Entrepreneurship

Entrepreneurship is the process of identifying, creating, and pursuing opportunities to start

and manage a new business or venture. It involves the willingness and ability to take
calculated risks in order to innovate, organize resources, and create value in the
marketplace. Entrepreneurs are
individuals who initiate and manage businesses, often with the goal of achieving financial
success and sustainable growth.

Entrepreneurship plays a crucial role in economic development, job creation, and

innovation. It can take many forms, from small startups to large-scale enterprises, and can
be found in various sectors and industries worldwide. Entrepreneurs are at the forefront of
driving economic growth and driving societal change through their innovative ideas and
ventures.

Definitions

Entrepreneur
An entrepreneur is an individual who starts and operates their own independent business
venture. A person who undertakes the risk of starting a new business venture is called an
entrepreneur. Entrepreneurs are responsible for conceiving an idea, gathering resources,
and taking the financial and operational risks to establish and grow a new business.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to
anticipate needs and bring new ideas to market. Entrepreneurship that proves to be
successful in taking on the risks of creating a startup is rewarded with profits and growth
opportunities.

Intrapreneur
Intrapreneur is one who thinks and acts like an entrepreneur for the firm’s development
during the course of employment in an organisation. An Intrapreneur is described to be an
inside entrepreneur or an entrepreneur within a large firm who uses entrepreneurial skills
without incurring the risk associated with those activities. Intrapreneurs are usually
employees of a company who are assigned to a particular project or who are assigned to
work on a special idea. Intrapreneur usually use the resources and capabilities of the firm
to work on the project or on the idea.

Manager
Managers are responsible for the administration and management of a group of people or
a department of the company. Their day-to-day job is to manage employees and ensure
the smooth running of the organisation. They must possess similar qualities of an
entrepreneur, like accountability, leadership, decisiveness, etc. They must also have
qualities such as empathy and warmth. They are responsible for supervising subordinates,
who report to and work under them. They are the employees of the company unlike
entrepreneurs who are owners. Entrepreneurs bear all financial and other risks, whereas
managers do not bear any risks. Entrepreneurs take profit of the company whereas
managers draw salary from the company.

Traits of an entrepreneur
1. Strong leadership qualities
2. Highly self-motivated
3. Strong sense of basic ethics and integrity
4. Willingness to fail
5. Serial innovators
6. Know what you don't know
7. Competitive spirit
8. Understand the value of a strong peer network

Entrepreneurship opportunities in India

There are huge opportunities available in mostly all fields for entrepreneurship in India.
The entrepreneur has to choose the right field of his own passion. The doors of
opportunities are open in tourism, energy, automobile, textile, waste management, health
sector, organic farming, media, toys, packing, transportation, food processing, education
and training, supply and marketing etc. The Indian government is also contributing to
create opportunities through “make in India”. The entrepreneurs can grab these
opportunities. With the rise of the internet and the government's push for a digital
economy, there has been a surge in the number of startups and entrepreneurial ventures
in the country. Availability of talent and low-cost labor have contributed to the growth of
entrepreneurship in India.

Startup Ecosystem in India

India has the 3rd largest startup ecosystem in the world; expected to witness YoY growth
of a consistent annual growth of 12-15%. India has about 50,000 startups in India in 2018;
around 8,900 – 9,300 of these are technology led startups. 1300 new tech startups were
born in 2019 alone, implying there are 2-3 tech startups born every day.

Indicators of Growth in Indian Startup Ecosystem

1.The pace of growth in the startup ecosystem has increased to 15% year-on-year in
2018, while the growth of the number of incubators and accelerators has grown to 11%.
Significantly, the number of women entrepreneurs stood at 14%, up from 10% and 11% in
the previous two years.
2.Startups in the country have been able to create an estimated 40,000 new jobs over the
year, taking the total jobs in the start-up ecosystem to 1.6-1.7 lakh.
3.Bangalore has been listed within the world’s 20 leading startup cities in the 2019 Startup
Genome Project ranking. It is also ranked as one of the world’s five fastest growing startup
cities.

