SANKALCHAND PATEL UNIVERSITY

SANKALCHAND PATEL COLLEGE OF ENGINEERING, VISNAGAR

Faculty of Management Studies
Department of Business Management (MBA)
Program: MBA
Semester: III
Subject Name: Entrepreneurship and Business Law
Subject Code: 1MS3010702
Faculty Name: Dr. Divya Deep Singh
MODULE-1
Q1. Define “Entrepreneur”. What are the qualities needed for becoming an
entrepreneur?
Ans. The word “Entrepreneur” has been derived from the French word “Entreprendre”, which
means “to undertake”. It refers to those who take the risk of new enterprises. The process of
creating an enterprise is called “Entrepreneurship”.
He can be regarded as an individual who acts as a catalyst and works towards social good along
with financial gains. He plays a vital role in economic development because of his risk-taking
attitude.
He has to assume different role during his journey towards success. He has to be a thinker,
planner, organizer, worker, manager and a learner at the same time. This clearly embarks on
his multi-faceted role. To be a successful, an entrepreneur must possess the following qualities:
1. Need to achieve: Entrepreneurs strongly work out to achieve higher goals. His inner-
self motivates them to work towards high achievement. They continuously work hard
to achieve all pre-determined goals.
2. Independence: Most of the entrepreneurs start alone or lead from the forefront. They
seldom like to work for others. They willingly take the onus of their actions.
3. Risk-bearing: Entrepreneurs are the individuals who have the aptitude of taking risks.
However, they plan and take calculated risks instead of shooting in the dark.
4. Urge to be in control: Entrepreneurs trust their own ability to control the results of their
actions by influencing socio-economic environment rather than adapting to it.
5. Perseverance: Entrepreneurs have a high level of commitment towards their goals and
strong belief in their actions. These traits give them the tenacity to work consistently
towards their objectives despite difficult situations.
6. Optimism: Entrepreneurs always have positive hopes for future as they take calculated
risks. They are aware of their strengths, weaknesses, opportunities and threats. They
utilize their knowledge to pursue their dreams.
 7. Capturing opportunities: An entrepreneur is always vigilant of opportunities around
him. He displays innovative spirit and transforms the problems into viable prospects.
8. Flexibility: Most of the entrepreneurs react swiftly to the changing situations. They are
not hesitant to rework. The fluidity of thoughts helps them in moving from one plan of
action to another.
9. Efficiency: Their actions are always goal-oriented. They believe in optimum utilization
of resources, time and effort.
10. 360 Degree feedback: Successful entrepreneurs collect feedback of their performance
and ideas from all the team members. They are not discouraged from unfavourable
feedback or comments. Instead, they conduct root cause analysis and try to improve.
11. Interpersonal skills: Entrepreneur needs excellent interpersonal skills to interact with
raw material suppliers, customers, bankers, etc. for different activities.
12. Capacity to influence: Entrepreneurs need to exercise power and personal charisma to
influence others and develop a cohesive team.
13. Timelines: Entrepreneurs have to rationally follow the timelines while doing their jobs.
Delay in activities can lead to potential loss of opportunities.
14. Innovators: Entrepreneurs are impressive innovators. They constantly channelize their
energies in introducing new products, new method of production and opening new
markets.
15. Communication skills: Entrepreneurs must possess good written and verbal
communication skill to manage interpersonal relationships, avoid conflicts and smooth
flow of ideas.
16. Visionary: They tend to be forward looking with concrete plan of action. Their vision
and foresight make them alert to the changing conditions of the time and to modify or
offer new goods and commodities as per the changing requirements.
17. Leadership: Entrepreneurs must lead from the forefront. They need to provide the
necessary push to motivate the group for achievement of goals. They may follow
different leadership styles or may follow situational leadership.
18. Planners: planning means deciding in advance about where we are and where we want
to reach. Entrepreneurs need to plan skilfully and aim at capturing attached risks and
alternative routes available.
Q.2 Explain any 5 different types of entrepreneurs in brief.
Ans. An Entrepreneur is an initiator, a challenger and a driver who creates new product / service
or does normal things in a different way in the market which includes his Innovations and
Creativity. Entrepreneurs in order to carry out his business / project will start up and organize
a venture / enterprise to take benefit of an opportunity and, as the decision maker, decides what,
where, when and how much of goods or service to be produced / distributed.
Some various types of Entrepreneurs are:
1. Innovative Entrepreneur
• An Innovative entrepreneur is one who introduces new product, new service or new
market.
• An Innovative entrepreneur is also known as modern entrepreneur.
• An Innovative entrepreneur can work only when a certain level of development is
reached.
• These entrepreneurs introduce new changes and develop the business after a certain
level of development is reached.
• They invent new products.
• Such kind of entrepreneurs can be seen in developed countries, as large sum of money
can be diverted towards research and development purposes.
2. Drone Entrepreneur
• Drone entrepreneurs do not make any changes.
• They refuse to utilize the opportunities and may also suffer losses.
• They are very conventional.
• They refuse to introduce changes.
• They even make losses but avoid changes.
• Sometimes they may be pushed out of the market.
3. Adaptive Entrepreneur
• Adaptive entrepreneur is one who adopts the successful innovations of innovative
entrepreneurs.
• These entrepreneurs imitate the techniques and technologies innovated by others.
• These entrepreneurs can be seen both in underdeveloped and developing countries.
• They also make small changes in relevance to their market environment.
4. Fabian Entrepreneur
• A Fabian entrepreneur is one who responds to changes only when he is very clear that
failure to respond to changes would result in losses.
• Such entrepreneurs do not introduce any new change.
• They also do not desire to adopt new methods.
• They are very shy and stick to old customs.
• They are very cautious.
5. Trading Entrepreneur
• A trading entrepreneur refers to a person who undertakes business-related activities.
• These types of entrepreneurs usually buy finished products in bulk form manufactures
at some discount.
• They then sell these products directly or with the help of retailers or vendors with
profits.
• A business entrepreneur usually acts as a middleman between manufacturers and
customers.
• They may include wholesalers, retailers, dealers, etc.
Q.3 Define “Entrepreneur, Entrepreneurship and Enterprise”.
Ans. Entrepreneur

