Principles of Entrepreneurship

Course Outcomes
1. Explain the role of entrepreneur in economic development
2. Demonstrate methods of generating ideas
3. Develop the business plan to start enterprises
4. Analyze various production aspects such as manufacturing costs
control, marketing management and waste reduction strategies
5. Assess financial and marketing plans and control for enterprises
6. Find the institutional support for entrepreneurship
Unit I
Introduction to Entrepreneurship: Definition of Entrepreneur, Entrepreneurial
Traits, Entrepreneur Vs. Manager, Entrepreneur Vs Entrepreneur. The
Entrepreneurial decision process- Role of Entrepreneurship in Economic
Developments, Ethics and Social responsibility of entrepreneurs, Woman as
entrepreneur.
Opportunities for entrepreneurs in India and abroad 11+4 Hours
Unit II
Creating and starting the venture: Sources of new Ideas, Methods of
generating ideas, creating problems solving- Product planning and
development process.
The business plans: Writing Business plan, Evaluating Business plans, Using
and implementing business plans, marketing plan, financial plan and the
organizational plan launching formalities.
Nature and scope of business plan 11+4 Hours
Unit III
Financing and managing the new venture: Source of Capital, record
keeping, recruitment, motivating and leading teams, financial controls,
Marketing and sales controls. E Commerce and Entrepreneurship.
New venture expansion strategies and issues: Features evaluation of
joint ventures, acquisitions, merges, franchising, Public issues, rights
issues, bonus issues
Internet advertising 11+4 Hours
Unit –IV
Institutional support Entrepreneurship: Role of Directorate of Industries,
District Industries, Centers (DICS), Industrial development Corporation (IDC),
state Financial corporation (SFCs), Small Scale Industries Development
Corporations (SSIDCs), Khadi and village Industries Commission (KVIC),
Technical Consultancy Organization (TCO), small Industries Service Institute
(SISI), National Small Industries Corporation (NSIC), Small Industries
Development Bank of India (SIDBI), salient provision under Indian Factories Act,
Employees State Insurance Act, Workmen’s Compensation Act and payment of
Bonus Act.
Labor legislation 12+3 Hours
 Introduction to Entrepreneurship
• The term ‘Entrepreneurship’ came from the French word “Entreprendre”
(undertake).
Ritesh Agarwal-OYO rooms Bhavish Aggarwal-OLA cabs Vijay Shekhar Sharma-Paytm
Byju Raveendran-BYJU’S Phanindra sharma- redbus.in
 Women Entrepreneurs

Falguni Nayar - Nykaa vandana luthra - VLCC kiran mazumdar shaw – Biocon India
Indra Nooyi- CEO, Pepsico
lijjat sisters –Shri Mahila Griha Udyog Lijjat Papad
• The term entrepreneur was applied by French economist, Cantillon in
18th century –
• a dealer who purchases the means of production for combining them
into marketable products.
taking part in the
Definition of an Entrepreneur
• An entrepreneur is defined as a person in effective control of
commercial undertaking. One who undertakes a business or an
enterprise.
• An entrepreneur is an innovative person who maximizes his profits by
following new strategies or venturing into new products or services.
• Bernard Belidor: buying labor and material at uncertain prices &
selling at contracted prices.
• Quesnay: regarded as rich farmer as an entrepreneur who manages
and makes his business profitable by his intelligence, skill and wealth.
• Adam Smith: described entrepreneur as a person who only provides
capital without taking part in the leading role in enterprise.
• Schumpeter's- The entrepreneur in advanced economy is “an
individual who introduces something new in the economy-a
method of production not yet tested by experience in the
branch of manufacture concerned, a product with which the
consumers are not yet familiar, a new source of raw material or
the new markets or like”.

