draws our attention to
investigate as to how Indian entrepreneurs succeed in their ventures and the
essence of such enquiry can be used as benchmark for budding and aspiring
entrepreneurs.
1.9 SCOPE OF THE STUDY
The Indian entrepreneurs selected for study are based on the conditions that they
have started their career either as low level employees of some organizations or
started their venture with their own meagre investments. They are their own
masters, in the sense that they did not have back up from their family members
either in the form of financial support or inheritance of family wealth. They started
their own enterprise with a humble beginning, and slowly and steadily picked up

their business purely due to their entrepreneurship qualities. They faced hardships
in course of their growth, but never gave up. The ingenuity and the spirit of
entrepreneurship always kept up their hopes and confidence and eventually proved
to be successful entrepreneurs.
xix
1.10 EXPECTED OUTCOME OF THE STUDY
To explore the traits of Indian entrepreneurs
To differentiate successful Indian entrepreneurs from entrepreneurs
To trace the success stories of selected successful Indian entrepreneurs
To identify their winning strategies for success in business
To summarize the findings of the study and establishing as bench mark for future
entrepreneurs to be successful
1.11 METHODOLOGY OF THE STUDY
Primary and Secondary data: Interview and secondary sources were referred in this
case study method. Out of the available entrepreneurs in India, these few (fifty)
successful entrepreneurs, who had their investment options from their own sources,
were considered for this study.
Based on the hypothesis proposed as above, a sample of fifty successful Indian
entrepreneurs is carefully selected for the study. The methodology chosen is case
study method; their history is studied in depth, the factors deciphered as to identify
their secret of success.
1.12 LIMITATIONS OF THE STUDY
Due to time constraint, the researcher could not undertake extensive journeys for
data collection. The difficulty in identifying the qualified entrepreneurs in India to
meet the conditions laid down in the hypothesis, led to a sample size of fifty only.
Hence, the result drawn out of the study is likely to have some error or bias.
Nevertheless, the research findings are expected to throw light on specific factors
for success and can act as guidelines for the future generation of entrepreneurs.
xx
1.13 SCOPE AND ORGANISATION OF THE THESIS
For reasons best known to be explained in the ensuing chapters, it was decided that
this exploratory study of the successful entrepreneurs may best be undertaken
through a content analysis of undisguised and published cases in the descriptive

methodology. A total of fifty such cases were identified and analyzed, few of them
were interviewed with a view to corroborating the case data with the interview data.
In all, therefore, the samples consisted of around hundred ventures got reduced to
fifty. The findings of the study and the review of the relevant literature are arranged
in five chapters. It may be noted that in presenting the findings, I have deviated
slightly from the convention of summarizing all the research literature on the topic
in one chapter, and have spread them over different categories, depending on the
sub-topics to which the findings discussed in the respective chapters are related.
The second chapter comprehensively reviews the literature related to this study.
Chapter III explains the methodology which is a combination of the case method
and the survey method (popularly known as the case survey (method). In the next
chapter, namely Chapter IV, provides some empirical support for the paradigm of
strategic choice (as opposed to that of environmental determinism) underlying the
theoretical model as proposed in the earlier chapters. Following the discussions, in
Chapter V, narrates the process of identifying successful entrepreneurs with their
entrepreneurial heuristics and thumb rules so identified with findings and
conclusions.
xxi
CHAPTER 2
REVIEW OF RELATED LITERATURE
2.1 INTRODUCTION
Several studies have been made in India and abroad on specific aspects of the field
of entrepreneurship. The researcher is interested in presenting here a few studies
from India and abroad relevant to the objectives of the present study, namely, to
identify the success factors behind the successful Indian entrepreneurs.
2.2 REVIEW OF RELATED STUDIES
J.S. Saini and B.S. Rathore (2001) in their book titled Entrepreneurship: Theory and
Practice, deal with entrepreneurial philosophy, where the success of entrepreneurs
has been discussed. According to the authors, success of an entrepreneur depends
on the entrepreneurs willingness to hold responsibility for his own work. Though the
risk of failure is always present, he takes risks by assuming responsibility for his
actions. Learning from past experiences will help channel his actions to obtain
better results and persistent efforts will yield success for sure.
Bholanath Dutta (2009) in his book, Entrepreneurship Management: Texts & Cases,
deals in detail on the factors influencing entrepreneurship, viz., education, legality,
infrastructure, finance, procedures, IT and communication, rapid changes, size of
the firm, R & D and technology, stakeholders and globalization. The author has

elucidated the characteristics of a successful entrepreneur at length. According to

him, there are many critical factors contributing success such as skills, innovative
mind, providing completeness to the factors of production, decision making,
creative personality, plan making,
xxii
dynamic leadership, creator of wealth, self confidence and ambitiousness, risk
bearing, and adventurous mind.
S.S.Khanka (2009) in his book Entrepreneurship Development illustrates the
personal characteristics of successful entrepreneurs as hard work, desire for high
achievement, high optimism, independence, foresight, good orgainising capacity,
and innovativeness. According to the author, success of a small enterprise is, to a
great extent, attributed to the success of the entrepreneur himself.
David H. Holt (2000) in his book Entrepreneurship: New Venture Creation has dealt
in detail about the success factors for entrepreneurs. Holt says at the top of the
success factor list is the Entrepreneurial Team comprising of partners, associates
or extensive network of advisors.
A typical successful entrepreneur has an average education, in his thirties, and has
solid job experience. Most technical entrepreneurs tend to start businesses closely
related to what they did in previous career positions. Holt is emphasizing the point
that success is closely related to a solid knowledge base and substantial experience
in related field of operations. Moreover, they will also have well developed social
and business relationships and therefore, have a strong foundation for building a
team or support network.
Mary Kay Copeland (2010) in her article, Strategies of a Successful Entrepreneur:
Nature or Nurture, in MBA Review, has deliberated on the characteristics of a
successful entrepreneur. According to the author, the behaviours and personality
characteristics that leading researchers have found in effective and successful
entrepreneurs are self confidence, risk taking capacity, discerning power,
inquisitiveness, tolerance of ambiguity and uncertainty, creativeness,
resourcefulness, affinity for autonomy and control, opportunism, optimism, actionorientedness, intuitiveness, persuasion, adaptation, resilience, tenacity and
courage.
xxiii
Translating these attributes into behaviours is believed to increase an
entrepreneurs effectiveness. These include total commitment, determination and
perseverance, drive to achieve and grow, orientation to goals and opportunities,
taking initiative and personal responsibility, veridical awareness and a sense of
humour, seeking and using feedback, internal locus of control, tolerance of

ambiguity, stress and uncertainty, calculative risk taking and risk sharing, low need
for status and power, integrity and reliability, decisiveness, urgency and patience,
learning from failure, team builder and hero maker.
Mahima Rai (2010) in her article, Horning Entrepreneurial Skills: Role of B Schools, in
MBA Review, enumerates the characteristics of a successful entrepreneur self
confidence and optimism, extra-ordinary energy and diligence, ability to take
calculated risks, strong urge to achieve and creativity, ability to respond positively
to challenges, leadership qualities, flexibility and adaptability, responsive to
suggestions/criticism, initiative, resourcefulness and perseverance, independent
minded with ability to get along well with others, perception and foresight, versatile
knowledge of the market, government rules etc. The common thread in all
entrepreneurial ventures is that the leaders driving these organizations have the
ability to identify opportunity and create an organization to carry it through the
creation of value for them.
Sujatha Mukherjee (2010) in her article, Profiling the Urban Women Microentrepreneurs in India, in the Journal of Entrepreneurship Development, draws the
picture of an entrepreneur as a) a person who assumes the risk associated with
uncertainty b) an adventurer who undertakes risks, brings together the capital and
labour required for the work c) an innovator d) a decision maker e) an economic
leader f) a manager or a superintendent g) an organizer and coordinator of
economic resources h) an owner i) a contractor j) a referee and k) a locator of
resources for alternative uses. According to the author, being entrepreneurial
involves combining personal characteristics and financial means and resources
within an environment to set up a business.
xxiv
Lakshman Prasad and Subhasish Das (2008) in their book Entrepreneurial Climate:
An Assorted Coverage make an intensive study on entrepreneurship involving
psychological as well as socio-cultural milieu, viewing entrepreneurs as innovators.
The integrated behavioural framework, suggests the pooling of traits such as
achievement orientation, strategic vision, personal resourcefulness, innovativeness
and opportunity seeking at high intensities in non-restrictive environment to give
rise to an enterprise.
Some surveys conducted by the authors on the subject of identifying
entrepreneurial traits bring out a host of some distinguishing features of successful
entrepreneurs. They are: leadership and vision, creativity, dynamism, team building
spirit, commitment and goal orientation, and problem solving temperament.
Dr. A. Peter (2004) in his book Youth Entrepreneurship Everywhere explains youth
entrepreneurship as a process of turning ideas into opportunities and opportunities
into successful businesses through the practical application of one-to-one mentoring
model, entrepreneurship awareness-building skills, personal empowerment skills,

entrepreneurial/enterprise skills, business planning skills, business management

skills, support services availing skills and business improvement skills.
The author substantiates through the example of a growing child that enormous
entrepreneurial potentials are hidden inside every youth. The hidden treasures are
the entrepreneurial potentials hidden inside every youth waiting to be utilized. The
author says that we are all entrepreneurial in nature, because everyone has been
born with many entrepreneurial skills such as courage, creativeness, initiative, selfconfidence, self-motivation, risk-taking, failure managing, persistence etc.
R. Nagendran, Dr. K. Banumathy and Dr. N.R.V.Prabhu (2002) in their book
Entrepreneurship Management and Development of Small Business
xxv
explain the characteristics of successful entrepreneurs. A successful entrepreneur is
always aware of the new developments and change that take place around him in
the society and is prepared to adapt to the changing needs of the society. He is the
pivot around which all other factor of production, productive resources, and
techniques should revolve. He combines talents, abilities and drive to transform the
resources into profitable undertakings.
According to the authors, studies on entrepreneur have revealed that personality
and cultural or social factors are related to entrepreneurial behaviour. Cross cultural
studies covering India, Japan, Guinea, Malaysia, Mexico, Philippines and Indonesia
indicate that traits such as self confidence, creativity, persistence, calculated risk
taking capacity, determination, need for achievement, initiative taking flexibility,
individuality, leadership, versatility, optimism and liking for challenge, characterize
the entrepreneurial person.
Priti Krishnan (2007) in ICFAI Business School Case Studies on Entrepreneurship
narrates the qualities of an entrepreneur in the overview as: he takes risks and is
innovative, opportunistic, creative, flexible, dynamic and growth oriented. However,
each of these facets is neither conclusive nor definitive. For example, a common
notion that entrepreneurs are only those individuals who start their own companies,
neither Jack Welch of GE or Ray Kroc of McDonalds did that. But few would deny that
they are entrepreneurs. This reflects that not all are the same. Although they share
some common characteristics, every entrepreneurial style is unique in its own way.
B. Badhai (2001) in his book Entrepreneurship for Engineers defines entrepreneur as
a person who has already started an enterprise or who is in the process of starting
one. The author enlists the characteristics of an entrepreneur in Indian conditions as
need for achievement, risk taking attitude, need to influence others, ability to
sense opportunities, positive self concept, level of expectation, initiative, inclination
to accept challenges, independent thought and

xxvi
action, problem solving attitude, inclination for searching environment, time
boundness, sense of dissatisfaction, result orientation, influence to get through
bureaucratic red tapism, financial soundness etc.
Poornima M Charantimath (2008) in her book Entrepreneurship Development and
Small Business Enterprises narrates some of the characteristics that every
successful entrepreneur must possess in adequate measure. They are creativity,
innovation, dynamism, leadership, team building, achievement motivation, problem
solving, goal orientation, risk taking and decision making ability and commitment.
According to the author, ideas usually evolve through a creative process whereby
imaginative people bring them to reality, nurture them and develop them
successfully. The creative process for an idea involves five stages germination,
preparation, incubation, illumination and verification.
Thomas W. Zimmerer and Norman M. Scarborough (2006) in their book Essentials of
Entrepreneurship and Small Business Management, describe entrepreneur as a
person who creates a new business in the face of risk and uncertainty for the
purpose of achieving profit and growth by identifying significant opportunities and
assembling the necessary resources to capitalize on them.
Although research studies have identified several characteristics entrepreneurs tend
to exhibit, according to the authors, none of them has isolated a set of traits
required for success. Nevertheless, they have given a brief summary of the
entrepreneurial profile for success. They are desire for responsibility, preference
for moderate risk, confidence in their ability to succeed, desire for immediate
feedback, high level of energy, future orientation, skill at organizing and value for
achievement for money. The authors have supplemented other characteristics
frequently exhibited by entrepreneurs as high degree of commitment, tolerance of
ambiguity, flexibility and tenacity.
xxvii
The authors make a summary about the entrepreneurial personality at the end of
their research, which says that entrepreneurs are not of one mold; no one set of
characteristics can predict who will become entrepreneurs and whether or not they
will succeed. Anyone, regardless of age, race, gender, colour, national origin, or any
other characteristics can become an entrepreneur. Entrepreneurship is not a
mystery; it is a practical discipline. It is not a genetic trait; it is a skill that most
people can learn.
Robert D. Hisrich, Michael P. Peters and Dean A. Shepherd (2007) in their book on
Entrepreneurship have identified a few capabilities or personal characteristics that
an entrepreneur should possess. According to him, the entrepreneur should have
adequate commitment, motivation and skills to start and build a business. The

entrepreneur must determine if the management team has the necessary

complementary skills to succeed. Some key characteristics of a successful
entrepreneur are: a) Motivator an entrepreneur must build a team, keep it
motivated and provide an environment for individual growth and career
development. b) Self-confidence entrepreneurs must have belief in themselves
and the ability to achieve their goals. c) Long-term involvement an entrepreneur
must be committed to the project with a time horizon of five to seven years. d) High
energy level success of an entrepreneur demands the ability to work long hours
for sustained periods of time. e) Persistent problem- solver he must have an
intense desire to complete a task or solve a problem, creativity is an essential
ingredient. f) Initiative he must be able to set challenging but realistic goals. g)
Moderate risk taker and learn from failures. These personal traits go a long way in
making an entrepreneur successful. However, no entrepreneur possesses total
strength. In such cases, he acquires and/or associates and thus strengthens his
enterprise.
James J. Berna (1960) brings us to the issue of the appropriate criteria for evaluating
entrepreneurial activity in under-developed countries. A country with little or no
industrial tradition can hardly produce innovators capable of
xxviii
substantial transformations without first producing and in large numbers, the
humbler type of entrepreneur. This type of entrepreneurship is a complex
phenomenon involving numerous sub-functions. Chief among these sub- functions
are business promotion, capital provision, and risk-bearing, technical innovation and
adaptation, and business management. The list of sub-functions enumerated brings
out clearly the fact that entrepreneurship is basically a type of human skill, or more
accurately a combination of skills and abilities. The most important of these are
organizational and administrative ability, some degree of business and technical
knowledge, alertness to opportunity, willingness to accept change and the
psychological capacity to assume risk.
According to James J. Berna, a true entrepreneur besides possessing functional
qualities must also possess a broad personality which helps in developing initiative
and drive to accomplish great tasks and face challenges squarely. The author has
stressed the following qualities of a good entrepreneur:
1.He is an enterprising individual, is energetic, hardworking, resourceful, aware of
new opportunities and able to adjust himself to changing conditions with ease and
willingness to assume risks involved in change.
2.He is interested in an advancing technology and in improving the quality of his
product or service.

3.He is interested in expanding the scale of his operation by reinvesting his

earnings.
4.He visualizes changes and adapts to changing conditions.
5.He is a firm believer in planning and systematic work.
6.He works for the society at large and for the good of his fellow-beings.
The above qualities sum up, what is usually implied from the phrase, the spirit of
enterprise. It is difficult to conceivers of a first-rate industrial entrepreneur who is
not adaptable to change, anxious to grow large and improve
xxix
technologically. Entrepreneurship appears as a personal quality which enables
certain individuals to make decision with far-reaching consequences. The personal
qualities that contribute to the success of an entrepreneur are motivation towards
achievement, creativity and clarity among others.
James J. Berna narrates James T. McCrorys study on a small industry in a North
Indian town. In contrast to industrial entrepreneurs of a mercantile background,
McCrory found that the craftsman-entrepreneur he encountered had all the
qualities of good entrepreneur. These qualities he describes as follows: They live
frugally and save. They are highly skilled themselves or employ skilled personnel.
They are quality conscious, able to make improvements in techniques on their own,
quick to learn from others. As entrepreneurs, they are tenacious to the extreme.
When one industrial venture fails, their first act is to begin scrapping together
savings for another. As manufacturers, they are versatile and resourceful with the
few resources at their command. If they cannot buy a machine, they will build it
themselves. If they cannot reproduce a technique, they will improvise one of their
own. Most are as sensitive to new demands and market changes as their
information and their circumstances permit.
Based on his findings, McCrory has laid emphasis on such qualities as to live frugally
and save, tenacity of purpose, versatility and resourcefulness as the main attributes
of entrepreneurs. His further observation is that there are neither technological nor
organizational reasons why small industrial firms of this type should not grow
steadily and without losing the identity into medium or even large firms.
H. Nandan (2007) in his book Fundamentals of Entrepreneurship highlights on the
ultimate success in any entrepreneurial endeavour. According to him, the success
depends on the personality, that is to say, the composite characteristics, of the
entrepreneur. The entrepreneurial personality denotes the
xxx

totality of the entrepreneurs individual character traits, including attitude, habits,

emotional tendencies and behavioural patterns. In fact, extraordinary personal traits
not only constitute entrepreneurs, but also serve to identify them from others.
Entrepreneurial function requires certain distinctively special qualities and skills.
Individuals aspiring to become successful entrepreneurs are expected to possess
distinctive abilities, rather than the requisite qualities and skills, to achieve their
desired goals. Studies have revealed that all entrepreneurs crowned with success do
not and need not necessarily possess a specified range of exactly similar attributes.
In other words, no two entrepreneurs will have ever their competencies absolutely
identical in nature, intensity and combination. However, a belief strongly held by
many suggests that most entrepreneurs commonly share quite a few distinctive
qualities and skills that are not evident in average people.
The primary attributes said to be closely associated with the most enterprising
individuals are: a) inquiring mind studying the business environment and looking for
opportunities to penetrate into the market, and b) unceasing alertness adjusting
business strategies so as to reach their targets. Entrepreneurs, in particular, have
foresightedness to ascertain market trends and the ability to assess consumer
needs and wants for change. Entrepreneurs understand that in the struggle to gain
ground or to survive in a competitive free market economy, the need for
innovations becomes all the more important. In short, the successful entrepreneurs
possess such characteristics as creative frame of mind, desire to break away from
the age-old traditional practices, think deeply of varied untried ideas aimed at
creating new means of production, new devices, products or services, conceptualize
new ideas, and possess independent energetic spirit to translate their thoughts into
realities. They decide very clearly what they want, determine the course of action
and prioritise the steps they must
xxxi
execute. They are able to assemble the required resources, risk uncertainties and
face challenges.
Owner-entrepreneurs exercise persevering attention, clear thinking and good
judgement in dealing with day-to-day operations. They have interest and knowledge
in practical business matters, and power to grasp and sort out problems. They are
adept in coping with difficult situations and dealing with all sorts of people. Most
entrepreneurs possess sound health, dynamic leadership, emotional stability and
organizing ability. Above all, the noteworthy typical personality traits commonly
possessed by the vast majority of entrepreneurs include sharp intelligence,
keenness of perception in practical business matters, optimism, determination, high
level energy, persuasiveness, single-mindedness and hard work.
Entrepreneurship Development Institute of India (EDI-I) (unpublished data), in its
reference book, Developing New Entrepreneurs, draws a detailed picture about an

ideal entrepreneur and keeps certain standards as yardstick for identifying future
successful entrepreneurs. The most frequently cited personal variables found to be
predictable in successful entrepreneurs which the EDI-I selection process attempts
to identify include the following: need to achieve, moderate and calculated risktaking, initiative and independent, problem solving, hopeful about future and high
level of aspiration, time boundness, tendency to analyze the environment, and
desire to influence.
An international research project to identify and validate the entrepreneurial traits
and competencies, in which EDI-I participated, identified Personal Entrepreneurial
Characteristics (PECs) by studying the tasks, activities and behaviour of successful
and average entrepreneurs of India, Malawi and Ecuador.
The important entrepreneurial competencies which emerged as relevant for success
in entrepreneurial career among all the three countries include:
xxxii
a)Achievement cluster: initiative; seeing and acting on opportunities; persistence;
information seeking; concern for high quality work; commitment to work contracted;
efficiency orientation.
b)Thinking and problem solving cluster: systematic planning; problem solving.
c)Personal maturity cluster: self confidence.
d)Influential cluster: persuasion; use of influence strategies.
e)Directing and controlling cluster: assertiveness.
The findings of the research also suggested that most of these PECs are cross culturally common, irrespective of personal background of the entrepreneurs, their
social status, values, culture and the level of economic growth of the society. This
research showed strong evidence that the success of an entrepreneur in a small
business hinges upon these PECs which include a cluster of competencies
pertaining to achievement motivation the concept used by EDI-I in the selection
adopted and spread to other parts of the country.
Based on the studies made on the characteristics/traits of personalities of
successful entrepreneurs, S.B. Srivastava (1992) in his book A Practical Guide to
Industrial Entrepreneurs says that some of the qualities are inherent, but others are
most acquired. Broadly speaking, four qualities are the most important ones, i.e.,
intelligence, motivation, knowledge and opportunity. While intelligence is inherent,
knowledge is generally gained by a continuous process. The dynamic and successful
entrepreneurs generally create their own opportunities; the government is,
however, greatly instrumental in creating a basic infrastructure and opportunities.
The qualities of entrepreneurs may further be sub-divided as under:

Capacity to take risk, capacity to work hard, desire for deferred consumption,
capacity to take advantage of an external situation, imagination,
xxxiii
emulation, initiative, sociability and flexibility, inventive ability and knowledge
both informative and technical.
Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1983) in their article, The
Practice of Entrepreneurship in this book by S.B. Srivastava describe that
entrepreneurs are people who have the ability to see and evaluate business
opportunities, to gather the necessary resources, to take advantage of them and to
initiate appropriate action to ensure success. The following list of characteristics and
traits provides a working profile of entrepreneurs:
Characteristics
Self confidence

Traits
Confidence,

independence,

individuality,

optimism.
Task result-oriented

Need for achievement, profit oriented,

perseverance, determination, hard work, drive,
energy, initiative

Leadership

Leadership, behaviour, gets along with others,

responsive to suggestions & criticism

Originality

Innovative,

creative, flexible,

resourceful,

versatile, knowledgeable
Future oriented

Foresight, perceptive

A person may not have all these qualities, but the more one has, greater is the
chance of being an entrepreneur.
S.K. Bhattacharya and M.M.P. Akhouri (1975) in their article Profile of a Small
Industry Entrepreneur in this book by S.B. Srivastava, declare the following aspects
as important components of entrepreneurial profile:
1. Entrepreneurs have high need for achievement
2. They take calculated and moderate risks
xxxiv
3.They have high personal efficacy

4.They possess leadership qualities

5.They show high commitment to task
6.They are good at team work
7.They have good planning ability
8.They have sound decision making ability
Understanding entrepreneurial traits and qualities enable identification and
selection of entrepreneurs and developing suitable programmes for upgrading their
knowledge and skills and developing the right motivation in them to take up
enterprises of their own and manage them well.
David C. McClelland, (1961) in The Achieving Society, in the book by S.B. Srivastava,
has pointed out that successful entrepreneurs are characterized by a) an unusual
creativeness b) a propensity of risk-taking c) a strong need for achievement. An
entrepreneur possesses the following attributes:
1.Likes to take personal responsibility
2.Likes to take moderate risks
3.Wants to know the result of his efforts
4.Tends to persist in the face of adversity
5.Tends to be innovative
6.Is oriented towards future
7.Tends to be mobile and is not completely satisfied
T. Venkateswara Rao, Udai Pareek and Prayag Mehta (1978) declare in their
compiled handbook Developing Entrepreneurship, Learning Systems that
xxxv
every entrepreneur may not have all the characteristics as generally believed to
have. In fact, there is no research to indicate this. However, it may be that the more
these characteristics are present in a person, the more effective he is likely to be an
entrepreneur.
Generally, every entrepreneur is assumed to possess the good qualities as
enumerated below:
a) Need for achievement b) Need for influencing others c) Sense of efficacy d) Risk
taking e) Openness to feedback and learning from experience f) Need for

independence g) Hope to success h) Expectation from employees i) Competition

and collaboration j) Flexible authority relationship m) Concern for society n) Social
consciousness o) Dignity of labour and p) Saving for future.
The authors raise a pertinent question whether entrepreneurship is a package of
characteristics. The portrayal of entrepreneurial characteristics so far is likely to
give an impression that he represents a special type of person and that everyone
cannot be a entrepreneur. This is not true, though. The characteristics listed so far
are based on several studies and experience and most of them are not conclusive.
Nonetheless, an entrepreneur would certainly be different from the nonentrepreneur in terms of his psychological and social dispositions. But he need not
have all these characteristics together. There is no evidence to indicate that an
entrepreneur cannot be successful without some of these characteristics.
Entrepreneur with strengths in creative abilities may emerge successful without
possessing many of these characteristics. Answers to questions like what are the
optimal combinations of characteristics needed to an entrepreneur are not clearly
available. The evidence only points to some dominant traits in successful
entrepreneurs. In such situations, certain generalisations could, however, be made.
a) The traits described earlier can be developed in people through
xxxvi
psychological education c) Presence of these traits increase probability of an
entrepreneur emerging out successful.
P.Saravanavel (1991) in his book Entrepreneurship Development: Principles, Policies
and Programmes, depicts the right qualities of a true entrepreneur. An entrepreneur
should be one who bears, innovates or initiates and organizes the business. As
successfully he performs such functions to the extent he justifies his existence.
Whether he performs such functions effectively is determined by the nature of
quality control, cost reduction, improved industrial relations, profit earning and the
like. All these are possible if the entrepreneur is especially a talented person and he
possesses the following qualities in him:
1.Capacity to assume risk and possessing self confidence
2.Technological knowledge, alertness to new opportunities, willingness to accept
change and ability to initiate.
3.Ability to marshal resources
4.Ability to organize and administer
Astudy of European entrepreneurs in the 19th century at the time of Industrial
Revolution reveals that a typical entrepreneur was found more self- centered than
others. He believed in breaking up the old traditions and establishing new traditions.

Such an entrepreneur was found highly ambitious. He had the will to conquer, the
impulse to fight and succeed and a tendency to prove himself superior to others.
A true entrepreneur, besides possessing functional qualities mentioned above, must
possess the broad personality contours which help him in developing initiative and
drive to accomplish such tasks which he decides from time to time. In an early
period, an economist like J.B. Say observed that an
xxxvii
entrepreneur must possess the following special qualities: He must have
judgement, perseverance and the knowledge of the world as well as of business.
He is called upon to estimate, with tolerable accuracy, the importance of specific
product, the probable amount of demand, and the means of its production; at
another buy or order the raw material, collect labourers, find consumer, and give at
all times a rigid attention to order and economy, in a word, he must possess the art
of superintendence and administration.
Joseph Prokopenko and Igor Pavlin (1992) draw a rather not so rosy picture about
the entrepreneurship development activities in public enterprises. In view of the
limited entrepreneurial practices and opportunities inside the public sector, in
particular in socialist economies in the past, a systematic effort should be made to
develop endogenous entrepreneurship. Many researchers of western business,
among them for example, Peter Drucker, point out that entrepreneurship and
entrepreneurs can be developed through conscious action. According to this view,
the development of entrepreneurs and entrepreneurship can be stimulated by a set
of supporting institutions, by deliberate innovative action stimulating change, and
above all charging the management of existing corporations with the responsibility
of new products and spin-off firms by giving full support to capable individuals and
entrepreneur groups. While the role of the individual with innovative ideas and
sufficient drive is still emphasized, the purposeful and systematic management of
this process is also of key importance. As a result, different methods for the
development of entrepreneurship have been tried, ranging from entrepreneurial
training courses at different educational levels and management/employee buyouts, to new business incubators.
B.S. Rathore and S.K. Dhameja (2000) outline the challenges the future
entrepreneurs have to face in this century through their book Entrepreneurship in
the 21st Century. The future entrepreneurs will have to face considerable challenges
and severe competition not only from domestic industries, but also
xxxviii
from enterprises of global nature. With liberalization, the Indian entrepreneur is
facing competition from the global players even in such areas like consumer
products which recently had some protection.

The future entrepreneurs have to be prepared through training and exposure for
planning and launching an enterprise. Another task which is important in serving
the entrepreneur of the 21st century is the creation of suitable data banks in
technology and services available, arranging of technical tie-ups between
competent open minded entrepreneurs existing within the country and with
entrepreneurs/investors in other selected developed and developing countries.
Centre for Entrepreneurship Development (unpublished data) in its preparatory
notes on Entrepreneurship and Small Business Management, describes successful
entrepreneur as one who is always aware of the new developments and change that
take place around him in the society and is prepared to adapt to the changing need
of the society. He is the pivot around whom all other factors of production,
productive resources and techniques should revolve. He combines talents, abilities
and drive to transform the resources into profitable undertakings.
Studies on entrepreneurship have shown that personality and cultural/social factors
are related to entrepreneurial behaviour. Cross cultural studies covering India,
Japan, Guinea, Malaysia, Mexico, the Philippines and Indonesia indicate that traits
such as self-confidence, creativity, persistence, calculated risk taking ability,
determination, need for achievement, initiative taking, flexibility, individuality,
leadership, versatility, optimism and liking for challenge, characterize the
entrepreneur person.
The knowledge of entrepreneurial competence has been sharpened over the last
three decades. The following is a list of major competencies that contribute top
performance: Taking initiative, seeing and acting on
xxxix
opportunities, persistence, information seeking, concern for high quality of life,
commitment to work contract, efficiency orientation, systematic planning, problem
solving, self-confidence, assertiveness, persuasion, use of influence strategies,
monitoring and concern for employee welfare.
S.V.S. Sharma (1979) in his book Developing Entrepreneurship: Issues and Problems,
narrates a detailed description on the characteristics of successful entrepreneurs
and draws comparison with the unsuccessful entrepreneurs among other issues.
Research on entrepreneurship indicates a gradual convergence of interest in the
factors that contribute to successful entrepreneurship and has attempted to answer
the following questions.
1.What are the individual or psychological characteristics of an entrepreneur?
2.Is there any typical social background which characterizes an entrepreneur?
3.Are most of the successful entrepreneurs drawn from particular occupational
groups?

Attempts have been made by social scientists to find answers to the above
questions. The vast amount of research which has been generated as a result of
tremendous interest in the field of entrepreneurship and entrepreneurial behaviour
is generally related to sociological and socio-psychological aspects of
entrepreneurship.
A study of personality factors of successful and unsuccessful entrepreneurs (Alladin,
M.T., 1979) at the SIET Institute covering 16 dimensions of personality revealed that
successful entrepreneurs were found to be significantly more social, emotionally
stable and more assertive than unsuccessful ones. The findings were also
suggestive of a trend indicating that successful entrepreneurs were less suspicious
but more apprehensive than unsuccessful ones. However, on dimensions like
intelligence, expedient vs. conscientiousness, sly vs. venturesome, tough-minded
vs. tender-minded,
xl
practical vs. imaginative, far-sighted vs. shrewd, conservative vs. experimenting,
group dependent vs. self-sufficient and relaxed vs. tense, the differences between
successful and unsuccessful entrepreneurs were found to be negligible.
On the final analysis, the role of the characteristics associated with the success of
entrepreneurship personal, social and psychological, individually or in
combination, stands out significantly. And it appears possible and perhaps
necessary to develop ways and means of identifying potential entrepreneurs who
could be encouraged and supported on a selective basis. It is not suggested that
one could arrive at a universally applicable and invariant portrait of an
entrepreneur. But what is advocated is the view that in every society some people
possess entrepreneurial qualities to a greater degree than others. And these people
have to be involved to take advantage of developmental activity. While
entrepreneurial behaviour can be readily identified as a common pattern, the
underlying roots of such behaviour seem to vary from culture to culture. A more
conclusive picture will emerge only out of well planned research efforts in different
countries, individually and in coordination.
Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1982) in their book The
Practice of Entrepreneurship describe the features of entrepreneurs. They are action
oriented, highly motivated individuals who take risks to achieve goals. Most
entrepreneurs have definite goals and expectations. The clearer the goals are, the
more likely they are to achieve them. Every person is a unique individual and no
two persons are alike. All people have had different past experiences, are living in
different life situations, have different commitments and responsibilities, and have
different life goals. The previous experiences of an entrepreneur are usually broad
and varied and determine his present life situation. Most entrepreneurs have
modeled themselves on another; probably older entrepreneur and close

identification with such a role model will lead to the acquisition of entrepreneurial
behaviour and skills.
xli
The current job and the financial and family circumstance, as well as other factors,
help to determine the attitude towards being entrepreneurial. He has various
obligations and commitments to himself and to others, including his family,
employer and employees, friends and other community members. If he has too
many commitments and responsibilities outside his work, he will find it difficult to
be entrepreneurial. In planning for the future he has to be realistic in determining
those things that can be changed and those that cannot. His past experiences
should help him to understand better his present situation.
To some extent, success as an entrepreneur depends on their willingness to accept
responsibility for their own work. Even though the risk of failure is always present,
entrepreneurs take risk by assuming responsibility for their actions. Some
entrepreneurs succeed only after experiencing many failures. Entrepreneurs have a
sound mental outlook on life. They are matured individuals who have developed a
way of viewing all experiences in a healthy manner. Entrepreneurs are people who
know how to find satisfaction in work and are proud of their accomplishments.
Successful entrepreneurs are successful leaders, whether they lead a few
employees or a few thousands. By the very nature of their work, entrepreneurs are
leaders because they must seek opportunities, initiate projects; gather the physical,
financial and human resources needed to carry out projects; set goals for
themselves and others; and direct and guide others to accomplish goals.
Kalpana Vaish (1993) in her book Entrepreneurial Role of Development Banks in
Backward Areas quotes Prof. Schumpeter on his views on entrepreneurs. According
to him, supply of entrepreneurs depends on the rate of profit and social contract.
Profit induces the prospective entrepreneur to get into the business and start new
activities. But this does not necessarily imply that the entrepreneur is concerned
only with pecuniary profits. He is basically an innovator, with an achievement
motive which aspires for something more than
xlii
money. It is for such entrepreneurs to function effectively that the necessary
entrepreneurial culture and a social climate conducive to industrialization are
needed.
Development of entrepreneurship involves identification of potential entrepreneurs,
training them and developing in them the characteristics or abilities required for
entrepreneurial success and providing support to the trained entrepreneurs in all
subsequent stages of actual enterprise building.