Funding raised by Indian Startups in 2019

The Indian startups have gone on to raise sizeable ticket sizes from various global and
domestic funds. The top 15 deals constituted about 40% of total deal value, demonstrating
that most funds are valuing deal quality more than quantity. Private equity deal volume in
India rose for the second straight year, and while the average deal size declined slightly
from the prior year, the total value of $26.3 billion in 2018 was the second-highest of the
last decade.The number of deals greater than $50 million increased from the previous
year.

Drivers of Indian Startup Ecosystem

1. Corporate Connect- Enterprises are realizing the disruptive potential of
start-ups and are thus, partnering/investing in them. Examples of corporate support:
 Facebook in partnership with Startup India disbursed cash grants of $50,000 each
to the top 5 selected startups.
 10000 Women program by Goldman Sachs is providing women entrepreneurs all
around the world with a business and management education, mentoring and
networking and access to capital.
 Microsoft Ventures Accelerator Program in India has recently picked up 16 startup.
2. Government Support- Government of India is understanding the value of working with
disruptive innovators across the value chain and using their innovations to improve public
service delivery.
 Department of Animal Husbandary and Dairying has conducted a grand challenge
in association with Startup India to award top startups in 5 categories 10 lakhs INR.
 Small Industries Development Bank of India has launched a scheme to provide
assistance to existing Small and Medium Businesses in need of capital for growth.
 Over 26 states in the country have Startup policies.

Motivating Factors of Startups

An early research investigating what motivates individuals to start an own business
identifies six factors- innovation, independence, recognition, roles, financial success, and
self-realization of which independence, financial success, and innovation are found to be
the three most important factors.

Another research from Cox Business says, freedom and passion are bigger motivating
factors than money. Cox Business research found that more than half of small business
owners start their own businesses to be their own boss. They were also motivated by the
idea of creating something from the ground up.

Cox Business research also found that entrepreneurs see technology development as an
opportunity and not as an obstacle. As technology advances, products and companies will
arise that challenge existing companies. Despite those challenges, small business owners
look at the rise of new technologies as more of an opportunity than a detriment for their
businesses. Unless entrepreneurs embrace new technology, they will not be able to keep
up with competitors.

B2B/B2C Business Models

B2B refers to a "business-to-business" company that provides services or products to
other businesses. B2C refers to a "business-to-consumer" company that sells directly to
individual consumers. They’re two separate business models that serve different types of
customers, one being businesses and the other direct to consumer. The main difference
between B2B and B2C is the audience or niche market for your marketing activities.

Myths about Entrepreneurship

1. Entrepreneurs stick to their project
2. Invest in something if you want to be successful
3. Success depends on luck
4. Entrepreneurs live a very easy life
5. Entrepreneurs need a proper plan while starting a business
6. Entrepreneurs are born not made
7. Entrepreneurs need a big idea
8. Entrepreneurs need money to start
9. Entrepreneurs are job-hoppers
10. Entrepreneurs do not have a boss

Successful Startups in Kerala

1. Entri - Entri is a learning app for jobs
2. NavAlt Solar - NavAlt Solar built India’s first affordable solar ferries
3. Genrobotics - Genrobotics, headquartered in Trivandrum, Kerala, is India's premier
robotics company, established in 2017
4. SurveySparrow - SurveySparrow is an experience management platform that allows to
collect, analyze, and act on customer feedback in real-time
5. Inntot Technologies - Inntot Technologies provides services in the areas of consumer
electronics, digital media and the IoT
6. CareStack - CareStack is an award-winning, cloud dental practice management
software trusted by thousands of dentists & dental practices.

Women Entrepreneurship
Women entrepreneurs may be defined as a woman or a group of women who initiate,
organise and run a business concern. Women entrepreneurs are those women who think
of a business enterprise, initiate it, organise and combine factors of production, operate
the enterprise and undertake risks and handle economic uncertainty involved in running it.

