Entrepreneurial Process (Recall)
Impact Entrepreneurship The term Impact Entrepreneurship refers to enterprises that are ethical, transparent and make a measurable impact at scale in the social or environmental problems they aim to tackle.
Case Study – Ventureship Proces • Azim Hashim Premji is an Indian business tycoon, investor, engineer, and philanthropist, who is the chairman of Wipro Limited. He is informally known as the Czar of the Indian IT Industry • As Wipro founder
The journey of an entrepreneur Azim Hasham Premji, (born July 24, 1945
Idea – First Generation • In the year that Premji was born, his father founded Western Indian Vegetable Products Ltd., which produced vanaspati, a widely used hydrogenated shortening. Three years later colonial India was partitioned into mainly Hindu India and Muslim Pakistan, but the Premjis, a Muslim family, chose to remain in India. His father was a noted businessman and was known as Rice King of Burma. • This Indian billionaire's father declined the offer to become Pakistan's first Finance Minister
Discovery: • In 1966, just before Premji was to complete his degree in engineering at Stanford University, his father died unexpectedly. Postponing his graduation, he returned to India to take the reins of the family business and immediately began to diversify, delving into consumer products such as soap, shoes, and lightbulbs, as well as hydraulic cylinders.
Developing a • Premji renamed the company Wipro in 1977, and Business Plan in 1979, when the Indian government asked IBM Western India to leave the country, he began to steer the company toward the computer business. Vegetable Products Ltd.
Resourcing • Wipro established a number of successful international partnerships in the 1980s to help it build computer hardware for sale in India. It was software development, however, that made the firm so lucrative. Premji built a reputation for hiring the best people and providing them with unparalleled training, and he took advantage of India’s large pool of well-educated software developers who were willing to work for much less money than their American counterparts. Wipro concentrated on developing custom software for export, primarily to the United States.
Managing the company: • Wipro into an information technology powerhouse with a solid footing in foreign markets at a time when most fortunes in India were based on ownership of land and factories used to produce domestically consumed goods. In 1999 Premji officially completed his degree from Stanford through a distance-learning arrangement.
Harvesting • In 2001 he established the nonprofit Azim Premji Foundation, through which he aimed to improve the quality of elementary education in rural regions throughout India. By the end of the first decade of the 21st century, the foundation had extended computer-aided education to more than 16,000 schools, with child-friendly content increasingly available in local languages.
Transformation • He was named by Fortune in August 2003 as one of the 25 most powerful business leaders outside the US. Also in 2003 listed him as one of the ten people globally who have the “power to effect change” .Business Week in October 2003 featured him on their cover with the sobriquet “India's Tech King”
Rewarding • In 2005, the Government of India honoured him with the title of Padma Bhushan for his outstanding work in trade and commerce. • Forbes magazine named him the Bill Gates of India for his Charity work
Azim premji “MY LESSONS IN LIFE” • The first thing I have learnt is that we must always begin with our strengths. • The second lesson I have learnt is that a Rupee earned is of far more value then five found. • The third lesson I have learnt is that no one bats a hundred every time. Life has many challenges. You win some and lose some. You must enjoy winning. • The fourth lesson I have learnt is the importance of humility. • The fifth lesson I learnt is that we must always strive for excellence. • The sixth lesson I have learnt is never give up in the face of adversity. • The seven lesson I have learnt is that while you must be open to change, & do not compromise on your values. • And the final lesson learnt is that we must have faith in our own ideas even if everyone tells us that we are wrong.
Venturing with Value
Contribution to Society
• in April 2020, as the coronavirus swept across the world, but foundation has also pledged $134 million towards providing aid for the COVID-19 pandemic in India. Premji is known as one among the world's most generous billionaires after having given away $21 billion to his charitable foundation earlier.
