Knowledge in Entrepreneurship

Outsourcing opportunities for small businesses

Outsourcing opportunities for small businesses: A quantitative analysis Sidney J. Baxendale Professor of Accountancy, University of Louisville, Louisville, Kentucky (

Abhyuday Business Plan

Abhyuday Business Plan

Indigo Airlines An Analysis of Services

The article discusses the services and business model of Indigo Airlines and how it has managed to become profitable and dominant in the Indian Civil Aviation Industry

Entrepreneurship concept for engineers series-1

Today India needs large no. of entrepreneurs because of dearth of jobs. It is a common misconception that someone who has completed his MBA degree can only become an entrepreneur. I would say that even Engineers should try and setup their own enterprise and hence become successful entrepreneurs. This article and its subsequent parts are mainly targeted for motivating the budding engineers to think creatively and start their own businesses because it is easy for engineers. Reason being engineers are eager for getting knowledge. Now whenever a person wants to learn new things then growth occurs and growth is an important factor for developing solid businesses. Before knowing about the process of starting a new business it is important to know that what is entrepreneurship? What is Entrepreneurship? Entrepreneurship is derived from French word “Entrependre” and German word “uternehmen” both referring to men taking endeavors. In simple words anyone who exhibits self development, creativity and risk taking characteristics can be called as an entrepreneur. Economist defines an Entrepreneur as the one who brings together resources, labor, material and other assets and increasing their value and also he introduces changes, innovation and a new order. But the Psychologists define an entrepreneur as the one who is typically driven by a psychological force, which creates a desire to attain something. According to someone: Entrepreneurship is spending some years of your life in a way that most people won’t to spend rest of your life like others can’t. According to Nolan Bushnell (entrepreneur) -“The true entrepreneur is a doer, not a dreamer.” According to Praveenben-” Entrepreneurship is like giving birth to a child. The women’s love of child overcomes the risk of life. The entrepreneur’s passion overcomes the risk of loss.” In the subsequent articles I will write that why engineers should try and become entrepreneurs and thee process of becoming an entrepreneur.

Entrepreneurship concept for engineers series-2

Why should engineers become Entrepreneurs? Once it is clear in the previous article that what is entrepreneurship so now it is appropriate to see why engineers should become entrepreneurs. One reason is: it is a well known fact that in nearly all the engineering colleges in India 100% placements are not achieved. Most of the students either go for some courses so that they can get jobs or they have to sit idle. So, instead of doing these things they can think of starting their own enterprises. In simple words if you cannot get a Job then you should try and create jobs. This is one of the main motive of starting a new enterprise. Remember that it is not that only those who cannot get placement should go for entrepreneurship but others too should think of doing it. Another reason is that it is easy to become an entrepreneur at such a young age. Reasons are: Youth is invulnerable, Youth is resilient, Young people have more confidence, they have minimum responsibility, they have better physical and emotional strength, they can easily take moderate and some high risks too and they are better prepared. Hence they have better ability to burn the candle at both ends.To prove this one can see the examples from the history of some successful young entrepreneurs across the world. Some young innovators are: Frank Carney- Pizza Hut, Michael Dell-Dell Computers, Kristy, and Fred DeLuca- Subway. One another big reason is that engineers can solve problems. See new businesses are started whenever something is missing in the market. So problems arise in launching new businesses, engineers are educated to think logically and can easily solve the problems with standard procedures.

Entrepreneurship concept for engineers series-3

Process of becoming an Entrepreneur Till now I have explained the basic meaning of entrepreneurship and the reasons why an engineer should also try and become an entrepreneur. So, now the process of becoming an entrepreneur is discussed. Now once you have decided that now you want to become an entrepreneur then next step is first to think about the business that you want to start. This is definitely a challenging task because today you think of any new business you will find that someone else is already doing it. But definitely this is not impossible. If you do not have an idea of a completely unique field then try and think of a field that is not much explored. You can also merge two business ideas to create a new one. Once you have thought of a plan then you are ready to start. Further steps are arranging the capital. This is the toughest part. Next you need to find the right people who can team up with you to grow the business. Next is the time to act that is to apply the plans you have made and see their result. If the result is positive then you are good to go otherwise you need to reconsider your plans. So, formally we can divide the whole process into three different stages which are: 1. Birth: This stage basically involves fighting for existence and survival. Steps involved in this stage are establishing the company, finding customers and getting the money. 2. Breakthrough: It involves coping with growth and takeoff. Components of this stage are growing the company’s finances and making profit. 3. Maturity: Maturity means to manage the success, to enjoy the fruit of your hard work. At the same time it consists of investing wisely, staying flexible and continuously refining your strategy.

