The Next Generation Of Entrepreneurs In India

THE NEXT GENERATION OF ENTREPRENEURS IN INDIA

                                                                                 *G.Jayalakshmi., Ph.D Scholar       

  INTRODUCTION:

            An entrepreneur as "one who creates a product on his own account." That sounds a trifle stuffy, is very limited and doesn't fit for many of the people widely known as entrepreneurs

            What if you take someone's product and make it a success? That is not entrepreneurial?  Investor Words, a set of definitions of financial terms, define an entrepreneur as "an individual who starts his/her own business "one who organizes, manages, and assumes the risks of a business or enterprise." Assuming risk certainly fits most entrepreneurs. This definition is definitely richer, but still lacks the sense of innovation that one usually associates with entrepreneurs.

SOCIAL&BUSINESS ENTREPRENEURS:

               Moving from formal definitions, Ashoka an organization which promotes social                    change, calls for "social entrepreneurs,"

               People who open up major new possibilities in education, health, the environment, and other areas of human need, "just as business entrepreneurs lead innovation in commerce, social entrepreneurs drive social change

            The concept of business entrepreneurs leading innovation is appealing because it denotes more than just starting a business.

         Entrepreneur and businessman are two different and distinct individuals. A businessman is more concerned on the profit he will gain from introducing a new product while an entrepreneur has main concern on how people can be satisfied from that product and monetary is just his 2nd concern

ENTREPRENEURS IN INDIA:          

India is definitely the hub of entrepreneurs worldwide. More than 100 companies start every year, irrespective of the fact most of them do not survive the competition, and die out sooner. But one can't deny the fact that people in INDIA are more risk-taking. Especially the distinct 'marwari' class, here where people make it as a status symbol, and take pride in doing business.

            According to research, INDIA ranks second in terms of innovation and the entrepreneurial viewpoint or approach.. But the concept in INDIA is also changing today.

            People are encouraging their next generation to look for service options. They find it more lucrative, more 'relaxed' and a much safer and secure life. It is indeed a fact that majority population of INDIA is in the service industry, taking INDIA to the global positions.

Public Sector Organizations: Today's innovative Leaders in Performance Management.

              Who's coming up with the best new ideas for managing people's performance on the job? Surprisingly, some of the most innovative work in developing new approaches to performance management is being done these days by organizations in the public sector.

           Public sector agencies and their managers are really second-class citizens when it comes to innovation and trailblazing. I assumed, like everybody else, that new ideas always originate in the private sector and then, slowly and with great resistance, filter down to state agencies and local governments.

             My first task was to identify the companies that are doing really innovative stuff in performance management. But many of these companies turned out not to be "companies." Many of them were government agencies, and two of them -- the Air Force Research Laboratory and the Minnesota Department of Transportation -- made the final cut as best practice models.

Performance Management

      Performance management is the handy umbrella term for all of the organizational activities involved in managing people on the job. Performance appraisal, of course, is the one we think of first, and people often use the terms "performance management" and "performance appraisal" interchangeably.

• C Discipline procedures are one type of performance management system.
• C Grievance procedures too are performance management devices.

            In each of these areas, government agencies at all levels are developing and installing performance management procedures and systems that can appear revolutionary to anyone who's locked into old ways of managing people.

Performance Appraisal

            Moreover, organizational expectations of the performance appraisal system have been upgraded. Where in the past the system may have been used merely to tell old Joe how he was doing and justify his annual step increase, organizations now realize that their performance appraisal system has enormous power to genuinely transform the agency's culture.

            One of the major findings of the national benchmarking study was that best-practice organizations are using their performance appraisal process as the primary driver in forcing culture change.

Culture Change in Practice

            One of the first organizations to emerge as a genuine model of best practices in the national benchmarking study was the Air Force Research Laboratory in Dayton, Ohio, an organization of 3000 people. Their appraisal system, completely designed by their scientists and not by the personnel department, makes the novel assumption that everyone is performing at a competent level.

Focusing on results clearly indicates whether an employee is doing the job for which he is paid. That's why AFRL's performance management system evaluates employees' contributions/outputs/results. As a result, AFRL pay raises are based on contributions to the organization's mission. The system does not appraise performance or behavior, only contribution. .

More specifically, AFRL's Contribution-based Compensation System (CCS) delineates six key factors:

* Technical Problem Solving

* Communications/Reporting

* Corporate Resources Management

* Technology Transition/Transfer (Taking technology out of the laboratory environment and put it to real-world use)

* R&D Business Development

* Cooperation and Supervision

. Product Innovation:

            According to Wikipedia, "for innovation to occur, something more than the generation of a creative idea or insight is required: the insight must be put into action to make a genuine difference, resulting for example in new or altered business processes within the organization, or changes in the products and services provided".

            This is exactly where Qmarkets fits in. Your employees came up with a wide list of new ideas, and now you have to choose the best ones - and bring them into life.
Making that choice is always hard - we try to make it easier, by giving you the tools to find the products with the best chances to succeed!

The Qmarkets Concept:

Prediction markets are not our invention! This wonderful method is widely used for predicting future company events.
           We bring this power to product management.
           With Qmarkets, you can address questions such as:

• C Market adoption chance of a new product
• C Success chances for a new product/service
• C Predicted market share of company/product
• C Predicted yearly sales for a given product
• C Predicted market price per single product

THE NEXT GENERATION OF ENTREPRENEURS

The next generation of entrepreneurs the following benefits of a marketing plan

• Rallying point
• Chart to success
• Company operational instructions.
• Captured thinking
• Top-level reflection

Ideally, after writing marketing plans for a few years, you can sit back and review a series of them, year after year, and check the progress of your company. Of course, sometimes this is hard to make time for (there is that annoying real world to deal with), but it can provide an unparalleled objective view of what you've been doing with your business life over a number of years.

 "I learned more about how to interact with people and how to tailor my ideas to suit other markets. It also proved to me that my idea could work."

The dream of becoming a successful entrepreneur hasn't always been easy, he reiterates that hard work and motivation pays off.

CONCLUSION:

Deciding which product to develop next year is hard - you have so many excellent ideas to choose from...

Prediction markets offer the perfect way for choosing the product with the best chances to succeed.

A lot depends on many other factors in constituting this. For example, the background of the parent, the approach of the individual, the friend circle, he's bred in (one of the most important factors), the people you stay with, your upbringing, the education today plays a very important role today and faces a serious challenge in creating more successful, powerful leaders.

Innovation is the key to sustainability today, in any regional or global scenario. One has to understand that managers or employees who think innovatively have the traits of an entrepreneur. What lacks in them, or resists them from achieving that is RISK taking ability. This can again be attributed to the fact that the person has never had an opportunity to take risk, or has never taken an initiative. And India was ranked 2 in a research for people with most innovative thinking. I believe this is true in a context because the kind of development India has had in the past 5-10 years is beyond what we dreamt of, and also in the future it's going to be a super power by 2010. Cheers to Indian Entrepreneurs and the workforce of INDIA!