An entrepreneur is an individual who creates a new business, bearing most of the risk and
enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source
of new ideas, services and business or procedures. Entrepreneurs play a key role in an
economy, using the skills and initiative necessary to anticipate needs and bring good new
ideas to the market. Entrepreneurs are businesspeople who can deduct and send the
 availability of business opportunities in each scenario. They will utilise this opportunity to
create new products by employing new production methods in different markets.

Definition:
According to J. b say, an entrepreneur is a person who shift economic resources out of an
area of lower productivity into an area of higher productivity and greater yield.

Entrepreneurship:
It is the act and art of being an entrepreneur or one who undertakes innovations or
introducing new things. These new things can be any of the start-ups. Entrepreneurship is
considered as of assuming the risk of an entrepreneur. It is a process of discovering new ways
of combining resources. Entrepreneurship is the journey of opportunities, Exploration, and risk
management to create value for profit and /or social good.

Definition:
According to Natheal H. Leff, "Entrepreneurship is the capacity for innovation, investment
and expansion in new markets, product and techniques.

According to Webster highlights. "Entrepreneurship as economic venture organising.

Enterprise
Enterprise refers to a for-profit business started and run by an entrepreneur. People running
such businesses are entrepreneurs. The roots of the word lie in the French word
entreprendre (from prendre), meaning 'to undertake', which in turn comes from the Latin
"inter prehandere" (to take by the hand).

Definition:
An enterprise is the smallest combination of legal units that is an organisational unit producing
goods and services, enjoying a certain decision-making autonomy, especially for the allocation
of its current resources.

Q-4. Describe the various determinants of entrepreneurship.

Ans. Entrepreneurship is a complex phenomenon influenced by a variety of factors.