The increasing presence of women as entrepreneurs has led to significant business and
economic growth in India. Women-owned business enterprises are playing a prominent
role in society by generating employment opportunities in the country, bringing in
demographic shifts and inspiring the next generation of women founders.

With a vision to promote the sustainable development of women entrepreneurs for

balanced growth in the country, Startup India is committed towards strengthening women
entrepreneurship in India through initiatives, schemes, creation of enabling networks and
communities and activating partnerships among diverse stakeholders in the startup
ecosystem.

Rural and Urban Entrepreneurship

Rural Entrepreneur refers to the person who starts business in rural areas. These
entrepreneurs start doing business in the villages and small towns. They may be
agricultural and trading entrepreneurs. The availability of material and labour is easy. So
the cost of operation tends to be low.

Urban Entrepreneur refers to the person who commences business in urban areas. They
will do their business in state capital, towns, district headquarters, municipalities, etc. They
may be industrial or corporate entrepreneur. The availability of material and labour may be
difficult. So the cost of operation may be high.

Emerging Technologies,Technology Innovations

and Startup Business
Emerging technologies are technologies whose development, practical applications, or
both are still largely unrealized. These technologies are generally new but also include
older technologies finding new applications. Emerging technologies include a variety of
technologies such as educational technology, information technology, nanotechnology,
biotechnology, robotics, and artificial intelligence.

A technological innovation is a new or improved product or process whose technological

characteristics are significantly different from before. Implemented technological product
innovations are new products (product innovations) or processes in application (process
innovations) that have been brought to market. The product or process is considered to be
an innovation if it achieves specified advantages for the enterprise concerned; these need
not be new from the point of view of other companies or the market.

Emerging Technologies and Technology Innovations provide good opportunities to do

startup business. Startup refers to a company in the first stages of operations. Startups are
founded by one or more entrepreneurs who want to develop a product or service for which
they believe there is demand.

Social Entrepreneurship
Social entrepreneurship applies the principles and guidance used by start-up founders and
entrepreneurs to a business that directly generates social change or impacts a social
cause. A social entrepreneur is primarily motivated by a desire to alleviate some kind of
systemic social or cultural problem. The main goal is to create lasting social change
through business. Some key areas of interest for social entrepreneurs include economic
development, education, gender equality, health care, agriculture, environmental
sustainability, renewable energy and community development. Some of the social
entrepreneurs in India are Anshu Gupta (Goonj Organization), Chetna Sinha (Mann Deshi
Bank), Neelam Chhiber (Rural Spark), and Vandana Goyal (Aajeevika Bureau).

Startup ecosystem
A startup ecosystem is a network of resources — people, investors, institutions, and
companies — that works together to create an environment for startups to thrive. A startup
ecosystem can be a physical place, like Denver, or an online space, like the Trends
community. Some top startup ecosystems in the world, are Silicon Valley, New York City,
London, Boston, Beijing and Los Angeles.

Global Startup Ecosystem (GSE)

The Global Startup Ecosystem is an organization that supports professionals in tech via its
three core pillars of program engagement which are Entrepreneurship, Employment, and
Education. As one of the leading tech communities in the world, GSE is well known for its
global tech hub activations, iconic national tech summit programs and year round tech
accelerator training.

India startup case study

India has emerged as one of the most vibrant startup ecosystems in
the world. Over the past decade, India has witnessed a surge in the
number of startups, and today it is home to some of the most
innovative and successful startups in the world. The Indian startup
culture has grown rapidly, and it has become an integral part of
India's economic growth story. Here, we will explore the Indian
startup culture, its evolution, challenges, and opportunities.

