Collaborative and Dynamic Entrepreneurship:

Engines of Economic Growth.

Anil Shastree Dhananjay Bapat

E-mail: anilshastree@yahoo.com
E-mail: Dhananjay1304@rediffmail.com

Department of Mechanical Engineering

A D Patel institute of Technology

New Vallabh Vidya Nagar

Abstract

This paper identifies the parameters that help in effective entrepreneurship. It identifies the
competencies of entrepreneurs and their relationships with the business. In this paper, the
various viewpoints of the entrepreneurs on growth, leadership and organization policy,
contribution to the organisation diversifications, strategic resources etc. have been discussed.
Leadership roles of an entrepreneur encompass inspiring subordinates, developing effective
relationship, getting cooperation, emphasising core values and norms, mentoring, fostering
team work and collaborative efforts, effective conflict resolutions etc. The data were gathered
from Bharuch and Vallabh Vidyanagar small and medium industries.

The paper also touches upon difference between the role of entrepreneur and corporate
executives. It also indicates the strategy for developing entrepreneurship right at the initial
stages of education and comes out with the business maturity model. The paper concludes
with model of matured enterprise with innovative and value added economic activity with
cultural base.

Prologue:

It was a distant echo for them. This is a case of an entrepreneur of around 50 years old, non-
matriculate and without any support, a run away case in harsh words, achieved good, sizable
turn over in Crore. In second case, he is a graduate in mechanical engineering, not good at
studies, some how completed engineering degree in seventies and with a small amount of
money Rs.10, 000/- went out to try his own luck. Today, he is running an enterprise that
exports 90% of its produce and has good collaborator. Third is a case of simple disclosure and
admittance that “God is great “. Started as a construction worker and handed over the business
to the second generation with Cores of rupees in hand. For all of them, after starting a
business, for next few years, had an impact on their lives that they had not predicted, not
planned. There were few occasions when they cursed themselves. There were years when they
did not buy a new sari for family and no new cloths for children and themselves.
Nevertheless, in every minute there was a struggle, necessary for survival. They took at it as a
learning period. Today these are success stories of ethical and hard work, mutual respect and
trust. All of them had one thing in common. They liked to work independently. Looking at
the machines always fascinated them; leave alone the working with it. Got the chance to work
with, they have converted the crisis into opportunity. Not because of the support of anybody,
nor any promise of bright future but out of sheer

“Will Power” to see a self-reliant day; to do something and be different from others. Finally,
be unique in own class and cast future. They believed in “ Work, work in the living present,
heart within and God over head.” Time was the essence for every one. Moreover, the survey
reveals much more. It had been a long and troublesome journey for many entrepreneurs.
However, they had been good at uncovering information. They trawled and eventually after
continuous journey, they were revealing the mysteries while discussing the their success
stories - the elements, which brought them to this successful stage. Some of them could also
see it as the start of the new business in the era of globalisation and competitiveness. They all
agree on these five things as put by Stephen Cove and considered it as great strength to be
strong in hard moments, in testing times. These are –

1) Never make a promise that we would not keep.

2) Make meaningful promises, resolutions and commitments to do better –
and share these with trust worthy people.
3) Use self knowledge and be selective about promises when we would make
4) Consider promises as a measure integrity and faith in ourselves.
5) Remember that personal integrity or self - mastery is the basis for our success

The survey further adds that for an entrepreneur the usual practice is such that they stop
and take control of the situation such that it should propel an individual forward in long-range
quest for excellence, and before every test of response to new situation, they set mind and
heart and proactively choose the response. They ask to them selves “How can I best respond
to this situation?” Choose to be the best and renew determination for customer satisfaction.”
The analysis suggests that when the principles, value system and business objectives are not
synchronized, the entrepreneur is subjected to internal doubts and resistance and often the
commitment is lost. Actions along with actual doing, do change the fiber of business
perception and their personal behavior and responses were largely a product of such self made
fuel. The entrepreneur making a promise and not fulfilling the same is treated as a basic
breakdown in his character and definitely his honor and integrity is threatened. His self-
esteem tends to diminish and eventually creates different picture. Whenever he has dealt with
the new challenge and achieved the success even partially, using ethical means and value
system, he has observed the new kind of freedom, power and capacity to soar the heights
previously undreamed of. The response can be indicated in simple terms such that as study of
mathematics is essential before algebra, algebra before calculus and one couldn’t do calculus
until understanding of algebra is achieved similarly, business has to be grown step by step in
physical and intellectual areas. There is no short cut to business success, which is to be
established with integrity and maturity. Some times, some small businessmen skip some vital
steps to save time and effort and still hope to reap the desired rewards. However, such hope is
vain. There are no short cuts in the development of professional skills -of talent or of minds
and characters .In all, there are stages or processes of growth and development; at every step
there is process of courage balanced with consideration. True entrepreneurs understand that
no bypassing, no shortcutting, no pretending or appearing, no making impressions, no amount
of dressing for success will compensate for lack of skill and business judgment. There are
values and ethics attached in the business. A flaw in the character can bring down crumbling
something that has taken years to build. Sustainability and ethics are inextricably linked .It
cannot be seen one without the other. An ethical structure discourages unhealthy behavior
and inspires superior reasoning and performance. A business cannot be a success in failed
society.

