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ENTREPRENEURSHIP

DEVELOPMENT

[Year 10-12- A B ]

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Objectives1-To provide necessary exposure to the

students to the fields of entrepreneurshipdevelopment

2-To understand the steps involved andattributes of a successful entrepreneur

2- To assist them to develop new projects and

encourage to start innovative and newventures

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Entrepreneurship and itsSignificance

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INTRODUCTIONTO ENTREPRENEURSHIP

Ean-Baptiste Say, an Industrialists definition associatesentrepreneur with the functions of coordination

,organization, and supervision . According to him theentrepreneur is one who combines the land of one ,the laborof another and the capital of yet another and thus producesa product

He elaborates following three more implicit factorsdeemed to be essential

a)Moral qualities for work judgment ,perseverance and aknowledge about the business world

b)Command over sufficient capital

c)Uncertainty of profits

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WHATIS ENTREPRENEURSHIP?

Entrepreneurship is concerned with stimulating

economic progress through innovation andaction.

Entrepreneurship is the process by which

individuals pursue opportunities without regard toresources they currently control.

The essence of entrepreneurial behavior isidentifying opportunities and putting sizable

ideas into practice It requires creativity ,drive ,and a willingness to

take risks

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WHOISCALLEDAN ENTREPRENEUR?

Economist Jean Baptiste Say, describedentrepreneurs as the venturesome individuals whostimulated economic progress by finding new andbetter ways of doing things.

In other words, entrepreneurs optimize theallocation and use of resources ,to generatemaximal profits.

The entrepreneur has the courage to takecalculated risks, sometimes even doing things thatothers think are unwise, or even undoable.

The entrepreneur also carries projects through, tocompletion, and is uninhibited by occasionalsetbacks or challenges

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TOSUMUP----

The function of entrepreneurs is to reformor revolutionize the pattern ofproductionbyexploiting an inventionor,

more generally, anuntried technologicalpossibilityfor producing a new commodityorproducing an old one in a new way, byopening up anew source of supplyof

materials or anew outletfor products, byreorganizing an industry

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WHYBECOMEANENTREPRENEUR ?

Three main reasons

1- Be their own boss 2-Pursue their own ideas

3- Realize financial rewards

1-People who become entrepreneurs for the first reason

typically do not grow their firms beyond their immediatecontrol

2-The second reason people are alert, and when theyrecognize ideas for new product or services, they havea desire to see those ideas realized .

Corporate entrepreneurs who innovate have amechanism for ideas to become known.

Establish firms resist innovation and the people withinnovative ideas choose to leave firms

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3-The third motivation is however is typically

secondary to the first two .

The average entrepreneur does not make moremoney than someone with a similar amt ofresponsibility in a traditional job

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QUALITIESANDTRAITSOFASUCCESSFULENTREPRENEUR

Willingness to make sacrifices

LeadershipDecisivenessConfidence in the projectMarketing orientation

Strong ego

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CONTINUED----

Willingness to make sacrifices

The entrepreneur has to be prepared to sacrificehis time ,energy, and resources. Must be willing

to struggle, sacrificing personal comforts andconveniences. Its not a typical nine to fiveexecutive job. It is far more demanding,requiring total commitment

Leadership Generally have strong leadership qualities. Able

to inspire ordinary persons. They are able to firepeople with zeal

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TYPESOF ENTREPRENEURS

On the basis of study of entrepreneursworld over they can be classified asfollows

Innovative Entrepreneurs

It characterizes aggressive assemblage of information

and analysis of results. These persons are aggressive in experimentation

Introduce new products and new methods ofproduction, opens new market and reorganizes theenterprise

Found in developed countries

Innovative entrepreneurs played a key role in the riseof modern capitalism, through their enterprising spiritand ability to exploit opportunities .

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Adoptive or Imitative Entrepreneurs

Instead of innovating they just imitate the technology,knowledge and skills already available in moreadvanced countries

These entrepreneurs are important in underdeveloped

countries as they contribute significantly to thedevelopment of these nations

Imitative entrepreneurs help to transform the system withthe limited resources available and also face lesser risk

and uncertainty

They are mostly small scale and not be underestimated

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Fabian Entrepreneurs Entrepreneurs of this type are very cautious and skeptical

while practicing any change. They have neither the will northe desire to adopt new methods. They are shy and lazy.