S.B. Verma (2005) in Entrepreneurship and Employment: Strategies for Human

Resource Management, highlights the role of entrepreneurship on economic
development. Entrepreneurship as an economic activity emerges and functions in
sociological and cultural setting. It could be conceived of as an individual free
choice activity or a social groups occupation or profession. In Indian context,
entrepreneurs hail either from communities which are traditionally endowed with
entrepreneurial qualities or those from traditionally non-entrepreneurial group.
Further, entrepreneurship may result in basic, partial or total transformation in the
client community.
The entrepreneur in this context is defined as one who could start a new activity or
a new enterprise which is a deviation from his traditional family occupation or
profession. Entrepreneurship can also be thought of as a creative activity. The
entrepreneur is an innovator who introduces something new into the economy a
method of production not yet tested, a product with which consumers are not
familiar, a new source of raw material, or a new market hitherto unexplored and
other similar innovations.
Dr. B.S. Patil (2009) in his book on Social Entrepreneurship draws in detail the role
and responsibilities of social entrepreneurs. Any definition of social
entrepreneurship should reflect the need for a substitute for the market discipline
that works for business entrepreneurs. The definition combines an emphasis on
discipline and accountability with the notions of value creation
xliii
taken by Say, innovation and change agent from Schumpeter, pursuit of opportunity
from Drucker, and resourcefulness from Stevenson. In brief, this definition can be
stated as follows:
Social entrepreneur plays the role of change agents in the social sector by:
1.Applying a mission to create and sustain social value
2.Recognizing and relentlessly pursuing new opportunities to serve that mission
3.Engaging in a process of continuous innovation, adaptation and learning
4.Acting boldly without being limited by resources currently in hand
5.Exhibiting heightened accountability to the constituencies served and for the
outcomes created
Social entrepreneurship describes a set of behaviours that are exceptional. These
behaviours should be encouraged and rewarded in those who have the capabilities
and temperament for this kind of work. Social entrepreneurs are one special breed

of leaders and they should be recognized as such. We need them to help us find
new avenues towards social improvement.
Dilip Gangopadhyay (2001) in his book Enterprise and Entrepreneurs draws our
attention on the intense relationship between them, and highlights the importance
of entrepreneurship for the economic growth of a country. Entrepreneurship is a
variable, depending on the countrys resolution for economic growth and its scope is
limited by the agenda under the national policy. In regard to our country, it is
encouraged towards:
a) Social justice b) Removal of imbalance amongst the regions and dispersal of
entrepreneurial activities in backward rural areas c) Equitable distribution of income
by way of creating jobs for the unemployed d) Substantial
xliv
addition to the GNP and off late e) Techno-economic reliance through economic
liberalization and industrial globalization by way of turning mixed economy into
market economy.
Once the role and functions of an entrepreneur are understood properly, the
qualities which must be present or need to be developed to undergo the
entrepreneurial process with success should be determined. Such qualities termed
as characteristics are:
Capacity to take risk, capacity to work hard, capacity to search, capacity to exalt
competence, capacity for creative thinking, capacity to influence and persuasion,
quality consciousness and desire for deferred consumption.
Mario Rutten and Carol Upadhya (1997) in their book Small Business Entrepreneurs
in Asia and Europe, Towards a Comparative Perspective, highlight the general
features of entrepreneurs engaged in Asia and Europe. The authors quote Harvey
(1989) and others who have argued that the growth of small scale and rural based
entrepreneurial classes throughout Asia and Europe may be related to the profound
transformation which has taken place in the capitalist world system during the last
two decades. Many of the small enterprises, both manufacturing and serviceoriented, are linked to larger companies through sub-contracting relations.
Most studies on entrepreneurs have found social networks to be central to their
functioning and this is true of European as of Asian businessmen. If social networks
are viewed in a broader sense as a kind of social capital, then their ubiquity among
business entrepreneurs can be better understood. The creation of social capital is
essential not only for successful business dealings and the enhancement of
prestige, but also for insurance against an uncertain future.
Naunihal Singh (2003) has written his book Effective Entrepreneurial Management
from a definite and pragmatic point of view that stated, is this:

xlv
Neither innovative genius, nor hard work, nor even luck is in itself a guarantee for
corporate success. Assuming that all these are present in the new venture in at
least trace quantities, the missing catalytic element often seems to be what we
might call the entrepreneurial state of mind. It might be characterized as a degree
of tough-mindedness that stops somewhere short of combativeness, a confidence in
ones intuitive as well as ones rational faculties, a capacity to think tactically on
ones feet, as well as to plan strategically in the business school sense; an aptitude
that senses timely action based on sometimes inadequate information, ahead of
prolonged fact-finding; a mental set stressing integration of many facts into action
plans, rather than endless differentiation and analysis.
A Hand Book for New Entrepreneurs (1986) (unpublished data) prepared by EDI-I
faculty and experts give their version of entrepreneurship. It is not a matter of
heritage; it is entirely a manifestation of such potentialities that any individual born
in any caste, community and class can have. As such, any person having a certain
set of behavioural traits and mental aptitudes in him/her can become an
entrepreneur. Besides, there is no need for such person to be groomed from the
very childhood for becoming an entrepreneur. Even if he/she is grown up, has
worked on a different line, and has developed these traits or aptitudes, he/she can
be groomed and developed as an entrepreneur through counseling and motivational
measures.
In order to know at first hand the factors which have led to the promotion of
entrepreneurship in small scale industry sector, a study was conducted by B.S.
Batra (2002). This led to an in-depth analysis of the socio-economic profile of
entrepreneurs and the various factors of promotion, success or failure of
entrepreneurs.
There are a number of factors which motivate a person to enter into industry. There
are internal as well as external factors. Among the external
xlvi
factors, incentives to set up the new units prompted many to enter into
entrepreneurial activity. Heavy demand for the product, high profit margin and other
external factors motivated them to start the business units in the states. Among the
internal factors, strong urge to do some independent job accounted for a major
chunk. The analysis of personality factors indicated that competencies of
entrepreneurs and risk taking ability have been a major motivating factor.
Many factors generally affect the growth of entrepreneurs. These include previous
occupation, family background, caste, education, technical know-how, financial
position, government help, and personality of entrepreneurs. These factors affect
the process of industrial growth. Thus, in order to promote industrial growth and

development, it becomes necessary to create a conducive climate which helps in

promoting entrepreneurship.
The entrepreneurial spirit, as described by various studies and experiences on the
subject involves not only desire to gain monetary benefits, but also an admixture of
an utmost need for achievement and all the motivations evident in a high achiever.
Long term involvement with a goal which the entrepreneur has set for himself
creates the need to persist with the undertaking even in the face of number of
barriers.
The advanced countries have made spectacular performance on the basis of
industrial entrepreneurship. The Asian region presents a similar underdevelopment.
In India, most of the industrialized states have shown a high rate of industrial
growth during the last many decades. There is predominance of small scale units
which have shown a tendency of growth. The states have plenty of small scale
enterprises, but there are a few persons who have entered medium and large scale
sectors. However, the entrepreneurs have matched their counterparts in developed
regions in risk bearing capacity and their
xlvii
entrepreneurial skills. It is true to a large extent that whatever the various states
have been able to achieve is mainly due to the efforts of the entrepreneurs.
The entrepreneurs in low capital base depended mostly on family funds while those
in medium capital base tried to tap some nearby sources like friends and relatives.
However, more than half of the persons in high capital base got resources from
governments as well as various financial institutions. The business families supply
more entrepreneurs than any other type. The persons from business families are
directly or indirectly exposed to family businesses which make them familiar with
business practices. The families with business occupation provided large number of
entrepreneurs.
Neal Thornberry (2006) describes the entrepreneurial philosophy in his book Lead
like an Entrepreneur. The entrepreneurial half of the entrepreneurial leadership
requires the wearing of an entrepreneurial hat on a day-to-day basis. Some people
refer to this focus as a mindset or philosophy or perhaps a lens through which a
leader tends to consistently view his corporate world. It is more fruitful to view this
as a mindset than as an inherent or inborn characteristic, since people can learn to
wear this hat.
Simply defined, this mindset is a way of thinking and acting that is entrepreneurial
in nature and manifests itself in number of outwardly observable behaviour. Unlike a
trait, mindset can be learnt by most people if they have a desire to do so. What
separates most organizational managers from entrepreneurial leaders is desire.
Some people have this desire naturally, but we have seen others, employed in large

corporations, get it through a combination of education, personal development, and

well designed compensation and motivational strategies.
The entrepreneurial mindset involved the following 10 qualities:
xlviii
Internal locus of control, Tolerance for ambiguity, Willingness to hire people smaller
than oneself, A consistent drive to create, Build or change things, Passion for an
opportunity, A sense of urgency, Perseverance, Resilience, Optimism and Sense of
humour about oneself.
Entrepreneurship is about opportunity identification, development and capture. This
is the be-all and end-all. This is what entrepreneurs do and why they are called so.
What separates most of us from successful entrepreneurs is that they are willing to
spend the time and energy to go through this process. The process is not magic; it
can be learnt. A clear discipline is involved in turning an idea into an opportunity.
Companies which wish to rekindle their entrepreneurial spirit need to create an
environment in which managers become impassioned about an idea to the point
that they are willing to pursue it even if there are obstacles.
G.R. Basotia and K.K. Sharma (1999) explain the role of entrepreneurs in developing
enterprises in their handbook on entrepreneurship development. An entrepreneur
has to coordinate and control various factors of production for achieving a given
objective. All factors are equally important for making the enterprise a success.
Various departments should work in coordination with one another and
organizational and financial planning should be properly determined. Modern
business has become complex and complicated. The improvement in technology
and changing consumer preferences are creating more challenges for the
entrepreneurs. All aspects of an enterprise production, financing, marketing etc.,
should be properly arranged and coordinated to make an enterprise successful.
Some pre-requisites for the success of an enterprise are: Setting objectives, Proper
planning, Sound organization, Proper location and lay out of plant, Marketing and
distribution and Dynamic leadership.
J. Gayathri (2009) quotes Tata, Birla, Modi, Dalmia, Kirloskar and others as examples
of successful entrepreneurs, who started their business enterprises
xlix
with small size and good fortunes. Success or otherwise of a small enterprise, is to a
great extent, attributed to the success or otherwise of the entrepreneur himself.
What makes them successful? Whether they have anything in common in their
personal characteristics? The scanning of their personal characteristics shows that
there are certain qualities of entrepreneurs which are found usually prominent in
them. The principle characteristics identified are: hard work, desire for high

achievement, highly optimistic, independence, foresight, good organizing and

innovative mind.
Chris Boulton and Patrick Turner (2006) in their book Mastering Business in Asia,
concentrate on the essential qualities required for a person to succeed in
entrepreneurial venture in Asian region. The fact that there are wide variations
between entrepreneurial activities in different countries, even taking into account
the distinction between necessity-based and opportunity-driven entrepreneurs
opens up the whole subject area of what factors influence people to become
entrepreneurs and stimulate entrepreneurial activity.
You are more likely to become an entrepreneur if someone in your environment is or
has become one. Your environment includes more than just your family, and so it
can also be said that if there is a strong entrepreneurial community where you were
brought up or even a cluster of towns in your area, then this can also encourage you
to think of becoming an entrepreneur.
Global Entrepreneurship Monitor (GEM) report found that post secondary or
graduate education are twice likely to be involved in an entrepreneurial firm than
those with less education. GEM report found that another of three statistically
significant contributing factors to high levels of entrepreneurial activity was a belief
on the part of the individual that he possessed the skills necessary to start and
manage a business. People who believed this were on average five times more
likely to be engaged in entrepreneurship.
l
This finding can be taken together with the third of the three significant favourable
factors, which was perception of business opportunities, those who could see good
opportunities were three times more likely to be an entrepreneur than the rest.
Another major factor influencing the level of entrepreneurial activity was how easy
or difficult it was to become an entrepreneur in other words, the level of official
and administrative burden that an entrepreneur has to cope with. Also other factors
to be reckoned with were costs an entrepreneur had to face, both at the start up
and during the operation of the business and the availability of funding for
entrepreneurial activities.
Neeta Baporikar (2002) establishes the role of entrepreneurs in the economic and
industrial development of countries through her book Entrepreneurship and Small
Industry. Entrepreneur is not an inventor. The large number of innovations would
have all gone waste had they not been made commercially viable by the
entrepreneurs. That is why entrepreneurs are given the credit for the success of the
Industrial Revolution. What qualities or traits are required to be a successful
entrepreneur? While t is difficult to answer this question definitely, it appears that a
successful entrepreneur has the following qualities: Willingness to take sacrifices,

leadership, decisiveness, confidence in the project, marketing orientation, and

strong ego.
Sathish Khanna (2004) in his book The Rising Indiapreneur: Instilling Entrepreneurial
Skills discovers the unique characteristics demanded for an entrepreneur to
succeed in Indian business environment. Entrepreneurs are the crux of the economy
of any country. In order to succeed in the era post-WTO, a new culture is required in
India to fill this lacuna. It is not that we lack the required resources or skills for
faring better than what we already are. On the contrary, its people are more than
well qualified.
Even the definition of an entrepreneur has to undergo change. Earlier, any one who
started a business with his own money or loan money- irrespective of
li
the merits of the project was nomenclatured as an entrepreneur. Many times, he
was just launching the project because there were fiscal subsidies being offered by
the government or the project had duty protections or that easy loan money was
available. For some, it was an opportunity to siphon off money. Some started a
particular business because others were making profits in that business
the so-called entrepreneur could hire some employees and literally steal the
technology and customer base to copy the project. In the process, he neither made
the intended profit for himself nor did he allow the original player to continue
making profits, based on his being the actual entrepreneur.
This was an era of Destructive Construction. Most investments made in those days
are stagnating or losing the value. Some good investments have gone towards the
destructive mode too through value erosion.
It is time to deliberately destroy businesses which have taken in huge national
resources, bred inefficiently and are no more capable of withstanding global
competition. Such destruction will be a Constructive Destruction and hereafter
new businesses based on global competitive merits will have to be constructed.
These should find opportunities within India and abroad. This will be Constructive
Construction and those who contribute this mode of creation will be the
entrepreneurs who will be able to restore respect for themselves.
Dr. Vasanth Desai (2008) in his book Small Scale Industries and Entrepreneurship,
comments that the characteristics of an entrepreneur that contribute to success are
the result of his achievement motivation. A successful entrepreneur is a person who
has started the business where there was none before. He is essentially an
enterprising individual who is able to recognize the potential profitable opportunity
and who initiates to produce marketable products by combining the various
technologies and through organizing together the people, finance, material

resources marketing tools, in order to ultimately translate the idea in the minds to
physical realities. In short, entrepreneur is a
lii
person who initiates, establishes, maintains and expands a new enterprise. He is
basically an innovator, creator and accomplisher.
According to research studies, there are more than fifty personality traits and all
these traits, attributes and attitudes constitute the characteristics of a successful
entrepreneur. Though all the characteristics cannot be found in a single
entrepreneur yet the presence of greater number of these characteristics in an
individual makes him an entrepreneur and only then it is possible for him to be
successful to achieve the goals of entrepreneurship. Some of the characteristics or
qualities of a successful entrepreneur are as follows: Need for achievement, Risk
taking, Need for independence, Sense of effectiveness, Social consciousness, Need
for extension, Optimistic, Open minded, Non-fatalist, Low affiliation, Pragmatist,
Aggressive, Commitment and conviction, Capacity to analyze, Initiative, Hopeful,
Efficiency, Technical competence, Good judgement, Intelligence, Leadership
qualities, Self-confidence, Energy, Creativeness, Fairness, Honesty, tactfulness and
Emotional stability.
An entrepreneur who has a high level of administrative ability, mental ability,
human relations ability, communication ability and technical knowledge stands a
much better chance of success than his counterpart who possesses low levels of
these basic qualities. Brilliant men with first class degrees from universities hesitate
becoming entrepreneurs because one thing they cannot be taught is coping with
human emotions.
V.S. Patvardhan (1990) in his research study on Growth of Indigenous
Entrepreneurship conducted a detailed study on B.D. Gareware, and his
entrepreneurial growth as apart of a study of prominent families from Maharashtra
who have been involved in business and industrial activity. The author throws light
on the personality of B.D. Gareware (BDG), his motivation, the environment in which
he grew up, his uncanny business sense to exploit the opportunities at the right
time, the manner in which he reacted to the changing
liii
economic and social environment, the factors responsible for his decision making in
the process of expanding of his business, entrepreneurial aspects of his philosophy
pertaining to management, personal relations, product choice, and developing
expansion and diversification.
BDG is known to be extremely careful and choosy while selecting his executives,
train and mould them, test them, and then repose full trust in them once they come

out successful according to his expectations. Creating leadership quality within his
executives and cultivate a sense of confidence among them has been one of his
fondest activities in the running of his different companies. Though a nontechnician, he likes to learn by himself and remains a shade better than his best
technical personnel. He has experimented successfully by creating a mix of
hereditary and professional management in two of his companies. He is able to
generate a sense of belonging and identity within the organization among the
employees with whom he used to work. He spares no efforts and pains to nurture
quality consciousness as a way of life.
BDG always believes in the kind of process of growth of the personnel providing
them avenues for promotion and encouraged active labour participation in
ownership and management of his companies. He would encourage his executives
to take up responsibilities and gave credit for their achievements. He would
endeavour to know the problems of his employees, show understanding and strive
to create an atmosphere in which they would be satisfied and happy.
The overall thinking or philosophy as regards management of his companies has
been based on futuristic approach laced with practical conservatism. Management
by hunches is perhaps a unique feature of his business decisions. He continuously
looks around for something new by way of products and market. He is perceptive of
the market and of the emerging competition and not sentimental in being attached
to particular products. Single
liv
minded devotion to the objective set before oneself and perseverance also can be
counted as important contributory characteristic of BDG. He is imbued with the true
entrepreneurial spirit to take up challenges and pursued them with a practical
approach. He is a man of vision and persistent and willing to put up in any amount
of hard work.
Through the detailed and painstaking study of the personality traits, qualities and
practices of B.D. Gareware, the author has illustrated the living example of a
successful entrepreneur and the important attributes required for success.
R. Setty (2004) draws our attention towards the potential and challenges for women
to become entrepreneurs. Woman has been the economic partner of man in several
fields but when it comes to entrepreneurship, man seems, outwardly, at any rate, to
dominate the entrepreneurial world. Entrepreneurship is not simply a masculine job
as army or navy. She, too, is equally endowed with the psychological qualities and
managerial abilities that matter in successful entrepreneurship. Sometimes, the
environment and opportunities are the same for both man and woman. But
interestingly, the entrepreneurial activity in the traditional developing societies has
been restricted to man.

In general, the potential woman entrepreneur may be a teacher, a nurse, a

secretary or any woman stuck in a job that does not fulfill her or which does not
bring sufficient income. The entrepreneurial woman is simply the woman who wants
to start her own business. The promotion of entrepreneurship among women
depends very much on the organization, education, simulation, and motivation of
the clientele through concerted and systematic approach, focusing on the
individuals and groups. This objective can be achieved gradually through working
with people and demonstrating with possibilities of women venturing into
entrepreneurial activities, accompanied with adequate rewards development and
social growth.
lv
Pankaj Kumar and P.N. Sharma (2009) in their article Development of Women
Entrepreneurs in India: With special reference to Bihar, draws the picture of women
aspiring to become entrepreneurs. The emergence of entrepreneurship in a society
depends upon to a great extent on the economic, social, religious, cultural and
psychological factors prevailing in the society. Emergence of women
entrepreneurship has been an important development in advanced countries and
even in developing countries in recent years.
Today we find women in different types of industries, traditional as well as nontraditional. What motivates women to aspire for career in business is an interesting
thing to explore and analyse. According to McClelland and Winter, motivation is a
critical factor that leads towards entrepreneurship. This apart, the challenge and
adventure to do something new, liking for business, and wanting to have an
independent occupation are some of the attractive leverages for women. These
factors indicate a relatively deeper commitment to entrepreneurial profession on
the part of the entrepreneur. Responsibility thrust due to death or incapacitation of
near ones, tax benefit for self and for relations are the push factors. In addition,
special qualifications achieved for running concern, identifying the demand for the
market, external motivation, employment to needy and destitute to set up an
ancillary unit, business already in the family, are some of the factors which give
stimulus to women entrepreneurs to start business.
S.K. Dhameja (2002) narrates the opportunities, performance, and problems
experienced by women entrepreneurs with reference to our country. In India, from
the very beginning, women have been managers of the kitchen and have solely
dominated the area of household activities. Today, non-traditional enterprises are
easily managed by women and are done efficiently with them as the decision
makers. They are flourishing well as consultants, publishers, exporters,
manufactures, designers, interior decorators and the like.
lvi

The hidden entrepreneurial potential of women has gradually been changing with
the growing sensitivity to the role and economic status in society. Women are
increasingly being conscious of their existence, their rights and their work
situations. Today, women entrepreneurs represent a group of women who have
broken away from the beaten path and are exploring new avenues of economic
participation. Among the reasons for women to run organized enterprises are their
skill and knowledge, their talents and abilities in business and a compelling desire
to do something positive.
Women entrepreneurs are regarded as persons who accept a challenging role to
quench their personality needs and to become economically independent by
making suitable adjustments in both family and social life. They are constantly on
the look out for new and innovative ways which lead to strong economic
participation. Their adeptness, skill and knowledge, their acumen in business and a
pushing desire to do something positive are among the reasons for women to
establish and manage organized industries and take up challenging ventures.
Mark Casson (1982) says that the entrepreneur needs to be a generalist rather than
a specialist. In other words, it is important for entrepreneur to be reasonably
proficient in all aspects of decision making, rather than very proficient in some
aspects but inadequate in others. Entrepreneur who is deficient in some qualities in
principle hire delegates who have these qualities. The entrepreneur and the
delegate complement each other and can take decisions successfully as a unit. In
order to hire complementary qualities the entrepreneur needs some additional
qualities of his own, namely, delegation skills and organization skills.
The difficulty of screening and devising incentives is far greater for some qualities
than others. Among these scarce qualities, the most difficult to screen for are
imagination and foresight. It follows that these qualities are essential to
lvii
the successful entrepreneur. Beside these qualities, however, the entrepreneur also
needs either to be himself a generalist, so that he can discharge his function
without delegation or possess delegation and organizational skills.
All entrepreneurial qualities are to extent innate. However, not all of them are
entirely innate. Some can be enhanced by training or simply be experienced. For
example, analytical ability and computational skill can be enhanced at school and
university, while practical knowledge and search skills can be enhanced by general
experience of every day life. Entrepreneurial careers will be strongly influenced by
the desire to enhance qualities which are scarce, yet difficult to obtain through
delegation because of the problem involved in screening for them. Of the two
indispensable qualities mentioned above, imagination is almost entirely innate,
while foresight, though some extent innate, can be enhanced by a varied
experience. Delegation skill and organization skill though not essential are highly

desirable whenever large scale decision making is contemplated. These too are
qualities which can be enhanced through experience.
Dr. Nagendra P Singh (1985) says there have been several studies which highlight
that the entrepreneur is a person who bears, innovates or initiates and organizes
the business. His existence can be justified with effective performance of various
functions related to his role. Entrepreneurial skills can be acquired and inculcated
among the entrepreneurs, provided he possesses certain qualities identifiable
through his overt behavioural manifestation.
Significant identifiable traits of entrepreneurs are:
High empirical value

Observed and experienced traits

Need for achievement

Dignity of labour

Need for influencing others

Strong will power

lviii
High sense of efficiency

High self esteem

Change proneness

Tactful competition

Degree of self perceived readiness

Exploitative and opportunistic

Overall modernity

Creative

Business and financial background

Imaginative

A review of entrepreneurial characteristics has indicated 57 traits of the

entrepreneur on the basis of several researches and past experiences. It suggests
that presence of any or most of the characteristics should define the entrepreneur.
Ratna Ghosh, Meenakshi Gupta and S. Dian Dhar (1998) in their article, Women and
Entrepreneurship in India, describe the research project undertaken by The Centre
for Management Development in Trivandrum titled Management Skills for Rural
Enterprises: A Field Investigation. The project involved motivating, training and
assisting men and women towards developing independent business ventures. This
study focused on the experiences of women who started micro-enterprises. Based
on the quantitative analysis of the data obtained from questions administered to 73
women who invested in small scale industries, an attempt was made to develop a
profile of women entrepreneurs and draw out some implications for study.
Profile of woman entrepreneur - It is evident that she is not one of highly qualified
persons but is in whom knowledge combined with experience and circumstances
have helped her to succeed in her endeavour. Age and marital status have
important roles to play in success. The typical woman entrepreneur is married with
less than 3 children and over 32 years of age. She could be from either a nuclear or

joint family. In any case, she should have both the advantages and disadvantages in
terms of personal independence and household support.
lix
Her initial investment range is quite high when compared to her economic
background. She is able to obtain sufficient funds from the Government to set up a
small lucrative business which would give her economic independence and higher
social status because of increase in family income.
Characteristically from a lower middle class family, the woman entrepreneur has a
father or husband who is at least a matriculate and works in the service sector. Yet
she has succeeded in establishing herself as an individual proprietor and has been
encouraged to do so by her family members. Employing mostly females, she has
male support for handling the outside transactions.
Among the several reasons for becoming an entrepreneur, need for economic
independence and self- fulfillment is quiet strong. Although she herself is keen on
her project and how she will implement it, she clearly needs male support both at
home in terms of a conducive home environment as well as her entrepreneurial
work. Societal and cultural values impinge upon her outside her home, making her
difficult to operate in male spheres of activity. She is obliged to make her work and
home environments fit to run smoothly and pleasantly.
Jasmer Singh Saini (2005) in his book Entrepreneurship Development: Programmes
and Practices, quotes Kilby (1971) who says entrepreneur perform four tasks: a)
Exchange relationship b) Practical administration c) Management control d)
Technology. All these fields of activities involve entrepreneur in decision making
under conditions of uncertainty. Thus the entrepreneur under Kilbys proposed
framework would involve a) A determination of the types and degrees of uncertainty
confronting the performance of a particular operation b) The ability to make
appropriate decisions necessary for the goal achievement.
Kilby concludes, entrepreneurial performance in those roles involving exchange
relationships and practical administration is vigorous and effective. On the other
hand, entrepreneurs typically do not apply themselves with equal
lx
intensity to their tasks in the realms of management control and technology.
Deficiencies in these latter areas represent in many instances the operational
bottlenecks to indigenous individual development.
Dr. C.B. Gupta and Dr. N.P. Srinivasan (1999) quote Jeffrey Timmons (1985) who
conducted research on entrepreneurial traits and identified following traits: Total
commitment, determination and perseverance, Drive to achieve and grow,
Opportunity and goal orientation, Taking initiative and personal responsibility,

Persistent problem solving, Realism and a sense of humour, Seeking and using
feedback, Internal locus of control, Calculated risk taking and risk seeking, Low need
for status and power, and Integrity and reliability.
The trait approach to entrepreneurship is useful. By developing a profile of a
successful entrepreneur, it becomes possible to spot and develop entrepreneurs.
But we do not know which traits are necessary for entrepreneurial success. Many
traits used to describe entrepreneurs also apply to many managers. The trait
approach lacks specificity and is not applicable to all cultures. Another difficulty is
that traits lists are all positive. Thus, the trait approach is not fully satisfied.
Prof. Tandon (1975) has described the following qualities of a true entrepreneur
capacity to assume risk, technical knowledge and willingness to change, ability to
marshall resources, and ability to organization and administration. Historically there
is a long list of entrepreneurs who are instrumental in introducing new methods,
products, new markets and new forms of industrial organization. Such people were
drawn from all strata of society. But they had common characteristics. They were
men who valued business as a means and sign of achievement, they were people
who appreciated the possibility of innovation and they were people who tried to
overcome the resistances and obstacles in the way of doing new things. Their
motive was to increase profit and improve efficiency by reducing costs. They were
the great
lxi
figures of the Industrial Revolution in England, who earned their reputation as
innovators and organizers. They fulfilled in person the functions of the capitalist,
financier, manager, merchant and salesman.
Renu Arora and Dr. S.K. Sood (2004) in their book Entrepreneurial Development
explain that an entrepreneur should possess all such characteristics with the help of
which he can perform successfully. He should be: calculated risk taker, innovator,
organizer, creative, achievement motivated, self confident, socially responsible,
optimistic, quipped with capability to drive, blessed with mental ability, human
relations ability, communication ability, decision making, business planning,
visionary, ability to spot and exploit opportunity and courage to face adversities.
Marc J. Dollinger (2003) in his book Entrepreneurship: Strategies and Resources,
draws out in detail how the modern day entrepreneur is different from the older
ones. If entrepreneurship is one of the hot labels today, it is because the concept of
being an entrepreneur has changed. 15 years ago, an entrepreneur might have
been described as a business version of a John Wayne cowboy who steered his
business through the rodeo of commerce without the help of training or education
and without the assistance of bankers or other experts. Entrepreneurs were once
seen as small business founders with a strong independent streak and may be a
flair for the dramatic actions. Entrepreneurs were once born, not made.

Things are different now. What is emerging today is a class of professional

entrepreneurs who rely more upon their brains than their guts and who have been
trained to use both methods and technology to analyse the business environment.
The author has given a comparison of traits of old and new entrepreneurs
as:
lxii
Then

Now

Small business founder

True entrepreneur

Boss

Leader

Lone ranger

Net worker

Secretive

Open

Self reliant

Inquisitive

Seat of the pants

Business plan

Snap decisions

Consensus

Male ownership

Mixed

According to Bill Wetzel, Professor at University of New Hampshire, the old type
entrepreneur of business founders was thought primarily to be about learning a
living, while todays entrepreneur has the intention of building a significant
company that can create wealth for him and the investors.
The new entrepreneur comes from different sources too. Many of them are
corporate track drop outs, pushed out by downsizing or lured out by the quest for
status, big money, or control of their personal lives. Globalisation has many small
start-ups to compete against with big businesses.
Academia has contributed to the creation of this new professional entrepreneur
class too. Harvard Business School which once had 3 or 4 professors teaching
courses about small business now has 17 full time faculties in its entrepreneurial
studies programme. Staffing at other colleges and universities reflect the same
trend. The content of many finance, marketing and other business courses has also
been adjusted to reflect new concerns about development methods. The new class
of entrepreneurs do not just do, they understand what they are doing.
Sathish Taneja and Dr. S.L. Gupta (2001) in their book Entrepreneur Development:
New Venture Creation explain the characteristics and role
lxiii

demands of entrepreneurs. The wide range in the nature of business and the
entrepreneurs who have started and run them make generalisations about their
characteristics at best, risky and at worst, something misleading. For example,
product-oriented business is significantly different from service -oriented ones.
Technical entrepreneurs have been found to have different educational background
than non-technical and service entrepreneurs. Further, the requirement to build a
large enterprise are different and more demanding than the personal requirements
needed for setting up a small scale enterprise or even a franchise.
Entrepreneurial characteristics can be developed, such as goal setting and certain
role requirements such as knowledge of particular business can be learnt. A person
in his twenties launching his part-time/full-time venture may start a small
proprietorship or partnership concern. Early success in such enterprises provides
valuable learning. The experiences gained provide a platform to build a larger, more
complex and demanding venture on a later date.
For the entrepreneur as well as prospective partner and investor, the question of
the nature and extent of ones entrepreneurial potential is paramount. The criteria
identified can be a useful guide to help identify major shortcomings or a fatal flow
that could make pursuit of an entrepreneurial career a failure, rather than a
success. It can assist in determining if there is a reasonable chance of launching a
successful venture to suit an individuals goals, values, and needs or not.
Investigations have identified 14 dominant characteristics of successful
entrepreneurs:
Need to achieve desire to be a winner
Perseverance quality to stick to it
Moderate risk taker prefer middle of the road
Use of feedback knowing how they perform
lxiv
Facing uncertainty tolerance for ambiguity and unfamiliar situations Stress takers
posses drive and energy
Self confidence faith in their abilities
Initiative seeking responsibility
Positive self concept aware of one self and internal locus of control Motivators
possess interpersonal skills
Flexibility flexible in decisions

Independence dislikes working for others

Analytical ability unaffected by personal likes and dislikes
Ability to find and explore opportunity
It is not enough to possess a large and intense level of these entrepreneurial
characteristics. In addition, certain conditions, pressures and demands are inherent
in the role of entrepreneurship. These role requirements have important
implications for a persons suitability to entrepreneurship and for the eventual
success of a new venture. While successful entrepreneurs may share several
characteristics in common with successful persons in others careers, their
preference for and tolerance of the combination of requirements, unique to the
entrepreneurial role, is a major distinguishing feature. There are some important
role requirements of an entrepreneur accommodation to the venture, total
immersion and commitment, economic values, integrity and reliability.
R. Kumaresan (2009) in his book, Entrepreneur versus Entrepreneurship
Development, makes a detailed listing of the qualities required by an entrepreneur
for successful management of his enterprise. Entrepreneur is a human being who
has his dignity, self respect, values, sentiments, aspirations and dreams apart from
economic status. If we analyse the business history of India and the persons who
have emerged as successful entrepreneurs namely Tata, Birla, Kirloskar, Ambani
and TVS Iyengar, we can find that there are some common qualities of
entrepreneurs capacity to take risk, capacity to
lxv
work hard, above average intelligence and wide knowledge, self motivation, vision
and foresight, willingness to differ consumption, imagination, initiation and
emulation, inventive ability and sound judgement, flexibility and sociability, desire
to take personal responsibility, desire to seek and use feedback, persistence in the
face of adversity, innovativeness and future-orientation, mobility and drive, creative
thinking, strong need for achievement, ability to marshall resources, high degree of
ambition, will to conquer and impulse to fight and will to prove superior to others.
Dr. Bhawna Bhatnagar and Ankur Budhiraja (2009) quote Vasant Desai who has
defined the modern entrepreneur. According to Vasant Desai, the entrepreneur
brings in overall change through innovation for the maximum social good. Human
values remain sacred and inspire him to serve the society. He has firm belief in
social betterment and he carries out his responsibility with conviction. In the
process, he accelerates personal, economic as well as human development. The
entrepreneur is a visionary and integrated man with outstanding leadership
qualities. With a desire to excel, the entrepreneur gives top priority to research and
development. He always works for the well being of the society. More importantly,

entrepreneurial activities encompass all fields/sectors and foster a spirit of

enterprises for the welfare of mankind.
Based on the above definition, we can conclude that a modern entrepreneur tries to
keep himself updated by way of evaluating new situations and analyzing his
environment to explore new prospects, takes risk and then arranges for necessary
resources to start his enterprise.
P. Vijaya Banu (2006) gives the characteristics about entrepreneur as named by
various authors:
Organizer Say
Capitalist Adam Smith
lxvi
Innovative Schumpeter, Drucker
Change agent Young
Risk taker Webster, Walker, Knight
Opportunist Drucker, Dewing
Decision maker Danhof
Visionary Hisrich
Leader Hisrich
Dreamer Luther
Problem solver Hagen
High achiever McClelland
If we go through the business history of India, we come across the names of persons
who have emerged as big successful entrepreneurs - for example, Tata, Birla, Modi,
Dalmia, Kirloskar, Ramasamy, TVS Iyengar, and Anantharamakrishnan. When we
study about them we find besides twelve characteristics of the entrepreneurs as
enumerated above, several other characteristics in them. They are: hard work,
time/speed, self reliance, communicator, motivator, initiative, discipline, will power,
optimistic, strategist, sound knowledge, technical knowledge, self confidence,
passion, flexibility, assertiveness, independent, creativity, human relations,
involvement, pride, adaptability, values, foresight, conviction, dynamism, courage,
high energy level, dreamer, determination and commitment.

lxvii
CHAPTER 3
RESEARCH METHODOLOGY
3.1 METHODOLOGY
The present study is descriptive in nature. The researcher made an attempt to find
out the demographical composition of the samples and to analyze their perceptions
on the ways and means of entrepreneurship. The case study method reveals their
attributes towards their perception on individualistic patterns in their uniqueness on
entrepreneurial ventures.
3.1.1 Research design
According to the population enumeration of the census of India, the population of
entrepreneurs in each state stood at a measureable percentage. In this connection,
it may be mentioned that the problems of social engineering and population growth
has given impetus for the growth of entrepreneurship. Hence, the scope of the
present study has been confined to these people alone. It comprises 50 samples
(estimated) of successful entrepreneurs which have been selected on random basis.
The method of sampling adopted here is Stratified Random Sampling with the list of
entrepreneurs as sampling frame and the sample size is determined on the basis of
a Pilot Survey (taking 10 entrepreneurs). As a matter of fact, entrepreneurs of Indian
origin have gained a lot of significance on account of several factors particularly due
to their large number of population in absorbing the labour force. The research
samples were further confined to micro-level by the researchers concentration on
only successful entrepreneurs.
The formula used is
n = Za2 x S2
e2
lxviii
Where,
n = sample size
e = marginal error/permissible error a
Za = standard variate at "a" level
S = standard deviation.