When the government had to resort to lockdown to Seeks fairer stall the march of the global pandemic, thousands treatment of the of stranded migrant workers began walking back to underprivileged their home states by taking to the highways and some followed the silent train tracks. In one such humongous tragedy, 16 of them were mowed down by an oncoming train as they slept on tracks that they trusted will see no train traffic. Premji had been deeply moved by the incident. In a long piece he wrote for the Economic Times, he writes: \"Those sixteen young men died because we have almost no social security and too little protection - not because we have too much of it. Which is also why the lives of hundreds of millions have been torn asunder in the tsunami of the pandemic, not only because of structural poverty and inequality...\"
The persons created the Global Business
Classification 1. Business 2. Trading 3. Industrial of Entrepreneurs Entrepreneurs Entrepreneurs Entrepreneurs according to the type of 4. Corporate 5. Agricultural 6. Retail Business Entrepreneur Entrepreneur Entrepreneurs 7. Service 8. Social Entrepreneur Entrepreneur
Classification of Entrepreneur according to the Stages of Development 1. First Generation Entrepreneur 2. Modern Entrepreneurs or Innovative Entrepreneurs 3. Classical Entrepreneur 4. Inherited Entrepreneurs
1. PURE 2. INDUCED 3. MOTIVATED 4. SPONTANEOUS ENTREPRENEUR ENTREPRENEUR ENTREPRENEUR ENTREPRENEUR Classification of Entrepreneurs according to Motivational Aspects
Classification 1. Technical Entrepreneur of 2. Non-Technical Entrepreneur Entrepreneurs 3. Professional Entrepreneur according to Technological Aspects
Classification 1. INNOVATIVE 2. ADAPTIVE 3. FABIAN of Entrepreneurs ENTREPRENEUR ENTREPRENEUR ENTREPRENEUR According to Clarence Danhof 4. DRONE ENTREPRENEURS
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 new changes. They also do not desire to adopt new methods. They are very shy and stick to old customs. They are very cautious.
Drone Entrepreneurs These 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.
The skeptical entrepreneur This entrepreneur sees the success of others and immediately starts to question it. They examine that person's business and looks for the “lucky” breaks, or inheritance they think that successful entrepreneur received. This is the scariest type of entrepreneur.
The copycat entrepreneur This entrepreneur sees the success of others and tries to copy them exactly. Their website is the same, their business cards are the same, and the way they present themself is the carbon copy of a leader in their industry.
The research entrepreneur This entrepreneur loves to learn. They research every possible scenario and outcome for strategies to start or grow a business. There is nothing wrong with learning, but when that’s all you do, it becomes a problem. The research ends up becoming an excuse for not taking action.
The determined entrepreneur This entrepreneur hasn’t “made it” but they will, no matter what. They see the value in entrepreneurship, they see that success is possible without copying, and they do everything they can to start or grow their business. To get there, you need change your mindset from focusing on what too many people consider “reality” to what you know your reality can be. Successful entrepreneurs have determination as their backstory.
The accomplished entrepreneur This entrepreneur has gone through all the stages of entrepreneurship and building a business, and has reached success. They are now focused on scaling their business and leaving a legacy that extends beyond their lifetime. The accomplished entrepreneur has figured out the things that will help you reach success. They have figured out how to connect with their customer and how to solve their biggest struggles.
Tesla founderElon Musk Age 24 Year: 1995 Musk and his brother, Kimbal, foundedZip2 (originallyGlobal Link InformationNetwork), a companythat provided online city guides to newspapers like the NewYorkTimes andChicago Tribune.The companywas bought four years later by the computer company Compaq.
Dell founder Michael Dell —Age 21 Year: 1984 Michael Dell started DellTechnologies from his dorm room as a freshmanat theUniversity ofTexas inAustin.What started as a side hustle of re-vamping computers fora profit turned into a full- time gig that allowed him to convince his parents he could drop out of college.
