WELCOME

National Institute of Food Technology Entrepreneurship and Management

Department of Food Technology Management (FTM)

Subject title : Entrepreneurship development
Subject code: FBM-513
Presented to: Presented by:
Dr. Sanjay Bhayana Anjay (424001)
Professor Arushi Gupta (424002)
Dept. of food business management and E.D. Badireddy Sai Reddy (424003)
Banoth Vyshnavi (424004)
Dhanraj K S (424006)
Kriti B (424007)
1 Entrepreneurship: Introduction, Importance

2
Role of Entrepreneurship in economic development

3 Types of Entrepreneurship

4 Qualities of an entrepreneur

5
Women entrepreneurs in India

6 Family Business - concept and models

Introduction to Entrepreneurship and its
importance
Concept of Entrepreneurship

The word “Entrepreneurship” is derived from French as entreprendre

which means “To undertake”
Various views about an ‘Entrepreneur’:
•as a risk bearer
•as an organizer
•as an innovator
A system of creating new business.
Definition of Entrepreneurship

“Entrepreneurship is based on purposeful and

systematic innovation. It included not only the
independent businessman but also company
directors and managers who actually carry out
innovative functions.”
- Joseph A. Schumpeter
“Entrepreneurs are people who have the abilities to evaluate business
opportunities, together with the necessary resources to take advantage of
them, and to ensure appropriate action to ensure success.”
- International Labour Organization
Entrepreneurial Traits
• Innovation
• Risk – Bearing
• Passion for the Business
• Execution Intelligence
• Alert to opportunities
• Creative
• Achievement motivated
• Responsive to criticism
Entrepreneurs v/s Managers

• Entrepreneur refers to a person who creates an enterprise by taking

financial risk in order to get profit.

• Manager is an individual who takes the responsibility of controlling

and administering the organization.
Intrapreneurs
An Intrapreneur is someone within a company that takes risks in an
effort to solve a given problem and is usually is in charge of under
taking innovations in product, service, process etc.
Organizations want to form:
• Product Champions: people who take ownership of a product from
concept to market.
• Example : R and D team for new product development
IMPORTANCE OF ENTREPRENEURSHIP
1. Self-employment
2. Employment generation
3. Export promotion: Entrepreneurship promotes a country’s export
trade
4. Entrepreneurship brings social stability: Entrepreneurship achieves
social stability by meeting the diverse demands of the society and
ensuring regular supply of essential goods and services.

5. Optimum utilization of resources: In the absence of entrepreneurship,

the factors of production like land, labour, money etc. would remain
idle or unused. Through entrepreneurship, the natural resources and
factors of production are assembled and put to use through business
organizations, and they are converted into production
6. Capital formation: Entrepreneurship plays significant role in mobilizing
savings of society towards industrial enterprises. The society invest its
savings in the entrepreneurial activities. The capital formation help to exploit
natural resources to create markets and to carry on trade.

7. Variety of production and technology: Entrepreneurship plays an

important role in developing a variety of products and technology. This leads
to improve the standard of living of the people
8. Quality enhancement through Research and Development
Entrepreneurship gives fillip to Research and Development
activities. The entrepreneur takes efforts to make their products
compatible to the needs of foreign markets. This stimulates R & D
activities.

9. Reduces the concentration of economic power: Entrepreneurship

helps to reduce the concentration of economic power in a few hands
and thereby inequalities of income. Entrepreneurs from all social
strata undertake business activities and generate wealth. It
stimulates the equitable distribution of wealth, income and political
power.
10. Economic development: Entrepreneurship spells the difference
between ‘prosperity’ and ‘poverty among nations. The economic
development of a country is quite impossible in the absence of
entrepreneurship. Japan is the place where entrepreneurs have achieved
success by hard work as well as imagination and ability. The economic
progress of USA and Western Europe also highlights the significance of
entrepreneurship
ROLE OF ENTREPRENEURSHIP IN
ECONOMIC DEVELOPMENT
• The role of entrepreneurship in economic development is substantial.
• Entrepreneurship drives the growth and diversification of the economy and
contributes to the creation of wealth.
• In the process of industrialization and economic expansion, entrepreneurs act as
catalysts.
 CREATION OF JOBS

• Entrepreneurs are by nature and definition job

creators, as opposed to job seekers.
• By starting new businesses, entrepreneurs create
employment opportunities for themselves and others.
• This helps to reduce unemployment rates and improve
the overall economic well-being of the community.
• This is particularly important in developing countries,
where job creation is critical for economic growth and
poverty reduction.
IMPROVING THE GDP AND PER CAPITA INCOME