In the selection of the sample units for the purpose of the study, those with less
than 5 years of existence and not in business at present have been completely
ignored. It had also been ensured to give representation to different types of
business houses.
The data for the study have been collected mostly from the primary sources. An
elaborate interview schedule was prepared for administering among the
entrepreneurs. For the purpose of conversing the questions, one entrepreneur for
each business shall be selected irrespective of the fact that some are partnership
firms and some are private limited companies.
Apart from these, secondary data have also been collected from different
Government Departments like Department of Commerce & Industries, District
Industries Centers, Department of Economics and Statistics, State Industrial
Development Corporation, etc. The data so collected have been tabulated and
analyzed properly with their level of achievement.
3.1.2 Research questions
1.Entrepreneurship development in any state is very slow and far below than the all
Indian average.
2.The industrial growth in a state has been on low growth path mostly due to more
industrial failures in the small scale sector.
lxix
3.Lack of demand for products, scarcity of working capital and above all,
infrastructure bottlenecks are the main factors for entrepreneurial backwardness in
any given state.
4.Improper project planning, lack of industrial conception, absence of
entrepreneurial class adoptive to competitive and changing market forces and
corrupt bureaucracy have also added to the problem of sickness in small scale
industries.
3.1.3 Scope and limitations of the study
The study conducted has the following scope and limitations:
(i)The scope of the present study has been confined to Indian nationals only.
(ii)Field survey was conducted during 2009 - 2011.
(iii)As the findings and conclusions of this study are based on data collected from
the selected entrepreneurs in the study area, it cannot be generalized for the entire
nation.

(iv)The methodology followed and tools employed in the analysis of the data
involved certain merits as well as demerits of their own and also reflect the
limitations of the database.
(v)Data pertaining to capital, borrowings and time devoted by entrepreneurs were
gathered from the selected entrepreneurs directly. There were no proper records
maintained at the individual or firm level. Thus the information given by the sample
units may not be accurate. However, utmost care was taken by the researcher to
ensure accuracy, by adopting cross checking methods.
lxx
3.1.4 Climate and concept for the study
It is proposed to analyse the factors that have motivated and facilitated the
entrepreneurship development for study. What makes a man is mostly his
environment and his attitudes. The prevailing social-economic, psychological and
the cultural factors naturally influence a man and act as a source of inspiration to
make a successful living in the society.
Environment and attitudes are not two different separable entities. The former
influences the latter and vice-versa. But the attitudes of people exert more influence
on the environment. Sometimes, man becomes a prisoner of the environment of
which he is the creator. Here again, the attitudes of man are not static. They are
ever changing. Man constantly endeavours to conceive new and better ideas and
indulges in experimenting on them. This process guides to changed attitudes and
changed environments.
The level of economic development differs from one country to another country
because the people of these countries are placed in different socio- economic
setting with different attitudes. Wytinsky remarks that if it was possible to
transplant overnight all the factories of Michigan, Ohio and Pennsylvania to India
without changing the economic attitudes of the people, two decades later, the
country would be as poor as it is now. He felt that the main source of India's
weakness lies in the human factor. What are lacking are not innate abilities or
technical skills in her people but it is the lack of initiative or interest in improving
their economic status.
The paradox of the abundance of innate abilities, the lack of enterprising qualities in
India is well exemplified by Ram K. Vepa. He cited the example of Bihar, Orissa,
Assam and Madhya Pradesh which are endowed with rich natural resources and
have, in the past, produced amazing achievements both artistic and cultural. He
cited the temples at Konark, Bhubaneshwar and Khajuraho which speak in volumes
about the skills of the master-craftsmen and the culture of the
lxxi

people of those areas in the past but which remained backward. Even today, these
states remain backward despite massive investment in public sector projects there
since the beginning of the era of planning in India.
As such, of all the attitudes, innovation, risk taking and future planning are the most
important: from the point of view of industrial development. It is the entrepreneur
who acts as a 'spark plug' to transform the economic scene and brings a sense of
dynamism into it. Entrepreneurs like any other careerists are not born but they are
made. Career depends upon several factors other than the attitudes of the careerist
himself. The attitudes of others like his family members, friends and relatives and
the government would exert influence into the career making. Entrepreneurship is
no exception. Entrepreneurs are not only a product of their ambitions, but also
those of the aspirations of their family members, friends and the nation.
Certain compulsions also, at times, push them to the entrepreneurial roles. The
encouragement and help received from Government and non-governmental
agencies are some of the important factors instrumental to the emergence of
entrepreneurship. It is proposed in this chapter to enquire into the entrepreneurs'
ambitions, the compelling forces, the sources of motivation, the facilitating factors,
etc.
Table 3.0 shows the distribution of the type of entrepreneurs' families. 84 of the
total entrepreneurs (79.2 per cent) were in joint life families at the time of starting
their units and 22 (20.8 per cent) were in nuclear families.

lxxii
Table 3.0
District

Type of Families
Joint

Nuclear

Total

Total Count

84

22

106

% within Religion

79.2

20.8

100

% within Families

100

100

100

% of Total

79.2

20.8

100

Source: Field Survey

3.1.5 Presentation of the study

The study has been presented in five chapters: Chapter I deals with the concept of
entrepreneurship and its relationship with economic development, the emerging
trends of small scale industry, objectives of the study and research design. The
second chapter comprehensively reviews the literature related to this study. Chapter
III explains the methodology which is a combination of the case method and the
survey method (popularly known as the case survey (method). In the next chapter,
namely Chapter IV, provides some empirical support for the paradigm of strategic
choice (as opposed to that of environmental determinism) underlying the theoretical
model as proposed in the earlier chapters. Following the discussions, in Chapter V,
narrates the process of identifying successful entrepreneurs with their
entrepreneurial heuristics and thumb rules so identified with findings and
conclusions.
3.1.6 Entrepreneurs' ambitions
Ambitions motivate men. Ambition is an index of one's own resourcefulness. It
activates men, broadens their vision and makes the life more meaningful. Ambition
is not something which is akin to greed or windfall. Greed
lxxiii
results in disaster and windfall makes one a speculator. Like an individual, a nation
or a region may have their own ambitions or aspirations which speak of their
resourcefulness. Galbraith further explained that because the people of Asian and
African nations are lacking in ambition, they are lagging behind others in
development.
Ambition is the wrench of all motives. The intentions and initiative of a man are
motivated by his ambitions. The importance of ambition in life can be justified by
the common saying "aimless life is a goalless game." Hence, their aspirations and
means to reach their goal is much more important than the man himself. However,
ambitions differ from one person to another person depending upon the
characteristics, priorities, etc. which they have set for themselves. Sometimes,
personal ambitions may come in the way of achieving national aspirations. Well
conceived notions, careful planning, calculated risk taking, timely decision-making
and swift execution make the ambition meaningful and fruitful and hence the
achievement of nation's economic growth and development.
As regards the entrepreneurs ambitions, the entrepreneurs were asked to rank in
order of importance, any three of five given ambitions. The ambitions marked by
them were ranked by weighted score by according three points to the ambitions
ranked first, two points to the ambitions marked second and one point to the
ambition ranked third. On the basis of the percentage of total weighted score of
each ambition, overall ranking was made. As can be observed from Table 3.1, the
ambition of gaining independent living or self-employment was ranked first. To

make money received second rank, and to to gain social prestige was the third
ranked ambition.
"To fulfill the desire of myself/my father/my wife" was the fourth ranked ambition.
The "other" ambition ranked fifth which includes the desire to do something new or
creative, self- employment to youths, etc. It is clear from the

lxxiv
above analysis that the entrepreneurs had mainly the ambition of gaining
independent living or self-employment, making money, gaining social prestige and
fulfilling the desires of himself and his family. It is also to be noted that basically
there was only a slight, just an inter-changing, difference in the ambitions of
entrepreneurs in respect of the top three ambitions.
3.2 REASONS COMPELLING ENTREPRENEURS TO ENTER
INDUSTRY
Sometimes the compulsion rather than the ambition leads the man to success. At
times, the initial aspirations and the opportunities may clash with each other. Then
the destiny is shaped none other than by the compulsions encountered by the
individual. Sometimes, one may be thrown out of his job all of a sudden or he may
remain unemployed for long time after his education. There are also cases of people

who start as tiny industry as a diversification of economic interests and ultimately

making lakhs of rupees and providing

lxxv
employment to others in hundreds. Such is the importance of the element of
compulsion in everyday life. Hence, it is thought appropriate to examine the reasons
that might have compelled the entrepreneurs to pursue entrepreneurship.
Table 3.2 shows the compulsion number one that has compelled the entrepreneurs
was the diversification of economic interests (31.3 per cent). 'Unemployment' was
the number two compulsion that has driven 23.5 per cent of the entrepreneurs to
the industry whereas 'dissatisfaction' with the previous job held has shaped the
destiny of 21.8 per cent of the entrepreneurs to become industrialists. Compelling
reason that ranked fourth is making use of idle funds (12.6 per cent).
lxxvi
It may be interesting to note that 6 entrepreneurs had no compelling reason to start
industry. Moreover, 40 entrepreneurs had not mentioned any number two
compelling reason. Likewise, 35 entrepreneurs did not find any number three
compelling reason to start industry.

It is not an easy task to differentiate between one's ambition and compulsion. What
is an ambition for one entrepreneur may be a compulsion for another. It is the
entrepreneurs' attitudes that ultimately make the difference.
3.3 FACTORS FACILITATING ENTREPRENEURSHIP
Ambitions or compulsions alone may not make an entrepreneur. Sometimes, the
encouragement he got from his family members or his friends and relatives, the
experience he gained in employment, the skills he acquired or inherited etc., also
facilitate the exercise of entrepreneurship. Many factors may come up in the way of
starting an industry. For example, encouragement of the family elders is very much
needed in the process of starting a unit. If they are reluctant, quite naturally, it is
difficult to expect support from others including entrepreneur's wife. Moreover, first
generation entrepreneurs generally face strong opposition from their parents as
occupation pursued by the family so far is different from what is going to be done
by the entrepreneur. Therefore, an attempt has been made to examine whether
there were any such facilitating factors.
Table 3.3 demonstrates the factors facilitating the emergence of entrepreneurship.
Previous experience in manufacturing was rated highest (33.2 per cent) of all the
facilitating factors. The next important factor facilitating entrepreneurship was the
encouragement of family members/relatives/friends (26.5 per cent). Success stories
of entrepreneurs were ranked as the third important factor (15.6 per cent). Closely
followed, acquired or inherited professional and technical skills were rated as the
fourth factor facilitating the entrepreneurship.

lxxvii
It is clear from the analysis that there are at least two important factors facilitating
entrepreneurship apart from a few others. They are previous experience in
manufacturing and encouragement of family members/ relatives / friends. These
two were ranked first and second most important factors.
3.4 EXPECTATIONS OF ENTREPRENEURS
Expectations of the entrepreneurs which stimulated their desire to jump into
entrepreneurship and the degree of fulfillment of such expectations are enquired in
this section. It is quite natural that many of the entrepreneurs expect a lot from the
state government and other non-government agencies. Whether

lxxviii
these expectations get fulfilled or not, they initiate a useful function in stimulating
the desire of the entrepreneur to start a firm.
In this study, a long list of possible expectations or aspirations are given to the
entrepreneurs and asked to mark any expectation or expectations that had
stimulated their desire to enter industry.
Table 3.4 shows the distribution of the expectations. Even though a long list of
expectations is given to the entrepreneurs, 19.6 per cent (11 out of 56
entrepreneurs) and 28 per cent (14 out of 50 entrepreneurs) admitted that they had
no expectations as such. Many of the entrepreneurs (73 out of the total 106)
expected financial assistance from State Government, State Industrial

lxxix
Development Corporation (SIDCO) and other state and national agencies.
Expectation of getting technical assistance from the government/non- government
agencies ranked second (7.6 percent), whereas expectation of availability of skilled
labour was ranked third (6.6 percent). Only 3 entrepreneurs expected getting of
ancillary relation with large firms.
Reasons for dissatisfaction from 21 entrepreneurs who are not satisfied with the
location of their unit are solicited. Table 3.9 observed the reasons for their
dissatisfaction. Inadequate common facilities were rated highest as reason number
one by 16 out of 21 dissatisfied entrepreneurs. To be more precise, lack of water
supply, erratic power condition and more specially, lack of testing laboratory for
raw-materials and products are some of the inadequate common facilities availed
by the entrepreneurs. The second reason was inaccessibility to markets (rated 17.1
percent) by entrepreneurs.

lxxx
The usefulness of attending EDPs from 39 entrepreneurs is also enquired. Table 4.22
shows the responses from the entrepreneurs. 71.8 per cent of those entrepreneurs
who had taken training programmes (28 out of 39) found that EDPs are very useful
to their enterprises while 17.9 per cent rated it as useful. Only 5.1 per cent rated
attending EDPs as not useful. It can thus be concluded that attending some sort of
entrepreneurial training can go a long run in the smooth functioning of the small
units.
lxxxi
3.1.7 REFERENCES
1.Davenport Robert W., Financing the small Manufacturing in Developing Countries,
McGraw Hill Book Company, New York, 1967, pp. 12-13.
2.Gupta S.K., 'Entrepreneurship Development Training Programme in India', Small
Enterprise Development', Vol. 1, No.4, December 1990.
3.John Kenneth Galbraith, "Economic Development' Harvard University Press,
Cambridge, 1969, P. 15.
4.Mc Cleland D.C. & Winter D.G., 'Motivating Economic Achievement', The Free
Press, New York, 1969.
5.Ram K. Vepa, "Entrepreneurship for Development of Backward Areas," National
Productivity Council, New Delhi, 1973, PP. 14 -15.

6.Wytinsky, India: The Awakening Giant, P. 187

lxxxii
CHAPTER 4
CASES STUDIED
1. AJAY PIRAMAL -PIRAMAL ENTERPRISES LIMITED
Ajay Piramal is the Chairman of Piramal Enterprises Limited, India. From owning
what was then an almost defunct textile company, Piramal today is the Chairman of
Rs.4,000 crore group, comprising Nicholas Piramal, the fourth - largest
pharmaceutical company in India, Morarjee Weaving and Spinning and Gujarat
Glass.
In 1988, he heard from a friend that Nicholas Laboratories, an Australian MNC that
was exiting India, is up for sale. There were many large suitors but Piramal decided
to meet Mike Barker, the man in charge of selling the company, and told him that he
had no track record, was only 33, but was confident of achieving his dream of
putting Nicholas among the top five pharma companies in India (from 48th at that
time). Barker laughed with disbelief but decided to sell the company to him after
hearing out the "young and untried entrepreneur's" turnaround plan. He took the
company to a place among the top five pharmaceutical companies in India through
a string of overseas acquisitions like the Indian subsidiaries of Roche, Boehringer
Mannheim, Rhone Poulenc, ICI and Hoechst Research Centre.
Piramal says proudly that a decade later he went to see Barker in retirement in
Kenya armed with Nicholas' annual report which showed that the company was
among the top five pharma companies in India. Ajay Piramal draws his inspiration
from Foot prints on the sands of time. This story, writes Business Standard, has
acted as a guiding spirit for him.
lxxxiii
2. AMAR BOSE - BOSE CORPORATION
Amar Gopal Bose born in 1929 is the Founder Chairman of Bose Corporation. An
American electrical engineer of Bengali descent, he was listed on the 2007 Forbes
400 with a net worth of $1.8 billion. The child of an Indian Bengali father and white
American mother, Bose was born and raised in Philadelphia, Pennsylvania. Bose
graduated from Abington Senior High School and entered the Massachusetts
Institute of Technology, graduating with a BS in Electrical Engineering in the early
1950s. Bose spent a year in Eindhoven, Netherlands, in the research labs at NV
Philips Electronics and a year in Delhi, India, as a Fulbright student. He completed
his Ph.D. in electrical engineering from MIT, writing a highly mathematical thesis on
non-linear systems.

Following graduation, Bose took a position at MIT as an Assistant Professor. He

focused his research on acoustics, leading him to invent a stereo loudspeaker that
would reproduce, in a domestic setting, the dominantly reflected sound field that
characterizes the listening space of the audience in a concert hall.
Bose was awarded significant patents in two fields which, to this day, are important
to the Bose Corporation. These patents were in the area of loud speaker design and
non-linear, two-state modulated, Class-D, power processing.
To found his company in 1964, for initial capital, he turned to angel investors
including his MIT thesis advisor and Professor, Dr. Y. W. Lee (who invested his life
savings on the effort). Today, the Bose Corporation is a multifaceted entity with
more than 12,000 employees, worldwide, that produces products for home, car, and
professional audio, as well as conducts basic research in acoustics, automotive
systems, and other fields. In addition to running his company, Bose remained a
Professor at MIT until 2000.
3. S. ANANTHARAMAKRISHNAN AMALGAMATION GROUP
lxxxiv
Sivasailam Anantharamakrishnan (19051964), affectionately called "J" was an
Indian industrialist and business tycoon who founded and led the Amalgamations
Group of industries from 1945 to 1964.
EARLY YEARS WITH SIMPSON AND COMPANY
Anantharamakrishnan joined Simpsons Group, a British-owned South Indian
business conglomerate as Secretary in 1935. He became one of the three directors
and the only Indian director (the other two being European) in the board of
Simpsons group when Sir Alexander MacDougall, Chairman of Simpson's, and W.W.
Ladden, Managing Director of the Company founded a holding company in 1938.
Anantharamakrishnan's induction marked the partial Indianization of Simpsons
group which was, till then, completely owned by Europeans. The very next year, it
was converted into a public limited company. This eventually became the
Amalgamations Group in 1941.
EXPANSION OF THE AMALGAMATIONS GROUP
In 1922, John Oakshott Robinson of Spencer's had purchased the Madras newspaper
The Madras Mail and the Higginbotham's and merged the companies with his
printing company Associated Printers and the Spencer's to form the Associated
Publishers. In 1945, Anantharamakrishnan purchased Associated Publishers on
behalf of Amalgamations and added the new companies to the group. According to
popular Chennai historian S. Muthiah, the successful takeover was the result of an
overheard conversation at a Hotel Connemara. This takeover is regarded as over of
the biggest business deals of post-colonial Madras.

During the period 19381955, the group also promoted a finance company called
Simpson and General Finance, an advertising company (Madras Advertising
Company), Wheel-Precision Forgings, Speed-a-way and Wallaces Castwright. India
Piston was established in 1949. Addison Paints and Chemicals
lxxxv
were established in 1947. With Indian independence and Indianization of
commercial establishments in the country, the Europeans in the board left handing
the company to Indians. Consequently, Anantharamakrishnan became the Chairman
of the Amalgamations group in 1953. Anantharamakrishnan died an untimely death
on April 18, 1964 at the age of fifty-nine.
4. ANIL AGARWAL VEDANTA GROUP
Agarwal has travelled a long way, from the Patna lad who left school at 15 to
founder, Chairman of the $10 billion conglomerate Vedanta Resources.
One of the most thrilling moments of my life was the day I got my first cycle,
reminisces Anil Agarwal, founder Chairman of the London Stock Exchange-listed
mining and metals conglomerate with a market cap of $10 billion. The cycle, a gift
from his father, a fabricator of grills and gates in small- town Patna in the 1960s,
meant the youngster could ride to his municipal school in style, instead of making
the daily 10 km hike on foot. Much later, Agarwal graduated to a Vespa scooter, but
never made it to college. Agarwal came to Mumbai as a scrap-metal dealer in 1976,
going on to build an empire in copper, zinc, aluminium and iron ore, recently
venturing into power generation.
Vedanta Resources was the only Indian group to go for a primary listing on the
London Stock Exchange in 2003 and its subsidiary, Sterlite Industries, was listed on
NYSE in 2007 in the largest IPO in the US by an Indian company. The tipping point
came in 2003. Frustrated with the licence raj regime and the constraints of raising
capital in India, Agarwal had earlier moved to London. From a British newspaper he
learnt that Brian Gilbertson, the South African dealmaker who engineered the $57
billion takeover of BHP by Billiton in 2001 to create the worlds largest mining group,
had fallen out with the merged leadership.
lxxxvi
So Agarwal made a cold call, just like that: I always take a chance. I told Gilbertson
that I would like him to help me list my company. In turn, Gilbertson asked about
his hobbies, and Agarwal recollects, I told him that my hobbies are whatever the
other man wants. Gilbertson said, I do cycling. I replied, I do cycling too. The pair
biked 60 km from Oxford to London, with Agarwal trailing. Agarwal reflects, Some
strength helped me cover that distance. Gilbertson came to India, checked out all
our assets and was impressed. I offered him a good package and he became

Chairman. Vedanta subsequently attracted others on the boardP. Chidambaram,

the late Sir David Gore-Booth and Michael Fowle, Chairman, KPMGand the
company successfully listed on the London Stock Exchange. With this, Agarwal
became a global player in mining and metals in less than a decade.
When Agarwal came to Mumbai for the first time as a 20-year-old, he was fascinated
by Narendra Desai, Chairman, Apar Group, the doyen of the aluminum industry at
that time. Thirty years later, the two still meet over a cup of tea every week and
share a bond that transcends business. Agarwal says, He is a follower of the Hare
Krishna movement. From him I learnt that you can be an industrialist and also be a
bhakt.
In 1993, Ranjit Pandit, now Managing Director, General Atlantic, had just moved
back to Mumbai from New York, to open McKinsey and Co.s India practice, which he
chaired. In inimitable Agarwal style, Pandit got a call out of the blue, with Agarwal
describing Sterlite as a small company which had a lot to learn. From then on,
Pandit has been a regular sounding board. He says: Look at the power generation
company hes going to list. It has just 1,000MW, but hes growing it to 10,000MW,
and his valuation is based on that.
The person who has perhaps most influenced Agarwals recent thinking is an
American, Steve Elbaum, Chairman, Superior Cables, inspired Agarwals 2006 $1
billion pledge to set up the Vedanta University, a world-class
lxxxvii
university, on a 3,200 ha site in Orissa. Says Agarwal: I want to spend 20% of my
time on philanthropy, building lasting institutions the way American industrialists
have done. Thats my passion now. His critics say the real motivation is Vedantas
interests in Orissa, which holds the worlds fourth largest bauxite depositsthe
mining of these has been opposed by some environmentalists and tribals, resulting
in Norways Government Pension Fund divesting its small holding in Vedanta.
5. AZIM PREMJI - WIPRO
Achievements: Azim Premji has several achievements to his credit. In 2000, the Asia
week magazine voted Premji among the 20 most powerful men in the world. He was
among the 50 richest people in the world from 2001 to 2003 as listed by Forbes. In
April 2004, Time magazine rated him among the 100 most influential people in the
world. In 2005, the Indian Government honoured Azim Premji with the Padma
Bhushan. Chairman of Wipro Technologies; one of the richest Indians for the past
several years; his success story is a source of inspiration to a number of budding
entrepreneurs.

He was studying Electrical Engineering from Stanford University, USA, when due to
sudden demise of his father he was called upon to handle the family business. He
took over the reins of family business in 1966 at the age of 21 years.
At the first general meeting of the company attended by Azim Premji, a shareholder
doubted Premjis ability to handle business at such a young age and publicly
advised him to sell his shareholding and give to a more mature management. This
spurred him and made him all the more determined to make Wipro a success story.
And the rest is history. When Azim Premji occupied the hot seat, Wipro dealt with in
hydrogenated cooking fats and later diversified into bakery fats, ethnic ingredient
based toiletries, hair care soaps, baby toiletries, lighting products and hydraulic
cylinders. Thereafter Premji made a focused
lxxxviii
shift from soaps to software. Under his leadership Wipro has metamorphosed from a
Rs.70 million company in hydrogenated cooking fats to a pioneer in providing
integrated business, technology and process solutions on a global delivery platform.
Today, Wipro Technologies is the largest independent R&D service provider in the
world. Under his leadership, the fledgling US$ 2 million hydrogenated cooking fat
company has grown to a US$1.76 billion IT Services organization serving customers
across the globe. In the past two years Wipro has also become the largest BPO
services provider, based in India. Wipros growth continues be driven by its core
values.
Wipro was the first Indian Company to embrace Six Sigma, the first Software
Services Company in the world to achieve SEI CMM Level 5 and it also became the
worlds first organization to achieve PCMM Level 5 (People Capability Maturity
Model). Premji equates Quality with Integrity both being non-negotiable.
In the year 2001, Premji established Azim Premji Foundation, a not-for- profit
organization with a vision of significantly contributing to quality universal education
to build a just, equitable and humane society. This means every child receiving
quality education. Although one of the richest Indians, he flies economy class and is
happiest when hiking, reading or discussing the foundation he has set up to
promote primary education.
Excellence endures and sustains. It goes beyond motivation into the realms of
inspiration. Excellence can be as strong a uniting force as solid vision. What is
excellence? It is an unending great journey all about going a little beyond what we
expect from ourselves. I have found that excellence is not so much a battle you
fight with others, but a battle you fight with yourself, by constantly raising the bar
and stretching yourself and your team, Azim Premji.
HOW DOES ONE CREATE EXCELLENCE IN AN ORGANIZATION?

lxxxix
First, we create an obsession with excellence. We must dream and think of
excellence not only with our mind but also with our heart and soul. Let us look
outside, at the global standards of excellence in quality, cost and delivery and let us
not rest until we surpass them.
Second, we need to build a collective self-confidence, because excellence requires
tremendous faith in one's ability to do more and in a better way. Unless, we believe
we can do better, we cannot.
Third, we must understand the difference between perfection for its own sake and
excellence. Time is of essence. Excellence is about doing the best we can and speed
lies in doing it quickly. These two concepts are not opposed to each other; in fact,
speed and timeliness are important elements of quality and excellence.
Fourth, we must realise that we cannot be the best in everything we do. We have to
define what our own core competencies are and what we can outsource to other
leaders. Headaches shared are headaches divided.
Fifth, we must create processes like Six Sigma, CMM or ISO that enable excellence.
Use them because they are based on distilled wisdom and it is imperative that we
use the most modern tools to keep processes updated.
Sixth, we must create a culture of teaming (Quality). Cross-functional teams that are
customer facing can cut through an amazing amount of bureaucracy, personal
empire building and silos and deliver savings that spreads to the rest of the
organization and teaming becomes a way of life.
Seventh, invest in excellence for the future. Future always seems to be at a
distance. But it comes upon you so suddenly that it catches you by surprise, if not
shock. We must certainly trim our discretionary expenses, but must ensure that our
investments in strategic areas lead to excellence are protected.
xc
Finally, excellence requires humility. This is especially needed when we feel we have
reached the peak of excellence and there is nothing further we can do. We need an
open mind to look at things in a different way and allow new inputs to come in. The
great man then shared some tips for success:
Have the courage to think big; never compromise on fundamental values;
Build up self-confidence, always look ahead and have the best around you;
Have an obsessive commitment to quality; play to win; and
Leave the rest to the force beyond.

6. BHAI MOHAN SINGH - RANBAXY LABORATORIES LIMITED

Bhai Mohan Singh, founder of pharmaceutical giant Ranbaxy Laboratories, can be
called as the doyen of pharmaceutical industry in India. Bhai Mohan Singh was born
in 1917 in Rawalpindi district. Bhai Mohan Singh began his business career in the
construction business during the Second World War. He started business as a
moneylender. Ranbaxy was started by his cousins Ranjit Singh and Gurbax Singh.
Ranbaxys name was a fusion of Ranjit and Gurbaxs names. When Ranbaxy
defaulted on a loan, Bhai Mohan Singh bought the company on August 1, 1952, for
Rs.2.5 lakhs.
Bhai Mohan Singh collaborated with Italian pharma company Lapetit Spa and later
on bought it. He made his mark in the pharmaceuticals industry in the late 1960s
when he launched his first superbrand, Calmpose, which was an imitation of Roches
valium. He established an R&D facility at Mohali and launched one blockbuster pill
after the other, such as Roscillin, Cifran, etc.
Ranbaxy Laboratories Ltd went public in 1973. Bhai Mohan Singh also co-founded
Max India with his youngest son, Analjit Singh. As a pioneer of India's
pharmaceuticals industry, 89-year-old Bhai Mohan Singh was the
xci
survivor of many a courtroom and boardroom battles, be it to regain hold over the
company or to claim rights to products and patents.
Bhai Mohan Singh died on March 27, 2006. He was the ex-Vice President of the New
Delhi Municipal Corporation (NDMC). For his contribution in civic matters he was
awarded the Padma Shri. For his contribution to the industrial development of
Punjab, the Punjab Government named an industrial township near Ropar after him.
7. BRIJMOHAN LAL MUNJAL - THE HERO GROUP
Achievements: Chairman of Hero Group; honoured with Ernst & Young Entrepreneur
of the Year in 2001. Today, the Hero Group is the largest manufacturer of twowheelers in the world and B.M.Munjal is the man credited with its success.
His journey began in 1944 at the age of 20. He along with his three brothers moved
from his birthplace Kamalia in Pakistan to Amritsar. The brothers started supplying
components to the local bicycle business. After partition in 1947, the family was
forced to move to Ludhiana. In 1952, Munjals made a shift from supplying to
manufacturing. They started manufacturing handlebars, front forks and chains. In
1956, the Punjab state government announced the issue of 12 new industrial
licenses to make bicycles in Ludhiana. The Munjal brothers cashed on this
opportunity. Soon Hero Cycles started giving well established players such as
Raleigh, Hind Cycles and Atlas Cycles a run for their money. The Hero Cycle was

comparatively cheaper and was sturdy and reliable. It gave the customers value for
their money.
In 1984, Japans Honda, the largest manufacturer of motorcycles elicited interest in
collaborating with the Hero Group to manufacture motorcycles in India. Even after
the collaboration has broken, the Hero Group is the largest manufacturer of
motorcycles in the world.
xcii
SEEDING A DREAM
The founder and patriarch of the $ 2.8 billion Hero Group is a classic first generation
entrepreneur. He is a man who started small, dreamt big and used a combination of
grit and perseverance to create one of the country's largest corporate groups and
the World's No.1 two wheeler company.
BUILDING RELATIONSHIPS
When Brijmohan and his brothers started out, there was no concept of organized
dealer networks. Companies just produced, and most dealers functioned like
traders. Brijmohan changed the rules of the business by trusting his gut instincts;
introducing business norms that were ahead of their time, and by investing in
strategic relationships. "Thanks to the relationships that we have nurtured so
passionately in the Hero Family, the younger generations of some of our bicycle
dealers have become dealers of Hero Honda. These relationships have survived
through generations - through bad times and good times'' the patriarch now
reminiscences.
STAYING AHEAD
In the 1980s, when all two-wheeler companies in India opted for two- stroke engine
technology, Brijmohan preferred a four-stoke engine - a technology that
dramatically increased fuel efficiency and reduced maintenance costs. This
technology was one of the biggest reasons for Hero Honda's stupendous success.
A CORPORATE CITIZEN
The Ludhiana Stock Exchange owes its existence to Brijmohan's vision as does the
Ludhiana Flying Club. He has also set up the not-for-profit Dayanand Medical
College and Hospital - an institute now rated as one of the
xciii
best medical colleges in India, in terms of infrastructure, quality of staff and alumni
profile.