Dealings are determined by customs, religion andtradition. Try to follow footsteps of predecessors

Drone Entrepreneurs

Characterized by a refusal to adopt and use opportunities to

make changes in production. They are laggards as theycontinue to operate in their traditional way and resistchanges. They are pushed out of market once theiractivity become uneconomical

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CONTINUED--

Some more categories ofentrepreneurs are Individual and Institutional Entrepreneurs

In SME sector individual entrepreneurs are dominant.

Such entrepreneurs have the advantage of flexibility,quick decision making and state patronage. But it haslimitation. After certain stage they institutionalize tohandle increasingly complex network of decision-making.

Corporate sector is the symbol of institutionalizedentrepreneurship

Entrepreneurs by inheritance

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ROLEOF ENTREPRENEURSHIPPLAYEDINECONOMICDEVELOPMENT

Entrepreneurship promotes capital formation bymobilizing the idle saving of the public

It provides immediate large scale employment,

which is the root of all socio-economics problem. It promotes balanced regional development

It helps to reduce the concentration of economicpower

It simulates the equitable redistribution of wealth,income and even political power .

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It encourages effective resource mobilizationof capital and skill which might other wiseremain unutilized

Induces backward and forward linkages whichstimulate the process of economic development

It promotes countries export trade which is an

important ingredient to economic development

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FUNCTIONSOF ENTREPRENEURS

Kilbey, classified the functions of Entrepreneur into four

groups. These are follows

AExchange relationship

Perceiving market opportunities

Gaining command over scarce resources

Purchasing inputs

Marketing of the products and responding to competition

B Political Administration

Dealing with the public bureaucracy(concession, licensesand taxes)

Managing human relation within the firm

Managing customer and supplier relations

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Management control Managing finance

Managing Production

Technology Acquiring and overseeing assembly of the factory

Industrial Engineering

Upgrading process and product quality

Introducing new production techniques and productsThe above functions may very according to the size ,type,

and setting of an enterprise and could be augmentedthrough training and education

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Arthur H. Cole has described functions of anEntrepreneur in following way

1-Determination of objectives . And then change of thoseas conditions required.

2-Development of an organization including efficientrelationship with employees

3-Securing adequate financial resources and relationship with existing and potential investors

4-Acquiring efficient technological equipment and itsrevision if required

5-Development of new market for the product anddevising of new products to meet consumers demand

6-Maintenance of good relationship with public authoritiesand with society at large

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THE ENTREPRENEURIALPROCESS

The entrepreneurial process consists of fourimportant steps

Step-1 Deciding to become an entrepreneur

Step-2 Developing successful business ideas

Step 3 Moving from an idea to an entrepreneurial

firm

Step 4 Managing and growing the entrepreneurialfirm

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DECIDINGTOBECOMEANENTREPRENEUR

Step 1People become entrepreneurs to be their

own boss ,to pursue their own ideas and to

realize financial rewards

Some times a triggering event prompts anindividual to become an entrepreneur

Lifestyle issues may also triggerentrepreneur careers eg. A woman may waituntil her youngest child in school .etc

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Step 2 Developing successfulbusiness ideas

It includes

Opportunity recognition, Feasibility analysis

Writing a business plan,

Industry analysis and Development of an effective Business Model

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A firms business model is its Plan, for how itcompetes ,use its resources ,interfaces with itscustomers ,and creates value ,to sustain itself on thebasis of, profit it generates

Step 3 [moving from an idea to anEntrepreneurial firm

Turning an idea into reality is to build a new ventureteam.eg Assembling the firms initial mgt. team and

selecting a Board of directors and Board of advisors

Assessinga new ventures financial strengths andviability

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Preparing a proper ethical and legal foundation fora firm including selecting an appropriate form ofbusiness ownership

To have a written business plan to raise money

and attract high quality business partners

Getting financing or funding and identifying theoptions that a firm has for raising money

S 4 M

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STEP-4 MANAGINGANDGROWINGANENTREPRENEURIALFIRM

This is a final stage of an entrepreneurialprocess

Focus on unique marketing issues facingentrepreneurial firms ,including selecting anappropriate target market ,building a brand and thefour Ps for the new firm .