Facebook founder MarkZuckerberg —Age 19 Year: 2004Zuckerberg launched Facebook, as \"The facebook,\" from his dorm room in 2004 as a sophomore at HarvardUniversity. He dropped out later that year in order to devote his time fully to developing the social network.
eBay founder PierreOmidyar —Age 23 Year: 1991 A few years after graduating fromTuftsUniversity, Omidyar cofounded a pen-based computing company called Ink Development with friends.The company was later rebranded as an internet shopping software company called eShop, which Microsoft bought it in 1996 for $50 million. Before that sale was even finalized,Omidyar launched eBay in 1995.
Microsoft cofounder BillGates —Age 16 Year: 1972 In high school,Gates and a friend named PaulAllen launched a business calledTraf-o-Data.The company automated the process of analyzing traffic flow data for roads inWashington. The company continued to operate even after the two finished high school, went to — and quit — college, and on through when the pair launched Microsoft in 1975.Traf-O- Data eventually failed because of whatAllen called a \"flawed business model,\" and the two focused their efforts on Microsoft.
Yahoo cofounderJerryYang —Age 25 Year: 1994 Yang metYahoo cofounder David Filo in an class they took together at Stanford as PhD candidates in electrical engineering.They started working onYahoo as a side project, in order to keep track of their favorite links on the internet.The eventually launched the online directory as \"Jerry and David'sGuide to the WorldWideWeb\" in a campus trailer in January 1994. The site got 1 million hits for the first time that year in the fall.
SoftBankcofounderMasayoshiSon —Age 24 Year: 1981 Even before launchingSoftBankat age 24,Son was already a millionaire. He made money as an undergraduate student atUC Berkeley throughtwo separate ventures: leasing video game consoles to local bars and restaurants, and developing a pocket- sized electronic translator sold toSharp Electronics in 1979. Upon returning toJapan,Son launchedSoftBankas a computer parts and software distributor.The company has since invested billions of dollars in massive tech startups likeUber, theWe Company(akaWeWork), and DoorDash.
Alibaba cofounderJack Ma —Age 29 Year: 1994 Ma quit a job teaching English at local university to launch a translation company called the Haibo TranslationAgency (\"haibo\" translates to \"vast like the sea\").While helping aChinese firm recover a payment through his translation business, Ma visited theUS in 1995 and encountered his first internet-connected computer.
Google cofounders Larry Page &Sergey Brin —Age 25 Year: 1998 TheGoogle cofounders met in 1995, when Brin touredPage aroundStanfordUniversity. Brin was a graduate student in Stanford's computer science department, and Page was considering attending the school. They reportedlyboth found each other \"obnoxious\" at first, but they became classmates when Page enrolled as a PhD student. The two started working together on a research project about cataloging every link on the internet, called \"BackRub\" at the beginning.The two soondropped out ofStanford, and foundedGoogle in 1998 out ofYouTubeCEOSusanWojcicki's garage in Menlo Park,California.
Oracle cofounder Larry Ellison — Age 32 Year: 1977 After Ellison dropped out of college twice, he worked a series of jobs in California where he picked up computer and programming skills. He landed at a tech company called Ampex, where one of his responsibilities was to build a database for the CIA
Apple cofounderSteve Jobs —Age 21 19/23 Year: 1976 Jobs andApple cofounderSteveWozniakfirst met through a mutual friend in 1971, before either started college, and became friends.They often worked together on small technology projects, and together attended meetings held by the HomebrewComputerClub in 1975.
Amazon founderJeff Bezos —Age 30 Year: 1994 Bezos left his job at hedge fund D.E. Shaw to launchAmazon.com, which started as an online bookseller. He drove across the country with his wife at the time, MacKenzie, to foundAmazon in Seattle.TheAmazonCEO spent to entire car ride \"tapping out a business plan on his computer along the way\" and \"calling prospective investors on a cell phone.\"
RiteshAgarwal -Age 24 The idea ofOravelStays struckhim when he was 18. The basic idea was a budget hotel chain that provides B&B. Realizing that no other service offereda room for a budget traveller, Ritesh took the idea fromOravel stays toOYO rooms and voila! Agarwal startedOYO with 11 only rooms in a Gurgaon hotel.
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