By 1971, the Munjals had set up a rim-making division for Hero Cycles and launched
another company called Highway Cycles that would make freewheels -- it was then
that Brijmohan Lal restructured and streamlined Heros rapidly expanding business.
Within a span of 6-7 years, production at the Hero Cycles plant doubled and in 1975
it became the largest manufacturer of bicycles in India.
He worked on two premises; first that all four brothers, the original four brothers,
had an equal stake in all the Munjal companies. The second premise was that any
Munjal who wanted to work, had to have a business to run. Now what did that
mean? That meant that between the 1980s, 1990s and 2000, the business began to
expand and to diversify -- they went into textile spinning, they went into financial
services . . . although not all of these succeeded.
They had also integrated vertically right up to a cold-rolling steel mill. But the
biggest and the most important factor in all this was their continuous growth in the
auto components' segment, and this would become perhaps the Munjal's key
competitive strength.
Brijmohan Munjal is steady in his dedication towards his work. With the widespread
network of 5,000 dealers across the country, the Hero Group today is a
conglomerate with an annual turnover of Rs.10,000 crore. Highs and lows, rewards
and backlashes have all been a part of the Hero Group's corporate story, but
downfalls did not discourage them, nor did losses kill their spirit of
entrepreneurship.
8. CHETAN MAINI: REVA ELECTRIC CAR
Chetan Maini began building toy cars and planes when he was eight. And, with
some nifty workmanship, he has turned his hobby into an innovative
xciv
business. He serves as Chief of Technology & Strategy Officer and Deputy Chairman
of Mahindra REVA Electric Vehicle Co Ltd. (alternative name is REVA Electric Car
Company Private Ltd.), a joint venture between Maini Group of Bangalore and AEV
LLC, USA. Mr. Maini has over 14 years experience with electric vehicles during the
course of which he has developed over 6 electric, solar and hybrid-electric vehicles
in India and US. At Stanford, he served as the project leader.
In this regard, Chetan Kumar Maini, the former owner of Reva Electric Cars is a lucky
man to have built a remote-controlled toy car at the age of 8, and won a school
prize in the sixth standard. Later, he started building toy planes and go-carts with a
scooter engine. As a mechanical engineering student, he built solar and hybrid cars.
And, finally, he designed and built a battery-operated car - India's first electric car,
the Reva. He just takes three weeks to put together a model. Today, Maini picks up

most of his ready-to-assemble kits from shops in Bangalore for Rs.6, 000 to 12,000
apiece.
His childhood fascination for cars led him to pursue a mechanical engineering
degree from the University of Michigan. Maini's fascination for hybrid vehicles really
took off during his postgraduate days at Stanford. He spent a lot of time researching
green technologies and companies that were working in that space.
"In my college days, we were four friends who were working on a solar car together.
We were always looking at starting a company, especially in the electric vehicles
space," he says. That is how he ended up working for a company called Amerigon,
which was working on the electric vehicle technology. And that is where the idea of
Reva was born.
When Maini introduced Reva in India in 2001, the auto market looked at his electric
car with amusement, some even indulged him by taking test rides, but few took the
car seriously. In late-2006, the company received an investment
xcv
of $20 million from Draper Fisher Jurveston and Global Environment Fund to help
Reva's strategic growth globally.
9. DEEPAK PAREKH HDFC
He is a Chartered Accountant. Mr. Parekh is a Fellow of the Institute of Chartered
Accountants (England & Wales). He is designated as Chartered Financial Accountant
from England and Wales. Mr. Parekh received a Bachelor of Economics of Bombay
University and holds a Financial Chartered Accountant degree from England and
Wales.
Mr. Parekh joined Housing Development Finance Corporation in a senior
management position in 1978 and served as its Managing Director from 1985 to
1993. He is an eminent banker and a renowned financial expert in the country. He
served as the unofficial Crisis Consultant to the Government of India. He began his
career with Ernst & Young Management Consultancy Services in New York.
HDFC has reached where it is today because of sheer hard work and shared vision.
Mr. Parekh was awarded the Padma Bhushan in 2006 for his contribution in the field
of trade and industry. On January 24, 2008, Mr. Parekh was awarded the lifetime
achievement award by Finance Asia for his contribution towards the
banking/financial sector in Asia in 2003. He was also the first recipient of the Qimpro
platinum award for Quality for his contributions to the services sector and the
youngest recipient of the prestigious corporate award for lifetime achievement from
the Economic Times. He has won several other awards including 'Hall of Fame'

award by Outlook Money Magazine in 2005 and Best Non Executive Director award
by the Asian Centre for Corporate Governance in 2006.
10. DHIRUBHAI AMBANI RELIANCE GROUP
xcvi
Achievements: Dhiru Bhai Ambani built Indias largest private sector company. He
created an equity cult in the Indian capital market. Reliance is the first Indian
company to feature in Forbes 500 list.
Dhirubhai Ambani was the most enterprising Indian entrepreneur. His life journey is
reminiscent of the rags to riches story. Dhirajlal Hirachand Ambani was born in
1932, at Chorwad, Gujarat, into a Modh family. His father was a school teacher.
Ambani started his entrepreneurial career selling bhajias to pilgrims in Mount
Girnar over the weekends.
After doing his matriculation at the age of 16, Ambani 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, Dhirubhai built Indias largest private
sector company, Reliance India Limited, from scratch. Over time his business has
diversified into a core specialization in petrochemicals with additional interests in
telecommunications, information technology, energy, power, retail, textiles,
infrastructure services, capital markets and logistics.
Dhirubhai revolutionized capital markets. From nothing, he generated billions of
rupees in wealth for those ho put their trust in his companies. His efforts helped
create an equity cult in the Indian capital market. With innovative instruments like
the convertible debenture, Reliance quickly became a favourite of the stock market
in the 1980s.
In 1992, Reliance became the first Indian company to raise money in global
markets, its high credit taking in international markets limited only by Indias
sovereign rating. Reliance also became the first Indian company to feature in Forbes
500 list. Dhirubhai Ambani was named the Indian entrepreneur of the 20th century
by the Federation of Indian Camber of Commerce and
xcvii
Industry. A poll conducted by the Times of India in 2000 voted him greatest creator
of wealth in the century.
He is the man behind Reliance Industries, whose empire extends from
petrochemicals to textiles. With his vision and astute leadership, Ambani has
succeeded in established Reliance as one of the largest private sector company in
India. Dhirubhai Ambani has received global adulation for his success. In a recent

poll conducted by Asia week, he was selected as one of the 5 most powerful people
in Asia. He has been profiled by Times of India in their section- Indian of the Century.
He was awarded the Wharton School Daans medal for his contribution as a leader
to international business, world economy and political policy.
11. EKTA KAPOOR - BALAJI TELEFILMS
Achievements: Creative Director of Balaji Telefilms; awarded with Ernst & Young
Start up Entrepreneur of the Year award in 2001. Ekta Kapoor can be aptly called
the reigning queen of Indian television industry. The serials produced by her
company are a great hit with the masses and are dominating all the major T.V.
channels.
Ekta is the daughter of former Bollywood superstar Jeetendra and sister of the
current Bollywood hero Tusshar Kapoor. Ekta did her schooling from Bombay
Scottish School and later on joined Mithibai College. She was not interested in
academics and on the advice of her father ventured into TV serial production at the
age of 19. Her company has produced more than 25 serials and each one is being
shown, on an average, four times a week on different channels. Ekta Kapoors
serials have captured the imagination of the masses. She has broken all previous
records of TV serial production and popularity in India.
xcviii
Ekta Kapoor has produced and co-produced numerous soap operas, television series
and movies. Today, Ekta Kapoor dominates Indian television, producing more than
eight television soaps for STAR Plus, India's leading general entertainment channel.
She has traversed a long way, pushing through a host of odds that have stood her
way since her first musical game show Dhum Dhamaka went on air around 1994.
The self-confessed control freak has moved on to making films, though the factor
continues in her life, stronger than ever. From the small screen to the big, she still
courts controversy with the way she deals with some of the subjects in her serials;
she still hires and fires people.
Though her dreams appeared to shatter as her creative products flopped on the
small screen, her confidence in herself and her belief in the Almighty saw her
pulling off success with a hilarious comedy show "Hum Paanch". After that there has
been no looking back for this young wizard of Indian television.
Today, Balaji is no more a private limited enterprise but a public limited company.
And no prizes for guessing how much sweat, toil and labour the largest and
youngest single producer of television software in the history of India's
entertainment industry has put in.

Despite the popularity of her soaps, Ekta has received a lot of criticism for her
controversial and bold scenes, the portrayal of female characters, false
sophisticated sets and repetitive, frivolous plots. In the short span of her career this
young entrepreneur of India has achieved many awards and civic honours. She was
chosen to lead the Confederation of Indian Industries' (CII) entertainment
committee. Truly, it is not Ekta Kapoor alone for the bull's eye success of Balaji
Telefilms, rather there is a strong team of more than 300
xcix
professionals who are sincerely working behind the scenes and so the familiarity
must have gone to the company and its team and not Ekta alone.
12. GALLA RAMACHANDRA NAIDU AMARARAJA BATTERIES
Dr. Ramachandra Naidu Galla born in1938 is an Indian industrialist, the founder of
the Amara Raja Group of companies. He is married to Aruna Kumari Galla, a minister
in the Andhra Pradesh state government.
CAREER
Galla was born in the village of Petamitta in Chitoor District, Andhra Pradesh. He did
his bachelors in Electrical Engineering at Jawaharlal Nehru University in Anantapur,
then took a masters degree at the Regional Engineering College, Rourkela and a
second masters degree at Michigan State University. After leaving Michigan, he
worked for US Steel, and then as a consulting engineer on the design of power
plants.
He returned to India in the 1980s, when he founded Amara Raja Batteries in Chitoor;
the group spun off a number of subsidiaries, including Galla Foods and Mangal
Precision Products. The group currently has an annual turnover of Rs.1900 crore.
Dr. Ramachandra N. Galla is the patriarch of an illustrious business family of Andhra
Pradesh, Gallas, who have established a name for themselves by successfully
setting up Amara Raja Batteries. Dr. Galla started his career as an Electrical
Engineer in US Steel Corporation, USA moved on to Sargent & Lundy, USA as a
Consulting Engineer for the Designing of Nuclear & Coal Fired Power Plant. He
initiated various projects in these corporations & mastered the ropes of this
competitive business in a very short time. However, he soon discovered that his
natural inclination was serving his country and as a
c
logical sequel he gravitated towards Chittoor his native place in India. Dr. Galla laid
the foundation of Amara Raja batteries in 1985 in Chittoor.

Dr. Galla's finest hour as a businessman came in 1998 when he was presented Best
Entrepreneur of the Year 1998 by Hyderabad Management Association,
Hyderabad. He has been bestowed with honorary doctorate degrees from Jawaharlal
Nehru Technical University in 2008 at Hyderabad & Sri Venkateswara University in
2007 at Tirupati. He has also been conferred with The Spirit of Excellence award
by Academy of Fine Arts, Tirupati, and various other prestigious awards.
He is passionate about a corporates responsibility to society as well as
championing eco-friendly business practices. Dr. Galla has established various
charitable trusts. He is dedicated to rural development and improving the economic
conditions of the farmers in Chittoor District, Andhra Pradesh.
13. GAUTAM ADANI - ADANI GROUP
Gautam Adani born in 1962 is the Chairman of the Adani Group, a leading trading
and export company of India. In September, 2010 Forbes magazine announced that
Adani is the 6th richest person in India with a personal wealth of US $10 billion as of
March, 2011. He is the first billionaire from the city of Ahmedabad.
Gautam Adani was born in Ahmedabad, India, to Shantilal and Shantaben Adani in a
Gujarati Jain family. He set out for Mumbai to make a living with only a few hundred
rupees at the age of 18. He studied at the Seth C. N. Vidyalya School in Ahmedabad
and later on at Gujarat University. Adani is a University dropout; he studied till his
second year for a Bachelor's Degree in Commerce.
ci
He worked in Mumbai as a diamond sorter at Mahindra Bros. After working there for
two years, Adani, 20 at that time, set up his own diamond brokerage outfit at Zaveri
Bazaar and made his first lakh.
In 1981, one year later, his elder brother Mansukhbhai, bought a plastics unit in
Ahmedabad and asked Gautam to run it. This marked the beginning of Adani's foray
into global trading by beginning to import polyvinyl chloride (PVC), a key raw
material for manufacturing plastics. After the economic liberalization, the import
duty on various goods was slashed, and profits of Adani Exports, then his flagship
company, grew immensely.
In the first half of the 1990s, the American multinational Cargill and the small Indian
company Adani Group joined hands for a project to produce and export salt from
Gujarat. The Americans exited the proposed partnership citing management and
control differences, leaving the Indian partner with 5,000 acres of land for which it
had no use. Gautam Adani could have been in trouble. But he saw there an
opportunity. Call it prescience, providence or a good gamble. In place of the captive
jetty to export the salt, now stands Mundra Port, Indias largest private port. The
surrounding land is home to the largest multi- product special economic zone in the

country. These crown jewels on the Gujarat coastline stand testimony to Adanis
business acumen. He started with an investment of Rs.5 lakh in 1988, and his
groups current turnover is Rs. 7,000 crore.
Adani soon saw an opportunity to import plastic and break the monopoly of the local
manufacturers. Adani Exports Ltd was formed in 1988 as a partnership firm. The
company went public in the mid 1990s, by which time it had expanded to coal and
scrap metal businesses. Says Pranav Adani, his nephew and Managing Director of
Adani Wilmar: What separates him from the rest is that he can see 5-7 years
ahead.
cii
Mundra was the fountainhead of the groups activitythe locus of all expansion that
followed. After building the port, Adani added backward and forward links to
complete the chain. As the port became active, he realized that there would be
need for power and began importing coal. This was the seed for his foray into power
and energy sector.
The transition of his flagship company, Adani Enterprises, would be more
spectacular. From a trading house with around Rs.22, 000 crore revenue, it is set to
become an infrastructure conglomerate with more than Rs.42, 000 crore revenue by
2012. Adani Group can make India and Indian infrastructure happen, says Uday
Kotak, Vice-Chairman and MD, Kotak Mahindra Bank.
Adani Enterprises is among the top five players in every business it is into, says a
research report by the financial services firm IDFC-SSKI. Currently, it is the largest
trading house in India and the largest private sector player in coal trading with 20
million tonnes contracts in 2008-09. It is also the largest private company in power
trading. Adani plans to emulate the success in his newer ventures. He has
earmarked investments of over Rs.25, 000 crore over the next three years. What
people accomplish in 10 years, my father wants to do in two, says Karan.
Adani Groups entry into power generation thus becomes an automatic extension. It
is also the most ambitious. It will determine the groups fate and its rise to the top
echelons of Indian industry. But Adani has a clear-cut plan. With the development
of power plants, we will be vertically integrated and drawing synergistic benefits
among the Adani Group companies for capturing value across the entire chain, he
says.
ciii
Does Adani function purely as an instinctive entrepreneur or is there a process to his
ambition? Three years ago we were not in the power business. But when the State
Electricity Act gave way to deregulation, we entered the business, say Pranav and
Karan.

14. GHANSHYAM DAS BIRLA BIRLA GROUP

Achievement: Laid the foundations of the Birla Empire; founder of the Federation of
Indian Chambers of Commerce and Industry (FICCI).
Ghanshyam Das Birla is the man who laid the foundation of the Birla Empire. He was
a close associate of Mahatma Gandhi and advised Gandhiji on economic policies. He
was the most important pre-Independence contributor to the Indian National
Congress. He is also popularly known as the builder of Birla Mandirs.
Born in 1894, G.D. Birla was a native of Pilani. His grandfather Shiv Narayan Birla
was a traditional marwari moneylender. Ghanshyam Das Birla entered the business
arena during the time of First World War. He established a cotton mill in Sabzi Mandi,
and later on established Keshoram Cotton Mills. Along with cotton mills he
diversified to jute business and shifted his base to Calcutta city in Bengal, the
world's largest jute producing region. He established Birla Jute Mills in Bengal, much
to the consternation of established European merchants.
In 1919, with an investment of Rs.50 lakhs, the Birla Brothers Limited was formed
and a mill was set up in Gwalior. In 1930s, G.D. Birla set up Sugar and Paper mills. In
1940s, he ventured into the territory of cars and established Hindustan Motors. After
independence, Ghanshyam Das Birla invested in tea and textiles through a series of
acquisitions of erstwhile European companies. He also expanded and diversified into
cement, chemicals, rayon and steel tubes.
civ
After independence, the Birlas expanded their business and started production in
many fields. Near Mirzapur, he, in collaboration with Caesar, an American friend, set
up an Aluminum Plant Hindalco. Ghanshyam Das Birla also founded several
educational institutions. Birla Institute of Technology and Sciences (BITS) Pilani has
today evolved into one of Indias best engineering schools. He also established
many temples, planetariums, and hospitals.
In 1957, he was awarded Indias second highest civilian honour, the "Padma
Vibhushan" by the Government of India. G.D. Birla award for scientific Research has
been established to encourage scientists for their contribution in the various fields
of scientific research in his honor. The Birla family is one of the foremost business
houses in India. During the decades of 70`s and 80`s, Birla brothers were among
the topmost Industrial Houses of India. Their businesses vary from petrochemicals
and textiles to automobiles and Infocomm.
Ghanshyam Das Birla died in 1983 at the age of 90.
15. GOENKA. R.P. RPG GROUP

Rama Prasad Goenka MP is the founder and currently Chairman Emeritus of the RPG
Group, one of India's leading industrial houses. With a turnover of more than
Rs.8000 crore last year, the RPG Group's core business activities include power
(CESC, which supplies power to the city of Kolkata); Tyre (CEAT, a leading Indian tyre
company); power transmission (KEC International, the world's second largest EPC
power transmission company), retailing (Spencer's, India's largest organized retail
chain), entertainment (Saregama India, India's oldest music company) and
technology (which embraces life sciences and IT).
Born in Kolkata in 1930, Rama Prasad Goenka was educated at the famed
Presidency College, where he came in touch with some outstanding teachers of his
time and picked up an abiding interest in history and economics. Soon after
cv
his graduation, Rama Prasad Goenka became associated with the Indian jute
industry. At a very young age as Chairman of Indian Jute Mills Association, he played
a leading role in underscoring the need for modernizing the traditional industries.
The RPG Group was set up in 1980 with jute, cable and carbon black, with a
turnover of Rs.70 crore. He, found time to have a stint at Harvard University and
later took pioneering steps to invite the renowned IMD at Lausanne to India and set
up the International Management Institute in Delhi, where he continues as
Chairman. Rama Prasad Goenka is a former Chairman of the Federation of Indian
Chambers of Commerce and Industry (FICCI) and Chairman of the Confederation of
Asia Pacific Chambers of Commerce & Industry, where he continues as a Member of
the Advisory Board.
Currently a Rajya Sabha member of the Parliament, R.P. Goenka is deeply involved
in social work. He is a Trustee of the Jawaharlal Nehru Memorial Fund and a Trustee
of the Indira Gandhi Memorial Trust. He is also a trustee of the Rajiv Gandhi
Foundation. Rama Prasad Goenka has taken abiding interest in education,
particularly higher education and served as Chairman of Board of Governors of this
Institute for two terms, during which IIT Kharagpur was rated the country's No. 1
engineering education institute by India Today.
During his colourful business career spanning more than five decades, Rama Prasad
Goenka served many public institutions. He is a former Director of the Central Board
of Reserve Bank of India, General Insurance Company of India, Steel Authority of
India and Industrial Development Bank of India.
In recognition of his unique services, the Emperor of Japan bestowed on him his
country's highest honour for a Foreigner "The Order of the Sacred Treasure Gold and
Silver Star". The Institute of Advanced Studies in Education Deemed University
(IASE), Rajasthan has already honoured him with a D. Litt

cvi
(Honoris Causa) for his contribution to industry and his deep involvement in social
work.
16. JEYSINGH THOMAS - AVT GROUP
Born at Idayankudi near Tirunelveli, Mr. Jeysingh Thomas did his graduation in the
MCC and a post graduation in business in UK. He established the first commercial
plant tissue culture lab in India in 1984. He remained a role model for budding
entrepreneurs in agriculture.
DIVERSE BUSINESSES
Mr. Thomas became the Chairman of AV Thomas group in 1968 after his fathers
demise. Established in 1925, the group is involved in diverse businesses including
tea, coffee, rubber, spices, leather goods, food ingredients and natural extracts,
medical appliances, treated rubber wood, shipping and warehousing, agency
services and plant technology. He employs more than 11, 000 people.
Habib Hussain, one of the executives on the board of A.V. Thomas Group, said Mr.
Jeysingh Thomas had a sharp business mind. He made friends for life and kept his
word.
17. JINDAL, O.P. - JINDAL GROUP
Shri Om Prakash Jindal more popularly known as O.P. Jindal was born in 1930 to a
farmer late Netram Jindal of village Nalwa of district Hisar in Haryana. Since his
childhood the young Jindal had interest in technical work. He started his industrial
career with a small bucket-manufacturing unit in Hisar. In 1964, he commissioned a
Pipe Unit Jindal India Limited, followed by a large factory in 1969 under the name
Jindal Strips Limited.
cvii
At present, there are twenty factories under the flagship of the Jindal Organization,
which are worth over Rs.17, 500 crores, under whose umbrella, thousands of
families directly or indirectly benefit themselves.
O.P. Jindal was the Chairman of the Jindal Organization. In 2004, Jindal was conferred
the prestigious "Life Time Achievement Award" for his outstanding contribution to
the Indian Steel Industry by the Bengal Chamber of Commerce & Industry. According
to the latest Forbes' List, O.P. Jindal has been ranked 13th amongst the richest
Indians of the country and placed 548th amongst the richest persons of the world.
His life's mission was to help others particularly the common man in every possible
way. Shri Jindal was known for his unassuming generosity and donates crores of
rupees annually not only to known but also to needy strangers. Numerous social

and religious institution of India also received liberal donations from Shri Jindal for
noble causes.
Jindal's philosophy was that without the upliftment of weaker and backward sections
of society our dream of being a leading nation of the world shall remain unfulfilled.
To realize this conviction he was motivated into politics. Like industry in politics too,
he had a successful story to tell. He received tremendous support and co-operation
of the people and became a Member of the Haryana Legislative Assembly in 1991.
In 1996, he was elected as a Member of Parliament in the 11th Lok Sabha from the
Kurukshetra Parliamentary Constituency of Haryana with a landslide victory.
The life journey of Jindal from a farmer's son to a successful industrialist, a
philanthropist, a politician and a leader would serve as a great source of inspiration
for generations to come.
cviii
18. JOHN YESUDHAS, V.F. WAVETEL
Yesudhas began his career as a marketing executive in 1998 with a salary of
Rs.3500. In 2000, he decided to freelance as a dealer. With the money he made, he
started a shop in a tiny 250 sq. ft. space in Plaza Centre, Chennai. Thus was born
Wavetel in rather humble surroundings.
Today, in a decade, Wavetel is the number one retailer of mobile phones in South
India. At the beginning of 2008, Wavetel had eight branches. Then in August 2009
Wavetel had 23 outlets 22 in Chennai and one in Chengelpet, near Chennai.
Wavetel created two records the first by clinching the highest number of phones
sold on an opening day at their Valsaravakkam branch, in Chennai. They sold 367
phones that day, which is a national record. The second is their exclusive mobile
retail shop in Chengelpet. It is the largest individual telecom store in the country,
spread over a space of 3400 sq. ft.
Wavetelmobile.com, the brands website is hugely popular among customers. The
website gets an astounding 80, 000 hits a day. Another web- based initiative by John
is wavetelsms.com. It is one of the few websites which gives customers the option
of sending unlimited free sms-es. Today the company employs approximately 300
people and their turnover has been increasing steadily. John has ambitious plans for
the brand saying, We are in the process of talks with foreign investors for equity
investment to go national. We are looking towards having a pan Indian presence.
John is understandably proud of brand Wavetel after all, from being a small player
in the market, today it is a brand to contend with in the south. Wavetel also bagged
South Indias Number One Retailer Award for the 2008 - 09 financial year. Riding the
crest of success, John and Wavetel are surfing to a bigger and brighter future.
cix

19. KALLAM ANJI REDDY - DR REDDY'S LABS

Achievements: Founder Chairman of Dr. Reddys Group of Companies, awarded with
the Padmashri in 2001, Dr. K. Anji Reddy is a pioneer in pharmaceutical research in
India. Dr. Reddy served in the PSU Indian Drugs and Pharmaceuticals Limited from
1969 to 1975. He was the founder-Managing Director of Uniloids Ltd., from 1976 to
1980 and Standard Organics Ltd., from 1980 to 1984. Dr. Reddy is a serving
member of the Prime Ministers Council on Trade & Commerce, Government of India,
and has been nominated to the Board of National Institute of Pharmaceutical
Education and Research.
Kallam Anji Reddy is an Indian entrepreneur in the pharmaceutical industry, the
founder of Dr Reddy's Labs. He spent his early years in the village of Tadepalli in
Guntur district, Andhra Pradesh, where his father grew turmeric. Reddy graduated
from the local high school and went on to get his first Bachelor of Science degree
from A.C. College at Guntur in 1958. Dr. Reddy holds a B.Sc.-Tech in Pharmaceuticals
and Fine Chemicals from Bombay University and a Ph.D., in chemical engineering
from the National Chemical Laboratory, Pune.
It was the first company to take up drug discovery research in India. In 2001Dr.
Reddys Labs became the first Asian pharmaceutical company outside Japan to be
listed on the New York Stock Exchange. The company has revenues of $ 546 million
is Indias second largest pharmaceutical company.
Dr. Reddy is also a philanthropist. He is the founder-Chairman of Dr. Reddys
Foundation for Human & Social Development, a social arm of Dr. Reddys, which
acts as a catalyst of change to achieve sustainable development.
20. KARSANBHAI PATEL NIRMA
cx
Dr. Karsanbhai Khodidas Patel born in 1945, in Gujarat, is an Indian industrialist,
founder of the Rs.2500 crore Nirma group with major interests in detergents, soaps
and cosmetics. He has interests in education, and founded a leading engineering
college, the Nirma Institute of Technology. He is sometimes referred to as Dr. K.K.
Patel.
LIFE
Born into a farmer family from north Gujarat, Karsanbhai finished his B.Sc. in
Chemistry at age 21 and worked as a lab technician, first in the New Cotton Mills,
Ahmedabad, of the Lalbhai group and then at the Geology and Mining Department
of the state Government. In 1969, Karsanbhai set up Nirma, (named after daughter
Nirupama) selling detergent powder. This was an after- office business - the oneman company would bicycle through the neighbourhoods selling handmade

detergent packets door to door. At a price of Rs.3 per kg, (one third the price of
leading detergents), it was an instant success.
After three years, Karsanbhai felt confident enough to quit his job. Later he said: the
lack of any such precedent in my family made the venture fraught with fear of
failure. But farmers from North Gujarat are known for their spirit of enterprise.
Karsanbhai set up shop at small workshop in an Ahmedabad suburb. The Nirma
brand quickly established itself in Gujarat and Maharashtra.
The high quality and low price of the detergent made for great value. Fueled by
housewife-friendly advertisement jingles, Nirma revolutionized the detergent
market, creating an entirely new segment for economy detergent powder. At the
time, detergent and soap manufacture was dominated by multinational corporations
with products like Surf by Hindustan Lever, priced around Rs.13 per kg. Within a
decade, Nirma was the largest selling detergent in India. Since production was
labour intensive, Nirma also became a leading employer. Made without some
phosphates, Nirma was also somewhat more environment friendly.
cxi
After establishing its leadership in economy-priced detergents, Nirma entered the
premium segment, launching toilet soaps Nirma bath and Nirma beauty soap, and
premium detergent Super Nirma detergent. Ventures into shampoo and toothpaste
were not successful, but the edible salt Shudh is doing well. Nirma beauty soap is
one of the leading toilet soaps, behind Lifebuoy and Lux. Overall Nirma has a 20%
market share in soap cakes and about 35% in detergents. Nirma also has successful
operations in neighbouring countries.
In 1995, Karsanbhai started the Nirma Institute of Technology in Ahmedabad, which
grew into a leading engineering college in Gujarat. An Institute of Management
followed, with the entire structure being consolidated under the Nirma University of
Science and Technology in 2003, overseen by the Nirma Education and Research
Foundation. The Nirma labs education project, aimed at training and incubating
entrepreneurs, was launched 2004.
Karsanbhai's two sons and son-in-law are now at leading positions in the Nirma
organization: Rakesh K Patel (MBA) looks after procurement and logistics, Hiren K
Patel, chemical engineer and MBA, heads marketing and finance, while Kalpesh
Patel is in human resources.
AWARDS
In 2001, Karsanbhai was awarded an honorary doctorate by Florida Atlantic
University, recognizing his exceptional entrepreneurial and philanthropic
accomplishments.

In 1990, the Federation of Association of Small Scale Industries of India (FASII), New
Delhi, awarded him the 'Udyog Ratna' award. The Gujarat Chamber of Commerce
felicitated him as an 'Outstanding Industrialist of the Eighties'. He has served twice
as Chairman of the Development Council for Oils, Soaps and Detergents.
cxii
21. KIRAN MAZUMDAR-SHAW - BIOCON LTD
Achievements: Chairman & Managing Director of Biocon Ltd., Indias largest
biotechnology company. In 2004, she became Indias richest woman. Kiran
Mazumdar was born in Bangalore. She did her schooling at Bishop Cotton Girls
School and Mount Carmel College at Bangalore.
After completing her B.Sc in Zoology from Bangalore University in 1973, she went to
Ballarat University in Melbourne, Australia and qualified as master brewer in 1974.
Her professional career kick-started immediately and she joined Carlton and United
Beverages as a trainee brewer. Four years later she changed tracks to join the Irish
company Biocon Bio-chemicals Limited as a Trainee Manager. Not quite content with
being just an employee, the same year Mazumdar Shaw took the bold step of
founding Biocon India in collaboration with the parent company Biocon Biochemicals. In retrospect, calling it a bold step seems to be an understatement as
her capital investment was a paltry Rs.10, 000. Banks were hesitant to give loans to
her as biotechnology was a totally new field at that point of time and she was a
woman entrepreneur, which was a rare phenomenon.
HER DETERMINATION
Her initial operations included developing a process to extract papain, an enzyme
from papaya. This fermentation process made way to develop processes for many
other industrial enzymes. By 1990, Biocon India became proficient enough to start
an in-house research programme, in solid substrate fermentation technology, which
allowed it to produce enzymes from pilot to plant level. Mazumdar Shaw, however,
was not satisfied. The visionary in her saw that Biocon had potential to enter the
field of biopharmaceuticals. She, thus, initiated strategic research programs. In
1994, Biocon established Syngene International Private Limited as a Custom
Research Company (CRC) under the stewardship
cxiii
of Kiran Mazumdar Shaw. In 2000, Biocon established Clinigene, India's first Clinical
Research Organisation (CRO).
Today, Biocon is recognized as Indias pioneering biotech enterprise. In 2004, Biocon
came up with an IPO and the issue was over-subscribed by over 30 times. Post-IPO,
Kiron Mazumdar held close to 40% of the stock of the company and was regarded
as Indias richest woman with an estimated worth of Rs.2,100 crore. She is a much

sought after biotech pioneer who has been referred to as "India's Biotech Queen" by
The Economist and "India's mother of invention" by New York Times.
Besides her hectic professional life, Mazumdar Shaw has also penned a coffee table
book titled 'Ale and Arty'. She has made sure that Biocon has an active corporate
social responsibility and is active in the field of public health and education. She
also heads the Vision Group on Biotechnology for the state of Karnataka and was
instrumental in making Bangalore a Biotech Hub.
WINNER TAKES IT ALL
It is difficult to ignore such achievements, and Mazumdar Shaws efforts have been
duly acknowledged. She has been the recipient of several awards over the years.
These include ET Businesswoman of the Year, Best Woman Entrepreneur, Model
Employer, Ernst & Youngs Entrepreneur of the Year award for Life Sciences & Health
Care in 2002, Leading Exporter, Outstanding Citizen, Technology Pioneer, the
Lifetime Achievement Award from the Indian Chamber of Commerce in 2005, and
the Wharton Infosys Business Transformation Award in 2006. The Government of
India conferred her with Padmashri (1989) and Padma Bhushan (2005). But the
award she values the most is the MV Memorial, one named after the great engineer
and visionary Sir M. Vishweshwariah.
22. KISHORE BIYANI PANTALOON
cxiv
Kishore Biyani is the Chairman of the Company. He is a commerce graduate with a
post-graduate diploma in marketing management. He has over 25 years of
experience in the field of manufacturing and retailing of ready-made garments.
Over the years, he has led the emergence of Pantaloons Retail as the leading
retailer in the country. He has received several awards including the 'CEO of the
Year - 2001', 'the most Admired Retailer of the Year 2004', the 'Retail Face of the
Year - Images Retail Awards 2005' and the 'E&Y Entrepreneur of the Year Services
2006'.
Pantaloon's Kishore Biyani has become India's largest retailer, but still has several
aces up his John Miller shirtsleeves. And now that he has set himself the task of
retaining control of the largest retail space in the country, he would not let anyone suppliers or international promoters included - catch him slacking.
Unlike most people, Kishore Biyani makes no bones about his simplicity. He believes
in taking quick decisions. The deal with Bennett, Coleman & Co was done in seven
days flat. He has never met V. Banga of Unilever in his life, and leaves the task of
relationship building to his managers. Biyani has not always played in the big
league. Having quit the family business, which supplied denim to Arvind Mills, in

1987, he collected Rs.7 lakh and set up a small plant that produced 200 trousers a
day.
In the crowded market of ready-mades, Biyani learned his first lesson - to be heard,
you need to shout louder than the rest. As a result, though the turnover for his Bare
brand was only Rs.7 lakh in the first year, he spent Rs.16 lakh advertising it. He also
added John Miller shirts to his portfolio. This year, Pantaloon will spend Rs.85 crore
advertising its various store formats.
The shift from manufacturing to retail was the critical point in Biyani's career.
Distribution costs were the reason brands were snuffed out in the market, so Biyani
decided to rewrite the rules of the game. In 1993, he experimented
cxv
with a small store format, and Pantaloon Shoppe was launched in Panjim, Goa,
"where we could make mistakes without anyone noticing them".
From the shoppe to the large store format in 1998 - this time in Kolkata ("If you can
conquer Kolkata, you can conquer other markets too. Calcuttans, contrary to
perception, have money and are loyal customers. They are emotional people and
get emotionally attached to a brand.") - was a carefully crafted plot. And he was
proved right when the Kolkata Pantaloon store became a raging success and Biyani
stepped on to the turf as a super retailer.
Other professionals have wondered where Biyani picked up the tricks of the retailing
trade. Some he learned from his own mistakes, he admits. Others he picked up from
the big boys of international retail. Biyani was not above picking up the gauntlet and
launched Big Bazaar, a hypermarket in Mumbai as a gamble; financing it mostly
through a loan. To India's surprise, the format worked and the rest is history. He
goes personally to people's homes, talks to local community leaders and spends
weeks walking streets of bazaars to get a feel of what products should be stacked in
a new store.
The year 2004-05 has been eventful for Pantaloon Retail as it crossed the Rs 1,000crore target. But there have been other watershed years, such as 1997 when it
launched its first departmental store, Pantaloons, in Kolkata and 2002, when it
opened its first departmental store, Big Bazaar. Today, Pantaloon is poised to don a
new look with a new corporate identity. From the `Knowledge Group,' it will be now
known as the `Future Group' with a new logo (a human palm print) with the
message `India tomorrow.'
The Rs.1,100-crore retail company has been moving at a scorching pace straddling
almost all possible segments in retail (fashion, food, general merchandising, home,
leisure, entertainment, finance, beauty, wellness and e-tailing), exploring new areas

and formats. His passion is observing and he enjoys watching Hindi drama and
cinema. He is a compulsive reader.
cxvi
23. KOCHOUSEPH CHITTILAPPILLY -V GUARD
Kochouseph Chittilappilly: I started my business 30 years back at very small level
with only two workers. At that time when I was working as a supervisor my ambition
was to earn more so I started a small industry. Slowly and steadily the industry
started growing but I believe the main reason was the quality of products for our
growth story.
Aged 56 years, is a post graduate in Physics from Calicut University. He started his
career as a Supervisor in an electronics company, where he worked for three years.
In the year 1977, he started a SSI Unit engaged in the manufacturing and selling of
electronic voltage stabilizers.
He is one of the founder promoters and has motivated the company to succeed in
its business. He has been the Managing Director of the company since its inception
and has taken the company to its current levels of stature and recognition with his
experience and vision. He is the recipient of numerous awards, which were
bestowed on him for his exemplary performance in business. Among them are
Business Man of the Millennium 2000 from Rashtra Deepika, Tourism Man of the
year from Destination Kerala and Samman Pathra Award for top income tax payer
from Honourable Union Minister of State for Finance. As the Managing Director, Mr.
Kochouseph has been the main driving force behind the companys sustained
growth. Finding capital was difficult; banks were not impressed by his proposal, and
refused to fund him. Nevertheless, in 1977 an undeterred Chittilappilly ventured
into stabiliser manufacturing with an investment of one lakh rupees that his father
gave him. With just two employees, all that he could make were two stabilisers a
day.
Today, Chittilappilly is one of the most successful businessmen in Kerala. His Rs.165crore V-Guard group is a household name in the state, with its flagship stabilisers
and a host of products such as water pumps, water heaters, UPS, wiring cables and
starters. V-Guard employs more than 4,000 people
cxvii
directly and indirectly. The group includes V-Star creations, makers of apparel
ranging from designer churidars to lingerie, and the Veega Land amusement park.
I believe that the achievements of V-Guard group are not entirely due to my
abilities. I realise that our managers, staff and other associates have played a major
role in bringing V-Guard to this level, he says. No wonder he has set apart four
percent of the equity for his 700-odd employees.