These factors can be classified into the following categories:

1. Personal factors/Entrepreneurial capabilities: Personal factors, becoming core
competencies of entrepreneurs, include:
(a) Initiative (does things before being asked for)
(b) Proactive (identification and utilisation of opportunities)
(c) Perseverance (working against all odds to overcome obstacles and never complacent with
success)
(d) Problem-solver (conceives new ideas and achieves innovative solutions)
(e) Persuasion (to customers and financiers for patronisation of his business and develops and
maintains relationships)
(f) Self-confidence (takes and sticks to his decisions)
(g) Risk-taker
(h) A planner who collects information and chalk out plans.
(i) Self-critical because he learns from his mistakes.

2. Market Conditions: Availability of a ready market and high probability of acceptance

towards new products motivates entrepreneurs. Current state of competition. Access to
domestic and foreign markets, and fairness in competition are compelling forces for
entrepreneurship.

3. Access to Finance: New businesses need time to generate profits as sales take time and
initial receipts are not usually sufficient to breakeven start-up costs. Therefore, entrepreneurs
need to carefully estimate funds required, different sources that can be tapped, and government
schemes promoting entrepreneurs in different industries. Successful business does not
necessarily require huge investments.

4. Technological Development: Technology changes at the blink of an eye. Researchers and

technical experts across the world are working on producing better products, offering
innovative services and raising customer expectations. With access to global market place,
entrepreneurs have to carefully plan their moves and yet deliver on time to reap benefits from
opportunities. Government initiatives towards research and development budgets contribute
towards success of new business.

5. Culture: A society's mind set about risk bearing, new products and change defines its
receptiveness for entrepreneurs. They create new trades, produce jobs for themselves and
prospective workforce. Entrepreneurial activity expands competition and increase productivity
as well. As Peter Drucker said, "The entrepreneur always searches for change, responds to it,
and exploits it as an opportunity."
These factors together build the dynamic environment faced by entrepreneur. Entrepreneurial
performance of our country is largely based upon opportunities available, skilled people and
resources. Various factors including economic, social, political, market conditions, state of
research and development and culture together define external factors.

Q-5. Write a short note on: -

a) Entrepreneurial skills b) Social Entrepreneurship
Ans. a) Entrepreneurial skills
Developing entrepreneurial skills can mean developing several types of skill sets.
Entrepreneurial skills include a broad range of various skill sets like technical skills, leadership
and business management skills and creative thinking as entrepreneurial skills can be applied
to many different job roles and industries by the entrepreneur. Following are some skills that
the entrepreneurs must possess:
(i) Conceptual Skill: Conceptual skill is skill that enables individuals to identify,
conceptualize, and solve intricate problems. This skill is important in the workplace because it
allows entrepreneurs to think and work through abstract ideas and come up with multiple
solutions to complex issues.

(ii) Analytical Skill: Analytical skill refers to the ability to collect and analyse information,
problem-solve, and make decisions. Entrepreneurs who possess this skill can help solve any
business related or otherwise, problems and improve its overall productivity and success.

(iii) Administrative Skill: Administrative skill consists of qualities that help

In completing tasks related to managing a business. This might involve responsibilities such as
filing paperwork, meeting with internal and external stakeholders, presenting important
information, developing processes, answering employee questions etc. Every entrepreneur
must have this skill.

(iv) Technical Skill: Technical skill is acquired by virtue of any technical expertise
a person may have such as a qualified Chartered Accountant, a doctor etc. This consists of a
set of abilities or knowledge used to perform practical tasks in the areas of science, the arts,
technology, engineering etc. In most cases, the acquisition of advanced technical skills requires
specialized training or education, which takes both time and resources.