Examine the important role of intellectual property in

the growth of entrepreneurial firmsProtecting business ideas through intellectual

property status such as patents ,trade marks, copyrights, and trade secrets

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Study strategies for growth ranging fromnew product development to mergers andacquisition

Franchising could also be a growingcomponent of entrepreneurial landscape

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TEN KEYACTION ROLESASSOCIATEDWITHENTREPRENEURS

Entrepreneurs are individuals whomake a significantdifferenceEntrepreneurs translate what is possible into reality. They

transform a simple ,ill defined idea into something that works

Entrepreneurs are creative andinnovative

Creativity and innovation are the distinguishing marks of theentrepreneur. It is a continuous activity for the entrepreneur.Creativity is combined with the ability to innovate ,to take theidea and make it work in practice

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Entrepreneurs spot and exploitopportunities Entrepreneurs are able to see or craft opportunities that

other people miss ,even though the data that generates the

idea is often there. Those gifted few who are both inventorsand entrepreneurs, have a special edge

Entrepreneurs find the resources

required to exploit opportunities It is not a flash of inspiration or luck but rather it conscious anddisciplined exploitation of resources . They are experts atexploiting contacts and resources ,begging, stealing andborrowing when necessary( Stevenson,1997)

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Entrepreneurs are good networkersKnow where to find resources and how to control abusiness

Entrepreneurs are determined in the face

of adversityThey are motivated to succeed and possessdetermination and self belief

Entrepreneurs manage riskEntrepreneurs take risk they believe they understand and

can manage. They are not risk averse ,they prefer to findways of saying yes rather than no and then are willing toaccept responsibility for their decision

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Entrepreneurs have control of the business

They seems to have knack for knowing what is important andwhat to keep an eye on. They are able to see the wood for thetrees but they also know which trees to watch. Thus are able toexercise the strategic control over their business

Entrepreneurs put the customers first

They are able and willing to respond to what the customer istelling them

Entrepreneurs create capital

Creativity and innovation ,resources acquisition, networking andthe other action factors are all part of entrepreneurs intellectualand emotional capital. They are currency he uses to generate newkinds of capital such as Financial capital, Social capital,Aesthetic capital

FOUR PRIMARY CHARACTERISTICS OF

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SUCCESSFULENTREPRENEUR

PASSION FORTHE BUSINESS

PRODUCT/CUSTOMER FOCUS

TENACITY DESPITEFAILURE

EXECUTIONINTELLIGENCE

FOUR PRIMARY CHARACTERISTICS OFSUCCESSFUL ENTREPRENEUS

CHARACTERISTICS OF SUCCESSFUL

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CHARACTERISTICSOFSUCCESSFULENTREPRENEURS

There are some common behaviors

among the successful entrepreneurs

Passion for the business It is the number one characteristic shared by those in the

context of new firm or an existing business

Passion is important because ,although rewarding theprocess of starting and building a new firm is demanding

Entrepreneurship is not for the person who is partiallycommitted

Caution-It is important to be enthusiastic but it is alsoimportant to understand its potential flaws and risks

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CONTINUE---

Product customer focus Most important element in a business is product andcustomer

Michael Dell wrote : We introduce technology that meets theneeds of our customer ,rather than introducing technology for

its own sake.

Tenacity despite failure Because entrepreneurs are trying something new ,the failure

rate associated with their efforts is high. Developing a newidea may require a certain degree of experimentation

The litmus test for entrepreneurs is their ability to pursuethrough setbacks and failures

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Execution Intelligence The ability to fashion a solid business idea into

a visible business is a key characteristics of

successful entrepreneurs In many cases execution intelligence is the factor

that determines whether a start up is successful orfails

An ancient Chinese saying warns To open abusiness is very easy ; to keep it open is verydifficult

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There are certain characteristics which are found

usually prominent in entrepreneurs . The principalones are

Self confident and Optimistic

Able to take calculated risk

Respond positively to challenges

Flexible and able to adapt

Able to get along well with others

Independent mindedVersatile knowledge

Energetic and diligent

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Creative, need to achieve

Dynamic leader

Responsive to suggestions

Take initiatives

Resourceful and persevering

Perceptive with foresight

Responsive to criticism

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COMMON MYTHS ABOUT ENTREPRENEURS Media covers articles of some typical entrepreneurs which

creates misconceptions. These are exceptions rather thanrule. The common myths and the realities

Entrepreneurs are born ,not made

This myth is based on mistaken belief that some aregenetically predisposed to be entrepreneurs

Studies on psychological and sociological make up ofentrepreneurs show that entrepreneurs are notgenetically different from other people

No one is born to be an entrepreneur; everyone has thepotential to become one. However there are personalitytraits and characteristics commonly associated withentrepreneurs [listed separately]