24. MOHAN SINGH OBEROI - OBEROI GROUP

Achievements: Founder of the Oberoi Group of Hotels; honoured with the Padma
Bhushan in 2001. M.S. Oberoi can be aptly termed as the father of the Indian hotel
industry.
M.S.Oberoi was born in 1898, in the erstwhile undivided Punjab, now in Pakistan. He
did his early schooling in Rawalpindi and completed his graduation from Lahore. In
1922, to escape the epidemic of plague, he came to Shimla, and got a job of a front
desk clerk at the Cecil hotel at a salary of Rs.50 per month. He was a quick learner
and shouldered many additional responsibilities along with the job of desk clerk. Hs
diligence prompted Mr. Clarke to request Oberoi to assist him when he acquired
Clarkes hotel, where he gained first hand experience in all aspects of hotel
operations.
In 1934, M.S.Oberoi acquired the Clarkes Hotel from his mentor, by mortgaging his
wifes jewellery and all his assets. In 1938, he signed a lease to takeover operations
of the five hundred rooms of Grand Hotel in Calcutta, which was up for sale
following a cholera epidemic. In 1943, M.S.Oberoi acquired the controlling interest in
the Associated Hotels of India which owned the Cecil, and Corstophans in Shimla,
and the Maidens and the Imperial in Delhi, and a hotel in Lahore, Murree, Rawalpindi
and Peshawar. He thus became the first Indian to run the largest and the finest hotel
chain.
cxviii
In 1959, the Oberoi group became the first group to start flight catering operations
in India. In 1965, M.S.Oberoi opened the first modern five star international hotel in
the country, the Oberoi Intercontinental, in Delhi. In 1966, he established the
prestigious Oberoi School of Hotel Management, recognized by the International
Hotel Association in Paris. The Oberoi group opened the 35 storey International
Sheraton in Mumbai. Oberoi was the first to employ women in the hospitality sector.
Today, the Oberoi group owns or manages 37 luxury and first class international
hotels in seven countries. M.S. Oberoi was elected to the Rajya Sabha in 1962 and
in 1972. He was also elected to the Lok Sabha in 1968.
He was the recipient of many awards and honours. In 1943, he was conferred the
title of Rai Bahadur by the British Government. Other honours include admission to
the Hall of Fame by the American Society of Travel Agents; Man of the World by the
International Hotel Association, New York; named by Newsweek as one of the Elite
Winners of 1978 and the PHDCCI Millennium award in 2000. M.S.Oberoi was
honoured with the Padma Bhushan in 2001.
It is not often acknowledged that M.S.Oberoi, Chairman of an empire of 29 hotels
spanning most of the worlds landmass is also the man who pioneered India as a

brand, way back when it was only a bazaar of begging bowls and exotica. At 90, he
looked back in something close to awe and said, I often wonder how I did it.
Life served his lemons regularly but with even greater regularity did the Rai
Bahadur make lemonade.
The story of the Rai Bahadur is all the more impressive because there was nothing
in his background to suggest that he would be able to create the world class
ambience and sophistication for which the group is celebrated now that he
cxix
would be able to foresee Indias current positioning in the global market, while
doffing a deferential hat to history when it was demanded.
25. NARAYANA MURTHY, N. R. INFOSYS
Achievements: One of the founders of Infosys Technologies Ltd., chosen as the
World Entrepreneur of the Year in 2003 by Ernst & Young, Narayana Murthy is the
Non- Executive Chairman and Chief Mentor of Infosys Technologies Ltd. He is a living
legend and an epitome of the fact that honesty, transparency, and moral integrity
are not at variance with business acumen. He set new standards in corporate
governance and morality when he stepped down as the Executive Chairman of
Infosys at the age of 60.
Born in 1946, N.R. Narayana Murthy is B.E. in Electrical Engineering from the
University of Mysore and M. Tech from IIT Kanpur. He began his career with Patni
Computer Systems in Pune. In 1981, he founded Infosys with six other software
professionals. In 1987, Infosys opened its first international office in USA.
With the liberalization of the Indian economy in 1990s, Infosys grew rapidly. In 1993,
the company came up with its IPO. In 1995, Infosys set up development centres
across cities in India and in 1996 it set up its first office in Europe in Milton Keynes,
UK. In 1999, Infosys became the first company to be listed on NASDAQ. Today,
Infosys has a turn over of more than $2 billion and has an employee strength of
over 50, 000. In 2002, Infosys was rated No.1 in the Best Employers in India 2002
survey conducted by Hewitt and in the Business Worlds survey of Indias Most
Respected Company conducted in the same year.
He has received many honours and awards. In June 2000, the Asia week magazine
featured him in a list of Asias 50 Most Powerful People. In 2001, Narayana Murthy
was named by TIME/CNN as one of the 25 most influential
cxx
global executives. He was the first recipient of the Indo-French Forum Medal and
was voted the World Entrepreneur of the Year 2003 by Ernst & Young. The

Economist ranked Narayana Murthy as eighth on the list of the 15 most admired
global leaders (2005) and he also topped the Economic Times Corporate Dossier list
of Indias most powerful CEOs for two consecutive years - 2004 and 2005.
As founder Chairman and CEO of Infosys Technologies, he heads the countrys
successful Silicon Valley- style start up, one that is right at the forefront of Indias
charge on the global software market. With 4800 employees, 11 software
development centers in India and 13 overseas offices, Infosys is a world class act,
deriving 97 % of its revenues from exports.
In the past five years Infosys has grown at breath taking speed: sales grew at a
compounded annual rate 74 per cent and profits by 78 per cent, a performance that
puts Infosys way ahead of its peers. It created history by becoming the first Indian
registered company to list on an American stock exchange-NASDAQwith an issue of
two million American Depository Shares that raised $ 70 million. Infosys pioneering
step has paved the way for other Indian IT companies.
At Patni Computer Systems (PCS), Mumbai-based company, as head of software, he
recruited six professionals who were to eventually partner him in his first
experiment of creating wealth namely Nilekani, S. Gopalkrishnan, Ashok Arora, N.S.
Raghavan, K. Dinesh and S. Shibulal.
When he mooted the idea of creating a software supplier leveraging Indian skills
and aimed at overseas markets, they readily bought into the concept. Infosys
Consultants was formed in July 1981 with the pooled savings of the seven partners
of Rs.10, 000/- mostly borrowed from their wives. Murthys HDFC- financed
Shivajinagar apartment in Pune was the first registered office.
cxxi
A chance encounter on a plane with K.S.N. Murthy of KSIIDC brought Murthy to
Bangalore and within a fortnight Infosys had the moneyRs.52 Lakh to buy its first
computer. According to Murthy, the big breakthrough for Infosys came with
economic liberalization after 1991. The Companys turnover, a mere Rs.5 crore
then, grew 100 folds since.
26. NARESH GOYAL - JET AIRWAYS
Achievements: Founder Chairman of Jet Airways; recipient of the first MB Munjal
award for Excellence in Learning & Development in the private sector category in
2006. He also figures in the Forbes list of Indian billionaires.
Naresh Goyal completed his graduation in Commerce in 1967. Goyal started
working in the airline industry right after college in his great uncle's marketing
agency for Lebanese International Airlines. His salary was so low -- $40 per month -that he had to sleep on the floor of his office. But he moved up the ranks quickly,
becoming a publicist for the airline and from there, moving on to other international

airlines. From 1967 to 1974, he learnt the intricacies of the travel business through
his association with several foreign airlines.
In 1974, Naresh Goyal founded Jet Air Pvt. Ltd., to look after the Sales and Marketing
operations of foreign airlines of India. His mother sold her own jewelry to give him
money to start the business. He was involved in developing studies of traffic
patterns, route structures, and operational economics and flight scheduling. His rich
and varied experience made him an authority in the world of aviation and travel.
In 1991, when the government opened the airline industry to private competition,
Goyal jumped at the opportunity. Naresh Goyal took advantage of the Open Sky
Policy of the Government of India and set up Jet Airways for the operation of
scheduled air services in the domestic sector in India. Jet Airways
cxxii
started commercial operations in 1993. In 2005, Jet Airways came up with an IPO
and it was a huge success.
Today, the net worth of the Jet Airways promoter is over Rs.8, 100 crore, which
makes him the sixth richest Indian as per the Business Standard Billionaire Club.
Goyal, however, has not forgotten his humble past, a reason why he remains
modest and avoids the limelight. For e.g. minutes after announcing his decision to
buy Air Sahara for Rs.2,225 crore - a deal, which gives him control over almost half
of India's domestic aviation airspace - Goyal refuses to give it much importance and
said, "It's no big deal. I am neither happy nor excited. Such acquisitions have been
the way of life in the west."
The modesty has been interpreted in many ways. While his associates say it shows
that the man has his feet firmly on the ground, others say it's his way of avoiding
controversies. He has been doing precisely that ever since he got into the civil
aviation industry 36 years back. He also has clear ideas about which way to go. For
example, he thinks low cost airlines are just a myth in India.
Along with Jets meteorite rise, Naresh Goyal also rose in the entrepreneurial arena.
He has won several honours and accolades. These include Entrepreneur of the Year
Award for Services from Ernst & Young in 2000, Distinguished Alumni Award-2000
for meritorious and distinguished performance as an Entrepreneur, Outstanding
Asian-Indian award for leadership and contribution to the global community given
by the Indian American Centre for Political Awareness, Aerospace Laurels for
outstanding contribution in the field of Commercial Air Transport twice, in 2000 and
2004.
27. DR. PRATAP C REDDY - APOLLO HOSPITAL GROUP

Dr. Pratap C Reddy is a doctor and a businessperson credited with establishing the
first chain of corporate hospitals in India-the Apollo Hospitals
cxxiii
Group. He currently holds the post of Executive Chairman in the group. Dr. Reddy is
a cardiologist with international experience. He worked at the Missouri State
Hospital, U.S.A. where he also had the distinction of heading multiple research
programmes.
Apollo Hospitals is one of the most famous chain based hospitals in India. It is the
largest health care provider in Asia and third largest in the world. It has hospitals in
India, Sri Lanka, and Bangladesh and has presence in gulf countries as well. Dr.
Reddy has been successful in attracting the cream of Indian doctors from developed
countries like the US and UK. For his efforts, Apollo Hospital is recognized as one of
the finest in the world at par with the hospitals in the First World countries. Initially
there were lot of constraints, but that did not stop Dr. Reddy from pursuing his
entrepreneurial dreams. In 1983, he set up the first centre in Chennai and then it
followed by setting up of a consultancy body, The Indian Hospital Corporation. He
then commissioned two more care centres in India. This set up a trend for other
corporate health cares in India. From then onwards, it was an upswing for the Apollo
group. It presently has over 22 centres in major metros in India and has a combined
turn over of 100 million dollars.
He started on his mission for providing quality health care in India in the eighties. It
is believed that he was spurred by his failure to provide critical care to a patient in
the U.S. The patient died as a result. This incident prompted him to start world-class
affordable health care facilities in India.
Apollo Hospitals proved that Indian doctors are no less than the best in the world by
successfully operating on a complicated cadaver transplant. Having successfully
steered Apollo hospitals in a number of locations through out India, Dr. Reddy went
on to expand operations throughout Asia. His more recent initiative is to create a
virtual Apollo centre, which is available anywhere, at any time. This is a web based
Apollo initiative. He successfully implemented
cxxiv
Telemedicine Technology in India which will be a key enabler in transforming health
care delivery in India.
The Apollo Group opened its first clinic in Dubai in 1999. He also has plans for
SAARC countries. He has plans for opening secondary health centers in India. His
new projects include 'Med-varsity'-a virtual medical university providing total access
to medical experts and 'MEDNET'-a hospital systems management package. Dr.
Reddy has many more dreams like setting up rural hospitals. He recognized 23 sites

in the semi urban areas. He started a clinic in his native village to serve as a model
for similar such projects for the Apollo group to emulate throughout India. Dr. Reddy
was awarded the Padma Bhushan in 1991.
28. RAMNATH GOENKA - INDIAN EXPRESS GROUP
Ramnath Goenka was born in 1904 in Darbhanga district of Bihar. He belonged to a
Marwari business family. He completed his primary education in Varanasi. At the age
of 15, he came to Chennai to learn the ropes of the business by venturing into the
trade of yarn and jute.
At the age of 22, he was nominated as the member of Madras Legislative Council by
the British Government. He founded the Indian Express in 1936, and in 1941, he
was elected President of the National Newspaper Editors Conference.
In 1948, Daily Tej partnered with Ramnath Goenka to publish Indian News Chronicle,
English daily, from New Delhi. He published several revolutionary articles in The
Indian Express. In 1948 he published an English daily named Indian News Chronicle
along with his friend Lala Deshbandhu Gupta. Ramnath Goenka merged Indian News
Chronicle with The Indian Express after the death of Lala Deshbandhu Gupta.
cxxv
During emergency he raised his voice against Indira Gandhi. He was against the
congress till his death. Ramnath Goenka was close to Janatha party and helped the
party in drafting election strategy. Ramnath Goenka died in Mumbai after prolonged
illness in 1991.
29. RAMOJI RAO RAMOJI CITY
Cherukuri Ramoji Rao, better known as Ramoji Rao, is an Indian businessman and
media entrepreneur. He is head of the Ramoji Group which owns, among other
things, the world's largest film production facility, Ramoji Film City. Rao Cherukuri
was born in Gudivada, Krishna District, Andhra Pradesh, into an agricultural family.
Some of the companies owned by the Ramoji group include Margadarsi Chit Fund,
Eenadu newspaper, ETV, Priya Foods, Usha Kiron Movies and as mentioned above,
the Ramoji Film City near Hyderabad. He is also the Chairman of Dolphin group of
hotels in Andhra Pradesh.
Spread across 2,000 acres, the Ramoji Film City is the biggest of its kind in the
world. The Film City where you can get ''everything from a pin to an aeroplane is
Ramoji Rao's biggest project till date and is being developed as the 'Disneyland' of
India. He visualizes it as the ''gateway of tourism in India''.
cxxvi
30. RANGANATHAN, C. K. - CAVINKARE

C K Ranganathan, Chairman and Managing Director of CavinKare, has shown the

world it is possible to beat the multinationals even in the most difficult market of
fast moving consumer goods. Ranganathan's journey, which started from a small
town of Cuddalore in Tamil Nadu, has been an amazing one. A business which he
started with only with Rs.15, 000 is now worth Rs.500 crore. He learnt the first
entrepreneurial lessons from his father, Chinni Krishnan, who started a small-scale
pharmaceutical packaging unit, before moving on to manufacture pharmaceutical
products and cosmetics.
HIS FATHER, HIS INSPIRATION
His father, Chinni Krishnan, an agriculturist, was also into pharmaceutical business.
When he was in the fifth standard, he had a lot of pets -- more than 500 pigeons, a
lot of fish and a large variety of birds. He used to earn pocket money out of pet
business at that time. Perhaps, the entrepreneurial spirit in him showed its first
streak.
THE ORIGIN OF THE CONCEPT OF SACHETS
His father had come out with the sachet concept, when he entered college, a couple
of years prior to his fathers demise. He felt liquid can be packed in sachets as well.
When talcum powder was only in tin containers, he was the one who sold it in 100
gm, 50 gm and 20 gm packs. When Epsom salt came in 100 gm packets, his father
brought out salt sachets of as low as 5 gm.
'Whatever I make, I want the coolies and the rickshaw-pullers to use. I want to make
my products affordable to them,' he used to say. Selling things in sachets was his
motto as he said, 'this is going to be the product of the future.' But his father could
not market the concept well. He moved from one innovation
cxxvii
to another but never thought of marketing strategies. He was a great innovator, but
a poor marketer.
JOINING THE FAMILY BUSINESS
After his father's death, his brothers took charge of the family business. In 1982,
when he joined them after his studies, they had launched Velvette Shampoo. Within
eight to nine months, Ranganathan left the business because his ideas clashed with
theirs. As he was in the manufacturing unit, he did not know anything about
marketing or finance but, his inferiority complex notwithstanding, he was somehow
confident of doing business better.
STARTING HIS OWN BUSINESS WITH RS.15, 000

For a week, Ranganathan could not make up his mind as to what business to do. He
knew only two things; making shampoo and rearing pets. He did not want to
venture into the shampoo business as it would initiate a fight with his brothers.
However, he decided to do the same later as he could only make shampoo.
He rented a house-cum-office for Rs.250 a month against an advance of Rs.1, 000.
He took another place for the factory for a rent of Rs.300 a month and against an
advance of Rs.1, 200. He bought a shampoo-packing machine for Rs.3, 000.
HOW CHIK SHAMPOO WAS BORN
Ranganathan named it Chik Shampoo after his father. The product did not succeed
immediately; he learnt many things during the process. In the first month, he could
sell 20,000 sachets and from the second year, started making profits. He moved to
Chennai in 1989 but his manufacturing unit continued to be in Cuddalore. It took
him three years to get the first loan because banks
cxxviii
asked for collateral. But one particular bank gave him a loan of Rs.25,000 which he
rotated and later upgraded to Rs.400,000, Rs.15 lakh and so on.
You know what the bank manager wrote in our loan application? This person does
not have any collateral to offer but there is something interesting about this SSI
unit. Unlike others, this company pays income tax. I must say my business never
looked back because I was very particular about paying income tax, he says.
STRATEGIES THAT MADE CHIK SHAMPOO NO. 1 IN SOUTH INDIA
When Chik entered the market, Velvette Shampoo was being marketed aggressively
by Godrej. But a scheme of his became extremely successful -- he exchanged five
sachets of any shampoo for a Chik Shampoo sachet, free. Later, he altered the
scheme -- he started giving one free Chik Shampoo sachet in lieu of five Chik
Shampoo sachets only. Soon, consumers started asking for Chik sachets only. The
sales went up from Rs.35, 000 to Rs.12 lakh a month.
When he introduced jasmine and rose fragrances, his sales went up to Rs.30 lakh
per month and with actor Amala as the model, his sales rose to Re.1 crore a month.
Each idea of his was rewarded by his customers. His market share increased and in
1992, he became the numero uno in South India. It took nine years for him to
overtake my brothers' business.
HOW CHIK SHAMPOO CONQUERED THE RURAL MARKET
Multinational companies sold products in big bottles and not in sachets and they
sold only from fancy stores. They did not look at the small kirana stores, nor did
they look at the rural market. Ranganathan went to rural areas of South India where

people hardly used shampoo. He showed them how to use it through a live
demonstration on a young boy. He asked the assembled to feel and smell his hair.
cxxix
Next he planned Chik Shampoo-sponsored shows of Rajnikanth's films. He showed
advertisements in between, followed by live demonstrations. He also distributed
free sachets among the audience after these shows. This worked wonders in rural
Tamil Nadu and Andhra Pradesh. After every show, His shampoo sales went up three
to four times. Today, the Indian rural market is growing at a pace double than that
of the urban market.
LAUNCHING MEERA HERBAL POWDER
He continued with Chik Shampoo for seven years before venturing into anything
else. Meera Herbal powder was actually not his idea. Shaw Wallace already had a
herbal product but it was marketed very poorly. He felt there was a demand for
herbal products and he made a good product. In the third month itself, he topped
the market. In six months, he had 95 per cent market share, while Shaw Wallace
had only 4-5 per cent.
HOW BEAUTY COSMETICS BECAME CAVINKARE
As he planned to expand to new products, he thought the name Beauty Cosmetics
would be restrictive. In 1998, he ran a contest among his employees for a name and
one of them suggested CavinKare; with C and K spelt in capitals. C K, his father's
initials. Cavin in Tamil means beauty and grace.
PERFUMES FOR THE POOR
He wanted to cater to those who cannot afford (high priced) perfumes. Good
perfumes came at a huge price -- they were beyond the means of ordinary people.
He decided to come out with a Rs.10 pack Spinz. He was successful in that too.
Ranganathan has great admiration for those who fight against all odds and attain
success. C. K. Ranganathan, is a successful entrepreneur and venture
philanthropist. He has set an ambitious sales target of Rs.5, 000 crore by 2012.
cxxx
31. RAO, G.M. - GMR GROUP
G M Rao, a mechanical engineer, is the founder Chairman of GMR Group-global
Infrastructure major. The Group is well diversified and professionally managed with
focus on business verticals of Airports, Energy, Highways and Urban Infrastructure
including SEZs, apart from interests in Agri- business.

Born in 1950 in a small town of Rajam in the Srikakulam district of Andhra Pradesh,
G M Rao established the GMR business empire starting from a single jute mill in
Rajam in 1978. Within a decade, he successfully established three green field power
plants in the country, one each in the state of Tamil Nadu, Karnataka and Andhra
Pradesh. Under his guidance, the Group is now developing several power projects in
various parts of the country and is expanding its activities to other countries.
G M Rao expanded the Groups presence in the infrastructure sector by leading the
Groups foray into highways. The Group has already completed two greenfield road
projects and four more projects are nearing completion.
G M Rao has today successfully established GMR Group, as one of the leading
infrastructure organisations in the country. Rao was the largest shareholder in the
countrys leading 75-year-old private sector Vysya Bank, which has been
successfully transformed into a modern technology driven and hugely successful
financial enterprise. For his visionary approach and outstanding contribution to ING
Vysya Bank for a period of two decades as its Director and Chairman, the Bank in
September 2006 conferred on him the status and title of Chairman Emeritus.
He was chosen as the Entrepreneur of the year at the Economic Times Awards for
Corporate Excellence 2006 07. The award has been given to him in recognition of
his exemplary entrepreneurial spirit and potential in breaking
cxxxi
into the big league of top infrastructure organisations in India. He has also been
awarded the Most Promising Entrant to the Big League by CNBC TV18 at its Indian
Business Leader Awards 2007.
While a set of seven core values define the GMR Groups distinct organization
culture, Rao has also spearheaded a Family Constitution model for the group. In
line with this, over a period of time, the members of the family would provide only
the strategic inputs and investment needs and counselling for all the businesses
and activities of the Group.
Most of the people had no idea how to deal with that sudden turn of events. But
GMR decided to take advantage of a new growth area the power sector and soon
acquired the licence for a power project in Tamil Nadu, the Basin Bridge power plant
in Chennai, which became the first to be developed by the group, says BVN Rao, a
long time friend and now chairman of the energy vertical.
GMR, who cut his entrepreneurial teeth with a jute yarn facility in Rajam, went on to
display his talent in sugar and other agri-businesses, ferro-alloys, IT and banking
before he finally decided to zero in on infrastructure. Setting up a jute yarn facility
taught him a great deal about teamwork and taking his fellow workers along. His
banking experience is what he treasures the most. Turning around non-performing

assets and building confidence among customers after a total change in the top
management was not easy. We were dealing with public money, he says.
GMR, unlike most family-run businesses, has also put in place a succession plan in
the form of a family constitution, which has been revealed to shareholders as well,
to ensure transparency in operations. On criticism about the familys role in his
companies, GMR has a confident answer: Its run by family professionals. Almost
70% of the listed companies on BSE are family- run businesses anyway.
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But even at 61, GMR, has merely written the preface of his entrepreneurship story,
it seems. He is now poised to enter the big league and if early indications are
anything to go by, getting awards too could become a habit.
32. RAUNAQ SINGH - APOLLO TYRES
Raunaq Singh, a first generation entrepreneur, in his leisure time would often
recount his days after partition and how he built his business empire from scratch.
He along with 13 others had to camp in a single room in Delhis Gole market after
partition. A job in a spice shop, Munilal Bajaj & Co, did help him to somehow survive
but could not contain his entrepreneurial instinct.
Born in1922, at Daska in Pakistan, Raunaq Singh learnt the elementary lessons of
business skills while being employed as a salesman of a steel pipes merchant in
Lahore earning Rs.8 a month a princely amount in those times. The seeds of
entrepreneurship were planted when Raunaq Singh cashed in on an opportunity
thrown up by the dearth of water pipes in the areas around Lahore. The profits he,
thus, earned were ploughed back in the form of setting up his own business in steel
pipes.
Having sold his wifes jewellery for about Rs.8, 000 in Old Delhis Chandni Chowk in
November 1947, Singh went to Calcutta to try his luck. Singh set up his office at 85,
Netaji Subhash Road; first to start spice trade but later founded Bharat Steel Pipes.
The rise of Raunaq Singh is considered in the corporate world as a rags-to-riches
story. He related his pre-independence enterprise to his friends, in Lahore, how he
sold old pipes to a customer for double its price that too by getting an advance from
him. His trademanship could be seen in procuring water pipes without investing a
single rupee. His first deal of Rs.1, 000 was the beginning of his fortune in steel pipe
trade.
Like any other Indian living in what became Pakistan post-independence, Singh also
faced the brunt. But his resilience helped in re-building an enterprise.
cxxxiii

Says Mr. Harish Bhasin, Chairman HB group, from selling tubes he dreamt of a tube
factory and made it possible. Even when Apollo Tyres was taken over by the
government, he fought tooth and nail and later he was reinstated in the company.
His corporate friends give credit to his political connections.
His organizational skills could be seen in shaping three apex associations, FICCI,
Assocham and FIEO, the only person to do so. CII president Ashok Soota remembers
him as a first generation entrepreneur committed to the industry association
movement in India.
FICCI recalls Singhs tenure as president during 1989-90 as year of transformation
for both the Indian economy as well as for the organization. Even during the early
years of economic liberalization when India Inc was apprehensive of the
globalization process, Raunaq Singh commented in his Presidents report: India of
the 90s is ready to face the challenges of change.
His business rival Mr. Hari Shankar Singhania Chairman, JK Industries, says: As a
person he was very amiable, full of wit and humour and he would put many a
serious matter into simple earthy language sorting out...
RAUNAQ SINGH, THE CHARISMATIC FIRST GENERATION
ENTREPRENEUR
The noted industrialist, Raunaq Singh, who died at the age of 79 presided over a
business empire with a turnover of about Rs.2, 700 crores. A doyen of the postpartition era of industry, he rose rapidly from being a mere trader to a corporate
giant with his flagship company Apollo Tyres.
The Apollo group of companies now includes Bharat Gears, Raunaq International,
Raunaq Automotive Components and Menarini Raunaq Pharma and has over 9,000
employees.
cxxxiv
Mr. Raunaq Singh laid the foundation of his tyre manufacturing empire about 40
years ago and set the stage for India to become a major tyre producer. As a doyen
of the business community in northern India as well as due to his expertise in the
automotive sector, the Government decided to appoint him as the first Chairman of
Maruti Limited. He has also held senior positions in the Exim Bank, Export Credit
Guarantee Corporation and the Indo-German Consultative Group.
The CII President, Ashok Soota, said with Mr. Singh's passing away, the country had
lost an eminent and charismatic first generation entrepreneur. Mr. Raunaq Singh
represented the first group of post-partition businessmen in the country. Hailing
from an ordinary background and starting as a steel trader, he went on to establish
a group with a turnover of over $525 million.

Raunaq Singh was a powerful figure in corporate India. He was the former President
of the Federation of Indian Chambers of Commerce and Industry, the Associated
Chambers of Commerce and Industry of India, the PHDCCI, and numerous other
trade bodies.
Raunaq Singhs corporate journey from Lahore to New Delhi, first as a steel tube
merchant, then as a steel tubes manufacturer and finally as the founder of Apollo
Tyres, has been the stuff of corporate folklore.
33. SABEER BHATIA - HOTMAIL
Bhatia intended to get his engineering degree and go home to work. His mother was
a bank manager, and his father, Chief Administrative Officer at Defense Research
Organization. Bhatia grew up, like most Indian kids, presuming that starting a
company is impossible unless you are a superman.
As a graduate student at Stanford University, Bhatia was drawn to meetings where
he heard entrepreneurs like Sun Microsystemss Scott McNealy and Apples Steve
Wozniak. Bhatias impression was that they really were fairly
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ordinary intelligent guys. When he graduated, he took a job as a hardware engineer
at Apple Computer. Soon he started attending cocktail parties of a group of Indian
born entrepreneurs in Silicon Valley, where he met many successful older Indian
men. And again they seemed like such ordinary guys.
Bhatia needed $300, 000 to create a working version of the e-mail programme. He
shopped around his business plan and another for a Net-based personal database to
19 venture capitalists with no success. Then he met Steve Jurvetson of Draper
Fisher. Jurvetson who was interested but skeptical of Bhatias revenue estimates and
dismissed the projections outright, but Bhatia insisted, You do not believe we are
going to do that? for their $300, 000 upfront, the firm wanted a 30 percent stake.
Bhatia offered 15 percent. Negotiations seemed to be going nowhere. The next day
Jurvetson agreed 15 percent.
Bhatia and his colleague Smith quit their jobs at Apple Computer and opened a tiny
office in Fremont, California. By June, they were running out of money, but the
product would be ready to launch in a month. Another venture capitalist, Dough
Carlisle, was interested in investing, but Bhatia knew that if he and Smith launched
the service first, they would keep more control of the company they created. He
convinced a bank to loan them $100, 000.
In 1996, Bhatia and Smith launched their company, called Hotmail. The morning of
the launch, Bhatia and Smith wore hip beepers, programmed to flash every hour
with the number of new subscribers. The first users found Hotmail all by
themselves, then e-mailed their friends: a hundred users in the first hour, 200 the

next hour, 250 in the third. By the time Sabeer went back to Doug Carlisle to say in
effect okay. Hotmail had 100, 000 subscribers and a valuation of $18 million.
Hotmail began to deliver news and other internet content into the e-mail boxes of
its subscribers. This was nothing new, but the way the money flowed
cxxxvi
was. The sites supplying the content took the position. Hey, if you want our news
for free, then you would better pay us. But Bhatia wanted the sites to pay Hotmail
for the privilege of having its content run. Surprisingly, the businesses agreed to
these terms, and soon Hotmail was growing so fast that some content providers
could not handle the traffic that came in from Hotmail. Every morning, he scoured
the internet for signs of competition. It was six months before the first appeared.
He had always been concerned that Hotmail could be copied. Microsoft came biding
to buy Hotmail in 1997. Six company executives flew down and offered Bhatia a
figure that would have put tens of millions of dollars in his pocket. He rejected it; a
week later they were back, and every week thereafter for two months. They asked
Bhatia to go over and talk to Bill Gates. After a tough bargain the deal was stuck
worth a walloping $400m. Bhatia remained the companys top executive after it
became a subdivision of Microsofts Web Essentials. By then Hotmail had 144
employees.
So, is Bhatia lucky or is he great? He refuses to give the credit to anything other
than the culture of the Valley itself: Where two 27 year guys get $300, 000 from
men they had just met. Two 27 year old guys who had no experience with consumer
products, never started a company, never managed anybody, no experience even
in software. All they had was the idea.
In 1999, Sabeer Bhatia quietly left Microsoft to begin a new venture called
Arzoo.com, a web site that brings information technology experts and corporations
together to solve technology related problems on the internet. His goal is to create
the worlds largest network of human intellectual capital on the web.
34. SARATH BABU FOOD KING
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Humble beginnings seldom pay. But Sarath Babu will not buy that. For this young
entrepreneur, rags-to-riches is not just another adage. It is his very first foundation
of success. From a slum in Chennai to the top echelons of academia with an
enrolment in chemical engineering at BITS Pilani and IIM-A, and now as the steward
of his Food King Catering business, Sarath has come a long way. His humility
perhaps made him reject several high-brow offers from MNCs after his MBA. That, in
a way, was the genesis of Food King Catering - with paltry Rs.2, 000 seed money.