• The total monetary or market worth of all the finished

products and services produced within a nation’s
boundaries during a certain time period is known as
GDP.
• The amount of money earned per person in a country
or region is Per capita income.
• The high import and export rates help improve the
economic conditions by improving the per capita
income of a country.
• Any expanding business will eventually desire to start
exporting in order to diversify into international
markets.
 BALANCED REGIONAL DEVELOPMENT

• By establishing new enterprises and industrial facilities in

underdeveloped regions, entrepreneurs contribute to regional
development.
Infrastructure improvements which include
 Better transport system
 Electricity and water supply
 Schools
 Hospitals
 Malls
 Other public and private services are developed because of the
growth of industries and businesses in these areas.
DISPERSAL OF ECONOMIC POWER

• Having few entrepreneurs in a country may lead to

monopoly and unbalanced economic power.
• If there are many entrepreneurs and businesses, the
economic power is dispersed evenly and the
domination of other business will be avoided.
RAISES THE STANDARD OF LIVING

• By creating new businesses and jobs,

entrepreneurship improves the quality of life for
both individuals and communities, enabling paths
for wealth creation.
• Entrepreneurship enhances employability, which in
turn drives economic competitiveness.
• The result is better products and services, and
ultimately, happier consumers.
TO SUM UP
• In the process of industrialization and economic expansion, entrepreneurs act as
catalysts.
• The economy of the nation and even established firms can benefit from
encouraging and fostering entrepreneurship.
• Entrepreneurs play an important role in fueling economic growth by establishing
new companies, generating jobs, and improving several key indicators like GDP,
exports, the standard of living, skill development, and community development.
TYPES OF
ENTREPRENEURSHIP
Based on Business Model :
• Small Business Entrepreneurship.
• Scalable Startup Entrepreneurship.
• Social Entrepreneurship.
• Technology Entrepreneurship.
• Corporate Entrepreneurship.
Based on Business Model :
Small Business Entrepreneurship :
• Small business entrepreneurship involves starting and running a
business on a small scale.
• Founders operate with limited resources.
• Example : A local bakery, a clothing store,local cafes, boutique shops,
and independent consulting firms.
Scalable Startup
Entrepreneurship :
• Aims to create a business with high growth potential, often in the
technology sector.
• They identify significant gaps in large markets and attack them with
innovative solutions.
• Example : A ride sharing app, an e-commerce platform.
Social Entrepreneurship :
• Social entrepreneurship focuses on addressing social or
environmental issues and creating positive change.
• These ventures blend business principles with a mission to make a
difference in society.
• Example : A company producing eco-friendly products, a
microfinance organization, fair trade organizations, renewable energy
startups, and nonprofit initiatives.
Technology Entrepreneurship :
• Technology entrepreneurship leverages advancements in technology
to create innovative products and services.
• Tech startups disrupt traditional industries and drive digital
transformation.
• Example : A mobile app developer.
Corporate Entrepreneurship
• Corporate entrepreneurship also known as intrapreneurship.
• This involves innovation and new venture creation within an
established company.
• Example : A tech giant developing a new software product , R & D
department
Based on Entrepreneur`s Role :
• Innovative Entrepreneur:
Introduces new products, services or technologies to the market.
Example: Elon Musk with Tesla and SpaceX.

• Imitative Entrepreneur:
Adapts existing ideas or products to suit a specific market.
Example: Smart phone manufactures.

• Small Business Entrepreneur:

Owns and operates a small business in a local market.
Example: A family owned restaurant.
Based on the Basis of
Ownership:
• Private Entrepreneurship:
This refers to individuals or business operating in the private sector, with the
primary goal of generating profit.
Examples : Reliance Industries Ltd., Tata Group, Infosys , Mahindra
& Mahindra etc.

• Public Entrepreneurship:
This involves individuals or organizations operating with in the public sector,
often government agencies or non-profit organizations.
Examples : State Bank of India, Indian Railways, BSNL, NTPC, Coal
India etc.
• Public Private Entrepreneurship:
This involves collaboration between government agencies and
private companies.
• IBM's Watson Health platform, which partners with
healthcare startups to develop healthcare solutions
• Intel Capital's investment in startups, which enables
companies to access Intel's vast resources and
expertise
QUALITIES OF AN ENTREPRENEUR
 Qualities Enables Entrepreneurial actions Drive Business Success

Successful business people have many traits in common with one another. Some of them are:

 Visionary thinking
Ability to envision and shape the future.
 Passionate
Drive and enthusiasm for their business idea.
 Disciplined
Individuals are focused on making their businesses work, and eliminate
any hindrances or distractions to their goals.
 Confidence
Faith in their abilities and decision-making.
 Open minded  Strategic
Willingness to consider new ideas and perspectives. Capacity to plan, prioritize, and execute.
 Self-Starter  Communicative
If something needs to be done, entrepreneurs should Strong interpersonal and presentation skills.
start it themselves.  Continuous learner
 Competitive Embracing lifelong learning and self-improvement.
Striving to outperform others.  Accountability
 Risk-taker Taking responsibilities for actions and outcomes.
Willingness to embrace uncertainty and challenges.  Strong work ethics
 Resilient Putting in effort and perseverance.
Ability to bounce back from failures and setbacks.  Flexibility
 Creative Embracing pivot and adjusting plans.
Innovative thinking and problem-solving.  Positive attitude
Maintaining a optimistic outlook.
 Customer-focused
Understanding and meeting customer needs.
 Resourceful
Efficiently managing resources and networks.
 Collaborative
Ability to build and lead effective teams.
 Adaptable
Flexibility in responding to changing circumstances.
 Determination
Ability to stay focused and motivated.
 Some of the qualities of entrepreneurs highlighted from research articles:

Proactivity (Crant, 1996)

Self-efficacy (Chen et al., 1998)

Tolerance for ambiguity (Schere, 1982)

Leadership (Fernald et al., 2005)

• Crant, J. M. (1996). The proactive personality scale as a predictor of entrepreneurial intentions. Journal of Small Business Management, 34(3), 42-49.
• Chen, C. C., Greene, P. G., & Crick, A. (1998). Does entrepreneurial self-efficacy distinguish entrepreneurs from managers? Journal of Business
Venturing, 13(4), 295-316.
• Schere, J. (1982). Tolerance for ambiguity as a discriminating variable between entrepreneurs and managers. Academy of Management Journal, 25(2),
404-410.
• Fernald, L. W., Jr., Solomon, G. T., & Tarabishy, A. (2005). A new paradigm: Entrepreneurial leadership. Southern Business Review, 30(2), 1-10.
Women Entrepreneurs
Definition
• Women entrepreneurs are defined as the women or a group of women who set up and operate her own

enterprise. In other words women entrepreneurs are self employed individuals who establish their

enterprise and involve themselves for economic activities.

• The Government of India has defined a woman entrepreneurship as “an enterprise owned and controlled

by a woman having a minimum financial interest of 51% of the capital and giving at least 51% of the

employment generated in the enterprise to women”.

• Women entrepreneurship can be important because it can: Promote gender equality, Diversify the

entrepreneurial environment, Create new job opportunities, Promote financial independence, and Develop

a more egalitarian and diverse society.

Challenges faced by Women Entrepreneurs
•Access to Funding: Difficulty in securing financial support due to biases and lack
of collateral.
•Cultural and Social Barriers: Traditional gender roles and societal expectations
limit opportunities and business focus.
•Networking Opportunities: Limited access to influential networks and mentorship,
often dominated by men.
•Balancing Work and Family: Struggles with managing business demands
alongside family responsibilities.
•Safety and Security Concerns: In some areas, women entrepreneurs may face
safety issues that can hinder their ability to operate their businesses or expand into
new markets.
Women Entrepreneurs in India
India has many successful women entrepreneurs, including those who have founded
companies, co-founded companies, and are CEOs:
Story of Rajni Bector
Founder of the Cremica Group of Companies.

Rajni was married in a well-to-do business family in Ludhiana, but her love for
baking never went away.

It is interesting to know that her passion for baking provided financial support
to her family when their 107-year-old grain business came to an end.

She started her business with an investment of Rs.20,000 in 1978 in the

backyard of her house.

At first, Rajini started catering and hosting marriages and parties, but she
believed in her passion and skill.

She worked for over 12 hours a day with complete dedication and kept
improving her business day by day.
What did she achieve?
In 2021, Rajni Bector was awarded the Padma Shri, India's fourth-highest civilian award.

Today, Cremica, which started in a backyard, has tied up with the world's biggest brands
like McDonald's, Cadbury, and many more.

As of August 29, 2024, Mrs. Bector's Food Specialities Ltd. had a market capitalization
of ₹9,160 crore

Having 5,50,000+ retail outlets across India, and in over 64 countries across 6 continents.
Schemes for Women Entrepreneur in India
The need?

Provide financial aid

Offer technical support

Offer special incentives

Provide access to programs

Stand-Up India Scheme: Provides financial Women Entrepreneurship Platform (WEP):

support for women entrepreneurs (and SC/ST) to Launched by NITI Aayog, this platform offers a
set up greenfield enterprises. It offers bank loans range of services including funding support,
ranging from ₹10 lakh to ₹1 crore for both mentorship, and networking opportunities for
manufacturing and service sectors.
women entrepreneurs.