Evolution of Indian Startup Culture:

The Indian startup culture has come a long way since its inception.
It all started with the dot-com boom in the early 2000s, when many
internet-based companies were formed. However, most of these
companies failed due to a lack of infrastructure and funding. In
2010, the Indian government launched the Startup India initiative,
which aimed to promote entrepreneurship and innovation in the
country. The initiative included various measures such as tax
exemptions, funding, and a simplified regulatory framework, making
it easier for startups to do business in India.
Challenges faced by Indian Startups:
The Indian startup ecosystem has its fair share of challenges. One
of the biggest challenges is access to funding. Despite various
government initiatives, access to funding remains a challenge for
many startups. This is especially true for startups in their early
stages, where the risk is high, and the return on investment is
uncertain.
Another challenge faced by Indian startups is the lack of
infrastructure. Infrastructure such as good roads, electricity, and
internet connectivity is essential for startups to thrive. However,
many startups in India face issues with power outages, poor road
connectivity, and slow internet speeds.
Opportunities for Indian Startups:
Despite the challenges, Indian startups have immense potential,
and there are several opportunities available for them. One of the
most significant opportunities is the huge market that India offers.
With a population of over 1.3 billion people, India is one of the
largest consumer markets in the world. Startups can tap into this
market and create products and services that cater to the needs of
Indian consumers.
Another opportunity for Indian startups is the availability of talent.
India has a large pool of talented engineers, designers, and
developers who are well-versed in the latest technologies. Startups
can leverage this talent pool and create innovative products that
can compete with the best in the world.
Conclusion:
The Indian startup culture has come a long way since its inception,
and it is now a vital part of India's economic growth story. The
Indian government has taken several initiatives to promote
entrepreneurship and innovation, making it easier for startups to do
business in India. Despite the challenges, Indian startups have
immense potential, and there are several opportunities available for
them. With the right support and guidance, Indian startups can
continue to create innovative products and services that can
compete with the best in the world.

Barcelona startup case study

Barcelona has become a hub for startups and innovation, thanks to
its digital transformation policies that have created an effective
startup ecosystem. Here. we will explore the key elements of
Barcelona’s startup ecosystem and how local policies have been
used to create a supportive environment for entrepreneurs. This
case study was prepared by Enric Serradell López, member of the
Management & eLearning (MeL) research group, together with
Francesc Font Cot and Pablo Lara Navarra.
The Role of Government in Digital Transformation
The role of government in digital transformation is to ensure that
digital infrastructure is reliable and efficient enough to guarantee an
entrepreneurial ecosystem for investment in innovation and
startups. In Barcelona, local policies have been used to create an
effective startup ecosystem that has attracted entrepreneurs from
all over the world.
Creating a Supportive Environment for Entrepreneurs
One of the key elements of Barcelona’s startup ecosystem is the
creation of a supportive environment for entrepreneurs. This
includes providing access to resources and funding, as well as
creating a culture that encourages innovation and risk-taking. Local
government has played a crucial role in creating this environment
by providing funding and resources to startups, as well as creating
programs that support entrepreneurship.
Attracting Foreign Capital and Talent
Another key element of Barcelona’s startup ecosystem is the
attraction of foreign capital and talent. The city has become a hub
for international startups, thanks to its supportive environment and
access to funding and resources. The government has also created
programs that attract foreign talent, such as the Barcelona Global
program, which aims to attract international talent to the city.
A Three-Stage Framework for Building a Successful Startup
Ecosystem
Based on the experiences of Barcelona’s first generation of
entrepreneurs, the authors of this article have presented a three-
stage framework for building a successful startup ecosystem. The
first stage involves creating a supportive environment for
entrepreneurs, the second stage involves attracting foreign capital
and talent, and the third stage involves creating a culture of
innovation and risk-taking.
Conclusion
This paper provides a theoretical look at how implementing digital
transformation policies can help create and energize
entrepreneurial ecosystems by applying effective strategies and
providing new incentives to stimulate and support the creation of
new companies. An example of this is the BCN Green Deal
agenda, a road map open to all social actors that outlines the main
strategic lines that should guide the digital economic future of the
city and its promotion.