• He further states that the entrepreneur's function is to “reform

or revolutionize the pattern of production by exploiting an
invention or more generally, an untried technological possibility
for producing a new commodity”.
Peter Drucker: An entrepreneur searches for change,
responds to it and exploits opportunities. Innovation is a
specific tool of an entrepreneur hence an effective
entrepreneur converts a source into a Resource.
Kilby:
Emphasizes the role of an imitator entrepreneur who does
not innovate but imitates technologies innovated by others.
Are very important in developing economies.
 Essentials characteristics or traits of an
entrepreneur

1. Success and Achievement motive: The entrepreneur is

determined to achieve high goals in business. This achievement
motive strengthens him to overcome the obstacles, suppress
anxieties and repair misfortunes to run a successful business.
2. Opportunity Explorer: An entrepreneur identifies
opportunities. He seizes opportunity and converts them into
realistic goals.
3. Facing uncertainity: Achievement oriented people tend to
tackle an unfamiliar but interesting situation. They go ahead
with solution for the problems even without the guidelines.
4. Risk bearer: He accepts moderate risk and manages it.
5. Perseverance (determination): An entrepreneur put
extreme efforts and works hard till the goal is successfully
accomplished.
6. Feedback: An entrepreneur likes to have prompt and
immediately feedback of his performances.
7. Independence: An Entrepreneur likes to be his own master
and wants to be responsible for his own decision. An
entrepreneur is a job giver not job seeker.
8. Flexibility: An entrepreneur makes decision based on the
prevailing situations. Successful entrepreneurs do not hesitate
in revising their decision. An entrepreneur is person with open
minds and not rigid.
9. Planner: An entrepreneur frames realistic business plans
and follows them rigorously to achieve the objectives in a
stipulated time limit.
10. Self-confidence: An entrepreneur directs his abilities
towards the accomplishment of goals with the help of his
strengths and weaknesses.
11. Motivator: An entrepreneur influences and initiates
people and make them think in his way and act accordingly.
12. Stress Taker: An entrepreneur as a focal point will make
many right decisions which may involve lot of physical and
emotional stress. He keeps cool under a lot of tension while
making decisions.
13. Initiates and Responsive: An effective entrepreneurs
actively seeks and takes initiative. He has been viewed as an
independent and highly self-reliant innovator. He willingly put
himself in situations where he is personally responsible for the
success or failure of the operations.
14.Internal focus of Control: An entrepreneur believes that his
accomplishments and focus are within his own control. A successful
entrepreneur believe in himself.
15.Integrity and Reliability: An entrepreneur’s integrity and reliability
are crucial factors to success. He believes that these two attributes
establish good personal and business
relationships among investors, partners, customers and creditors.
16.Creativity and Innovativeness: Creativity is an exclusively inherited
characteristic of an entrepreneur. “Creativity” is the generation of ideas
that results in the improved efficiency and effectiveness of a system.
17.Quick learner: He will have strong desire to know well and improve
performance.
18. Tolerance: He has ability to face setbacks, surprises and stress. He is
not disappointed or depressed by a failure.
19. Vision: He will have a vision or foresight of what his firm should be
after few years.
20. Team building: He prefers to build strong team for the venture’s
growth and development.
21. High energy levels: He will have high energy levels to handle the
extreme workloads and stress. He fine tunes his energy levels by
carefully monitoring his food habits, exercise, routines etc.
 Entrepreneur Vs Manager

Entrepreneur Manager
1.An entrepreneur is a visionary 1.A manager, on the other hand, is
that converts an idea into a an employee. he works for a salary.
business. He is the owner of the
business
2.He bears all the financial and 2.He does not have to bear any
other risks. risks.
3.The focus of an entrepreneur lies 3.A manager will focus on the daily
in starting the business and later smooth functioning of the
expanding the business. business.
4.For an entrepreneur the key 4.But for the managers, the
motivation is achievements. motivation comes from the power
that comes with their position.
5.The reward for all the efforts of 5.The manager is an employee, so
an entrepreneur is the profit he his remuneration is the salary he
earns from the enterprise. draws from the company.
6.The entrepreneur can be 6.However, a manager’s approach
informal and casual in his role. to every problem is very formal.
7.The entrepreneur by nature is a 7.A manager, on the other hand, is
risk taker. He has to take calculated risk-averse. His job is to maintain
risks to drive the company further. the status quo of the company. So
he cannot afford risks.
8. The decision making of an 8.The decision making of a
entrepreneur is instinctive manager is calculative
Definitions of Entrepreneurship
 BASIS FOR
ENTREPRENEUR INTRAPRENEUR
COMPARISON
Meaning Entrepreneur refers to a Intrapreneur refers to an
person who set up his own employee of the
business with a new idea organization who is in
or concept. charge of undertaking
innovations in product,
service, process etc.

Approach Intuitive (spontaneous) Restorative

Resources Uses own resources. Use resources provided by
the company.
Capital Raised by him. Financed by the company.