CONTINUED---

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Entrepreneurs are gamblers The truth is entrepreneurs are moderate risk takers as are most

people. This myth originates from two sources

First the entrepreneurs typically have jobs that are lessstructured facing uncertainty in prospects. Secondly manyentrepreneurs have strong need to achieve and setchallenging goals

These behaviors are some time equated with risk taking bycommon man

Entrepreneurs are motivated primarily bymoney

Entrepreneurs do seek financial rewards however money israrely the primary reason entrepreneurs start new firm

Some successful entrepreneurs say If you chase money youwill never get it ,They warn pursuit of money can bedistracting

CONTINUED

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Entrepreneurs should be young and energetic What makes an entrepreneur strong in the eyes of an Investor

is experience in the area of the proposed business ,skills andabilities that will help the business ,a solid reputation ,a trackrecord of success and passion about the business idea

Majority of above qualities favour older rather than youngerentrepreneurs

Entrepreneurs love the spotlight A few are flamboyant but vast majority of entrepreneurs do not

attract public attention

Many avoid public notice due to the products or services theyare working on

We do not know the names of founders of many products orservices ,which we use frequently

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INTRAPRENEURS-ANEMERGINGCLASS

Intrpreneurship the latest buzz word in India Inc.has started gaining momentum

Some of the well established companies learn tomake use of entrepreneurial talents within to avoid

stagnation and decline. An employee who is given the financial support and

resources to create new products, services and

systems is called an Intrapreneur . The intrapreneurs introduce new products

,services and process which enable the company togrow and succeed in a changing environment

CONTINUED

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We need a system and an organization culture

within a large organization that would allow theexecutives to operate like entrepreneurs

Some firms create a system which will provide

selected executives a status within the corporationto that of an entrepreneur in a society Such peopleare Intra-corporate Entrepreneurs orIntrapreneurs

Some of the greatest business leaders of the pastmade their early mark in in business as Intrapreneur

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A strong and healthy risk taking culture isrequired ,where risk taking managers areassured of security and rewards

Intrpreneur is an organization man operating

from within an organization whereasEntrepreneur operates from outside

Both the entrepreneur and the intrapreneurare innovators and both perform the function of

organization and management .But the contextswithin which the two operate and the degree ofrisk they bear are different

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Most progressive organizations view

intrapreneurship as a way to develop- andretain the best manpower they have andprovide an entrepreneurial atmosphere withinthe organization itself.

The competitive nature of the business drivesthe intrapreneur culture

Indian companies have started empowering

people in the lower levels where trueinnovation can occur

This considered to be an HR tool or aninnovation tactic,

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GENERAL TRAITS OF AN INTRAPRENEUR

Three dimensional thinking

High energy Persistence Communications ability

Networking and team work skills

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MONITORING THE ENVIRONMENT

A firm must systemically monitor the environment and

assess its competitive abilities

Following are the important aspects to be studied inmonitoring the key sectors of the environment

ECONOMIC SECTOR

State of the economy

Overall rate of growth

Growth rate of primary secondary and tertiary sectors

Cyclical fluctuations Linkages with world economy

Trade surplus/deficits

Balance of payment

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Governmental sector Industrial policy

Govt. programmes and projects

Tax framework

Subsidies ,incentives, and concessions

Import and export policies

Financing norms

Lending conditions of financial institutions andcommercial banks

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Technological Sector

Emergence of new technologies

Access to technological know-how, foreign as well asindigenous

Receptiveness on the part of industry

Socio-demographic sector

Population trends

Age shift in population

Income distribution Employment of women

Attitudes towards consumption and investment

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Competition Sector

Number of firms in the industry and the market share ofthe top few Degree of homogeneity and differentiation among

products Entry barriers Comparison with substitutes in terms of quality, price,

and appeal Marketing policies and practices

Supplier Sector

Availability ,and cost of raw materials and sub-assemblies

Availability and cost of energy Availability and cost of money

I R

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IDENTIFYINGAND RECOGNIZINGOPPORTUNITIES

Entrepreneurs recognize an opportunity andturn it into a successful business

An opportunity is a favorable set of

circumstances that creates a need for a newproduct, service or business

An entrepreneur must rely on instinct, whichmakes it an art, and on purposeful action and

analytical techniques, which makes itscience

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An opportunity has four essential qualities

, it is 1) attractive2) Durable, 3)timely and 4)anchoredin a product, service or business

- [that adds value for its end user]

Important to understand that there is a differencebetween an opportunity and an idea.