Environment & flexibility

With a global information economy, markets have become much more efficient than in the
past. This has intensified and driven competition. As a consequence, companies struggle to
create value through new product releases and leadership through scale and the people
manning industry have to deliver products of significantly better quality and value to the
customer. Given the flux and rapid pace of change, reactions to development in the market
place are swift. Hence, the employees at all levels have to be better trained more educated,
technically competent. When technologically and knowledge oriented businesses acquire or
merge with a company, one of the primary goals is to drive value by leveraging core
competencies and R&D expertise.The entrepreneurs as observed during survey were
concentrating more on their products and the developments there of. They have been building
core strengths rather than barrowing- borrowing strengths build weakness. However small the
business may be it was seen that the involved entrepreneur installs all the facilities and
masters the technique to deliver the best in the competition. He is an active member of the
supply chain at every instance. At every stage, he has been keeping an eye wide open and
many times working with Internet and developing R&D plan. Every time this entrepreneur
has ensured that, they meet the law of the land. Every time they have a sense of commitment
to the reality of product and in turn to the customer. Wherever the issues of sharing
information with other industries are involved as apart of supply chain, the information is
given precisely as required. Many companies has a sense of propriety but to increase the
sustainability the search was always on for business associates- suppliers and vendors who
also have similar sense of what is right or perceived as right. They try to match the culture.
They believe in enhancing the group dynamics improving communication and lighten the
burden of competition. They were found keen to increase the flow of knowledge, information
and reasoning capacity .It is seen that ethical organisations also play much better in teams as
they do not have to cover their tracks all the time. The world of knowledge is expanding
rapidly and global opportunities are increasingly drawing young people who are achievement
oriented. With the availability of the right caliber people, small business houses are the
islands of entrepreneurship. The test of a company is in its responsiveness and it is a measure
of its character. An ethical company responds immediately even if it believes the crisis is over
blown .It would acknowledge the problem and apply appropriate corrections. These business
people also try to build the bridge by establishing suitable linkage with academic and
technical institutions as they have better control over the organisation and people behavior.
Merit is the main criterion for the progress. For an entrepreneur, consumer is at the heart of
company’s business and therefore, ensuring product quality is an article of faith. Survey
findings reveal that the people who work with faith on themselves and confidence believe in
strong ethics and integrity. Every one who works in a company at whatever the level is an
employee and collectively accountable to company’s true owner. The interfunctional
coordination is the important factor not only to solve problems speedily but also to take
advantage of entrepreneurial opportunities. The flexibility to evolve is a hallmark of
successful alliance. Flexibility allows joint ventures to overcome problems and adapt to
change over time. A well-managed integration process relies on visible leadership,
communication. The use of integrating mechanisms such as joint development teams; job
rotations and joint meetings lead to higher levels of knowledge transfer. The individuals are
distinguished by their mindset. Entrepreneurial mindset refers to individual organisational
members who have the ability to act quickly under pressure, think creatively about new
products and services, behave flexibly when competitors strike, and take appropriate risks for
appropriate rewards. Rather than focusing on the stress and uncertainty, these organisational
members, or knowledge transfer individuals, see every problem as an opportunity for
themselves and their team to take advantage of new opportunities. If they are to evolve
alliances, they need the capacity to resolve conflicts. A partnership is best able to resolve or
avoid conflicts when it has its own management team and a strong board with operational
decision-making authority. Flexibility is important because it is inevitable that the objectives,
resources and relative power of the parents will gradually change. Even the most astute parent
companies cannot anticipate these trends and other events that will occur during the life of
alliance. Somewhere along the line, joint ventures are likely to find that their markets are
shifting, new technologies are emerging or customers’ needs are changing. Also the
strategies, skills and resources of the parent may change and alliances are up and running.
They often discover new opportunities like new market for their product or new ways to
leverage their expertise. Thus, flexibility remains at the bottom of the success. Flexibility is
also needed to overcome problems that many alliances encounter in one form or other.
Literature indicates that many joint ventures have trouble meeting their initial goal because
the expectations or projections at the outset were overly optimistic. The link between
flexibility and success is strong and sharing of certain ethos and values with a large group is
the leadership task. This happens in the atmosphere of mutual trust so that neither will
intentionally nor unintentionally offends the other thus leading to a committed relationship.
The philosophy is that Prediction is difficult especially about the future. What matters is NAV
today.