Enterprise Newly established An existing one

Dependency Independent Dependent
Risk Borne by the entrepreneur Taken by the company.
himself.
Remuneration entrepreneurs' earnings An intrapreneur may
depend on the revenue of require working for a fixed
their businesses and can remuneration
later give themselves a
fixed monthly according to
the finances.
Skills required Ability to manage Ability to manage
workforce, time and stakeholders,
finance efficiently, Communication skills
Strategic business strategic ability and vision
operations.
Maintain focus and work business mindset, which
towards the goals of the includes understanding
business. the company resources
and the market
requirements
 The Entrepreneurial decision process

• An individual also needs to pass through a process from present

status to become an entrepreneur (just like a traveler).

• In other words, the individual / entrepreneur has to take a number of

decisions in sequential order, call it the entrepreneurial decision
process, to leave the present status and become an entrepreneur.
Fig: Entrepreneurial decision process
Present status:
It is due to uncertainty, the present state of affair is considered better
than the unknown one after the change. As such, leaving the present
status and becoming an entrepreneur (i.e., a synonym of risk and
uncertainty) is not easy as it takes a great deal of preparation and
courage to do so. Nonetheless, individuals dare it and become
entrepreneurs.
Broadly, there are two reasons for individuals to become
entrepreneurs:
(i) By chance, and
(ii) By compulsion.
As regards choice,
individuals working in marketing area become familiar with market and
gain experience and, in turn, they decide to start their own business in
that market. Sales representatives working in publishing companies
generally start their own publishing business and present such example
of becoming entrepreneurs by choice.

On the other hand, disruption in the present job/status due to

retirement, lay-off, and other compulsions also compel people to
become entrepreneurs. Thus, the idea and decision to become an
entrepreneur, i.e. to start one’s own business enterprise occurs when
an individual perceives and realizes that establishing a new enterprise is
desirable for him / her.
Reasons for Changing the Present Status:
The researchers report that people generally become entrepreneurs
because of economic reasons.
These include unemployment, completion of education, dislocation, no
or less possibility for career and / or economic prosperity, etc.
Desire for Change from the Present Status to Become Entrepreneur:
Like elsewhere in the world, there are cultures in India also which place
a high value on being entrepreneur. For example, Punjabis and
Gujaratis in India represent such cultures which value more on making
money, becoming one’s own boss, having more individual opportunities
for being successful in career and life.
more number of enterprises formed by the people belonging to the
Punjabis and Gujaratis cultures.
This is contrary in the Assamese culture..
• educational institutions and teachers are also found encouraging
individuals to regard entrepreneurship as the desirable and viable
career.
• For example, Central Board of Secondary Education (CBSE), Nagaland
Board of School Education (NBSE), Meghalaya Board of Secondary
Education (MBOSE), and Council of Higher Secondary Education
(CHSE), Odisha has very recently introduced entrepreneurship as an
optional subject at their higher secondary level of education.
• Jammu & Kashmir State Board of School Education (JKBSE) has just
introduced entrepreneurship as a compulsory subject in Class 11 and
12.
• IIMs and IITs besides teaching the subject entrepreneurship, have
even established Centre of Entrepreneurship and Innovation
Incubation to stimulate the students to form their own enterprises.
Possibilities to Become an Entrepreneur/new venture formation:
• Available literature indicates that an individual’s business background,
educational background, previous experience, government attitude,
availability of finance and market and, of course, one’s role models in
business world make it possible to form an enterprise.
• Good supporting facilities like roads, communication, internet,
transportation systems, utilities, economic and political stability,
finance, and market.
Role of Entrepreneurship in Economic Developments
1. Wealth Creation and Sharing: By establishing the business entity,
entrepreneurs invest their own resources and attract capital (in the
form of debt, equity, etc.) from investors, lenders and the public. This
mobilizes public wealth and allows people to benefit from the success
of entrepreneurs and growing businesses. This kind of pooled capital
that results in wealth creation and distribution is one of the basic
imperatives and goals of economic development.
2. Create Jobs: Entrepreneurs are by nature and definition job creators, as
opposed to job seekers. The simple translation is that when you become an
entrepreneur, there is one less job seeker in the economy, and then you provide
employment for multiple other job seekers. This kind of job creation by new
and existing businesses is again is one of the basic goals of economic
development. This is why the Govt. of India has launched initiatives such
as Startup India to promote and support new startups, and also others like
the Make in India initiative to attract foreign companies and their FDI into the
Indian economy. All this in turn creates a lot of job opportunities, and is helping
in augmenting our standards to a global level.
3. Balanced Regional Development: Entrepreneurs setting up new
businesses and industrial units help with regional development by
locating in less developed and backward areas. The growth of
industries and business in these areas leads to infrastructure
improvements like better roads and rail links, airports, stable electricity
and water supply, schools, hospitals, shopping malls and other public
and private services that would not otherwise be available.
4. GDP and Per Capita Income: India’s MSME sector, comprised of 36
million units that provide employment for more than 80 million people,
now accounts for over 37% of the country’s GDP. Each new addition to
these 36 million units makes use of even more resources like land,
labor and capital to develop products and services that add to the
national income, national product and per capita income of the
country. This growth in GDP and per capita income is again one of the
essential goals of economic development.
5. Standard of Living: Increase in the standard of living of people in a
community is yet another key goal of economic development.
Entrepreneurs again play a key role in increasing the standard of living in a
community. They do this not just by creating jobs, but also by developing
and adopting innovations that lead to improvements in the quality of life of
their employees, customers, and other stakeholders in the community. For
example, automation that reduces production costs and enables faster
production will make a business unit more productive, while also providing
its customers with the same goods at lower prices.
6. Exports: Any growing business will eventually want to get started
with exports to expand their business to foreign markets. This is an
important ingredient of economic development since it provides access
to bigger markets, and leads to currency inflows and access to the
latest cutting-edge technologies and processes being used in more
developed foreign markets. Another key benefit is that this expansion
that leads to more stable business revenue during economic downturns
in the local economy.
7. Community Development: Economic development doesn’t always
translate into community development. Community development
requires infrastructure for education and training, healthcare, and
other public services. For example, you need highly educated and
skilled workers in a community to attract new businesses. If there are
educational institutions, technical training schools and internship
opportunities, that will help build the pool of educated and skilled
workers.