Today, his food business spans six locations with a Rs.9-crore turnover to boot and
set to clock Rs.20 crore by year-end. For Sarath, his mother, who once sold idlis on
the pavements of Chennai and worked as an ayah, is a pillar of strength. Her
sacrifice eggs me on, says Sarath. Apart from bringing up four children, Saraths
mother worked as a cook for the mid-day meal scheme for 11 years and got paid
just a rupee each day.
Having completed SSLC, she moved on to teach under the same scheme for five
years. Even then, her salary was insufficient. So Saraths mom sought refuge in the
food business to supplement her meager income. As she rolled dough in the form of
idlis, dosas, bhajjis and appams, it was Saraths job to sell them in the
neighbourhood. For kids living in a slum, idlis for breakfast is something very
special, says Sarath even to this day.
A natural entrant to the food business with acquired acumen in childhood, Sarath
has trained his sight higher. From the current 250 people, hes aiming to recruit
2,000 people by next year, and probably, 5,000 in the next two years.
Sarath Babu said, "When I was in my third year at BITS, I organized an event. My
friends thought my management skills were very good and suggested that I pursue
a course in management."
cxxxviii
His firm, Food King catering services, was inaugurated at Ahmedabad by IIM-A
Chairman and Chief Mentor of Infosys N.R. Narayanamurthy. Sarath is all set for a
brilliant innings.
Jumping-in to kick start a business right after college should have been tough. But
this bold mindset & compulsion came from his childhood perils.
Initially, his catering business, with two units in Ahmedabad, was Rs.2, 000-per -day
in the red. But I burnt the midnight oil literally to get a solution, Sarath says. Its
worth a mention here that Sarath spent most of his childhood in the dark, without
electricity. He focused on volumes rather than spartan servings, and started taking
contracts from institutions and companies.
To bag an order, Sarath even slept on the platform of Mumbais railway station.
Thats one of my finest nights Ive ever had, Sarath reminisces. Today, Food King
is targeting 100 clients, including 50 top institutions and 50 corporates for the
snacks business South Indian, North Indian and Chinese food.
He now envisions Food Kings Palace (food malls) across cities where all kinds of
Indian food would be served at economical rates. Is he really worried about
inflation or price-rise in food products? When most of the restaurants have
increased their prices, Sarath sees an opportunity to serve at a cheaper price.
Sourcing from one place makes a lot of difference. I will tap this opportunity, says

Sarath. Today, he drives a Chevrolet to take his mother for a ride to oversee his
business units in Chennai. Next, I want to build a house for my mother, says
Sarath.
35. SATHISH BABU, D. UNIVERCELL
cxxxix
From selling vacuum cleaners as a door to door salesman owning a business selling
mobile telephone sets is quite an impressive advance for a young man. D. Sathish
Babu not only made that transition a decade ago, but he has firmly established
himself as arguably the foremost multi location vendor of mobile telephones of all
sizes and brands in India within a decade of launching himself in business.
The tag-line of the company he runs reads UniverCell, the Mobile Expert. Anybody
who has every shopped for a mobile phone in this part of the world known this is no
empty boast. Sathish Babu, a mathematics graduate, began his career as a sales
executive with Eureka Forbes where he steadily rose to the post of regional sales
manager during nine year tenure. He left the company in 1997 to start his own
business venture, bitten by the bug to be my own boss.
It was still the early days of the Indian mobile phone retailing. The industry was
highly fragmented and disorganized. Mobile handsets were expensive, the grey
market dominated and there were few showrooms around to showcase mobile
products.
Sathish Babu entered this scene selling postpaid mobile connections as a Skycell
Teleshop. He soon decided he would provide a nice ambience in which his
customers would be able to choose the cell phone instruments they liked in comfort
and served well by intelligent, courteous, efficient salespersons.
Using his savings and some capital from the family, Sathish started UniverCell in
2000 in Chennai. Since then, Sathish and UniverCell have spun a success story to
be the largest mobile phone retailer and among the better known brands in India.
Statistics are available to show that one out of every three handsets sold in the
market is from UniverCell. Its customer base stands at a vast 5 million, with 100,000
people buying its handsets every month.
cxl
From a single store with 32 employees in 2000, UniverCell has grown to 170 stores
with over 1350 employees across southern India. The company continues to be
recognized as the top retailer by all major mobile manufactures and enjoys the best
of concessions and incentives.
Sathish Babu has promoted the brand through every available mass media tool of
advertising. Innovative marketing and a consistent presence across media have

been the hallmark of Univercells journey as far. Celebrity endorsement is for

instance a big part of its advertising campaigns with film actor R. Madhavan as its
brand ambassador. With effective advertising campaigns and market promotion,
Sathish Babu has made sure that UniverCell is well entrenched in the hearts and
minds of the buying public all over India. The presence of large retail outlets, print,
television, event promotions, billboards and FM radio broadcast, are constant
reminders to customers existing and prospective keeping in line with the focus of
aggressive expansion, UniverCell has started SIS (Shop in Shop) model stress within
Music World of RPG group.
UniverCell has the distinction of being the first mobile phone retailer to provide a
warranty on every purchase, keeping in mind the stiff competition the grey market
poses. Recently UniverCell launched an exclusive Mobile Theft and Damage
Insurance along with Oriental Insurance Co. Ltd. to cover all risks not covered under
the manufacturers warranty. It was also the first mobile retailer to implement the
touch and feel concept, besides offering several exchange offers.
Determined to take UniverCell and mobile phone retailing to the heights of
excellence, Sathish constantly looks to incorporate innovative modern retailing
concepts into his own organization. The series of core improvements initiated five
years ago has now resulted in a world-class retailing organization that is powered as
much by technology as by its people. The foundation for growth well in place,
UniverCell has its sights on replicating its success Pan
cxli
India. These same investments in technology and processes have earned UniverCell
the ISO 9000-2001 certification for quality management systems.
Strong relationships with all the manufacturers, the e-portal @ www.univercell.in
and wap.univercell.in, its pan Indian presence, UniverCell has been able to leverage
efficiencies of scale, providing the highest levels of service and options to
consumers. UniverCell presenting a single face to its customers assures the same
level of support (warranties, service, etc) from every single outlet across the
country.
THE ENTREPRENEUR
Sathish and UniverCell have been cresting the wave of the Indian mobile revolution
from the retailing front, growing and evolving to become India's largest mobile
retailer and one of India's best known brands.
Sathish Babu is determined to go places. They are all set of move into the next
phase of expansion. With the Indian cell phone market still quite away from
reaching saturation, Univercells future looks bright.
36. SEEMA KAKKAR REMANIKA

STARTING YEARS
In 1993, I designed my first label called Rudraksh for Ensemble-Tarun Tahilianis
retail chain of stores. It was haute couture for elite class. I got very encouraging
response but fashion was still at a very nascent stage in India- even rich people of
South Mumbai, especially women, were not open to trendy clothes those days. I use
to regularly interact with people on the streets and realized that youth in suburban
pockets such as Bandra and Lokhandwala were open to experiment with their
clothes but they did not have choices at affordable prices as designers in India were
into haute couture and catering to high profile individual clients. There was a need
gap in the market. That is how seeds of
cxlii
Remanika were sown. In 1994, I rented out a 100sq ft space in Kemps Corner in
South Mumbai and opened the first Remanika store selling Go-sexy- trendy youth
wear and club wear for women, says Seema.
THE INITIAL YEARS
When I started in 1994, I could not even afford shelves and hangers, and all the
clothes used to be displayed on the floor. I paid rent in the evening on a daily basis
from money generated through day sales. One fine day, with barely few months into
the business, I got notice to vacate the store. The following one year was very
stressful. There were times when I had to sell clothes on staircases and loft of the
mall. I had to sell my car and house to stay put in the business. After some time I
rented another 600 sq ft of space on a different floor in the same premises.
Thankfully, clients repaid my faith and business grew steadily she says.
TURNING POINTS
The first store was opened in 1994 and then the opening of second store in 1999. In
2000, she started retailing the products through Pantaloon, and later from Shoppers
Stop, K-Lifestyle, and Pyramid stores. She has now 10 self- owned stores and retails
her products through 80 other outlets. The employee strength is 400 and has grown
100% over the years.
37. SHAHNAZ HUSAIN - SHAHNAZ HUSAIN HERBALS
There are perhaps few others who can stand testimony to the truth of these words,
as Shahnaz Husain, Indias pioneer in herbal cosmetics.
Credited with single-handedly placing Indian herbals on the world cosmetic map,
her success story-that of young girl from a conservative Muslim family who rose to
become an international trailblazer in the field of herbals- is by now history.
cxliii

President of CIDESCO, the first Asian to enter Selfridges in London and break a 40
year old sales record, GQM Commitment to Quality award, FICCIs outstanding
woman entrepreneur, US magazine Successs Worlds Greatest Women
Entrepreneur the list of accolades and achievements is endless.
An entrepreneur in the truest spirit of the word, the lady has a whopping 80 percent
of the domestic herbal market, and sales counters in the best stores internationally,
be it the Seibu chain in Japan, Bloomingdales in the US, Galeries Lafayette in Paris,
Harrods and Selfridges in London it goes on.
Though I was married at a very young age, I always knew that I was made for
something more, begins Shahnaz.
Not prepared to sit back as a housewife and mother the age of 16, the young
Shahnaz set about writing for magazine to earn money so that she could fund her
education. Staying with husband Nasir in Tehran, Shahnaz found the ideal
opportunity in the international beauty schools there. After studying cosmetic
chemistry in international beauty schools in certain centres including London, Paris
and Denmark for close to eight years, Husain hit upon the idea of exploring the
4000 year old Indian ayurvedic system, so that she could research and develop
herbal cures and treatments.
I had seen the debilitating effect of synthetic cosmetics abroad; there was no
doubt in my mind that the herbal system would work, recalls Shahnaz.
She returned to India to set up shop in one room, with a start up investment of
Rs.35, 000, she borrowed from her father. The going was tough Shahnaz had
priced her product well above the existing market.
I began with just one product Shalife, a massage cream. My facial were priced at
Rs.100, while you get one the market for a paltry Rs.6, reminisces Husain.
However, that did not stop the crowds from coming in, and soon, Shahnaz had more
clients she could handle.
cxliv
I would go to a place for one day, offer free prescriptions and advice, inaugurate
the salon, and go back, says Shahnaz. It worked today, there are more than
600m salons in India and abroad.
The Shahnaz group of companies has acquired a global presence, with exports to
132 countries including those in the Middle East, South East Asia, Australia and all
over Europe. Recently, the company has been approved by a Fortune 500
investment company to explore business opportunities.
The strategy was one she applied with great success internationally as well at one
point, during a makeup demonstration in Russia, Shahnaz was asked to stop as the

floor was caving in under the pressure of the people who had turned up to watch.
Interestingly, Shahnaz has never advertised her products, a fact that had Harvard in
the US wanting to use her marketing system as a case study.
17 herbal lines, with many more in R&D, Husain is busy expanding her empire by
adding health resorts, signature garments, accessory lines and more to her
portfolio.
38. SHAMIT KHEMKA- SYNAPSE INDIA: the entrepreneur, leader
and achiever
They say, You must first be a believer, if you want to be an achiever.
Shamit Khemka owns one of Indias leading software and web development
outsourcing companies, Synapse Communications Pvt. Ltd. and Sampatti.com, the
much popular online real estate service. He has already bagged numerous national
and international recognitions for being an emerging young entrepreneur.
He is a man who has proud credentials of being the one to gift India its first Bulletin
Board System with e-mail services. He is also the one to establish
cxlv
countrys first online real estate database that allows every property buyer and
seeker to enroll their needs and specialties - all for free.
THE FLIGHT TOWARDS A GOAL SET HIGH
From a computer whiz-kid to become a CEO of a tremendously progressive MNC, the
journey Shamit took was interspersed with challenges. Just as it is always in ready
abundance for the one who has set to move ahead.
While Synapse Communications has grown 10 times (both revenue and manpowerwise) since its inception in 2002, Sampatti.com, Shamits another creation, has
garnered rave reviews from real estate industry specialists and allied service
providers alike for its techno-innovative and effective service delivery model.
From a standard 30-men company, today, Synapse boasts of over 300 employees spread in different specialty areas. It ably caters to diversified business specialties
via the arms by the names of Synapse India, Synapse web solutions, Synapse
interactive etc. While its Noida office exemplifies the best of a state of-the-art
infrastructural facility, an upcoming specialty centre at NEPZ, Greater Noida, is
expected to feature futuristic readiness towards taming every challenge from
emerging technological needs.
SHAMIT THE MAN OF HIS MEN

Shamit Khemka, the entrepreneur, like all of his successful counterparts, knows the
role of employees in an organization. Talk to any of his employees. You would
immediately get to know hundreds of pro-employee rules and regulations that they
enjoy being in Synapse. Understandably, a job opportunity in Synapse attracts more
applicants in comparison to what a similar offer from others in the same business
promises of.
cxlvi
ON COURSE TO MORE
In a scenario when in the name of better profits, private sector companies
implement innovative rules to sap employees to the extent of no return; Mr. Shamit
Khemka too implements innovativeness.
He applies it to install a prized balance between business growth and employee
satisfaction. Be it with Synapse India, Synapseco, or any other extensions of Shamit
Khemkas services to an increasing list of global clients, he marches on ahead while
setting newest standard of professional commitment. On the course of scaling
newer heights with his people, Shamit proves his taste for integrity by practising a
professional culture where individual growth complements to organizational growth.
BORN LEADER
Someone said, A leader is born, not made. May be it is his business background
that has helped him to develop essentials for leading a team of people and motivate
them to work for a common cause.
cxlvii
SMART THINKER
If his love for information technology and internet inspired him to venture in the
world of IT services at a meagre age of twenty, his ability to smartly handle a
situation is largely responsible for his success today.
39. SHASHI RUIA ESSAR GROUP
Shashi Ruia is one of Indias foremost entrepreneur industrialists. He is the cofounder and Chairman of the Essar Group, an organization that in less than four
decades became among the top five Indian companies in each of its six core
businesses.
The Essar Group is a diversified business corporation with a balanced portfolio of
assets in the manufacturing and services sectors of Steel, Energy, Power,
Communications, Shipping Ports & Logistics, Construction and Mining & Minerals.

When Nand Kishore passed away in 1969, the responsibility of growing his fledgling
business fell on his two sons. Shashi Ruia and brother Ravi established Essar, a
company whose first major project was to build a breakwater at Chennai port. Over
the next four decades, Essar became the Essar Group. Essar employs more than
50,000 people across offices in Asia, Africa, Europe and the Americas.
Ably supported by his brother Shashi Ruia led the company into businesses, like
shipping, marine construction, steel, power, telecom, offshore engineering and oil
exploration, which were at one point dominated by multinationals and public sector
units. The brothers, who share a very strong bond as well as the same office, seized
on every available opportunity and helped Essar pioneer many firsts in Indian
corporate history. Essar, for instance, was the first company to set up a sponge iron
plant in the west coast of India, the
cxlviii
first independent power producer and among the first to introduce mobile telephony
services.
Essar draws strength from the integrated nature of its various businesses and their
collective synergies. Shashi Ruia has been the driving force behind this integration
strategy. Widely regarded as one of the architects of modern India, he has a passion
for education and mentoring young talent. He considers all employees of Essar a
part of his extended family.
Ruia said he himself was 'not an MBA but only an MBB (Marwari by birth),' but he
imbibed the spirit of enterprise from his father who took him along wherever he
went to start a business. The lessons he learnt as an understudy to his father were
productive and helped in building the Essar Group which now has a strong presence
in steel, petrochemicals, telecom, engineering and construction, he added.
Ruia said that young graduates could draw inspiration from great entrepreneurs like
Dhirbubhai Ambani and Ratan Tata. He said India has the potential to grow stronger
and that it was true China was far ahead especially in the fields of steel, cement
and automobiles.
Collecting jewels of wisdom all along his professional carrier, which spans in
decades, Ruia worked in almost all sectors of business. In fact, Ruia has not only
masterminded the group's business strategy but has also consolidated a whole
range of activities through backward and forward integration. And the reach of the
Group can be gauged from the fact that Essar Steel Ltd, the flagship company of the
Group, encompassed businesses in the area of ports, harbours, submarine, oil and
gas pipelines and installations, modifications and maintenance of offshore oil field
platforms, super deep land drilling rigs and submarine gas pipeline.
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With total assets of more than $5 billion, and annual revenues of more than $2.2
billion, Essar Group has become one of India's leading and most diversified private
sector conglomerates.
The Group, under the watchful eyes of Ruia has been able to utilize the synergy and
propel its growth into a large business conglomerate. In fact, after the successful
completion of its multi-crore construction project of Sardar Sarovar Nigam Ltd
(SSNL), Essar is now working on a project for the state government-owned Gujarat
State Petroleum Corporation Limited (GSPCL) for its gas pipeline project. And with
Ruia as the guiding star, even scaling sky will not be a difficult feat for the Essar.
It's no wonder that the Essar Groups under the leadership of Shashi and his brother
Ravi Ruia who is a Vice-Chairman of the company, was ranked 37th in the list of
billionaires in the country.
40. SHIV NADAR - HCL
Shiv Nadar has been the only entrepreneur in the last decade, apart from Azim
Premji of Wipro, to successfully manage hardware business and software ventures.
In fact Nadar has successfully straddled the entire spectrum of Information
technology: from hardware, software and services, to training.
The HCL Empire, which spawns from Japan in the east to US in the west, was
conceived in a garage in Noida near New Delhi when Nadar quit his job with DCM
and, armed with Rs.1.5lakh, started making and selling calculators in 1976. His big
break came when he ventured into the hardware business.
Armed with a degree in Electrical Engineering in 1967, he started work as a systems
analyst at Cooper Engineering and within a year moved out to DCM as a senior
management trainee. The next seven years of his life were spent uneventfully as he
climbed up the ladder and started Data Products
cl
Division. He was heading until he quit in 1975 and laid the foundation of HCL group
from an attic in Noida.
PREDICTED THE COMPUTER BOOM
People laughed at him when he predicted the future for Information Technology in
the country and the scope it provided to HCL. His understanding was that sooner or
later when the time comes, HCL could cash on the computer boom in the country.
He proved them wrong and had the last laugh as within a short span of three years
HCL was able to develop Indias first micro processor based commercial computer,
HCL-8c.

By this time the HCL team was able to gather in-house expertise for developing the
hardware, controllers, languages, systems software utilities and even application
software for its computers. Finally with the technology jump in the next four years
8c became a museum piece, HCL was able to step in with an advanced version, also
developed in-house. This symbolized the galloping pace of changes in the
international market and HCLs nascent efforts to move along.
Since 1993, he has stopped running companies and confines himself to once-aquarter meeting with CEOs. He now heads the group apex body of HCL Corporation,
whose charter is to set standards and create policies in areas such as new business
opportunities, financial and accounting practices, HRD and corporate
communications.
41. SINGH, K.P. DLF GROUP
Kushal Pal Singh, with a net worth of $35 billion, is the fourth richest Indian in the
world. He heads the DLF Group, India's largest real estate developer, which has
interests in Delhi, Chandigarh, Kolkata, etc.
In 1960, Singh quit the Indian Army to join the American Universal Electric
Company, a joint venture between Universal Electric Company of
cli
Owosso, Michigan, and Singh's family. Later he established Willard India Limited
along with a Philadelphian company ESB Inc. He joined DLF Universal Limited as the
Managing Director in 1979. Singh's greatest achievement is that he transformed
Gurgaon, a barren village then, into one of the favourite real estate destinations of
India. Today he presides over closely held DLF Group, India's largest real estate
developer with an estimated land bank of 3,000 acres in prime city locations. Singh,
who owns 99.5% of parent DLF Universal with his family, is worth, at least $5 billion.
His showpiece: a busy, 10-mile-wide township called DLF City in Gurgaon, situated
south of Delhi, in the neighboring state of Haryana. Some just refer to it as the "new
city" or Delhi's tech city. It is a sight to behold. A barren expanse of farmland has
been transformed into a sprawl of office and residential towers, interspersed with
bright, busy malls, monuments to the country's new found consumerism.
DLF City boasts restaurants, hospitals, schools, hotels and an 18-hole Arnold Palmer
signature golf course. Gurgaon is no longer the back of beyond but a suburb much
sought after by those who cannot afford Delhi's prices or would rather live closer to
where they work. By laying a modern foundation in a country whose physical plants
usually lag its intellectual assets, Singh put Gurgaon on the map as a destination for
global companies. They have flocked there to situate their Indian headquarters or
back offices. If Bangalore is India's software services capital, Gurgaon is the call

center hub. DLF has 100 million square feet under development in residential,
commercial and retail projects all over the country.
Pramod Bhasin, President and Chief Executive of leading outsourcing firm Genpact,
calls DLF Corporate Park, the first office tower Singh built in Gurgaon, "the
birthplace of India's business- process outsourcing industry."
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Despite these odds, Bhasin never regretted moving. "We got the kind of space, both
in size and quality that just was not available in the center of Delhi. DLF really
understands what companies like ours need. They are quick, and they deliver on
their word," says Bhasin. Once GE took the plunge, DLF landed other big-name
corporate tenants, including Nestle, PepsiCo, British Airways, American Express, IBM
and Ericsson.
At a time when the industry practice was to sell and not lease, DLF offered longterm leases, which suited companies that did not want to load assets on their
books. DLF benefited from the steady rentals during a market downturn when
property sales stagnated. Singh's refusal to cut quality corners ensured that DLF
could get premium prices for its properties.
Singh's introduction to GE's legendary CEO Welch came in 1989, when the company
was still scoping out India. Singh set up a meeting with then Prime Minister Rajiv
Gandhi. Welch's book Jack: Straight from the Gut recalls that Singh also led him to
Azim Premji as GE was looking for a partner for its medical systems business. Today
Premji, by virtue of his building software power Wipro is one of Asia's richest men.
In an interview Welch recalls, "K.P. was the igniter of the flame for GE coming to
India. He was the perfect ambassador because he opened our eyes to a great
country, and we fell in love with it."
The patriarch scrambled to enter the car battery and electrical motors field,
assigning K.P. Singh to make it work. Young Singh found a mentor in George Hoddy,
founder of Universal Electric in Michigan, a joint-venture partner. Hoddy, recalls,
"K.P. was not afraid to work hard. He followed directions very carefully and mastered
manufacturing." But the diversification strategy came a cropper in the Indian
market.
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Regrouping again, Singh and his father-in-law recommitted themselves to real
estate, vowing to break the state's stranglehold by all lawful means. Over 15 years
Singh assembled the Gurgaon holdings, starting with 40 acres that his father-in-law
still held. The surrounding families had an average landholding of 4 to 5 acres, with
half a dozen relatives sharing the title. To win their trust, he attended weddings,
mediated family disputes, helped out during illnesses.

Singh's leap of faith in Gurgaon paid off in spades. The average cost of the 3,000
acres that DLF initially amassed in Gurgaon was $2,000 an acre--a tiny fraction of
today's market value.
"Gurgaon was deserted when K.P. first took me there to see it 25 years ago. But he
had the gumption to go relentlessly after it," says Deepak Parekh, Chairman of
home mortgage company HDFC, which started lending to DLF early in its expansion
drive. Along the way Singh insisted his buyers also be on the up-and-up. Real estate
in India is full of off-the-books transactions, the better for tax dodges and to avoid
once-prohibitive mortgage terms. Also, builders flout codes and often see their
handiwork ripped down.
42. SUBHASH CHANDRA GOYAL - ZEE TV
Achievements: Subhash Chandra is the founder of Zee TV, Indias first private TV
channel. This one time rice trader from Hissar, Haryana, has today become a media
baron and his other interest includes packaging, theme parks, lotteries, and cinema
multiplexes.
He launched Zee Telefilms Limited in 1992 as a content supplier for Zee V Indias
first Hindi satellite channel. Before the launch of Zee TV, viewers in India were
under the firm grip of Doordarshan, the state-controlled terrestrial network.
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After the launch of Zee TV, he commenced Siti Cable operations in 1995 and also
started a joint venture with News Corporation. In 1995, he launched two new
channels, Zee Cinema and Zee News. In 2000, Zee TV became the first service
provider in India to launch Direct to Home services. In a short span of time, Zee TV
has become a big media and has given tough competition to international media
moghuls such as Rupert Murdoch.
Subhash Chandra Goyal after completing high school, began his entrepreneurial
career as a rice trader in Hissar. He became wealthy by exporting rice to the Soviet
Union. In the 1970s, he entered the packaging business; his Essel Packaging
Company was started by making laminated covers for the Food Corporation of India,
to store surplus agricultural harvests. Subhash Chandra Goyal invested his profits in
land, on which he built Esselworld, a 753- acre popular amusement park in Mumbai.
The next logical step was Zee-TV. The idea of Zee-TV took shape during the Gulf
War, when Chandra was watching CNN in the office of Ashok Kurien, an advertising
executive who was marketing Esselworld.
Subhash Chandra Goyal launched Zee-TV in an era when many Indians were eager
to obtain news of the Gulf War. The huge audiences attracted by Zee-TV and by
Chandras related companies helped boost his net worth to billions of dollars.
However, Zee-TV is only one of the members Subhas Chandra Goyals family of

companies, which includes Zee Music, which markets cassettes; Zee Cinema, a
movie pay-channel; Siticable, a cable television company; Zee Education (ZED), a
computer training company; Zee Multinational Worldwide, a Mauritius-based
company; and Zee Telefilms, the flagship company that produces the television
programming. Subhash Chandra Goyal has also teamed up with his main competitor
in private television broadcasting, Rupert Murdoch who owns STAR-TV, as part of his
News Corporation. Subhash Chandra Goyal and Murdoch own equal shares in Asia
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Today Ltd (ATL), a Hong Kong-based broadcasting company that provides television
programming to various broadcasting stations.
In 2000, the Zee group of companies was positioning itself to tap the tremendous
business opportunity offered by digital communication services in India. For
instance, Subhash Chandra Goyals Siticable Company, which he owns jointly with
Rupert Murdoch, is gearing itself to transmit voice, video, and data for
entertainment and e-commerce purposes. Siticable, with six million subscribers in
2000, eventually becomes the biggest provider of cable internet services in India.
Subhash Chandra Goyal is also launching a $755 million satellite telephony venture
called Agrani (Sanskrit for "staying ahead"), establishing a Zee Internet portal, and
building 18 multiplex theater-cum- entertainment centers, called E-Citi in six states
in India at a cost of over $ 100 million. Subhash Chandra Goyals vision is to turn his
broadcast software operations into a media, entertainment, and
telecommunications conglomerate.
Subhash Chandra Goyal understands very well the importance of building a highquality media conglomerate. The value of Zees stock rose by a drastic 15,000
percent in seven years after the company became public in 1993, making it the
fastest-rising Indian stock of all time. From Oberoi Towers, Chandra rules the world
of laminate packaging, supplying over 1,200 million laminated tubes annually to the
likes of Colgate Palmolive and Hindustan Lever, and, on the side, beams programs
to an audience of over 200 million people worldwide. Subhash Chandra Goyal with
his perfect outlook regarding Indian business domain has reached a height of
immense popularity in his versatile projects.
43. SUBRATA ROY SAHARA GROUP
Subrata Roy Sahara is the Chairman and Managing Worker of the Sahara Group of
companies based in India. Sahara India Pariwar is today the largest first generation
conglomerate of India. The group is successfully diversified into
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the fields of Finance, Real Estate, Media & Entertainment, Tourism & Hospitality,
Services & Trading and Consumables. From an asset base of $ 43 in 1978 when it

was founded, the group has today exponentially grown to become a conglomerate
with assets having a market value of more than Rs.2,15,000 crores.
It owns satellite TV stations, a bank, an airline, 33, 000 acres of real estate and
employs 700,000 people. Its directors are film stars, sporting heroes and politicians.
Sahara India Pariwar is the most famous company you have never heard of. Its
founder is Subrata Roy, the son of a mill worker in the impoverished state of Bihar in
northeast India. With just 2,000 rupees he set up a savings scheme in 1978 for poor
farm workers, visiting his customers door-to- door on a Lambretta scooter.
Today, Saharas Para Banking empire extends to 32 million customers, many of
them making weekly deposits to the banks army of workers who visit doorsteps
across the subcontinent. It is the financial backbone of a business empire said to be
worth 7 billion but it is the marketing hoopla and showbiz that will be the key to
selling Sahara to expatriate Indians. And it is all good publicity for the Sahara
developments, satellite towns, shopping malls and gated luxury leisure complexes
catering to Indias burgeoning middle class. The modest rural savers who entrust
their rupees to Saharas doorstep bankers are funding Amby Valley, a lavish
complex of swimming pools, hotels and villas an hour and a half from Bombay, and
the Sunderbans project, a floating city near Calcutta with water sports and a tiger
conservation scheme.
There is an airline, Air Sahara, two satellite TV channels and a weekly newspaper,
Sahara Time. Last year the company announced plans to expand into life insurance
and the ambitions are wider still, to capture the Indian diaspora in Europe and
America and, ultimately, the whole world, in the welcoming embrace of the Sahara
family.
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44. SUNIL BHARTI MITTAL -BHARTI GROUP
Sunil Bharti Mittal is an Indian businessman. He is the Chairman and Managing
Director of the Bharti group since 2001. The $5 billion turnover company runs
India's largest GSM-based mobile phone service.
He has built the Bharti group, along with two siblings, into India's largest mobile
phone operator in just ten years. The UK based telecommunication giant, Vodafone
and Singapore's SingTel both own stakes in the recently renamed flagship company
Bharti Airtel. The group also has partnerships with Axa for insurance and with the
Rothschild family for exporting fruits and vegetables.
ENTREPRENEURIAL VENTURES
A first generation entrepreneur, he started his first business in 1976 at the age of
18, with a capital investment of Rs.20, 000 borrowed from his father. His first
business was to make crankshafts for local bicycle manufacturers.

In 1980 he sold his bicycle parts and yarn factories and moved to Mumbai. In 1982
he became the exclusive dealer for Suzuki Motors's portable electric-power
generators imported from Japan. The importing of telecom equipment was banned
by the Indian Government as ITI (Indian Telecom Industry) monopoly practices and
sole OEM for Department of Telecommunication.
By 1982, Mittal had started a full-fledged business selling portable generators
imported from Japan and that gave him the chance to involve himself in activities
like marketing and advertising. Things went smoothly until the government banned
the import of generators as two Indian companies were awarded licenses to
manufacture generators locally.
Sunil Mittal got interested in push button phones while on a trip to Taiwan, and in
1982, introduced the phones to India, replacing the old
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fashioned, bulky rotary phones that were in use in the country then. Bharti Telecom
Limited (BTL) was incorporated and entered into a technical tie up with Siemens AG
of Germany for manufacture of electronic push button phones. By the early 1990s,
Mittal was making fax machines, cordless phones and other telecom gear.
The turning point came in 1992 when the Indian government was awarding licenses
for mobile phone services for the first time. One of the conditions for the Delhi
cellular license was that the bidder has some experience as a telecom operator.
Mittal clinched a deal with the French telecom group Vivendi. Two years later, Sunil
secured rights to serve New Delhi. In 1995, Bharti Cellular Limited (BCL) was formed
to offer cellular services under the brand name AirTel. Within a few years Bharti
became the first telecom company to cross the 2-million mobile subscriber mark.
The company is also instrumental in bringing down the high STD/ISD, cellular rates
in the country by rolling the countries first private national as well as international
long-distance service under the brand name IndiaOne. In 2001, the company
entered into a joint venture with Singapore Telecom International for a $650-million
submarine cable project, the countries first ever undersea cable link connecting
Chennai in India and Singapore.
Mittal has to his credit the breaking up of the 100 year old monopoly of state run
companies to operate telecom services in India. Now he heads a successful empire
focused on different areas of business through independent joint venture companies
with a market capitalization of approximately $ 2 billion, employing over 5,000
people and still growing. Bharti Foundation has funded over 50 schools in Madhya
Pradesh and also donated Rs.200 million to IIT Delhi for building a Bharti School of
Technology and Management.
clix

In 2006, he struck a joint venture deal with Wal-Mart, the US retail giant, to start a
number of retail stores across India. In 2006, he attracted many key executives from
Reliance ADAG, NIS Sparta and created Bharti Comtel.
45. SWAMINATHAN, M. S. MSSR FOUNDATION
Mankombu Sambasivan Swaminathan is an Indian agriculture scientist, born 1925,
in Kumbakonam, Tamil Nadu. He was the second of four sons of a surgeon. He is
known as the "Father of the Green Revolution in India, for his leadership and
success in introducing and further developing high-yielding varieties of wheat in
India. He is founder and Chairman of the MS Swaminathan Research Foundation ,
leading the 'Evergreen Revolution'.
EDUCATION
M. S. Swaminathans childhood was happy and secure and he was strongly
influenced by the strong moral character and work ethic of his parents. When
Swaminathan was 11 years old, his father died unexpectedly. Swaminathan bonded
with and learned much from his uncle, a teacher and scholar of English literature,
Tamil and Sanskrit at Madras University. His early schooling was at the Native High
School and later at the Little Flower Catholic High School in Kumbakonam. He was
only 15 years old when he graduated from high school in 1940. He went to
Maharajas College in Ernakulam and earned a Bachelors degree (B.Sc.) in zoology.
Swaminathan was strongly influenced by Mahatma Gandhis belief in ahimsa or nonviolence to achieve Purna swaraj (total freedom) and swadeshi, (self-reliance) on
both a personal and national level. During this time of wartime food shortages he
chose a career in agriculture and enrolled in Coimbatore Agricultural College where
he graduated as class valedictorian with another B.Sc, this time in Agricultural
Science. He learnt an important lesson while doing field extension work at
Coimbatore: Men and women toiling daily in the
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fields know their jobs better than a scientific expert. "Trust the judgement of
farmers."
In 1947, the year of Indian independence he moved to the Indian Agricultural
Research Institute (IARI) in New Delhi as a post-graduate student in genetics and
plant breeding and obtained his post-graduate degree there with high distinction in
Cytogenetics in 1949.
He began his lifelong association with UNESCO by receiving a UNESCO Fellowship to
continue his IARI research on potato genetics at the Wageningen Agricultural
University, Institute of Genetics in the Netherlands. Here he succeeded in
standardizing procedures for transferring genes from a wide range of wild species of
Solanum to the cultivated potato, Solanum tuberosum. In 1950, he moved to study

at the Plant Breeding Institute of the University of Cambridge School of Agriculture.

He earned his Ph. D degree here in 1952. His work presented a new concept of the
species relationships within the tuber-bearing Solanum.
Degrees in hand, Swaminathan accepted a post-doctoral research associateship at
the University of Wisconsin, Department of Genetics to help set up a USDA Potato
Research Station. Despite his strong personal and professional satisfaction with the
research work in Wisconsin, he declined the strong offer of a full time faculty
position there, because his purpose of getting a foreign education was to equip
himself for serving the cause of Indian agriculture. He returned to India in early
1954.
Swaminathan's poor, overpopulated homeland was importing vast amounts of grain.
"Importing food was like importing unemployment," he recalls. "Seventy percent of
our people were employed in agriculture. We were supporting farmers in other
countries." By 1966, Swaminathan was Director of the Indian Agricultural Research
Institute in New Delhi, spending his time in fields with farmers trying to help
improve their productivity. Fertilizers were a
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dead end: when the wheat plant's pod grew more seeds, its stalk collapsed under
the weight. With help from the Rockefeller Foundation, Swaminathan found a crossbred wheat seed, part-Japanese and part-Mexican, that was both fruitful and
staunch.
That was the breakthrough in the Green Revolution, but there was a lot more work
to be done. Indian farmers, immersed in traditional ways, had to be convinced to
grow the new wheat. In 1966, Swaminathan set up 2,000 model farms in villages
outside New Delhi to show farmers what his seed could do. Then came the hardest
part. He needed the government to help--specifically, to import 18,000 tons of the
Mexican seed at a time of fiscal hardship. Swaminathan lobbied then-Prime Minister
Lal Bahadur Shastri. "He probably thought nothing could be worse," Swaminathan
recalls. "Famine was imminent. There was a willingness to take risks." The first
harvest with the new seeds was three times greater than the previous year's.
But the revolution was still incomplete. Only Punjab state had the right irrigation for
the new technologies, the state-run food collection and distribution networks were
notoriously inefficient, and new fertilizers and pesticides were needed, along with
credit lines for small farmers. Political leadership was vital to solve that tangle of
problems, and Swaminathan found it in Shastri's successor. "Indira Gandhi was a
strong nationalist," he recalls. "She wanted an independent foreign policy, and food
was a political weapon." Gandhi bluntly asked him how India could be free of
imports and gave Swaminathan a free hand to organize a new agricultural program.
Today, India grows some 70 million tons of wheat a year, compared to 12 million
tons in the early '60s.