(v) Inter-personal or Behavioural skill: This skill is also most important for any
entrepreneurs as it relates to interpersonal skills that an entrepreneur uses to interact with others
effectively. Interpersonal skills range from communication and listening to attitude and
deportment.

vi) People Management Skills: Without the need to manage people, there cannot be any
entrepreneur. Entrepreneurs, therefore, need skills in working with others on a one-to-one and
group basis, and a range of tools in their armoury to deal with a wide range of situations.

vii) Effective Delegation Skill: One of the first skills that new entrepreneur needs to master is
how to delegate. This is a difficult skill for many people but, done well. Delegation can give
team members responsibility and a taste of leadership themselves, and help them to remain
motivated.

viii) Change Management and Innovation Skills: An entrepreneur needs to understand

change management in order to lead an organisation through the process. Change management
is often particularly important at times of change.
ix) Selecting and Recruiting Skills: Every entrepreneur must have the right blend of EQ, IQ
and SQ for recruiting right personnel in the organization.

b) Social Entrepreneurship
Entrepreneurship in itself is a creative process of innovating new products, fulfilling customer
expectations and filling gaps. When these entrepreneurs take up social challenges and proceed
to resolve social issues through their innovative ideas, they are addressed as social
entrepreneurs.
Social entrepreneurship is the process of recognising and pursuing opportunities to create social
value. These people are innovative, resourceful and result oriented. They draw upon the best
thinking in both the business and non-profit worlds to develop strategies that are expected to
maximise their social impact. They operate in all kinds of organisations; large and small; new
and old; religious and secular; profit and non-profit, and hybrid.

Social entrepreneurs often seem to be possessed by their ideas, committing their lives to change
the direction of their field. They are both visionaries and ultimate realists, concerned with the
practical implementation of their vision above all else. Each social entrepreneur presents ideas
that are user-friendly, understandable, ethical, and engage widespread support in order to
maximize the number of local people that will stand up, seize their idea, and implement with
it. In other words, every leading social entrepreneur is a mass recruiter of local change makers,
role model proving that citizens who channel their passion into action. Over the past two
decades, the citizen sector has discovered what the business sector learned long ago. There is
nothing as powerful as a new idea in the hands of a first-class entrepreneur.

Q-6. State the values and business philosophy of some role models in Indian
business. Example-Vijay Shekhar Sharma, Azim Prem ji, Dhirubhai
Ambani, Ratan Naval Tata, Narayana Murthy and Kumar Mangalam Birla.

Ans.-Vijay Shekhar Sharma

Vijay Shekhar Sharma was born in Aligarh in 1973. He is an engineering graduate from DCE,
Delhi and the founder or Paytm. He was a child prodigy and received special permission from
Vice Chancellor of University of Delhi to appear for Engineering exam at the age of 15.

Vijay passed out of Delhi College of Engineering at an early age of 19. He struggled with
English language due to his education in Hindi medium school but mastered the language by
reading newspapers, books and magazines. This led him to spend a lot of time in the computer
room, browsing the internet and dreaming about being in Silicon Valley. Vijay launched his
first company-*S Communications', a college-based startup that created Content Management
Systems while in last year of college. By then, he learnt to code all by himself and designed a
Content Management System that was being used by several major publications including The
Indian Express. At one point in time, he started providing VAS services to Airtel on revenue
sharing model. He continued to experiment with 3 basics of internet-content, advertising and
commerce. His big moment of career came in 2010 where he launched Paytm-online payment
and recharge portal.

He famously quoted, "To the winners, who won because they didn't give up." In 2017, he
featured in the World Billionaire's List by Forbes.

Values:

• Decisiveness
• Never give up
• Learning attitude
• Leverage technology
• Knowledgeable
• Optimistic
• Humble
• Innovative
Business Philosophy:

• Incisive leadership
• User-friendly technology
• Dynamism
• Carve your niche

Behavioural Orientations:

• Adapt to change as change is constant

• Strive for excellence
• Stay down to earth and stick to your roots

2. Azim Premji:
Premji was born in Mumbai and his family hailed from Kutch, Gujarat. His father was
a famous businessman known as "rice king of Burma". Premi has been recognised by
Business Week as one of the greatest entrepreneurs for being responsible for Wipro
emerging as one of the world's fastest growing companies. He took over his father's
business after latter's death in 1966. He was responsible for various diversifications
including bakery fats, ethnic ingredient-based toiletries, hair care soaps, baby toiletries,
lighting products, and hydraulic cylinders. Apart from that, Premji envisioned that IT
is the way forward, rechristened the company as Wipro and forayed into high-
technology sector by manufacturing minicomputers, in collaboration with Sentinel
Computer Corporation. There has been no looking back since then. He has been
conferred upon with Padma Bhushan and Padma Vibhushan by Government of India.