An idea is a thought ,impression or notion. It mayor may not meet the criteria of an opportunity

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There are two ways to identify anopportunityObserving trends

First approach is to observe trends and study

Economic factors ,social factors.Technological advances, and political action arethe most important trends to follow

Entrepreneurs who have industry experience, whohave well establish social network, who arecreative ,and who are in general alert are morelikely to spot trends and interpret themcorrectly

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Some of the recent trends thatallow for the new opportunities are

Family and work patterns

The aging of the population

The increasing diversity in the workplace Globalization of the industry Increasing focus on healthcare and fitness

The proliferation of computers and the internet

Increase in the numbers of cell phones users New forms of music and other forms of entertainment

C

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Economic forces Economic forces affect consumers level of disposable

income .Individual sectors of the economy have a directimpact on consumer buying patterns

When studying how economic forces affect opportunities ,itis important to evaluate who has money to spend

Social Forces The proliferation of fast food restaurants is due to the fact

that people are busy, working women strength isincreasing etc

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Technological advances Advances in technology frequently dovetail with economic

and social changes to create opportunities

Eg Creation of cell phone is a technological achievement,but it was motivated by increasing mobile population

Political Action and RegulatoryChanges

New laws create opportunities for entrepreneurs to startfirms to help companies comply with these laws

[Environmental protection agency, Occupational safety andhealth regulations etc]

Eg.-Global political instability and the threat of terrorism haveresulted in many firms becoming more security conscious.Companies want the data to be protected

ENVIRONMENTAL TRENDS SUGGESTING

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ENVIRONMENTALTRENDS SUGGESTINGBUSINESSOPPORTUNITIES GAPS

Economic Forces

State of the EconomyLevel of disposable incomeConsumer spending pattern

Social ForcesSocial and cultural trends

Demographic changesWhat people think is in

Technological AdvancesNew technologies

Emerging technologiesNew uses of old tech

Political and RegulatoryChanges

New changes in political arena

New laws and regulations

Business,Product or

service

opportunityGapDifferencebetweenwhats

available

&whatspossible

Newbusiness

,productand

servicesideas

C

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CREATIVITY

Creativity is the process of generating a novel or usefulidea. Opportunity recognition ,may be at least in part, acreative process.

For an individual the creative process can be broken intofive stages [See the chart]

The vertical arrows suggest that at any stage an individualgets stuck to continue, the best choice is to return to thepreparation stageto obtain more knowledge orexperience before continuing to move forward

FIVE STEPS GENERATING CREATIVE

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FIVESTEPS GENERATINGCREATIVEIDEAS

Preparation

Incubation

InsightBusiness idea

conceivedProblem solved

Evaluation

Elaboration

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PreparationPreparation is the background,experience, and knowledge that the entrepreneurbrings to the opportunity recognition process

IncubationIt is the stage during which a personconsiders an idea or thinks about a problem.

Sometimes incubation is a conscious activity andsometimes it is unconscious and occurs while engagedin another activity

InsightInsight is a flash of recognitionwhen thesolution to a problem is seen or an idea is born.Sometimes called the Eureka experience

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EvaluationIt is the stage of the creativeprocessduring which an idea is subjected toscrutiny and analyzed for its viability.Entrepreneurs should not skip this step

It is the challenging stage of the process because itrequires to take a candid look at the viabilityof anidea

ElaborationIt is the stage during which thecreative idea is put into a final form. The idea istransformed into something of value, such as a newproduct ,service or business concept.

This is a point at which a business plan is written

OPPORTUNITY RECOGNITION

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OPPORTUNITYRECOGNITIONPROCESS

There is a connection between an awareness ofemerging trends and the personal characteristics ofthe entrepreneurs

Eg An entrepreneur with a well establish social

network may be in a better position to recognizeemerging technological trends

As the same time an awareness of emerging trendsuch as digitisation may prompt an entrer To attend

conference or workshop ---expanding socialnetwork

Opportunity recognitionprocess

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EnvironmentalTrends

Economic factorsSocial FactorsTech. advances

Political & regulatorychanges

Personalcharacteristics of an

EntrePrior experienceCognitive factors

Social networksCreativity

Business product orService opportunity

gapDifference betweenwhats available and

whats possible

Newbusiness,

product &serviceIdeas

process

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TECHNIQUESFOR GENERATINGIDEAS In general entrepreneurs generate more ideas than

opportunities. Several techniques can be used to find the bestway to stimulate and facilitate the generation of new ideasfor products ,services ,and business .