Swaminathan now believes farmers must adopt more eco-friendly methods, and he
is using his influence to spread the message. And although populations continue to
mushroom, he maintains that still greater harvests are possible. All that is needed,
he says, is "inspiration, perspiration and luck." The
clxii
greatest stroke of luck for hundreds of millions of Asians has been Swaminathan's
revolution.
Improved agricultural yields alone transformed India from a "begging bowl" to a
"breadbasket" almost overnight, nearly doubling the total crop yield from 12 million
tons to 23 million tons in four crop seasons.
His enthusiasm for passing on knowledge has earned him a reputation as a lucid
educator. And his record of community service and political leadership has won him
recognition as a profound humanitarian.
Dr. Swaminathan has long held that the key to enhancing the prosperity of India-and
many other nations-is to make agriculture the cornerstone of the economy. By
taking this new information to the farmer-at the farmer's level, with field
demonstration plots- Dr. Swaminathan bypassed the stumbling block of illiteracy
and converted a generation of Indians to a belief in the effectiveness of modern
agriculture.
Dr. Swaminathan has often been noted for his understanding of the breadth of the
entire food systems. His service in government is testament to this: in several
political leadership positions, he established programs of ecological rehabilitation,
rural development and technology transfer. His programs effectively helped
subsistence farmers reap their fair share of credit and income while conserving
national resources. "Ultimately," Swaminathan has stated, "it is the political will of
the country to have policies in place which will stimulate production by small
farmers. Without it, all research, technology...any external advice will go in vain."
46. SWARAJ PAUL CAPARO
Swaraj Paul, an India based business magnate and philanthropist has founded the
multinational company Caparo, the UK based steel and engineering
clxiii
group in 1978. He was knighted by the British Queen in the year 1978 and became
the Lord Paul of Marylebone and a member of the House of Lords.
Swaraj Paul was born in 1931 in Jalandhar. His father used to run a small factory of
making steel buckets and farming equipments. Swaraj was educated at Punjab
University and obtained a masters degree in Mechanical Engineering from the

Massachusetts Institute of Technology (MIT) in the US. He joined the Apeejay

Surrendra Group, founded by his father after his returning to India in 1953. It helped
him to build up a diversified industrial group.
The twist of fate came when Swaraj went to England in 1966 hoping to find a cure
for his leukemia-stricken two-year-old daughter, Ambika. Shattered by her death, he
took over the operations of Apeejay Overseas and relocated permanently to London.
He buried himself in work and there began his spectacular business career in
Britain.
In 1968, he started buying and selling steel in a one-man business and acquired a
small tube unit, Natural Gas Tubes (NGT). This developed into one of the leading UK
producers of welded steel tube and spiral-welded pipe. He bought more units
gradually, mainly in the steel products manufacturing industry and founded Caparo
Group in 1978. Her Majesty the Queen knighted Swaraj Paul in the same year,
thereby making him The Lord Paul of Marylebone and a member of the House of
Lords the life peer.
Lord Paul reflects on the main events of his life in his memoirs, Beyond
Boundaries`. It contains the details of his business career, including his attempted
takeover of the DCM and Escorts group. It also portrays his association with the
famous and the mighty, including the Indian political dynasty of Indira Gandhi and
her sons Sanjay and Rajiv. Beyond Boundaries is a window into the making of one of
the most outstanding success stories of modern times. He has also written the
biography of Indira Gandhi and was awarded the "Padma Bhushan" by her in 1983.
clxiv
The "Bharat Gaurav" honour was awarded to him by the Indian Merchants
Chamber. He holds the position Pro-Chancellorship` of Thames University in1998
and its Governorship (1992-97). Swaraj Paul was honoured with the Chancellorship
of the University of Wolver Hampton and the University of Westminster. He is a
member of the Foreign Policy Centre Advisory Council and MIT`s Mechanical
Engineering Visiting Committee. He is the Chairman of the Olympic Delivery
Committee with the key task of initiating measures to acquire land and provide
infra-structure for the London Olympics 2012.
This strict vegetarian donated twenty lakh rupees to the victims of the October
2005 earthquake in Indias Jammu and Kashmir. Swaraj Paul stepped down from the
management of the Caparo group in 1996, handing over his empire to his three
sons.
clxv
47. JRD TATA TATA GROUP

Achievements: JRD Tata had the honour of being Indias first pilot; was Chairman of
Tata & Sons for 50 years; launched Air India International as Indias first
international airlines; received the Bharat Rathna in 1992.
JRD Tata was born in 1904 in Paris. His mother was French, while his father was
Parsi. JRDs full name was Jehangir Ratanji Dadabhoy Tata and he was popularly
known as Jeh to his friends. His father Ratanji Dadabhoy Tata and Sri Jamsetji Tata
shared their greatness from the same great-great-grand father, Ervad Jamshed Tata,
a priest of Navasari.
JRD was the second son of four children. He was educated in France, Japan and
England before being drafted into the French army for a mandatory one-year period.
JRD wanted to extend his service in the forces but destiny had something else in
store for him. By leaving the French army, JRDs life was saved because shortly
thereafter, the regiment in which he served was totally wiped out during an
expedition in Morocco.
JRD Tata joined Tata & Sons as an unpaid apprentice in 1925. He had great interest
in flying. In February 1929, JRD became the first Indian to pass the pilots
examination. With this distinctive honour of being Indias first pilot, he was
instrumental in giving wings to India by building Tata Airlines, which ultimately
became Air India. His passion for flying was fulfilled with the formation of the Tata
Aviation Service in 1932.
In 1938, at the age of 34, JRD was elected Chairman of Tata & Sons making him the
head of the largest industrial group in India. He started with 14 enterprises under
his leadership and half a century later in 1988, when he left, Tata & Sons was a
conglomerate of 95 enterprises which they either started or in which they had
controlling interest. JRD was the trustee of Sir Dorabji Tata Trust from its conception
in 1932, which remained under his wings for over half
clxvi
a century. Under his guidance, this Trust established Asias first cancer hospital, the
Tata Memorial Center for Cancer Research and Treatment, Bombay in 1944. It also
founded the Tata Institute of Social Sciences, 1936, the Tata Institute of
Fundamental Research, 1945 and the National Center for Performing Arts.
In 1948, JRD launched Air India International as Indias first international airlines. In
1953, the Indian Government appointed JRD as Chairman of Air India and a Director
on the Board of Indian Airlines a position JRD held for 25 years. For his crowning
achievements in aviation, JRD was bestowed with the title of Air Commodore of
India.
JRD Tata cared greatly for his workers. In 1979, Tata Steel instituted a new practice;
a worker is deemed to be at work from the moment he leaves home for work till

he returns home from work. The company is financially liable to the worker if any
mishap takes place on the way to and from work. Tata Steel Township was also
selected as a UN Global Compact City because of the quality of life, conditions of
situation, roads and welfare that were offered by Tata Steel.
JRD Tata received a number of awards. He received the Padma Vibhushan in 1957
on the eve of the silver jubilee of Air India. He also received the Guggenheim Medal
for aviation in 1988. In 1992, because of his selfless humanitarian endeavours JRD
Tata was awarded Indias highest civilian honour, the Bharat Rathna one of the
rarest instances in which this award was granted during a persons life time. In the
same year, JRD Tata was also bestowed with the UN Population Award for his
crusading endeavours towards initiating and successfully implementing the family
planning movement in India, much before it became an official governmental policy.
JRD Tata died in Geneva, in 1993 at the age of 89. On his death, the Indian
Parliament was adjourned in his memory an honour not usually given to persons
who are not Members of Parliament.
clxvii
48. TULSI TANTI - SUZLON ENERGY
Tulsi Tanti is the Chairman and Managing Director of Suzlon Energy, the $10 billion
worth wind power based company. He along with his three siblings own 70% of the
company. He is from Gujarat where he started his first venture which was in textiles,
and then he moved into wind energy production and founded Suzlon Energy. He is
worth $930 million as per Forbes.
A commerce graduate and a diploma holder in Mechanical Engineering, Tulsi Tanti
originally hails from Gujarat and is presently based in Pune, Maharashtra. Tulsi Tanti
was earlier into textiles. He started his textile business in Gujarat. But he found the
prospects stunted due to infrastructural bottlenecks. The biggest of them all was
the cost and unavailability of power, which formed a high proportion of operating
expenses of textile industry.
In 1990, Tulsi Tanti invested in two wind turbines and realized their huge potential.
In 1995, he formed Suzlon and gradually quit textiles. Suzlon Energy is the fifth
largest wind turbine manufacturer in the world and the largest in Asia. It is presently
building what will be among the world's largest wind parks of its kind at 1,000 MW
capacity.
Suzlon is currently concentrating on a global expansion drive. It recently acquired
Hansen Transmissions, a Belgian maker of wind-turbine gearboxes. Suzlon is also
building a rotor-blade factory in Minnesota and has invested $60m in a factory in
Tianjin, China.

"Clean, green power is the best option," has been Tanti's motto and he has been
working ceaselessly towards this goal. The internationally acclaimed `Time'
magazine has recently named Tanti as one of the global "Heroes of the
Environment" for successfully resurrecting the fledgling wind industry in India. In
spite of being a relative newcomer to the field of manufacturing wind energy,
Suzlon has been giving reliable service to global clients at competitive rates all
clxviii
over the world and has also set up a marketing outfit in Denmark to woo customers
outside India. The company has already made an impact in China, US and Australia.
So how did this small-town commerce graduate and mechanical engineer from
Rajkot, Gujarat grow into a power to be reckoned with in the area of wind energy in
India? Tulsi Tanti along with his three brothers who had inherited their father's
construction business, decided to step into an uncharted path - that is in the textile
business, in the late 1980s. Producing polyester yarn was the starting point and
later on they added furnishing fabrics to this burgeoning business. However, they
found that they were not able to achieve expected success and sustain their
business because of power-shortage and power-failure in Surat, where their textile
business was stationed.
At this point, they took upon themselves to develop wind power. Initially when the
Tantis pooled together a sum of $600,000 by selling some of their family property,
they went around enthusiastically as they tried to shop for technology. The Tanti
brothers wanted to craft their own wind turbines as they were all engineers and
were qualified adequately. However, they found that no one was ready to part with
their technology if they were not being given a stake in the Suzlon equity venture.
However, Tantis did not lose heart and persevered. As luck would have it, Sudwind,
a smaller company from Germany nosedived in 1997, giving the Suzlon people an
opportunity to employ the Sudwind engineers and create an R&D centre in
Germany. An additional acquisition of another technological company further added
to the self-sufficiency of Suzlon.
At the time he was managing the family textile business in Surat, a city in western
India. The business was languishing, mainly because electricity was extremely
expensive for businesses and the power grid was plagued with outages. It was a
source of great annoyance for Tanti. In 1994, he ordered two
clxix
wind turbines from Danish manufacturer Vestas, essentially taking his factory off the
power grid.
Other business owners began showing an interest in his solution, prompting Tanti to
wonder whether he might be in the wrong business. Was not wind energy the real

business of the future? He discussed his ideas with his three brothers. Together they
scraped together $ 600, 000 in seed capital, founded Suzlon Energy and moved to
Pune.
There was only one problem. None of the four brothers, all engineers, knew
anything about wind energy. But as customers, they were all too familiar with the
inadequacies of the industry. The turbines were supplied by the manufacturer,
installed by another company and maintained by a third. By the time a turbine was
up and running, the customer was often at his wits' end.
Tanti, realizing that a change was sorely needed, came up with the idea of offering a
complete package of wind energy services. Suzlon would simply handle everything.
Customers would not even have to install wind turbines on their own premises -instead, a customer could buy a turbine at a faraway wind farm and would then own
that turbine's output.
WITHOUT A FIGHT
The innovative aspect of Tanti's idea had more to do with the service he was
providing than with any feat of engineering. But it was a concept that would
revolutionize the wind energy business.
The brothers planned to purchase the sophisticated technology abroad, eventually
producing the turbines in India, where low production costs would give them an
unbeatable competitive edge. But there was only one problem: The leading
European manufacturers were not about to give up their engineering achievements
without a fight.
clxx
Suzlon was forced, grudgingly, to enter into joint venture agreements without
gaining access to the technology. Tanti began his operations as a distributor of wind
turbines manufactured by the German company Sudwind. Despite his initial
reluctance, the arrangement would prove to be a stroke of luck for Tanti's business.
Although Sudwind, a small company founded by students at the Technical University
of Berlin, built exceptional turbines, its engineer-owners knew very little about
running a business. Sudwind went into bankruptcy in the late 1990s and Tanti
seized the opportunity, acquiring parts of the Germany company's R&D division. But
instead of simply moving the technology to India, Tanti hired the former Sudwind
employees and set up an R&D laboratory in the northern German city of Rostock.
Existing designs were fine-tuned at the laboratory, which also served as a training
ground for young Indian technicians, who would later return to India to build
turbines with their newly acquired expertise.
Similarly, Tanti managed to acquire a Dutch blade manufacturer. In 1999, when the
Indian state of Maharashtra, where his business was located, passed a law that

allowed companies to claim the costs of installing wind turbines as a tax deduction,
Tanti had it made. By 2002 sales at Suzlon quadrupled to $131 million.
ONE OF THE WORLD'S TOP WIND COMPANIES
Four years ago, investors urged him to sell the company. Tanti begged off, telling
them: "In a few years, Suzlon will be buying up the leading European companies."
As it turned out, he was right.
Tulsi Tanti, till some years ago, was known for his achievements and for being the
4th richest man in India. Now with a flourishing business and offices in the US,
Europe and Australia, he has soared even further. Suzlon Energy makes
clxxi
wind turbines, which is the industry jargon for modern windmills used for generating
electricity. At present, Suzlon can be considered as being one of the prime examples
of India's manufacturing prowess.
His more established competitors in Europe realized long ago how much of a threat
this short man, with his carefully combed hair and thin moustache, posed.
Speaking to TIME about the journey to become one of the most successful
entrepreneurs in renewable energy, Mr. Tanti said: "Yes, green business is good
business, but it's not just about making money. It's about being responsible."
Mr. Tanti played a leading role in resurrecting the fledgling wind industry in India,
taking what was a fledgling industry just over a decade ago and building the
foundations for what is over a 2,000 MW an year market today. This rapid growth of
the market has led India to become the fourth leading wind power market in the
world.
49. VARGHESE KURIEN NDDB
Achievements: Known as the father of the white revolution in India, winner of the
Ramon Magsaysay Award, awarded with the Padma Shri in 1965, Padma Bhushan in
1966, and the Padma Vibhushan in 1991.
Dr. Varghese Kurien is also called the Milkman of India. He was the architect behind
the success of the largest dairy development programme in the world, christened
Operation Flood. He was the Chairman of the Gujarat Cooperative Milk Marketing
Federation Ltd. (GCMMF). And his name was synonymous with the Amul brand.
Born in 1921 in Kozhikode, Kerala, Dr. Varghese graduated with Physics from Loyola
College, Madras in 1940. Subsequently, he did his B.E.
clxxii

(Mechanical) from Madras University and went to USA on a Government scholarship

to do his Masters in Mechanical Engineering from Michigan State University. In
between, he completed special studies in Engineering at the TISCO Institute at
Jamshedpur, Bihar, in 1946 and underwent nine months of specialized training in
dairy engineering at the National Dairy Development Institute of Bangalore.
Dr. Varghese returned from US in 1948 and joined the Dairy Department of The
Government of India. In 1949, he was posted as Dairy Engineer at the Government
Research Creamery, a small milk powder factory, in Anand, Gujarat. Around this
time, the newly formed cooperative dairy, Kaira District Cooperative Milk Producers
Union Ltd., was engaged in a battle of survival with the privately owned Polson
Dairy, which was a giant in its field. Enthused by the challenge, Dr. Varghese left his
Government job and volunteered to help Shri Tribhuvandas Patel, the Chairman of
Kaira, to set up a processing plant. This led to the birth of AMUL and the rest is
history.
In 1965, the Prime Minister Lal Bahadur Shastri, created the National Dairy
Development Board (NDDB), under the leadership of Dr. Varghese Kurien to
replicate the success story of AMUL throughout the country. In 1973, Dr. Kurien set
up GCMMF to market the products produced by the dairies. Under Dr.Varghese
Kuriens stewardship, India became the largest producer of milk in the world. During
his illustrious career, Dr. Kurien won many accolades and awards. These include the
Ramon Magsaysay Award for Community Leadership in 1963, The Padma Shri, the
Padma Bhushan, Krishi Ratna Award, Wateler Peace Prize Award of Carnegie
Foundation, World Food Prize Laureate, International Person of the Year, by the
World Dairy Expo, Madison, Wisconsin, USA and the Padma Vibhushan.
50. VIJAY MALLYA UB GROUP
clxxiii
Achievements: Chairman of the United Breweries Group, launched a new domestic
airline called Kingfisher Airline, Rajya Sabha MP.
Prior to being entrusted with the responsibilities of a classical Indian corporate
conglomerate, Vijay Mallya worked for the American Hoechst Corporation (now
Sanofi-Aventis) in the US and with Jenson & Nicholson in the UK. Since 1980, he
assisted his father, famous industrialist Vittal Mallya, the then Chairman of The UB
Group, in managing the important Brewing and Spirits Divisions and in re-launching
the Kingfisher Brand of Beer. In 1983, the sales volume of the UB Spirits division
was approximately 2.85 million cases and UB's beer business trailed behind that of
Golden Eagle from Mohan Meakins. Also included in the Group were activities such
as pharmaceuticals, agrochemicals, paints, petrochemicals and plastics, the
manufacture of electro- mechanical batteries, the manufacture of food products and
carbonated beverages, a fast-food pizza chain and several medium and small scale
industrial units.

In 1988, Mallya became a non-resident Indian to pursue global opportunities and to

transform The UB Group into India's first multinational company. While, in the initial
stages, overseas representative offices had been commissioned, the real break
came in 1988 when Mallya, in a leveraged buyout, acquired the global Berger Paints
Group with operating companies across four continents. The exit strategy for this
investment was profitably executed when Mallya successfully directed five Initial
Public Offerings on the London, Singapore, Nairobi, Jamaica and Abidjan Stock
Exchanges. The paints business was divested for significant value in 1996.
Mallya also founded a software company in the US in 1993 which was subsequently
listed on the NASDAQ in 1996 and which provides a considerable window of
opportunity to the vast US market. He also initiated several ventures
clxxiv
for the promotion and globalization of UB brands and, in particular, Kingfisher and
McDowell.
In 2007, United Spirits Limited, the flagship of The UB Group, acquired a hundred
percent of premium scotch distillers Whyte & Mackay and Liquidity Inc, a United
States-based maker of specialty vodkas. The Delaware-based Liquidity Inc produces
specialty brands like Pinky Vodka and Marakesh.
The UB Group's Brewing Division has also assumed undisputed market leadership
with a national market share in excess of 48%. Through a process of aggressive
acquisition and market penetration, The UB Group today controls 60% of the total
manufacturing capacity for beer in India. The flagship brand, Kingfisher, is now sold
in over 50 countries worldwide having received many accolades for its quality.
Kingfisher, one of the flagship brands of The UB Group, has partnered with NDTV,
India's leading broadcast group in a first-of-its-kind media alliance for the promotion
of NDTV Good Times. The NDTV Good Times channel would leverage from the
editorial credibility and quality of the NDTV group and the strong lifestyle appeal of
the Kingfisher brand and icon, to offer Indian viewers a world-class television
entertainment experience.
Under his dynamic leadership, the group has diversified business interest ranging
fro alcoholic beverages to life sciences, engineering, agriculture, chemicals, IT and
leisure.
In 2000, Vijay Mallya entered politics, took over as the President of the Janatha Party
and became a Rajya Sabha MP. In 2005, Vijay Mallya established Kingfisher Airline.
In a short span of time, Kingfisher Airlines has carved a niche for itself. In 2010, it
made acquisition of Air Deccan, the no-frill airlines, the first of its kind in India.
clxxv

Vijay Mallya has other interests too apart from business. He has won trophies in
professional car racing circuits and is a keen yachtsman and aviator. He has also
won numerous trophies in horse racing including several prestigious Derbies.
clxxvi
CHAPTER 5
FINDINGS AND SUGGESTIONS
1.AJAY PIRAMAL - PIRAMAL ENTERPRISES LIMITED
Ajay Piramal took the company to a place among the top five pharmaceutical
companies in India through a string of overseas acquisitions.
Manufacturing is finite but human intellect is infinite.
2.AMAR BOSE - BOSE CORPORATION
Amar Bose first displayed his entrepreneurial skills and his interest in electronics at
young age, when, he enlisted school friends as co-workers in a small home business
repairing model trains and home radios.
Basically, Bose is a technocrat who focused his research on acoustics and using his
entrepreneurial acumen developed his career in the field of acoustics.
3.S. ANANTHARAMAKRISHNAN AMALGAMATION GROUP
Remembered for his successful business practices, efficient management of the
labour unions and for triggering the growth of the automobile industry of Chennai
which has earned the city the epithet "Detroit of India". As a result he himself came
to be remembered as the "Henry Ford of South India."
Was responsible for the rapid expansion of the Amalgamations Group in the 1940s
through take overs.
clxxvii
4.ANIL AGARWAL VEDANTA GROUP
Anil is unafraid of risk; once he has defined his goal, he will go to do it. That is how
he has turned around his companies. More importantly, his attitude is to plough
back what he has earned.
Anil thought in terms of scale at a time when he had none. He is the creative, new
Indian entrepreneur, generating development and jobs and aiming big.
A pioneer who set India on the global metals and mining map.

Led the Vedanta Groups primary listing on the London Stock Exchange, a first for
an Indian business house.
5.AZIM PREMJI - WIPRO
Premji firmly believes that ordinary people are capable of extraordinary things. He
believes that the key to this is creating highly charged teams. He takes a personal
interest in developing teams and leaders. He invests significant time as a faculty in
Wipros leadership development programs.
Premji has a fanatical belief in delivering value to the customer through world-class
quality processes.
These are changing times. Yet in the middle of all the changes there is one thing
that constantly determines success. Some call it leadership. But to his mind, it is the
single-minded pursuit of excellence.
Premji the businessman practices what he preaches. When it comes to upholding
personal values, there is no margin for error.
clxxviii
6.BHAI MOHAN SINGH - RANBAXY LABORATORIES LTD.
In early 1970s when Indian adopted a regime of process patents in the Bhai Mohan
Singh quickly realized that one could make any product in the world through reverse
engineering.
7.BRIJMOHAN LAL MUNJAL - THE HERO GROUP
Brijmohan Lal Munjal is the first generation entrepreneur who started very small
and through sheer hard work and perseverance made it to the top.
Brijmohan changed the rules of the business by trusting his gut instincts;
introducing business norms that were ahead of their time, and by investing in
strategic relationships.
Brijmohan built a series of bonds and networks with hundreds of family members,
vendors, dealers and employees. These networks are now the glue that holds the
Hero Group together.
Brijmohan has been personally responsible for kindling a spirit of entrepreneurship
amongst his employees, and today, 40 of his former employees are successful
entrepreneurs.
"Don't dream if you can't fulfill your dreams'' Brijmohan Lal Munjal is often fond of
saying.
He could always visualize the applicability of technology before others could.

A frugal upbringing and a value system modeled on the famous Gurukul system which stresses the sanctity of the teacher-pupil relationship clxxix
imbibed in Brijmohan a strong sense of social commitment and
responsibility.
8.CHETAN MAINI - REVA ELECTRIC CAR
Few among us have the luxury of pursuing a hobby so seriously that in the end a
mere extension of it will help us make a living. Chetan Maini is such a rare example.
He loves challenges. When he faces a challenge, he seems to get a lot more energy
and get the thought process in place that pushes him forward. His business has
been about challenges from day to day and that is what really keeps him going.
Some of those may be frustrating at points, but when he sits back, looks at the
issue, he generally tries and changes that to an opportunity and refocuses his
efforts.
As for handling criticism, he always looks at what or how he could get out from
that. If someone is being critical, it is because they are seeing a perspective that he
does not see. So if someone has been critical, he expresses his point of view, the
advantages, and tries to convince them his perspective and at the same time, hears
their perspective and tries to see what he should do differently to change their
mindset.
Have an idea that you absolutely believe in. Surround yourself with people who
share that dream and focus on areas that are actually your weaknesses, he says.
9.DEEPAK PAREKH HDFC
Deepak Parekh is unofficially dubbed the government's informal crisis- manager.
clxxx
He has served as an invaluable problem-solver with innovative, creative and
credible alternate inputs that have shaped policy.
It was his vision and entrepreneurial acumen that enabled HDFC to create a niche
in housing finance and emerge as the market leader.
Known as a tough task master in HDFC, Parekh has the knack of retaining his best
people; hardly a single person from the company's senior cadre - be it director,
general manager or deputy general manager - has left the organization in the last
so many years. Employees attribute this to Parekh's outstanding leadership
qualities.

10.DHIRUBHAI AMBANI RELIANCE GROUP

Dhirubhai Ambani is remembered as the one who rewrote Indian corporate history
and built a truly global corporate group.
He is credited with shaping Indias equity culture: attracting millions of retail
investors in a market till then dominated by financial institutions.
He says Till my last breath I will work. To retire there is only one place, the
cremation ground.
Remained on the top till the end by virtue of his ability to dream big and translate it
into reality through the strength of his tenacity and perseverance.
He is an example of what an ordinary Indian fired by the spirit of enterprise and
driven by determination can achieve in his own lifetime.
clxxxi
11.EKTA KAPOOR - BALAJI TELEFILMS
It was hard work, passion, and a fire in the stomach titanic struggle for almost six
long years which brought success to Ekta Kapoor.
From the beginning she has worked, eaten and slept only with television - thinking
of concepts, casting, styling, selecting technicians, shooting and scheduling,
marketing and acquiring the new skills required to succeed.
Success has changed her completely. She is now craving for more, open to
improvement and determined to make it to the top.
12.GALLA RAMACHANDRA NAIDU AMARARAJA BATTERIES
With his intense zeal and highly focused approach, Galla Ramachandra Naidu
propelled Amara Raja Batteries in the top league of battery companies in India.
He has promoted and established many companies from the conceptual stage
which are now well established and profit making.
He saw the opportunity for marketing the latest technology batteries in India.
He always took bold decisions. When the company was started, he made a decision
to depend heavily on fresh recruits.
13.GAUTAM ADANI - ADANI GROUP
It is his uncanny ability to spot scalable businesses that makes Adani a visionary.

He owes his success to opportunities that came knocking on his door, but more so
to those he saw when no one else did.
clxxxii
Adani is known to be a keen learner.
He values management expertise above all and has built a strong team of
professionals to drive the groups rapid growth.
He believes in domain expertise. Secret behind Adanis huge success - he entered
sectors which were still nascent and were largely government-owned. He chose
consciously such that there was not too much competition.
He may use his instinct to spot an opportunity, but after that everything is well
planned.
14.GHANSHYAM DAS BIRLA BIRLA GROUP
Ghanshyam Das Birla is considered as a doyen of Indian Industry.
G.D. Birla was a multi-faceted personality.
This noted businessman had to cover a number of obstacles as the British and
Scottish merchants with unethical and monopolistic methods tried to close his
business.
15.GOENKA. R.P. RPG GROUP
Goenka is one of the visionary Indian businessmen who wanted to take advantage
of post-independence emerging opportunities, move on the fast track and grow.
Within a short time, Rama Prasad Goenka successfully forged business relationships
with an amazing number of top multinationals and paved the way to usher in new
technologies to India.
Throughout his life, Rama Prasad Goenka has taken keen interest in building
business bridges for India with leading countries of the world and attracting
technology and investments from abroad.
clxxxiii
16.JEYSINGH THOMAS - AVT GROUP
Jeysingh Thomas was an entrepreneur and philanthropist, who contributed to
tapping technology to tackle the vagaries of monsoon.
When many of the agri-businesses in the country were unable to cope with the
challenges because of their cyclical nature, he was among those who successfully
moved from a commodity based business to value addition.

Effective identification of markets and technological joint ventures contributed to

his success.
His efforts at value addition in agro-processing were innovative.
He had a sharp business mind and made friends for life and kept his word.
17.JINDAL, O.P. - JINDAL GROUP
Jindal always had the conviction that India should be self-reliant in every sector of
industry. He visited several foreign countries to elicit latest industrial technical
development and know-how. He acquired a great deal of knowledge, which he aptly
applied to enhance production of his industrial establishments.
He was a successful industry visionary and would remain as a role model for others.
On account of his dedicated services to various sections of society particularly, of
the poor and backward classes, he was revered by all. Jindal always advocated for
granting a rightful place for weaker sections in politics. He was above caste, politics
and wanted all to come up
clxxxiv
regardless of their caste, colour and creed. He firmly held the view that all
differences in life that exist today can be amicably resolved with meaningful
meetings and dialogues.
Jindal's philosophy was that without the upliftment of weaker and backward
sections of society our dream of being a leading nation of the world shall remain
unfulfilled.
Jindal's mantra was where others saw walls he saw doors. Then whether it was
opening doors or breaking down walls he always led the way.
18.JOHN YESUDHAS, V.F. WAVETEL
Wavetel gave Chennai the concept of the first retailer delivering mobile phones to
doorsteps.
Yesudhas has set up a chain which has given employment to 300 youngsters and
has served 15 lakh Chennaites so far.
They are also the first store (in the mobile market in Chennai) to get ISO
certification for all their chain stores.
He brought in many innovative schemes like buy one get one free in the mobile
industry and that sort revolutionized the trade.
When it comes to offers, Wavetel is the trendsetter.

He is the first mobile retailer in the country to start a 24x7 call centre for the
customers which other dealers across the country followed.
19.KALLAM ANJI REDDY - DR REDDY'S LABS
clxxxv
Dr Reddys Labs has been credited with turning the Indian bulk drug industry from
dependence on imports to self reliance and finally into the export-oriented industry
that it is today.
Anji Reddys strategy is to expand, to create and to achieve much more at a much
faster pace and with a great degree of self-confidence.
He saw to it that the moment they got into a city, they started as many stores as
possible there. Only that made business sense.
As founder and its Chairman, it is his fervent wish that the innovative spirit shall
endure and will be passed on to the successive generations of chemists and others
and that this will form the backbone of this great institution.
He believes that through efficiency, they are helping the consumers save more.
20.KARSANBHAI PATEL NIRMA
Karsanbhai Patels is a legendary rags to riches journey during which he shattered
established business theories and rewrote new ones.
The process of detergent production is labour intensive and this gives employment
to a large number of people.
Nirma focuses on cost reduction strategies to make a place for itself in the market.
Nirma has always been known for offering quality products at affordable prices and
thus creating good value for the consumers money.
clxxxvi
Apart from other educational institutions, Nirma has also set up Nirma labs , which
prepares aspiring entrepreneurs to effectively face the different business
challenges.
21.KIRAN MAZUMDAR-SHAW - BIOCON LTD
Kiran was not content to be an employee in a company.
She set doable goals.

Her unique vision has steered Biocons transformation from an industrial enzyme
company to an integrated bio-pharmaceutical company with strategic research
initiatives.
She is a successful technocrat of global standing.
22.KISHORE BIYANI PANTALOON
Kishore Biyani is the unchallenged king of retail. He has the knack of catching rivals
off-guard and striking where it hurts most.
He is the man you are most likely to ignore at the Pantaloon or Big Bazaar store, as
he stands in a corner observing the way you shop. But make no mistake; what he
may lack in sartorial style, he more than makes up through his observation powers.
He believes in taking quick decisions especially striking deals with other
companies. He leaves the task of relationship building to his managers.
A retailer by karma and a nationalist by dharma, Kishore Biyani prides in being
Indian and advocates Indianness as the core value driving his company.
clxxxvii
He stresses on the importance on continuous Introspection and is a firm believer
in learning, unlearning and re-learning all the time.
His passion is observing. He is a compulsive reader.
23.KOCHOUSEPH CHITTILAPPILLY -V GUARD
Kochouseph had a clear vision and foresight about the market potential for voltage
stabilizers in the days to come because of the poor quality of power available and
the potential for electronic items.
He gives importance to self-esteem, mental peace, happiness and health. This is a
sincere remark from a genuine, straightforward businessman who values ethics to
the hilt.
He is a leader as well as a team player and gives full credit to his employees.
It is perhaps his penchant to be original, passion for his brand, and a common
sense approach to management that keeps V-Guard stand apart from the crowd.
V-Guard scores on quality and after-sales service.
24.MOHAN SINGH OBEROI - OBEROI GROUP
Oberoi can be aptly termed as the father of the Indian hotel industry.

He was among the first to recognize the potential of the tourism industry, its ability
to contribute to Indias economic growth and generate direct and indirect
employment. He worked tirelessly to put the Indian hotel industry on global tourism
map.
clxxxviii
Certainly he did not give much of the credit to luck. True, he stood at the right time
at the right place to confront his destiny, but this was just physical happenstance.
Perhaps the one philosophy responsible might be his dictum. I never worry. It
clutters the brain. The problem may not happen, and even if it does, worrying will
only come in the way of a clear-headed solution.
25.NARAYANA MURTHY, N. R. INFOSYS
Narayana Murthy had the vision to forge ahead in the computer and IT industry and
rightly picked up his colleagues who later became his co-promoters of Infosys.
The life lessons he has learnt are the importance of learning from experience, the
power of chance events, a growth mindset, and self- knowledge what ultimately
helps develop a more grounded belief in oneself, courage, determination, and,
above all, humility, all qualities which enable one to wear one's success with dignity
and grace.
He emphasizes that entrepreneurship, resulting in large-scale job creation, is the
only viable mechanism for eradicating poverty in societies.
26.NARESH GOYAL - JET AIRWAYS
When the government opened the airline industry to private competition, Naresh
Goyal jumped at the opportunity. He got in front of the wave before it reached the
shore.
Following the bad times in the airline industry, Naresh Goyal joined hands with his
prominent rival Vijay Mallya's Kingfisher Airlines, thus making Jet Airways-Kingfisher
not only the largest market player, but also enabling both the airlines that would
otherwise head for a collapse to
clxxxix
economize and save. This shows his business acumen keeping business interests
above personal interests.
27.DR. PRATAP C REDDY - APOLLO HOSPITAL GROUP
Dr. Pratap Reddy revolutionized the health care system in India.
He pioneered the establishment of private hospitals in India.

Dr. Reddy has been pro-active in modifying government regulations to suit current
medical trends.
He helped to ease import restrictions and made the government take a liberal view
on organ transplants among others.
Apart from this hospital work, he encourages research work and facilitates
exchange programmes for doctors with other medical institutes so that they may
have a constant upgrade of knowledge and remain at par with the best in
technology and knowledge across the world.
28.RAMNATH GOENKA - INDIAN EXPRESS GROUP
Ramnath Goenka is regarded as the first media baron of India.
Ramnath Goenka took over the loss-making Madras edition of The Free Press
Journal, drove the delivery van himself to dispatch the papers and started
publishing it successfully.
He founded the Indian Express. Following this, both the Indian Express and
Ramnath Goenka openly challenged the British Raj.
His critics believe that his passion for politics was the fire that led the newspapers
from Indian Express Group on a blazing trail.
cxc
29.RAMOJI RAO RAMOJI CITY
''Discipline, inspiration and perspiration,'' is what media baron Ramoji Rao,
attributes to his success.
He is one of the most versatile and hugely successful entrepreneurs in the country
today and has to his credit a host of flourishing businesses.
Ramoji Rao is able to handle his varied businesses because he believes in
delegating authority and maintaining transparency in all his deals.
He knows that there is no substitute for hard work. ''I set a goal and then go ahead
with dogged determination till I have accomplished what I set out to achieve.''
30.RANGANATHAN, C. K. - CAVINCARE
If you do not differentiate, you perish.
Teamwork is the main reason for his success. Ranganathan believes in team effort
and collective, collaborative effort in decision making.
He has good professionals who work really hard.

The other reason of his success is innovation.

He has the ability to take a risk and the ability to take a step forward.
He would like to be known for creativity and for injecting and spreading the 'I can'
spirit.
He has proved that with a humble background it is possible to come up in life. He
wants to create similar people and kindle their desire. That is his vision and mission.
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31.RAO, G.M. - GMR GROUP
A visionary businessman, G.M. Rao recognized the huge business potential in
entering the infrastructure space, with the opening up of the power sector in the
90s in India.
His commitment to the core infrastructure sector has resulted in the Group exiting
some of the highly lucrative businesses of banking, insurance, breweries and jute.
G.M. Rao has laid a strong emphasis in building a transparent and system driven
organisation.
This serial entrepreneur, with a penchant for executing projects before time, has
always been ready to seize every opportunity that came his way.
G.M. Raos thrust is on combining the best of entrepreneurial spirit with a dynamic
team of professional managers who work in an enabling and vibrant organisational
culture, to sustain and consistently meet his vision for the Group of Building
Entrepreneurial organisations that make a difference to society through Creation of
Value.
G.M. Rao relishes beating competition decisively. Right from those watershed
college elections to bid for road projects where seasoned players were left guessing
how the numbers worked, he has a will to win.
My father has always believed in focusing on one project till such time that we
secure it, says G.M.Raos younger son. This is why we have managed to be
successful in whatever we have taken up. Perseverance and single-point focus is the
clear message for all of us.
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Passion for challenge has not only seen G.M. Rao scripting his own story, but also
changing his characters and goals to cope up with changing scenarios.
32.RAUNAQ SINGH - APOLLO TYRES

Raunaq Singh grabbed every opportunity which came his way.