Ex: GMR V foundation, Azim premji foundation

Ethics and Social responsibility of entrepreneurs
• Ethics tell you what is wrong, what is right.
• These are moral principles that govern a person’s behaviour or conducting an activity
business ethics: The study of proper business policies and practices regarding
potentially controversial issues such as corporate governance, insider trading.
Some of Ethics standards in business practices:
• to provide quality and the correct quantity of goods to consumers.
• To ensure that no harm is done to the environment.
• paying the minimum and the correct wages to workers.
• One should not use child labour in production process
• the natural resources should be used judiciously without any wastage.
Social responsibility
• Responsibility towards employees: They must provide fair wages and
salaries, adequate basic facilities like safe drinking water, electricity,
canteen, hygienic toilets, skill development programs must be
provided for their employees, good and safe working environment,
retirement benefits and pension schemes, collective bargaining.
Insurance cover and medical facilities must be provided.
• Responsibility towards customers: This must include charging
reasonable price for products or services, supplying of right quality of
goods in right quantity. No use of manipulated or false
advertisements are allowed. This must avoid unfair selling practices
and must provide fair guarantee of product.
• Responsibility towards shareholders. The shareholders are the
owners of the company and provide financial backing in return for
potential dividends over the lifetime of the company. In this a fair
return on investment safety of invested capital and this must provide
regular and complete information about the performance and
progress of the company and provide regular payment if dividend.
• Responsibility towards suppliers, creditors. Here the supplier is a
person or business that provides a product or service to another
entity. The role of a supplier in your business is to provide high quality
product from a manufacturer at a good price to a distributor or
retailer. For resale. Creditors means a creditor is an entity, entity in
the sense person or institution that extends credit by giving another
entity permission to borrow money intended to prepaid in the future.
They must maintain healthy and cooperative inter business
relationship between different businesses. They must provide
accurate and relevant information to creditors. Payment of price of
materials on time, prompt payment of interest on borrowed funds.
Producing original documents for credit processing.
• Responsibility towards public in general. Help the weaker section of
the society creation of job opportunities, improvement in living
Standards, building of basic infrastructure like roads, sewerage, health
and educational development schemes to make best use of society,
resources of their welfare.
• Responsibility towards government: payment of corporate tax
incorrect amount without manipulation of profit figures to avoid
corrupting public servants by offering bribe to encourage fair trade
practices. We must avoid monopoly practices to improve national
income. Ensuring law and order to maintain law and order in a
country, business should shoulder its responsibilities towards the
society. Otherwise people will resort to anti social activities which
may ultimately harm business. The social responsibility is helpful in
ensuring law and order in the society. It is preventive measure against
social disorders.
• Profitable opportunities. The business has little chance of success in a
society which is plugged with enormous problems and evils. Business
can meet the challenges by converting the problem into profitable
opportunities, the securities of your social responsibility company
enjoy a wider market. Among the investors. Public expectations.
Obviously, public have expectations. There is a deep conviction that
entrepreneur has a clear obligation to the good of this greater society.
The business enterprise is expected to be efficient, profitable and at
the same time socially responsible.
 Woman as entrepreneur
• Women Entrepreneurs means the women or a group of women who initiate, organize and
operate a business enterprise.
• “Women who innovate, initiate or adopt business actively are called women entrepreneurs.”
-J.Schumpeter

