Shivanand Kotian MMS A- 20 2012-14

1) What is entrepreneurship? What are essential traits required to be an entrepreneur? What traits do you have or you dont have to be an entrepreneuer? An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit. Successful businesspeople have many traits in common with one another. They are confident and optimistic. They are disciplined selfstarters. They are open to any new ideas which cross their path. Here are ten traits of the successful entrepreneur. 1. Disciplined These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives. 2. Confidence The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do. 3. Open Minded Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. They have the ability to look at everything around them and focus it toward their goals. 4. Self Starter Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. They are proactive, not waiting for someone to give them permission. 5. Competitive Many companies are formed because an entrepreneur knows that they can do a job better than another. They need to win at the sports they play and need to win at the businesses that they create. An entrepreneur will highlight their own companys track record of success. 6. Creativity One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are the synthesis of other items. They will repurpose products to market them to new industries. 7. Determination

Shivanand Kotian MMS A- 20 2012-14

Entrepreneurs are not disheartened by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavours succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done. 8. Strong people skills The entrepreneur has strong communication skills to sell the product and motivate employees. Most successful entrepreneurs know how to motivate their employees so the business grows overall. They are very good at highlighting the benefits of any situation and coaching others to their success. 9. Strong work ethic The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. They will come in on their days off to make sure that an outcome meets their expectations. Their mind is constantly on their work, whether they are in or out of the workplace. 10. Passion Passion is the most important trait of the successful entrepreneur. They genuinely love their work. They are willing to put in those extra hours to make the business succeed because there is a joy their business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better. Successful entrepreneurs want to see what the view is like at the top of the business mountain. Once they see it, they want to go further. They know how to talk to their employees, and their businesses soar as a result.

I have a strong people skills and creative ability along with being determined and passionate about what I want to do. But I fall short of being disciplined in handling things and also sometimes shy of taking the first step.

3) What are the government agencies to support entrepreneurship in India? The Government has setup various organisations which specialize in industry promotion & entrepreneurship development in different sectors. The organisations provide policy framework support, in addition to training & financial aid. i. ii. iii. iv. v. Khadi & Village Industries Commission COIR Board Small Industries Development Bank of India National Manufacturing Competitiveness Council National Skill Development Corporation

Shivanand Kotian MMS A- 20 2012-14

State Level Initiatives

Individual states across India have setup specially focussed organisations which work towards the development & support of small scale industries. These organisations run specific promotional schemes in addition to providing financial support to industries. i. ii. iii. List of State Financial Corporations (SFCs) List of State Industrial Development Corporations (SIDCs) Development Support Organisations

Government of India has also set up various organizations that are at the forefront in providing support and training for the budding entrepreneurs. Few of them are: i. Central Footwear Training Institute - Agra ii. Indo-German Tool Room - Ahmedabad iii. Indo-German Tool Room -Aurangabad iv. Central Institute of Tool Design - Hyderabad v. Central Tool Room - Ludhiana vi. Indo-German Tool Room - Indore vii. Central Tool Room & Training Center - Bubhaneshwar viii. Circle Telecom Training Center - Kolkata ix. Indo-Danish Tool Room - Jamshedpur x. Institute for Design of Electrical Measuring Instruments xi. Electronics Service & Training Center - Ramnagar xii. Fragrance & Flavour Development Center - Kannuaj xiii. Industry Associations There are a variety of associations which help & encourage the cause of industry. These associations provide support & strength to the entrepreneurs & the organisations they setup. Additionally, industry association networks are crucial in steering government policy & action as well. i. Complete list of Industry Associations ii. National Bank for Agriculture & Rural Development (NABARD) iii. Laghu Udyog Bharati (LUB) iv. Federation of Indian Chambers of Commerce and Industry (FICCI) v. Confederation of Indian Industry (CII) vi. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) vii. Federation of Indian Micro and Small & Medium Enterprises (FISME) viii. World Association for Small and Medium Enterprises (WASME) ix. India Trade Promotion Organisation (ITPO) x. Technology Innovation Management and Entrepreneurship Information Service xi. Asian and Pacific Centre for Transfer of Technology (APCTT) xii. International Organisations

Shivanand Kotian MMS A- 20 2012-14

Akin to national industry and sector based networks, an even higher responsibility lies with global associations which chart out the developmental role to be played by various international governments while forming their trade & industry policies. i. International Network for SMEs ii. WIPO Small and Medium-Sized Enterprises iii. United Nations Industrial Development Organization iv. World Trade Organisation v. European Commission - Enterprise & Industry vi. Innovation - SMEs vii. Canadian International Development Agency viii. Small and Medium-sized Enterprise Center, Canada ix. SME Centre, Hongkong x. Small and Medium Enterprises in Ireland xi. SME Information of Japan xii. World Trade Centre, Mumbai xiii. Small and Medium Enterprise Development Authority, Pakistan xiv. Swedish International Development Agency xv. Department for International Development, UK xvi. Ministry of Economy, Mexico xvii. Small and Medium Enterprises Development, Washington, USA