Business Entrepreneurship.

10th December 2006.

The mention of this expression opens a wide range of interesting attributes of human activities. The words “Business” and “Entrepreneurship” have separate connotations, but intricately woven together not only to bring forth an area of livelihood for living, but also a platform to pursue ideals in the service to humanity.
An undertaking (formed by a group of people), manufacturing a product and selling to the customers for a price is said to be in Business. In doing so, it engages trained people into the activities of purchasing raw materials, converting them into finished product, for selling to customers for a price. As these activities involve money, the economic factors come into play at a micro level, and when many enterprises get to involve in such activities, the economy assumes macro level. The scenario is similar in other sectors of economy, like agriculture, service, health care etc.
An entrepreneur is one who transforms an idea or a passion into reality, i.e., he shows innovation, starts a business on his own and the manner in which he runs it-- the skills he exhibits in terms of organizing, directing, coordinating and managing with risks, is called Entrepreneurship.
Running a business is an art. Within the organization, it calls for planning, organizing, motivating people and activities, marshaling resources- men, materials, machines and money – and using them deftly to increase productivity. For instance if it is a manufacturing unit, it could be a product, for a bank it could be a service, or for an airline, it could be transportation.
An entrepreneur is said to have a creative and innovative mind. He picks up an idea and uses his knowledge to convert it for use of others. By taking the initiative, he exhibits a positive attitude, uses his leadership skills, and with his habits of perseverance, patience and passion realizes his dream of converting that idea into reality. The idea could be a product, or a service to people. On a large scale it could be an organization or an institution.
The term “ Business Entrepreneurship” unfolds many a type of business governance – The art of running a business – by a sole proprietor, by family members, by group of people, by professionals, by institutions, and by government. This led to framing of rules and regulations under which they had to be managed. As technology developed, the barriers for expansion of a business enterprise were removed and they assumed the role of a global company. With the power of their business entrepreneurship, some companies influence the policies of the governments and institutions of repute for their benefit.
Business entrepreneurship, being a human activity is prone to thought process of the men at its helm of affairs. It could indulge in business acquisitions; merge with other enterprises; diversify its own field of activity; could take the shape of a conglomerate or it could get liquidated, all depending upon the ups and downs of the economy of managing it.
The individuals behind Hewlett-Packard, Walt Disney, Wal-Mart, Wipro, Infosys, Air-India were all entrepreneurs with a vision and stand apart in their outlook in managing a business.
If one looks at the Indian context however, there has been an upsurge in the number of small businesses. This major revolution could be attributed to several factors:
Advances in technology have led to cuts in workers and new jobs are not generated as quickly as they are lost.
Changing family needs where two incomes are needed to survive.
Societies' attitude to women is now different and more women are now working.
Home business on the increase.
Rapid technological changes have led to the proliferation of smaller companies with less number of employees.
The government has also played a catalytic role in the changing environment. By providing basic infrastructure and technical expertise, it has encouraged the growth of self-employment.
Ultimately, only a few ventures are spectacularly successful, many experience moderate success, others are marginally successful, and a few fail. Many entrepreneurs find satisfactory lives in independent careers without becoming millionaires. In the long run, however, the sky is the limit. We can go as far as our desires, abilities, preparation and divine providence permit.