Features:
• Educated, skillful
Accept challenges
• Ambitious
• Hard work
• Patience
• Motivator
• Adventurous
• Conscious
• Intelligent
Challenges faced by working women/ women entrepreneurs in India

Sexual harassment
Female infanticide
Gender inequality
Unequal pay
Gender pay gap
Glass ceilings
Lack of education
Pregnancy discrimination
Work-life balance
Employment discrimination
Dowry
Family duties
Fewer sectors are women friendly
Girl child education
Health
Informal work and instability
Lack of confidence
Lack of equal opportunities
Pink collar jobs
Lack of good-paying jobs
Women entrepreneurs can be broadly categorized into five categories:
1) Affluent entrepreneurs – These are daughters and wives of wealthy
businessmen.
These women have the financial aid and the necessary resources to start a new
enterprise and take business risks.

2) Pull factors – These are educated women living in urban areas with or without
work experience who take the risk of a new enterprise with the help of financial
institutions and commercial banks. These women take up a new business as a
challenge in order to be financially independent.
Pull Factors:
a. Need and perception of Women’s Liberation, Equity etc.
b. To gain recognition, importance and social status.
c. To get economic independence
d. To utilize their free time or education
e. Women’s desire to evaluate their talent
• Push factors – These women take up some business activity in order to
overcome financial difficulties. Generally widows and single women
manage an existing family business or develop a new business due to
difficult family situations.
• Eg. Push Factors:
a. Death of family head
b. Permanent inadequacy in income of the family
c. Sudden fall in family income
• Rural entrepreneurs – These women belong to rural areas and choose a
business suiting their resources and knowledge. Business carried out
involves low investment, minimum risk and does not require any special
skills.
• Self-employed entrepreneurs – They are uneducated women who fall
below the poverty line. They choose tiny and small enterprise which are
convenient to manage and adequate for the sustenance of her family.
Scope of Opportunities for Women Entrepreneurs:
Earlier, viewing them as weak entrepreneurs caught up in limited business
area such as papad making, pickle preparation food items, paintings,
handicrafts, etc.