Entrepreneurs’ perceptions: - boundary breaking:

1) Growth -
An entrepreneur is the moving force to excel. He is a producer, manager, and leader. He
transforms a swamp into an oasis. People are not like machines whose output we may be able
to direct or control by pressing a few buttons. Any business where long-term stakes are
involved and sound future is envisaged must recognise that human interactions and their
results are subject to variance. Some of the factors that provide a strong motivation to people
in a business to excel are:
1) Structure of the organization
2) Fair assessment of an individual employee’s performance
3) Creation of sense of belonging to the company. (See Fig.1)

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Fig.1
One understands that growth is a natural process –you reap as you sow. Naturally, value
system brings the strength. Some businesses have vanished or became sick, as the
competitiveness was not built into the foundation. Comparison breeds’ insecurity and always
it is best to compare ourselves only with ourselves. We cannot focus or base, our happiness on
others progress and against their potential. To improve, we must start from where we are. The
survey of the entrepreneurs indicates that successful people have implemented this philosophy
in their daily life and working. This is one of the main reasons as they claim to be successful
in competition.

Attitude –
The sharing of knowledge and information, especially in technology driven mergers, is a
critical part of success. The attitude survey indicates that expanding at home in core
businesses is often the most appealing growth strategy. But in many mature industries it is not
an option - Managers are left with the choice of diversifying at home or expanding abroad
given the added challenges of managing across borders, many managers are reluctant to make
cross border acquisitions or alliances.
Harvard Business Review indicates that expanding through cross border alliances or
acquisitions is often a much more attractive option then diversifying by acquisitions
domestically. Cross border alliances and acquiring have a success rate of some what better
than 50% compared with the success rate of about 25% for home country diversification
programmes. Why? In cross border alliance partners can avoid acquisitions premiums while
combining their strengths to target core or related businesses. Moreover, most cross border
acquirers focus their sights on core businesses, where there is more opportunity to add value
than related businesses. The ability to understand and make sense of the merger from a
strategic perspective, and ability to think beyond the direct scope of the job, allows them to
make sense of the merger and move quickly to acceptance and involvement. This acceptance
and involvement leads to actions in the post-combination phase that will help drive corporate
entrepreneurship.
Our survey was based on the first generation entrepreneurs and these people having involved
in establishing the business, they were unwilling to do manufacturing activity at places where
they have no physical control. In other words, they felt that seeing believes. These
entrepreneur are willing to prosper in a backwater dominating neglected market segment as it
is sometimes more profitable than intellectually stimulating rather than doing business which
is not under their eye control or at unknown places. They were ready to enter in land of living
dead.
Entrepreneurs eventually lose interest too, if the rewards are not commensurate with their
efforts. Therefore, the entrepreneur should make sure that every one who contributes in
supply chain could expect a high, quick or sustainable return even if the venture’s total profits
are small. Survey indicated that entrepreneur’s arrogance also stand the test of adversity.
Entrepreneurs have great confidence in their talent and ideas to persevere as customers stay
away, the product does not work or business runs out of cash. Successful ventures have not
always gone or proceeded in the direction on which they initially set it out. It also indicates
their willingness to learn. For them the challenge was to take advantage of the feedback.
Collaborative approach-

Next point was the collaborative approach towards growth. Intellectual property rights and
proprietary technologies are ticklish areas in an on going alliance but they become even more
sensitive when the partners separate. Successful alliance partners tend to use several different
structural tactics to meet this challenge.

First, they isolate sensitive technologies from the venture control over drawings by
collaborators. Second, some companies centralize contact points between the joint venture
and the parents. This is relatively easy in highly centralized companies like Japanese
businesses but pose a challenge in more open and decentralised organisations like many in the
west.