Values:

• Intelligence
• Insight
• Self-confident leader
• Be resilient to stand up to crisis
• Stay down to earth

Business Philosophy:

• Integrity of character
• Democratic style of leadership
• Stick to your values
 • Focus on strengths because they help in correcting weaknesses
• Have faith in one's ideas

Behavioural Orientations:

• Open door policy for all employees

• Motivates through transformational approach
• Believer of philanthropy

3. Dhirubhai Ambani:
Dhirubhai Ambani, the founder and promoter of Reliance Group of Companies is by far the
most popular role model for the Indian youth. He was born on 28th December 1932 into a
Gujarati family and started his journey with only Re 1 and a dream to make big. His expedition
from rags to incalculable riches is well known to everybody. His faith in large-scale operations,
his ability to spot opportunities in situations that look impossible, makes him the most daring
Indian businessman of all times.

Values:

• Great visionary
• Confident
• Excellent organizational skills
• Dependable and astute
• Intelligent

Business Philosophy:

• Think big, think different but be practical

• Carve niche
• Supply creates demand
• Be optimistic
• Trusted and bet on employees
• Beat the deadlines
• Start small and grow big

Behavioural Orientations:

• Revolutionary
• Innovative
• Stay focused to your goals
• Create opportunities and build trust amongst employees
• Change to develop
• Calculative risk bearing
 4. RATAN NAVAL TATA:
Popularly known as Ratan Tata is a famous entrepreneur at Indian origin. He was born on
28.12.1937. He was chairman of Tata Group till 2012. He began his career in 1961 in the
Tata group on the shop floor of Tata Steel, shoveling limestone and handling the blast
furnace. In 1991, he became the Chairman of Tata Sons when J.R.D. Tata stepped down as
Chairman, naming him as his successor. Under his tenure as the chairman of Tata Sons
much major collaborations took place which brought Tata to the global platform, with
nearly 65% revenues coming from abroad. He was instrumental in the development of the
world’s cheapest car, Tata Nano.

Values: He is a man of ideas, a visionary, a risk taker, a planner, an innovator and an

excellent communicator. He said, it is easy to became a number one player, but it is difficult
to remain number one. So, we will have to fight with a view to remain number one. He is
the firm follower of integrity, excellence, unity and responsibility.

Business Philosophy: According to him risk is an essential ingredient of business

philosophy. It denotes to the ability to be where no one has been before. He also advocated
that for ensuring greater commitment to performance, there is a need to have a system
which rewards performers and punishes the non-performers. He believed that business must
be conducted fairly, with full honesty and transparency. Apart from this the business must
be considerate, show respect, compassion and humanity for colleagues and customers, and
always work for the benefit of communities we serve.

Behavioural Orientation:

• Respect for stakeholders

• Well-being of society
• Great philanthropist
• Motivational attitude

5. Narayana Murthy:

He is one of the founders of Infosys Technologies Limited. He was born on August 20, 1946.
He did B.E. (Electrical) from University of Mysore (1967) and M.Tech from IIT, Kanpur
(1969). Narayana Murthy started him as chief system programmer with IIM, Ahmedabad. In
1981, Narayan Murthy founded Infosys with six other software professionals. In 1999, Infosys
became the first Indian company to be listed on NASDAQ. He has been listed among the 12
greatest entrepreneurs of our time by fortune magazine. Time magazine illustrated him as
Father of Indian IT sector due to his involvement in outsourcing in India. Murthy has also been
bestowed with the awards like Padma Vibhushan and Padma Shri awards. He is recognized for
creating India’s second largest software services company with the empire widened from
Bangaluru to Boston. Under his tenure or time the Infosys apart from experiencing exponential
growth, also initiated an outsourcing revolution internationally.