They have been able for show a remarkable shift from these small
entrepreneurs at ventures to modern technology-based business ventures
such as
i. Computer services and information dissemination
ii. Trading in computer stationary
iii. Computer maintenance
iv. Travel and tourism
v. Quality testing, quality control laboratories
vi. Sub-assemblies of electronic products
vii. Nutrition clubs in schools and offices
viii. Poster and indoor plant library
ix. Recreation centers for old people
x. Culture centers
xi. Screen printing, photograph and video shooting
xii. Stuffed soft toys, wooden toys
xiii. Mini laundry, community eating centers
xiv. Community kitchens
xv. Distributing and trading of house hold provision as well as saris,
dress materials, etc.
xvi. Job contracts for packaging of goods
xvii. Photocopying, typing centers
xviii. Beauty parlors
Factors Influencing Women Entrepreneurship
1. Family culture and traditions – Family culture and traditions influence
entrepreneurship.
Women entrepreneur will remain entrepreneur if its family tradition is so or if
she belongs to a pioneer entrepreneur.
2. Geographical factors and social factors – The society the state and the area
to which she belongs also influence the entrepreneurship. If she is a Punjabi
or Gujrati belonging to their respective state, will become entrepreneurs.
3. Caste system – The caste system also influences as a women who is Sindhi
may start a business at an early stage as in their caste or communities it is a
trend.
4. Government aids and policies – Government can never increase
entrepreneurship, it always helps an entrepreneur. A capable person only can
become entrepreneur even if she gets aids or adopts policies to start a
venture.
• Government can help poor class people with reservations.
Government help can be of significance if entrepreneur takes its help
for logical conclusions. But for this, caliber of an entrepreneur is also
seen.
• Inherent capabilities and efficiency – Capabilities to withstand the
competition with males requires guts and dare to become an
entrepreneur. Females require same capabilities as that of males.
Opportunities for entrepreneurs in India
1. Tourism:
• By now, tourism has emerged as number one largest smokeless and
fast growing industry in the world due to its ample promises and
prospects. Presently, it accounts for 8% of the world trade and around
20 % of service sector in the world.
• Recognizing the India’s vast tourism potential, the World Travel and
Tourism Council (WTTC) has predicted: “India has potential to become
number one tourist destination in the world with the demand
growing at 10.1% per annum.”
2. Automobile:
• India has made much headway in automobile industry and by now
has emerges as a hot spot for automobiles and auto-components. A
cost- effective hub for auto components sourcing for global auto
makers, the automobile sector is by all indications a potential sector
for entrepreneurs in India.
• India being one of the world’s largest manufacturers of small cars with
a strong engineering base and expertise, there are still many
segments untapped and un-served those entrepreneurs can focus on
in India’s automobile and auto components sector in future.
3. Textiles:
• India is famous for its textiles since long time. What is worth
mentioning that the style of apparel is unique from region to state,
thus, offering a diversified market for apparel / textile products in the
country? In view of this, India holds good potential to grow as a
preferred location for manufacturing textiles taking into account the
huge demand for garments.
• Places like Tripura and Ludhiana are, for example, now export hubs for
textiles in the country. A better understanding of the textiles markets
and the varied customer needs can greatly help unleash the potential
this sector holds in our country.
4.Social Ventures:
• There is myriad of social issues or problems in the countryside in
India, thus, offering opportunity to young entrepreneurs to plunge
into this sector. However, plunging into social ventures is as much
useful is so much challenging also.
5. Software:
• India is known for its largest pool of world class software engineer’s
world over. IT sector has contributed substantially to the Indian
economy. With one of the largest pool of software engineers, Indian
entrepreneurs can set higher targets in hardware and software
development.
• With more overseas companies outsourcing contracts to India,
business to business solutions and services emerge as potential
activities for the knowledge-based entrepreneurs in future.
Entrepreneurs can cash in on the rise in demand for IT services with
innovative and cost effective solutions.
6. Engineering Goods:
• India continues to be one of the fastest growing exporters of
engineering goods, growing at a rate of 30.1%. The government has
set a target of $5 trillion by 2024-25 for total engineering exports.
Entrepreneurs must capitalise on the booming demand for products
from the engineering industry.
7. Franchising:
• As a boon of New Economic Policy 1991 of the Government of India,
India is now well connected with the world economies. Hence,
franchising with leading brands to spread across the country could
also offer ample opportunities for young entrepreneurs especially in
services sector like education and health. With many small towns
developing at a fast pace in India, there is vast scope for spreading
franchising business in the countryside in future.
8. Education and Training:
• Knowledge being power, on the one hand, and Government’s
increasing emphasis on spreading education, on the other, there is a
good demand for education and online tutorial services in the
country. With good facilities at competitive rates, India can attract
more students from abroad in coming years signs of which have
already started. Need-based educational programmes with innovative
teaching methods can help in a big way make education develop and
flourish as an industry in the country.
9. Food Processing:
• Broadly, food processing industries include cannery, meat packing
plant, slaughterhouse, sugar industry, vegetable packing plants,
industrial rendering, etc. India’s mainstay is agriculture. Entrepreneurs
can explore many options in the food-grain cultivation and marketing
segments. Inefficient management, lack of infrastructure, proper
storage facilities leads to huge losses of food grains and fresh produce
in India.
10. Corporate Demands:
• There will be a good demand for formal attire with more companies
opening their offices in India. People who can meet this demand in a
cost-effective way can make a good business. With corporate gifting
getting very popular, this is also a unique business to explore in
growing urban culture in India.
11. Ayurveda and Traditional Medicine:
• India is well known for its herbal and Ayurvedic products. With
increasing awareness about the ill-effects of allopathic medicines,
there will be a huge demand for cosmetics, natural medicines and
remedies in coming time.
12. Organic Farming:
• Organic farming has been in practice in India for long time. That the
importance of organic farming will assume increasing importance in
the country is evident by the fact that increasing number of
consumers especially foreigners have been preferring to only organic
products.
13. Media:
• The media industry has also huge opportunities to offer to young
entrepreneurs. With the huge growth of this segment, any business in
this field will help entrepreneurs reap huge benefits. Television,
advertising, print and digital media have seen a boom in business in
the recent times and is likely to grow more in coming times.