Mahila Udyam Nidhi Scheme: Focuses on Pradhan Mantri Mudra Yojana (PMMY):
providing financial assistance to women Offers micro-financing to small businesses,
entrepreneurs in the small-scale sector. It offers including those run by women. It provides
long-term loans for the acquisition of plant and loans up to ₹10 lakh to support
machinery. entrepreneurship and small-scale businesses.
• One of the pillars of India’s G20 women-led development agenda was the promotion of women’s

entrepreneurship. According to several studies, if women were represented in the formal economy

on par with men, the Indian economy would grow by an additional 60% by 2025, adding $2.9

trillion. At present, only about 14% of all enterprises in India are women-led businesses. The sixth

economic census says that women entrepreneurs account for 13.76% (about 8.05 million) of the

total entrepreneurs of 58.5 million in India. Undoubtedly, there has been a growth in the number

of women entrepreneurs, but it has been patchy and slow and needs to be stepped up.

Source: The Hindustan Times, 23 September 2023

FAMILY BUSINESS CONCEPT
AND MODELS
 OUTLINE

 Introduction to family business

 Importance of family business
 Characteristics of family business
 Types of family businesses
 Family business- Indian perspective
 Governance in family business
 Case studies of successful family business
 Conclusion
 Reference
 FAMILY + BUSINESS

• A family business is accompany owned operated and controlled by one or more family
members. It often involves multiple generations and represents a significant portion of the
global family
 IMPORTANCE

 Family business are essential as they create jobs foster innovation and contribute to
economic stability and representing a significant portion of a country’s GDP and
providing employment.
 CHARACTERISTICS OF FAMILY BUSINESS

Family involvement – Family members are actively involved in the business for
future generations
Long term orientation- Focus on sustaining the business for future generations.
Ownership and management-Typically owned and managed by family members
Values and Culture –The business often reflects the family values and culture
 TYPES OF FAMILY BUSINESS

• Owned managed firms – owned and run by a single family member.

• Siblings partnership – Managed by cousins from different branches of the family
• Multigenerational family firms Involment of multiple generations in ownership and management
 FAMILY BUSINESS INDIAN PRESPECTIVE

 Family businesses play a crucial role in India's economy, blending traditional values with modern
enterprise.
 Typically owned and managed by family members, these businesses range from small shops to large
conglomerates.
 Notable examples include: Reliance Industries: Led by the Ambani family.Wipro: Expanded significantly
under Azim Premji.
 Family businesses benefit from:Deep-rooted trust.Long-term vision.Focus on sustainable growth and
community impact.
 Challenges faced by family businesses include:
Succession planning. Family conflicts.
 Overall, they exemplify a unique blend of tradition and innovation, making them vital to India's economic
landscape.
 GOVERNANCE IN FAMILY BUSINESS

• Family Governance: Involves establishing a family council or constitution to guide

family members. Corporate Governance: Ensures the business is run effectively, often
involving a board of directors. Balancing Family and Business Interests: Strategies to
manage the overlap of family and business roles.
 STRUCTURE OF FAMILY BUSINESS – THREE
CIRCLE

DEVELOPED BY

RENATO AND JOHN DAVIS

4 7 zg
CASE STUDIES OF SUCCESFUL FAMILY
BUSINESS
 Successful family businesses in India include Reliance Industries, Godrej Group, Wipro, and Dabur
 .Reliance Industries: Founded by Dhirubhai Ambani; now a leading conglomerate led by Mukesh
Ambani.
 Godrej Group: Started by Ardeshir Godrej; expanded from locks to a diversified business under
successive generations.
 Wipro: Began as a vegetable oil company by Mohamed Premji; transformed into a global IT leader
under Azim and Rishad Premji.
 Dabur: Founded by Dr. S.K. Burman; evolved from Ayurvedic medicines to a major consumer goods
company. These businesses balance tradition with innovation for long-term success.
CONCLUSION

• Summary: Family businesses play a vital role in the economy, combining the strengths of
family values with business acumen. However, they face unique challenges that require
careful management, especially regarding succession and governance.
REFERENCE

• Family Business” by Ernesto J. Poza

• “The Family Business Map: Assets and Roadblocks in Long-Term Planning” by M.
Nordqvist and L. Melin
• “Succession in Family Business: A Global Perspective” by Pramodita Sharma and Frank
Hoy
• Images- www.imagesuttle.com
ANY QUESTIONS AND SUGGESTIONS

?
THANK YOU