Values:

• Humble and sensitivity

• Passion and Perseverance
• Organized and long-term global vision
• High regard for sharp minds
• Lead by example
• Comfortable with uncertain environmental dynamics

Business Philosophy:

• Character + Chance = Success

• Practical strategy
• Be ethical
• Differentiation comes from innovation
• Inculcate and demonstrate high value system
• Trust employees and develop a good team
• Exceed expectations of customers
• Compare quality with global benchmarks
• Good governance

Behavioural Orientations:

• Generosity as a virtue of a good leader

• Respect to stakeholders
• Calm and composed minds
• Integrity
• Raise the confidence of the followers
• Transparency
6. Kumar Mangalam Birla:

Born on 14.06.1967 he is an entrepreneur of Indian origin. He is chairman of Aditya Birla

Group since 1995 which operates in 36 countries across the world. Over all these years,
Mr. Birla has built an extremely flourishing business empire with a massive workforce
which work with full dedication to raise the Birla Group banner higher. A part from this he
is also the Chancellor of famous Birla Institute of Technology and Science (BITS) and
Director of G.D. Birla Medical Research and Education Foundation. He is commerce
graduate from Mumbai University, did Chartered Accountant from ICAI and earned an
MBA from the London School of Business.

Values:

No other business group spells Marwari enterprise and success as much as the Aditya Birla
Group. The man at the helm, Kumar Mangalam Birla, explains the principals and practices
that have shaped its success. The name Kumar Birla is synonymous with spirit of enterprise.
He is a man of few words. He is passionate, hardworking, innovative and strong leader. He
is fair, honest and follows the highest standards of professionalism. Integrity being the
cornerstone of all his dealings, be it with customers, employees, suppliers, partners,
shareholders, government or the communities they serve.

Business Philosophy:

He brought in fundamental changes, altered business strategies, professionalized the entire

group and restore internal systems. He brought a major change in the group’s work
environment by eradicating policies such as ‘partha system’, ‘babu-culture’, ‘womb to
tomb policy’. He worked actively for securing employee satisfaction and imparting
management training to provide a healthy work environment to the employees. He also
introduced the innovative Organizational Health Service (OHS) to determine the
satisfaction level of all managers across the group. He also works towards attaining
complete customer satisfaction.

Behavioural Orientation:

• Patient listener
• Passion for work
 • Raise the confidence of employees
• Overall satisfaction of customers

Q.7 What are the chief causes of conflict in family business?

Ans. Families are closely-knit units of blood-related individuals with varying sets of
aspirations, education and ideas. The main reasons for conflict in family business are:

1. Ownership.
2. Creative differences.
3. Compensation related issues.
4. Disagreement on shared vision.
5. Poor communication.
6. Control and decision-making.
7. Succession.
8. Competitiveness and sibling rivalry.
9. Lack of transparency.
10. Governance.
Conflict resolution: Some of the following ways can be used to resolve the conflicts:
1. Family agreement.
2. Family councils.
3. Two-way communication.
4. Succession planning.
5. Involvement of women.
6. Fair compensation.
7. Professional management.
8. Collaborations.
9. Compromise.

Q-8. What do you understand by a business plan? Explain the significance

of a business plan.
Ans. Business plan is a descriptive presentation of the entrepreneur's vision supported by
relevant data and justification. Planning as such initiates at the conceptualization stage itself. It
is much more than a mere document. It presents the idea of a product/service to be launched
along with relevant customer, industry, and market details. It is the process through which the
firm answers-

• What to produce?
• Where to produce and compete?
• When to produce?
• For whom to produce?
• How to organize and engineer the same?

Significance of a Business Plan

• It ensures channelization of efforts in feasible ventures.