According to a report prepared by the Federation of Indian Chamber of

Commerce and Industry (FICCI), digitisation, regionalisation,
competition, innovation, process, marketing and distribution will drive
the growth of India’s media and entertainment sector furthermore in
coming times.
14. Packaging:
• With China invading the markets with cheap plastic goods and
packaging materials, there is a good opportunity to develop good
packaging materials to meet domestic and foreign demand. There is a
huge demand from various sectors like agriculture, automotive,
consumer goods, healthcare infrastructure and packaging sectors for
plastics.
15. Floriculture:
• India’s floriculture segment is small and unorganized. There is a lot to
be done in this lucrative sector. The Indian floriculture market size
reached INR 231.7 Billion in 2022. India’s share in world trade is just
0.18 per cent. This is a huge market to be tapped considering the
rising demand for fresh flowers. More awareness and better farming
and infrastructure can boost exports of flowers in coming times.
16. Toys:
• Another evergreen industry is toy manufacturing. India has potential
to manufacture cost-effective and safe toys for the world. With
Chinese toys being pulled up for toxins, the market for safe and good
quality, toys beckons Indian entrepreneurs.
17. Healthcare Sector:
• India’s healthcare sector dismal till the other day has now good
prospects to develop in future. The private sector, that is, individual
entrepreneurs can play a vital role in developing this sector. With
medical tourism also gaining momentum, the sector can attract
foreigners who are looking for cost- effective treatment in countries
like India.
18. Biotechnology:
• After the software sector, biotechnology opens a huge potential for
entrepreneurs in India. Global evidences confirm that agricultural bio­
technology has a major impact on agricultural productivity. That is
why increasing emphasis has been given to research and
development in the agro-biotech sector with an aim to produce crops
with high level of tolerance against cold, heat and salinity.
19. Energy Solutions:
• In a power starved nation like ours, the need to develop cost-effective
and power-saving devices is gaining ever increasing significance.
There is a huge demand for low-cost sustainable energy saving
devices as well. The government has already unveiled the National
Solar Mission which has set a target of 100 GW of solar generating
capacity by the end of the year 2022.
20. Recycling Business:
• E-waste will rise to alarming proportions in the developing world
within a decade, with computer waste in India alone to grow by 500
per cent from 2007 levels by 2020, according to a UN study.
Therefore, this sector also opens new vistas of viable business
opportunity for entrepreneurs in terms of e-waste management and
disposal activities in large size.
Opportunities for entrepreneurs in
abroad
• Computer based .. (consulting, copywriting, travel writing,
photography, programming, teaching, even bookkeeping, for
example) is the easiest to launch overseas. It allows you to work from
anywhere in the world you can get a reliable internet connection…
• Online publishing…
• A franchise can be an easy way to hit the ground running with a
business model, strategy, branding, marketing, and support already in
place…
• A tourism-based business—a bed and breakfast, a dive shop, a bar,
restaurant, ice cream shop, wine store, souvenir stand, etc…
• A business targeting the expat market anywhere there is a decent-
sized expat community gives you a chance to provide a product or
service you (and your fellow expats) miss from back home…
• A niche store… because one of the big advantages of being someone
from the developed world looking to start a business in the
undeveloped world is that lots of unfilled niches will occur to you
quickly…
• Real estate is one business that many expat entrepreneurs gravitate
toward. You bring an understanding of an efficient real estate market
to places where the real estate markets are typically good.
• Import/export…
• Farming
Thank
you