Brainstorming

Used to generate ideas quickly. Not for analysis or decisionmaking ,Ideas generated by this need to be filtered later on.

The brainstorming session is targeted to a specific topic by theleader of group. An atmosphere of enthusiasm is created .Mayinvolve the employees of an organization

Focus Group A focus group is selected because of their relationship to the

issue. Usually focus groups are conducted by trained moderators,who keep the grp. focused

CONTINUED

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Surveys Surveys generate new products ,services and business

ides since they ask specific questions and get specificanswers. Answers sometime produce interesting leads

to new products or service ideas

Other techniques Customer advisory boards, attending trade shows,

conferences and gathering of industry personnel and usethe information to stimulate new product

CREATIVITY ENHANCERS

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CREATIVITYENHANCERSOrganizational Level

Elevating creativity s importance

through out the organization

Offering tangible rewards to thosegenerating new ideas

Investing in resources that helpemployees sharpen their creative skills

Hiring people different from thosecurrently working in the company

Individual Level

Listening attentively in order toacknowledge and provide early

support to ideas

Dealing with employees as equals

to show that status isnt veryimportant

Speculate ,be open and build onothers ideas

Protecting people who makehonest mistakes and are willing to

learn from them

C D

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CREATIVITY DETRACTORS

Organizational Level

Not attempting to hire creativepeople

Maintaining a stiff organizationalculture with no room for different

behaviors

Pigeonholing employees keeping

them in the same job for years

Promoting a mentality suggestingthat the best solution to all

problems have already been found

Individual SupervisoryLevel

Being pessimistic ,judgment aland critical

Punishing mistakes or failedideas

Being cynical or negative andinsisting on early precision

Being inattentive ,acting distantand remaining silent whenemployees want to discuss

new ideas

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WOMEN ENTREPRENEURSHIP

Women Entrepreneurs may be defined as a womenor group of women who initiate ,organise and run abusiness enterprise .

According to Schumpeterian innovative

entrepreneurs ,women who innovate, imitate oradopt a business activity are called women

entrepreneurs

They are those who initiate it organize or combine

the factors of production, undertake risk and handleeconomic uncertainty

F R W

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FUNCTIONSAND ROLEOF WOMENENTREPRENEURS

A women entrepreneurs must perform five functions

Explore the prospects of starting a new business

Undertaking of a risk and handling of economicuncertainties

Introduction of innovations

Coordination,administration and control

Routine supervision

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OPPORTUNITIESFORWOMENENTREPRENEUR

Many all India level surveys have proved that inrecent years ,women entrepreneurs have enteredall fields business and industry

Considering the shift in from the manufacturing

industry to the service industry,some imporantopportunities are identified for women in urbanareas

1-Computer services and information dissemination

Trading in computer stationary Travel and tourism

Sub assemblying of electronic products

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Poster and indoor plant library

Screen painting ,photography, and video shooting Community kitchens

Job contracts for packaging of goods

Crches

Beauty parlors Catering centers

Opportunities in Semi urban areas

Production of liquid soaps detergents etc

Ready made instant food products, Different types of training and coaching classes

Nursery classes

Garments

Manufacturing of leather goods

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PROBLEMSOF WOMEN ENTREPRENEURS

Women entrepreneurs face two types of problems.VizGeneral problems of entrepreneurs and problems specificto women entrepreneurs , Some are discussed as follows

Problem of finance Suffer from shortage of finance on

two accounts ,Firstly women do not generally haveproperty on their names thus access to the externalsources of funds is limited . Secondly the Banks alsoconsider women less credit worthy and discourage women

borrowers on the belief that they can at any time leave theirbusiness . Hence they fail due to shortage of funds

Scarcity of Raw material

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CONTINUED---

Stiff competition

Limited mobility

Family ties-Involvement in family leaves little time andenergy to devote for business. Background of husbandinfluence positively influence women's entry intobusiness

Lack of education60 % women are still illiterateIlliteracy is the route cause of socio economic problems.Women are unaware of business ,technology and

market knowledge

Male dominating society --Male dominated Indiansociety women are not treated equal to men ,thus servesas a barrier to women entry into business

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Low risk bearing ability

Women lead a protected life . Are not economicallyself dependant . These things reduce their ability tobear risk