Entrepreneurship concept for engineer’s series-4

Process of becoming an Entrepreneur (continued) Now till now I have written about the basic idea of becoming an entrepreneur. Before discussing about the process of becoming a successful entrepreneur one should know that no one can provide you a magic pill for this. It is a long journey that has many ups and downs and its completion depends on many factors. Before discussing further the traits, qualities and characteristics of an entrepreneur it is better to become aware about the problems that a young graduate might face: Being young is a challenge in itself because you are not taken seriously by banks and accountants which means the problem of arranging money. Also the process of arranging money is tough as one has to also arrange for a guarantor. Another problems are the self assessment problems: Some might initially think that what will happen if they will not succeed. Some will get afraid of the risks that are involved in the start-up. Sometimes resistance of family and friends can come in the way .Another big question that can come in mind is the inertia factor that is Where and How to start? Definitely these are the serious problems but they can be easily solved by adopting a sensible and creative approach. For doing this simply one must to know about the traits of an entrepreneur so that one can apply some of these . Traits are: Entrepreneurs want high degree of achievement. They pull their own strings. They are ready to take moderate risks which help them in getting higher return on assets. They have the ability to allow ambiguity. They want to do more in less time. Persistent problem solving. They have positive energy levels. They are high in self confidence and are optimistic. They have internal locus of control. They are driven to achieve.

Entrepreneurship concept for engineer’s series-5

Process of becoming an entrepreneur (continued) Till now I have written about the basic meaning of Entrepreneurship, its stages,its characteristic and its traits. Now all these things can be better understood and can easily be practically applied it is good to consider some real life examples. So here are the examples of some successful entrepreneurs who exhibited the mentioned traits: Vision: Without having a vision to make mark on mobile industry Mr. Dhirubhai Ambani wouldn’t have made that big. Knowledge: Without the knowledge of computers Mr. Narayan Murthy could not have made it big. Desire to succeed: Without desire to succeed Mr. Mukesh Ambani would not have ventured into Biotech, Retail. Need of Independence: Without a desire for Independence Mr. Sabeer Bhatia would not have quit his job to start his own enterprise & create Value Addition: Without providing the facility of Lifetime Free Roaming “Tata Indicom” would not have been able to create space for itself in already saturated market. Optimism:  Without being an optimist Mr. Narayan Murthy (who took loan from his wife) would not have created Infosys. So, all these examples show that if you are creative and have the passion and guts to start your own enterprise then you are bound to succeed. You just need to remove the mind blockers like inertia, Personal doubts and Family & Friends. Yes it is true that initially you will face many problems and it may be also possible that you fail in your first attempt. But you must keep patience and continue your sincere efforts. Surely you will be successful. All the five articles on Entrepreneurship for engineers are to provide motivation, confidence, skills and tools which will inspire and enable young people & engineers to start their working lives and achieve economic and social regeneration through enterprise.

Course Outline_Entrepreneurship & Innovation

Course Outline_Entrepreneurship & Innovation

Electric Vehicles in India and Role of Bosch

The brief presentation focuses on the underlying opportunities, which Bosch have when it comes to the electric vehicles segments in India. 

Business Proposal for Education sector_1

Available below are the notes for the course management and subject Entrepreneurship. The topics included in the documents are School Education Sector in India at a glance, Challenges in primary education in India, How ICT can bring about a transformation in the current education eco- system and The way forward.

Business Proposal for Education sector_2

Available below are the notes for the course management and subject Entrepreneurship. The topics included in the documents are Education Case Study, Need for betterment/improvement in the Education sector, Design, Practices, Resourcing, etc.