• It gives a clear and precise direction to the efforts of the entrepreneur for a specified
period of time.
• It helps in identifying strengths and weaknesses of the venture along with upcoming
opportunities and threats.
• It covers different aspects in detail thereby restricting the scope of "large gaps" at
planning stage.
• It is a medium of articulating with the prospective stakeholders.
• It helps in raising funds for the startup.
• It prioritizes the goals of the company and help in fixation of responsibility and
accountability amongst co-founders, partners etc.
• Performance assessment targets can be fixed in the light of business plan.
• It communicates the commitment of the company towards pre-defined objectives.
• It clears the air around various significant startup decisions like make or buy. acquire
or lease, human resource budget.
• It sets the expectations of the collaborators, newly hired employees, and investors.

Q.9 State five rewards of Entrepreneurship.

Ans. The Rewards of Entrepreneurship

It is a known fact that entrepreneurship is a very risky venture. There are many difficulties but
also many rewards that attract an entrepreneur. Following are some entrepreneurial rewards:
1. Joy and excitement:
Building one's own business can be a very exciting and highly enjoyable process. The
entrepreneur enjoys applying his/ her skills and abilities to solve problems, making fascinating
breakthroughs and meeting interesting people. Work becomes dynamic, as the company
constantly needs to adapt to rapid changes. There is no more exciting feeling than creating
something out of nothing.
2. Rational remuneration and perks:
Another advantage is that remuneration and perks are directly related to how much work he/she
has put in and how many new contracts have been closed. If this scenario is compared with that
of a person earning a salary, he/she will have to ask and struggle for a raise, which may or may
not be given, the same is not the case with an entrepreneur.
3. Development of new skills:
Despite having expertise in certain areas, in the beginning entrepreneurs have to do a bit of
everything and this way they learn about accounting, design, marketing, public speaking, how
to delegate. how to be more creative, about sales and much more, thereby, developing new
skills.
4. Total control:
A major reward of starting one's own venture is that there is a large degree of control in the
company. Entrepreneur enjoys the control of setting the vision and making strategic decisions,
without any external interference.
5. Flexibility:
There is immense flexibility for the entrepreneur to decide and organize schedule as per
convenience. Entrepreneurs often have to work very long hours, particularly in the beginning,
therefore, the flexibility of working on one's own terms and conditions is a big motivating
factor.
6. Freedom and satisfaction:
The freedom enjoyed by the entrepreneur adds to satisfaction and makes one feel more
fulfilled. Entrepreneur has the freedom to choose the place of work even during travelling, and
that there is no binding even on the time to work.
7. Goodwill and impact:
The entrepreneur enjoys the growing goodwill that develops when the venture grows. Another
reward is the impact the entrepreneur makes in the lives of people by giving them jobs.
8. Contribution in economic growth:
Reward of entrepreneurship also includes the impact in terms of contribution to economic
growth of the country. by raising the GDP and GNP.
Q. 10 State the names of the founder (entrepreneur) of following companies-WhatsApp,
Facebook, Microsoft, Apple, Ford Motor, Oracle Corporation, Dell, Oyo Rooms, Ola,
Zomato, Quick Heal, Paytm, Pesto, Uber, Whole foods & Free Charge.
Ans.
Sr. no. Entrepreneurs Company Domain
1 Jan Kaun, Brain Acton WhatsApp Digital social media
2 Mark Zuckerberg Facebook Digital social media
3 Bill Gates Microsoft Computer Software
4 Steve Jobs Apple Inc. Consumer electronics, Computer
Hardware & Software
5 Henry Ford Ford Motor Automobile manufacturing
company
6 Larry Ellison Oracle Corporation Software Services
7 Michael Dell Dell, Inc. Computer hardware
8 Ritesh Agarwal OYO Rooms Affordable hotel chain
9 Bhavesh Agarwal, Ola Transportation
Ankit Bhati
10 Deepinder Goyal, Zomato Online food Ordering
Pankaj Chaddah
11 Kailash Katkar Quick heal Antivirus software
12 Vijay Shekhar Sharma Paytm Digital Payment app
13 Ayush Jaiswal Pesto AI-based HR tech platform
14 Travis Kalanick Uber Ride sharing
15 John Mackey Whole Foods Groceries

16 Kunal Shah Free charge Digital payment app