He started his corporate journey without a pedigree, higher education or money,
essential ingredients for success in corporate India, making it possible for ordinary
folks to dream big.
He was among the first post-partition breed of businessmen who came to India
after the creation of Pakistan with nothing to fall on.
He was a great advocate of economic liberalization and globalization of the Indian
business.
He strived to put the Indian industry on the global map and worked diligently
towards this goal until the last day of his life.
33.SABEER BHATIA - HOTMAIL
Sabeer Bhatias greatest accomplishment was not to build the company but to
convince people that this is their company...how this would ultimately benefit them.
His role is an enabler and did not do the work.
Ask what he does, and he will tell you only that he works in hi-tech, just like
hundreds of thousands of other young people in the Valley.
He has a very regal air; he is a deep listener, a gentle giant.
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What really set Sabeer apart from the hundreds of entrepreneurs is the gargantuan
size of his imagination or dream.
34.SARATH BABU FOOD KING
Sarath encourages youngsters to become entrepreneurs, so that they could provide
jobs to other people. He also tells children - it does not cost 'money' to dream.
Food business is not just about selling but also taking care of quality and the people
associated with it, Sarath points out. And how does he manage his team? I ask
them to write their dreams on a piece of paper and advise them to think of
developing themselves, says Sarath.
35.SATHISH BABU, D. UNIVERCELL
The ability to attract, develop and retain a spirited, motivated and committed
workforce is one of the key reasons for UniverCell's success.
Judicious investment in technology and people has seen to that.

Sathish Babu strives to constantly incorporate innovative retailing concepts into his
organization.
Training and constant motivation are important elements of the organizations
culture and Sathish Babus young staff are known for their job knowledge, high
morale articulation and pleasant demeanour.
Studying the buying behavior of his customers, Sathish understood that what
consumers really wanted was to make intelligent and informed shopping decisions
in an ambience that combined both comfort and a high degree of service.
cxciv
Opportunities are plenty. What is needed is a positive mind. Obstacles will be there
but you can overcome them as long as you do not accept defeats as final. Try, try,
and try. You can succeed. Perseverance will see you through. This is how we have
grown. Nothing can be achieved without sacrifice. Even small, small sacrifices can
give you greater happiness. For instance, when building the business, it becomes
inevitable to miss a few family functions and other social occasions, he says.
36.SEEMA KAKKAR REMANIKA
There are no festivities in commitment. If you have made a commitment, it has to
be fulfilled; no matter, whether its a vendor, customer or employees.
Seema would recommend designers-fresh out of college-to work for at least five
years in established companies before starting on your own.
Have a long-term vision, and remember time is never lost for following your
passion.
37.SHAHNAZ HUSAIN - SHAHNAZ HUSAIN HERBALS
Shahnaz Husain has become known for her specialized clinical treatments and
therapeutic products for specific problems.
Shahnaz has never been one to rest on her laurels.
She has always looked ahead, towards newer challenges, incorporating the latest
techniques and introducing unique innovations. Her natural instincts and foresight
have always led her to the next frontier, with her finger on the pulse of international
demands.
cxcv
Hers is the story of the human spirit that transcends geographical boundaries and
encompasses the entire world. It is a story that is an inspiration to others to follow
their dreams with faith and courage.

The lady invented a marketing style uniquely her own; she decided to make the
brand a personality-driven one, flying in to various cities to lecture on herbals and
Ayurveda, inaugurating Shahnaz franchises and salons, and returning the same day.
In retrospective, Shahnaz attributes her success to her sheer grit and
determination. I do not believe in destiny the word fail does not exist in my
dictionary. I never fail, because I never stop trying, she says.
Having completed over 25 years in the business, the self-taught marketing miracle
reveals her formula for success. In life, you get what you negotiate. Any woman
has the capacity to do what I did it does not matter what you want, what matters
is how badly you want it.
38.SHAMIT KHEMKA- SYNAPSE INDIA
Shamit Khemka is a staunch believer of hard work and integrity.
He performs silently and continues to let his works talk for them.
Shamit faced every challenge that tried to hinder his progress with inerrant
determination.
He adds up his excellent managerial skills to become a complete package that
embodies the perfect prescription for success - both individually and for all who
contribute to his team.
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Shamits ability of identifying futuristic opportunities helps him to move ahead of
the time. His ability to smartly handle a situation is largely responsible for his
success today.
Shamit Khemka has a knack of playing the lead role in every activity that he
indulges himself in.
To walk with the pace of time, and stay ahead of it, he garners information by
reading books and browsing through the net. He keeps his eye on latest trends and
styles and encourages every member of his team to enhance their knowledge base.
If a strong value system works as the fundamental of this man, it results into his
committed determination that gets reflected in the form of several successful
endeavors.
Like a true leader, he keeps his team aware of any impending challenge and
motivates them to achieve the newer height by conquering the limits.
If foresightedness and hard work are two mandatory requirements to be known as a
successful individual, Shamit has both the pre-requisites aplenty.

39.SHASHI RUIA ESSAR GROUP

Shashi Ruia imbibed the spirit of enterprise from his father who took him along
wherever he went to start a business.
The story of great businesses in the history of world has not been written by wealth
but by innovation, enterprising attitude, skill and an ability to see beyond the
present. Shashi Ruia probably is one such individual, who has written his own
history by dint of his courage and never-say-die attitude.
cxcvii
Ruia has not only masterminded the group's business strategy but has also
consolidated a whole range of activities through backward and forward integration.
Widely regarded as one of the architects of modern India, he has a passion for
education and mentoring young talent. He considers all employees of Essar a part
of his extended family.
40.SHIV NADAR - HCL
Nadars contemporaries say that his great attributes include ability to execute a
business strategy ruthlessly and ambition to become the number one in the
business he enters into. These traits are complemented by his hands-off
management style: he adopts an idea and then gives his employees a free hand to
execute and build the business.
In many respect he has been way ahead of times, he is a visionary who thinks
beyond his time and his gift from god is the ability to find the right people for the
right job, give them the right freedom to operate and reap the benefits, says a
former associate. Another feels that the main reason for his success has been his
ability to be a venture capitalist and entrepreneur at the same time.
While most others prefer a hands-on approach, he is the man who does the least
himself, apart from strategic thinking or prioritizing and leaves it to his team to find
the best path to capture the objective. But is not that leadership is all about.
While he is quick to reward performers, Nadar is known to be ruthless when
performance is not quite up to his exact standards. The ruthless attitude, in the final
analysis, is the reason for his success.
cxcviii
According to a former HCL group executive, Nadar is clinical while evaluating new
business proposals. He demands clear answers broken into bottom line numbers.
The questioning and discussions are so incisive and frank that story goes that if
Nadar is convinced, the business will succeed.

The bearded high tech entrepreneur nurtured HCL in his signature style of
decentralized management making it a billion dollar group with 100 offices
worldwide. In the process, he created wealth for himself, his associates and
investors.
In all these years, Nadar never lost sight of being a visionary. The corporate
restructuring he undertook over the years resulted in several companies, each with
a chosen professional head.
In a short span of time, Shiv Nadar has reached pinnacle of success by his hard
work, vision and entrepreneurial spirit.
41.SINGH, K.P. DLF GROUP
Singh says that observing Welch's toughness with GE's managers in close quarters
provided a model for running DLF: Think big and be a sector leader.
DLF always aims for the very best from day one.
42.SUBHASH CHANDRA GOYAL - ZEE TV
Subhash Chandra Goyal was the first in India who sought to harness the huge
business potential of satellite television channels.
It was Subhash Chandras vision that helped give birth to the satellite TV industry
in India and inspired others to follow suit.
cxcix
Zee TV became the first service provider in India to launch Direct to Home services.
Zee group of companies positioned itself to tap the tremendous business
opportunity offered by digital communication services in India.
Subhash Chandra Goyal understands very well the importance of building a highquality media conglomerate.
He was the first in the television industry to introduce employee stock options.
43.SUBRATA ROY SAHARA GROUP
The company is the vision of a man who thinks he is the father of all his employees.
Subrata Roy believes he is the guardian of this family who has the right to love and
scold all members.
He boasts that employees are not union members. It is private, a family affair with
no owner, the profits reinvested or distributed to good causes.

The Sahara website says Our employees are not employees. They are family
members. All belong to Sahara and Sahara belongs to all.
44.SUNIL BHARTI MITTAL -BHARTI GROUP
Sunil Bharti Mittal was one of the first Indian entrepreneurs to identify the mobile
telecom business as a major growth area and launched services in India.
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Always on the move and making an impact and excelling in whatever he did, this
clear thinking risk taker has changed the face of the Indian ICT space.
In spite of his deep involvement in work, Mittal the man is calm, seldom ruffled and
very down to earth.
We are very fair to the people we work with (suppliers, buyers, staff). We wanted
to prove that even with meagre capital we could do bigger things. Now a
corporation, we are working to make it an institution. There is no employee-owner
situation here. Everybody is a co-owner and now owns stock. It is a very enabling
environment. There is no hire-and- fire here he says.
45.SWAMINATHAN, M. S. MSSR FOUNDATION
Swaminathans stated vision is to rid the world of hunger and poverty. Dr.
Swaminathan is an advocate of sustainable development, especially using
environmentally sustainable agriculture, sustainable food security and the
preservation of biodiversity.
His motto is "if conservation of natural resources goes wrong, nothing else will have
a chance to go right." He said, that: "I am firmly convinced that hunger and
deprivation can be eliminated sooner than most people consider feasible, provided
there is a synergy among technology, public policy and social action".
He is widely recognized as the architect of the "Green Revolution" in India, which
radically improved agricultural yields through the introduction of genetically
superior grain varieties.
Dr. Swaminathan has proven that he is not only a brilliant scientist, but a capable
administrator as well.
cci
His infectious enthusiasm and love of humanity have inspired and motivated
thousands of others to give whole-heartedly to the cause he has chosen for his life's
work: humbly serving the rural poor.

Swaminathan combined all the great components of a revolutionary: vision,

dedication, energy and follow-through.
46.SWARAJ PAUL CAPARO
Swaraj Paul, an India based business magnate and philanthropist has founded the
multinational company Caparo, the UK based steel and engineering group having
learnt business lessons from his father at a young age.
His company developed into one of the leading producers of welded steel tube and
spiral-welded pipe in the UK.
Lord Paul lives a very simple life despite being one of the richest people in the UK.
47.JRD TATA TATA GROUP
As an industrialist, JRD Tata is credited with placing the Tata Group on the
international map.
Leadership, according to JRD meant motivating others.
Mr. Tata was able to harness a team of individualistic executives, capitalizing upon
their strengths, downplaying their differences and deficiencies; all by the sheer
weight of his leadership.
JRD initiated a programme of closer employee association with management to
give workers a stronger voice in the affairs of the company. He firmly believed in
employee welfare and espoused the
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principles of an eight hours working day, free medical aid, workers provident fund
scheme, and workmens accident compensation schemes, which were later adopted
as statutory requirements in India.
48.TULSI TANTI - SUZLON ENERGY
Mr. Tanti is recognized for his personal vision and leadership in creating Suzlon
one of the worlds leading wind power players.
Tulsi Tanti, an entrepreneur, has made a long-lasting impression abroad and
brought glory to the ingenious and astute spirit of contemporary India by exploring
the possibilities of non-conventional energy.
Tulsi is a tiger with a burning desire to play on the global stage. He wants Suzlon to
be among the top three wind energy companies in the world. He has the
determination of an uncannily shrewd businessman to be the biggest renewable
energy player in the world.

When the Government of Maharashtra made an announcement that it would

support the creation of wind power, Tanti and team took upon themselves to
develop wind power. Tanti, realizing that a change was sorely needed, came up with
the idea of offering a complete package of wind energy services.
Despite his serious demeanor and modest appearance, Tanti is known for his
cunning and aggressive takeover tactics.
49.VARGHESE KURIEN NDDB
Varghese Kurien is known as the Father of White Revolution (in India) or the
Milkman of India.
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He is one of the very few people who are not money driven in their cause but work
round the clock to bring about a change for the common man.
He brought the benefits of modern technology and marketing to the ordinary dairy
farmer.
Kurien's cooperative venture was built on a simple but compelling logic - mass
consumption and mass production must go hand in hand to bring all round
prosperity.
Kurien's professional life has been dedicated to empowering millions of humble
Indian milk producers, in whom he saw an unsuspected economic resource and
potential at the bottom of the pyramid. ''Without their involvement, we cannot
succeed. With their involvement, we cannot fail...'' remains his simple but fail-safe
inspiration.
50.VIJAY MALLYA UB GROUP
Vijay Mallya initiated the process of defining a corporate structure with
performance accountability, inducting professional management and consolidating
the unwieldy empire into individual operating divisions.
He has focused on areas of core competence and transformed the vastly diversified
UB conglomerate into a handful of key operating businesses.
Mallya is known for his myriad interests, his flashy flamboyant style of leadership
and his unorthodox style of management. His entrepreneurial style, his trade
acquisitions etc., reveal sharp business acumen.
Following the Government of India's liberalized economic policies, Dr. Mallya
decided that the UB Group would only retain interests in

businesses that were globally competitive and which did not depend upon fiscal
tariff protection. He also decided to focus on areas of core
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competence and transformed the vastly diversified UB conglomerate into a handful
of key operating businesses.
On entering the new millennium, the UB Group is considerably more focused and
has dramatically increased value for its shareholders through its various operating
businesses.
Under his dynamic leadership, the group has grown into a multinational
conglomerate of over sixty companies. During this process, UB acquired several
companies abroad.
SUGGESTIONS
The following suggestions are made to resolve the various issues relating to
entrepreneurship in small scale industries. The suggestions are given categorically
to the government, to the banks and other financial institutions and to the
entrepreneurs.
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5.1SUGGESTIONS TO THE GOVERNMENT
(i)In order to run industrial enterprise on efficient lines, proper training, motivation
and wide expose become extremely important. It is universally accepted that
"entrepreneurs can be taught and made." In India, illiteracy has been the main
stumbling block for entrepreneurship development. Therefore, the first step to
adopt is to provide suitable education and training to the people. The
encouragement and development of entrepreneurship culture should become the
core part of our education system, so that the young men and women can become
"job givers" and not "job seekers"
(ii)Unutilized capacity of an industry is an index of its problems and all the problems
faced by industry leads to underutilization of installed capacity. Power scarcity is the
main reason for underutilization of capacity. Every possible step should be taken to
improve the power condition of the state on priority basis.
(iii)Severe penalties may be levied on entrepreneurs found misusing the funds or
otherwise seeking financial assistance by under-hand means. Preventive measures
should be taken to provide a check on the malpractices of small units.
(iv)The government must provide efficient and effective consultancy services to the
entrepreneurs.

(v)Unhealthy competition among the small units as well as large units should be
discouraged as far as marketing problems are concerned. The state government
needs to be active in this regard. As a sign of encouragement to local
entrepreneurs, government departments should procure products produced by
these entrepreneurs.
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(vi)Raw-material banks needs to be opened up in states. Scarcity of raw-materials
and their high prices as a result of it, are the main problem of raw-materials.
(vii)Both the central and state governments should give wide publicity so as to
reach the information to all the entrepreneurs about policies, incentives, schemes,
programmes, etc., relating to small scale industries.
(viii)As far as possible, in order to reduce the competition from the large sector, the
small scale industrial units should operate in the areas reserved for them. Similarly,
more number of items should be reserved for the exclusive production of the small
scale sector.
(ix)Law and order problems need to be tackled properly by the Government so that
there is a conducive atmosphere for the entrepreneurs to run their businesses
without any hindrance.
5.2SUGGESTIONS TO BANKS AND OTHER FINANCIAL INSTITUTIONS
i)It is a common understanding that all who want bank loans are not necessarily
genuine entrepreneurs or businessmen. There are some who want to get loan
merely to divert it for non-productive purposes. It may not be difficult for banks to
identify such persons. But while doing so, banks should not discourage genuine
entrepreneurs.
ii)The financial agencies must treat loan seekers as customers and not beggars.
iii)The level of confidence of both entrepreneurs and bankers can be improved by
constant follow-up and monitoring. It will help in developing a feeling of partnership
among bankers and entrepreneurs in the growth of small enterprises.
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iv)The commercial banks and financial agencies may establish more small scale
industrial specialized branches at least one in every district head quarters to cater
to the financial needs of small entrepreneurs.
v)Application procedures and approval criteria should be made simple and quick
loan approvals should be done at the branch level.

vi)Design appropriate saving schemes suitable for the poor; these are valued, and
they are an important source of mobilising funds at rural levels.
vii)Timely and adequate finance extending upto the operational cycle of the activity
must be available to the entrepreneurs.
viii)Banking services should be available near to the entrepreneurs / enterprise; if
necessary, the banker should go to the borrower, rather than other way round.
ix)Banks need to re-think about their loan giving policies to the entrepreneurs.
Shortage of working capital is the main factor responsible for slow commencement
of an industrial unit. So, proper handling of this problem is very important.
5.3SUGGESTIONS TO THE ENTREPRENEURS
i)The entrepreneurs should develop a proper industrial plan before starting a unit.
Undertaking of feasibility study either by himself or through outside agencies can be
very helpful in this regard.
ii)The entrepreneurs should take proper training through the government and nongovernmental agencies before starting a unit; this enables the entrepreneurs to
protect their units from sickness.
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iii)The entrepreneurs should employ latest techniques of production and skilled
labour so as to improve the quality of the products and marketing.
iv)As the competition is found to be a major problem in many units, the
entrepreneurs should try to divert to less competitive areas and before they
venture, they should analyse the demand.
v)Low level of education should not deter one to start an industrial venture, though,
it is a fact that people with higher educational levels are finding their entry into
industry easier. Moreover, higher the level of education, the greater is the chance to
start a venture as a first generation entrepreneur.
vi)The spread of schooling has cut across the business of religion. None of the
entrepreneurial religions are placed in a disadvantageous position, by comparison.
vii)Low level of parental education does not prove hindrance to entrepreneurship.
viii)Urban background is not a pre-condition of industrial entrepreneurship.
ix)What is an ambition for one entrepreneur may be a compulsion for another. It is
the entrepreneurs' attitudes that ultimately make the difference.
x)Previous experience in manufacturing and encouragement of family members /
relatives / friends facilitates entrepreneurship.

xi)Ambitions motivate men. It activates men, broaden their vision and make the life
more meaningful.
xii)Many of the entrepreneurs expect a lot from the state government and other
non-government agencies. But never expect its exact fulfillment.
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xiii)Previous experience or employment in the industry should form a basis for
selecting the right type of industries.
xiv)For starting a venture, the availability of enough finance is the most important
factor. Without it, the idea to start business or venture will always remain a simple
wish.
xv)One should have some basic and essential managerial skills in the functional
areas like finance, production and marketing for entering into industrial
entrepreneurship.
xvi)21-30 years' age group is the right time for starting an industry.
xvii)Attending EDPs can help the entrepreneurs in running enterprises smoothly and
profitably.
xviii)Labour should be given full opportunity of being trained. The problem of
absenteeism of labour needs to be looked into with a humane approach. There
should be employer-employee friendly relationship inside the industrial unit.
xix)Entrepreneurs need to re-think about their banking habits. Banks are here to
help the entrepreneurs but it does not mean that these helps from the banks are
taken for granted. Timely repayment of bank loans is the need of the hour.
xx)The small scale industrial units should maintain proper books of accounts.
Statutory obligation should be imposed on the units to maintain and prepare their
books of accounts by professional accountant.
xxi)Everyone cannot be a successful entrepreneur. An individual must have certain
values and traits to be a successful entrepreneur. The traits and values are need for
achievement, need for power, positive work value;
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moderate job anxiety, risk taking propensity, internal control orientation, high level
of aspiration and preference for participative and nurturant-task styles of
leadership.
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BIBLIOGRAPHY

PRIMARY DATA
1.Interview with Tulsi Tanti, 15th July 2010; also see Charles Assissi, et al., There's
something about Tulsi, Business India, Mumbai, 29th Dec 2007.
2.Interview with Anil Agarwal, 18th February 2010; also see Lancelot Joseph and Roy
Pinto, A man of mettle Anil Agarwal, Business India, Mumbai, 29th July, 2007.
3.Interview with Kochouseph Chittilappilly, 16th June 2010; also see his TV interview
with NDTV, We grew because of our quality, New Delhi, 5th February, 2008.
4.Interview with Ranganathan, C.K., 25th August 2010; also see Venkatesh
Krishnamoorthy, C K Ranganathan -The inspiring success story of CavinKare,
Chennai, 22nd March 2007.
5.Interview with Vijay Mallya, 20th January 2011; also see Raj Sekher, N.R. The
Strides of UB under Vijay Mallya, Deccan Herald, Bangalore, 16th May 2010.
6.Interview with Sarath Babu, Chennai, 11th January 2010.
7.Interview with Sathish Babu , Chennai, 30th December 2010.
8.Interview with John Yesudhas, Chennai, 28th April 2010.
9.Interview with Shiv Nadar, Chennai, 10th September 2010.
10.Interview with Jeysingh Thomas, Chennai, 13th June 2009.
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SECONDARY DATA
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NEWSPAPER REPORTS
1.Arun Shourie, Charge of the Indian Brigade, Indian Express, 04/4/2004.
2.Balasubramanian D., The Innovation Quarter to Success, The Hindu, 22/01/09.
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19/10/2009.
6.Harshika Udasi, Drama Queen Gets Real, The Hindu, 29/07/2007.
7.Hemamalini Venkatraman, TN readies new MSME policy, The Economic Times
dated 20/2/2008.
8.Indias shining hopes, The Economist, 21/2/2004.
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10.Madhusudhan Veeraraghavan, Growth of SMEs in manufacturing, The Economic
Times dated 11/3/2008.

11.Rajat Gupta, Creating Indian Entrepreneurs, India Today, February 12, 2001
12.The Rise of India, Business Week, 12/4/2004.
13.Vijay Kelkar, India on the growth turnpike, October 2003.
14.Vinita Nayar, Doing the city pride, The Hindu, 22/08/2009.
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REPORTS AND SURVEYS
1.All Manipur Entrepreneurs' Association (AMEA), Economic Development Towards
2001 AD.
2.Cashin, P. & R. Sabay, Regional Economic Growth and Convergence in India,
Finance and Development, IMF, March, 1996.
3.Census of India, 2001.
4.Government of Punjab, Department of Industries, Administrative Reports,
Chandigarh.
5.Government of Punjab, Department of Industries, Records, Chandigarh.
6.Government of Punjab, Department of Planning, Draft Five Year Plan, Chandigarh.
7. Government of Punjab, ESO, Statistical Abstract of Punjab,

Chandigarh,

Annual Issues.
8.Government of India, Guidelines for the Preparation of Feasibility Reports,
Planning Commission, New Delhi.
9.Manimala, M. : Emergence of Pioneering Innovative Entrepreneurship - A
Psychological Model, Working Paper, p. 24, II M, Ahmedabad, August, 1986.
10.Ministry of Industry, India, Report of the Expert Committee on Small Enterprises,
New Delhi, 1997.
11.McCrory, James: Case studies in Latent Industrial Potential: Small Industry in
North Indian Town, Ministry of Commerce, Government of India, New Delhi, 1956.
12.Punjab State Industrial Development Corporation, Chandigarh, Annual Reports,
1990 - 2000.
13.Punjab Financial Corporation, Chandigarh, Annual Reports, Chandigarh, 19902000.
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14.Punjab Small Industries and Export Corporation, Chandigarh, Annual Reports,

Chandigarh, 1999 2000.
15.Reserve Bank of India (RBI), Compendium of Circulars on Small Scale Industries,
(July 1978 - December 1999) Mumbai, March, 2000.
16.Report of the Fiscal Commission, Government of India, New Delhi, 1950.
17.Shivaraman, S.: Entrepreneurship and Enterprise Growth A Survey, IIM
Bangalore, Bangalore, 1982.
PERIODICALS
1.Business India, Kolkata
2.Business World, New Delhi
3.Economic and Political Weekly, New Delhi
4.IBA Bulletin, Mumbai
5.Indian Manager, New Delhi
6.Industrial Herald, Chennai
7.Productivity, New Delhi
8.Yojana, New Delhi
JOURNALS
1.Akhouri, M.M.P., Self - Employment through Entrepreneurship
Development Strategies, an experiment in Assam, National Labour Institute Bulletin,
Jan.-June 1980, pp. 49-58.
2.Akhouri M.M.P. and Bhattacharya S.K., Profile of a Small Industry Entrepreneurship,
SEDME, Vol. 2, No.1, SIET, Hyderabad, 1975.
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3.Ashish Nandy, Entrepreneurial Cultures and Entrepreneurial Man; Economic and
Political Weekly, Review of Management, Vol. VIII, No. 47, November 24, 1973, pp.
M98-M106.
4.Batra, G.S., Entrepreneurship Business: Failure and Turnaround Management,
South Asian Journal of Management, Hyderabad, Vol. 2, No. 394, July-Dec. 1995.
5.Baumol, W.J., Entrepreneurship in Economic Theory, American Economic Review,
May 1968, pp. 64-71.

6.Bhat, R.S., Growth of Entrepreneurship in Small and Medium Sectors, Indian

Journal of Public Administration, Vol. XX. No.3, July- September, 1974.
7.Bhatia, B.S., New Industrial Entrepreneurs-Their Origins and Problems,
Journal of General Management, Autumn, 1974, pp. 72-73.
8.Burgelman, RA: Designs for Corporate Entrepreneurship in Established Firms,
California Management Review, California, 26(3), Spring 1984.
9.Chadha, V. and R.S. Johar, "Industrial Development of Punjab: Pattern, Problems
and Perspective", in PSE Economic Analyst, Amritsar, Vol. II, Dec., 1980.
10.Chandra, Poojary M., "Small Scale Sector: Myth and Reality", Economic and
Political Weekly, Vol. XXXI, No.21, May, 25, 1996.
11.Collins, E.G.C., The Entrepreneur sees herself as Manager, Harvard Business
Review, Harvard, July 1982, pp. 140.
12.Desai, A.N., Exploration of Entrepreneurial Talents, Indian Journal of Industrial
Relations, Delhi, Vol. 10, No.3, 1981.
13.Desai, A.V., The Origins of Parsi Enterprise, Indian Economic and Social History
Review, Bombay, Vol. 5, Dec. 1988, pp.307-17.
14.Entrepreneurship Skills, Special Edition, MBA Review, IUP Publications,
Hyderabad, 2010.
15.Hussain, Abid, Small Enterprises Protection, Laghu Udyog, Vol. XXII & XXIII, No.6
to 7, Jan- Sept 1998.
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16.Jha, L.K., Role of New Entrepreneurs, Southern Economist, Vol. IX, Annual
Number, May I, 1970.
17.Lal, Sudarshan, What Do We Mean By Small Industries?, Yojana, Vol. No. XVII Nos.
23 and 24, January 1974.
18.Left, N.H., Industrial Organization and Entrepreneurship in the Developing
Countries, Economic Development and Cultural Change, July, 1978, pp. 616-21.
19.Mahima Rai, Horning Entrepreneurial Skills: Role of B Schools, MBA Review Special edition on Entrepreneurial Skills, Hyderabad, 2010.
20.Manalel, James, How Beautiful is Small, SEDME, Vol. XXIV (4), No.4 Dec 1997.
21.Maichique, M.A., Entrepreneurs, Champions and Technological

Innovation, Sloan Management Review, California, Winter, 1980,

pp. 56-76.
22.Mary Kay Copeland, Strategies for developing Entrepreneurship: Nature or
Nurture?, MBA Review - Special edition on Entrepreneurial Skills, Hyderabad, 2010.
23.Mohamed, S. E, Marketing in 21st Century, Indian Journal of Marketing, XXXII
(11), 15-20.
24.Nandy, A., Entrepreneurial Cultures and Entrepreneurial Men, Economic and
Political Weekly, Vol. VII, No. 47, Bombay, Nov. 1974, pp. 98-105.
25.Papanek, G.F., The Development of Entrepreneurship, American Economic
Review, Vol. LII, May, 1962, p. 46.
26.Prasain, G.P., Devi Sancharita R.K., Women Traders in Manipur - A Case Study,
Indian Journal of Commerce, Vol. L. No. 193, Part IV, Dec 1997.
27.Sujatha Mukherjee, Profiling the Urban Women Micro - entrepreneurs in India,
The IUP Journal of Entrepreneurship Development, Volume II, No.3, 2010.
28.Surinder Kapur, Raghavendra Rao and Sanjeev Bikhchandani, Genesis- Creating
value through entrepreneurial initiative, Vikalpa, April-June 2007.
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29.Timmons, J.A., Characteristics and Role Demands of Entrepreneurship, American
Journal of Small Business, 3 (1987), pp. 5-17.
30.Tripathi, D., Occupational Mobility and Industrial Entrepreneurship in India Historical Analysis, Developing Economies, March 1981, pp. 52- 68.
31.Verma, M.C., Entrepreneurs Attitudes towards Organizing and Risk- taking, Indian
Psychological Review, 1978, pp. 213-29.
32.Vries, M.K.D., The Dark Side of Entrepreneurship, Harvard Business Review,
Harvard, Nov.-Dec. 1985, pp. 160-67.
33.Indian Journal of Commerce, New Delhi
34.Indian Journal of Entrepreneurship, Ahmedabad
35.Indian Journal of Marketing, New Delhi
36.Vikalpa, Ahmedabad
WEBSITES
1.www.oneindia.com, Entrepreneurship

2.How to Become a Successful Entrepreneur, Martin Ofori Atta, infibeam.com

3.Successful EntrepreneursThose Who Have Made It Big, www.franchiseindia.com
4.Top 10 entrepreneurs of India? www.answers.com
5.The Successful Entrepreneurs Guidebook, www.flipkart.com
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VITAE
L. Suresh Mallya is Undergraduate in Mechanical Engineering and Post graduate in
Management, Foreign Trade, Economics and Commerce, and M Phil in Management.
He has 16 years industrial experience in Production, Marketing and Sales and 13
years experience in the academic field. Currently, he is working as Assistant
Professor in the Department of Management Studies in SRM Valliammai Engineering
College, Chennai.
PUBLICATION DETAILS
NATIONAL JOURNAL
Effectiveness of Microfinance Industry against the Backdrop of Global Recession,
Vol. No. 8, April 2010, SRM Management Digest, Page 165 169.
INTERNATIONAL JOURNAL
The Latest Trends in Retailing in Indian Scenario, Volume 4, Number 2, July 2010,
International Journal on Information Sciences and Computing, Page 62 - 68.
NATIONAL CONFERENCES
1.29th and 30th April 2011, Creating Indian Entrepreneurs Thrills & Thorns,
National Conference on Developing a Modern Entrepreneurial Society, Business
School, B.S. Abdur Rahman Crescent University, Chennai.
2.23rd April 2011, Indian Budding Entrepreneurs the Imponderables, National
Conference on Innovation & Technology Management, Department of Management
Studies, RMK Engineering College, Chennai.
3.5th March 2011, Microfinance: Present Predicament in India, National Seminar on
Managing for Inclusive Growth and Sustainable Development, Department of
Management Studies, University of Madras, Chennai.
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4.13th &14th August 2010, My days of research with Dr. MGR University, National
Conference on Academic Research, Department of Management Studies, Dr. MGR
University, Chennai.
5.16th April 2010, Globalization: Developing Countries and India, National
Conference on Building Global Leadership, Department of Management Studies, St.
Josephs College Of Engineering, Chennai.
6.10th April 2010, Microfinance Need of the Hour, National Conference on
Financial Engineering and Knowledge Discovery, St. Marys School of Management
Studies, Chennai.
7.12th March 2010, A study on Indian MSMEs, National Conference on Winning
Strategies for Business Development and Information Processing, Department of
Management Studies, Sakthi Mariamman Engineering College, Chennai.
8.31st March 2008, MSMEs Backbone of Indian Industrial Sector, National
Conference on Empowering the Bottom of the Pyramid, Department of Management
Studies, Velammal Engineering College, Chennai.
9.25th January 2008, Women Entrepreneurship through Gender Lens, National
Conference on Management Perspectives in Global Era, Department of Management
Studies, Dr. MGR University, Chennai.
10.29th March 2007, Ancient Indian Advice for Modern Management, National
Seminar on Indian Ethos and Spiritual Values for Organisational Management,
Department of Management Administration, Annamalai University, Chidambaram.
11.8th March 2007, Employee Retention Strategies in the Changing New Global
Order, National Conference on Challenges to Globalization and Strategies to
Overcome them, Department of Management Studies, MNM Jain Engineering
College, Chennai.
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INTERNATIONAL CONFERENCES
1. 29th January 2010, Identifying Customers and their TQM requirements,
International Conference on Globalization and Consumer Protection, Department of
Business Administration, Kalasalingam University, Srivilliputhur.
2.29th January 2010, A Framework to Integrate Manufacturing and Service
Dimensions of Quality, International Conference on Globalization and Consumer
Protection, Department of Business Administration, Kalasalingam University,
Srivilliputhur.

3.22nd 24th December 2009, Contributing in Retailing in Indian Context,

International Conference on Retail Excellence, School of Management, SRM
University, Chennai.
4.3rd & 4th April 2009, Global recession Impact on Indian Human Resources,
International Conference on Transnational Business: Challenges & Strategies,
Department of Management Studies, Dr. MGR University, Chennai.
5.20th - 22nd December 2007, Entrepreneurship Development Challenges and
Remedies, International Conference on Global Entrepreneurship, School of
Management, SRM University, Chennai.
6.21st & 22nd September 2007, Exchange Rate Management Policy, Pros and Cons
to Indian Economy, International Conference on Global Business Strategy in
Competitive Environment, Sai Ram Engineering College, Chennai.

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AJAY PIRAMAL

ANIL AGARWAL

AMAR BOSE

AZIM PEMJI

ANANTHARAMAKRISHNAN

BHAI MOHAN SINGH

BRIJMOHAN LALL

CHETAN MAINI

MUNJAL
DHIRUBHAI AMBANI EKTA KAPOOR
GALLA RAMACHANDRA
NAIDU

DEEPAK PAREKH

ccxxxix
GHANSHYAM DAS
GAUTHAM ADANI G. MALLIKARJUNA RAO BIRLA
JRD TATA

JEYSINGH THOMAS

JOHN YESUDHAS

KALLAM ANJI REDDY KARSANBHAI PATEL KIRAN MAZUMDAR SHAW

KISHORE BIYANI

KOCHOUSEPACHAN

KUSHAL PAL SINGH

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MOHAN SINGH OBEROI

OM PRAKSAH JINDAL

NARAYANAMURTHY

Dr. PRATAP REDDY

NARESH GOYAL

RAMA PRASAD GOENKA

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RAMANATH GOENKA

RAMOJI RAO

RAUNAQ SINGH

SATHISH BABU

SHAMIT KHEMKA

SABEER BHATIA

SEEMA KAKKAR

SHASHI RUIA
SUBHASH CHANDRA

RANGANATHAN

SARATH BABU

SHEHANAZ HUSSAIN

SHIV NADAR
SUBRATA ROY

SUNIL MITTAL

GOYAL

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M.S.SWAMINATHAN

SWARAJ PAUL

THULASI TANTI

VARGHESE KURIAN

VIJAY MALLYA