Third, fixed costs that are so high they must be shared and complementary staff make it hard
for either partner to succeed without the other.

Therefore, the preference was to the joint ventures rather than collaboration otherwise going
all along singly. The entrepreneurs were taking the risk and had willingness for the same so
long as there exists the market in our own country. Alternatively, they have established the
facility based on the (technology exchange) collaborators recommendations even though they
were expensive. They were always doing the introspection to get the accurate understanding
of own strengths & weakness and power to overcome them.

Making entrepreneurship grow –

The ability to remain focused on long-term objectives while staying flexible enough to solve
day-to-day problems and recognize new opportunities; this is strategic opportunism. The
successful business people described this as a virtue while in the survey they have also
indicated that it is not an easy task. This is an area where they need good people to work with
-professionals or the financial partners. Self-directing and self-controlling individuals could
work toward fulfilling the terms of agreement. The entrepreneurs are turning professional;
professionals are acquiring entrepreneurial attitudes and skills. The change is coming where
in the employees are no longer regarded as providers of services but as partners and
associates. Employees would give accountability by evaluating against the criteria specified
in Win –Win agreement.
They are
1) Win –win agreement
2) Self supervision
3) Helpful structure and systems
4) Accountability
Since the employees, managers usually are of a high caliber with an eye in the future, they
would all be of high competence levels .It is a challenge to keep motivating them. It is
conceivable that organizational structure have to be looked at innovatively in order to meet
motivational needs of people and position them in jobs with right responsibilities. Each day
brings an incessant stream of surprises, new information, opportunities and chaotic intrusion
of short-term problems. As a result many executives’ and entrepreneurs daily agendas are
diffused and become reactive rather than logical extension of a global long-term plan.
Successful business people have proved that the long-term objectives if implemented in right
time with business judgment with day-to-day opportunities lead to participation in global
competition. Failing to think strategically has a price of course, so the challenge is to maintain
both flexibility and direction. While no magic formula exists for balancing” today’s to do list
“ against long-term plan. Strategic opportunism can be an effective way to respond to
immediate concerns while setting and pursuing long term goal. Taking the advantage
(ethically) of expected and to stay receptive to new information & opportunities not
accounted for in the strategic plan gives the understanding of the business judgment. (See
Fig.2)
Employee -

Partner Long Term Objective

Accountability

Direction
Fig.2
Recognized
New
Opportunities

Perception and Growth

In an entrepreneurial set up, managerial expectations must pass the test of reality before they
can translate into performance. Subordinates will not be motivated to reach high levels of
productivity unless they consider the boss’s high expectations realistic and achievable.
Superior managers have greater confidence than other managers do in their own ability to
develop the talents of their subordinates. Contrary to what might be assumed the high
expectations of superior managers are based primarily on what they think about themselves,
about their own ability to select train and motivate their subordinate. If they have confidence
in their ability to develop and stimulate them to high level of performance, they will expect
much of them and will treat them with confidence that their expectations will be met.
Nevertheless, if they have doubts their ability to stimulate them and treat them with less
confidence. Managerial expectations have their most magical influence on young people. A
young person’s first manager is likely to be the most influential in his or her career. If this
manager is unable to or unwilling to develop the skills the young employee needs to perform
effectively, the latter will set lower personal standard than he or she is capable of achieving,
that person’s self image will be impaired. He or she will develop negative attitude towards the
job, the employer and in all probability his or her career in business. Since the chances of
building a successful career with the employer will decline rapidly he or she will leave if the
person has high aspirations in hope of finding a better opportunity .On the other hand, the
managers help the employee to achieve the maximum potential, he or she will build the
foundation for a successful career. The challenge is clear; to speed the development of
managers who will treat their subordinates in ways that lead to high performance and career
satisfaction. If managers are unskilled, they leave scars on the careers of young people, cut
deeply into their self-esteem and distort their image of themselves as human beings. However,
if they are skillful and have high expectations of their subordinate their self-confidence will
grow, their capabilities will develop and their productivity will be high. Most often than one
realizes the manager is PYGMALION. (See Fig 3) It would be analogues to telling one
flower,” Grow, Grow and then watering another flower”. The main or parent entrepreneur
keeps itself lean and agile by developing another entrepreneur adding to business house and
thus enlarge the group business. This chain has to succeed in the business atmosphere where
the goals are fixed and business environment is changing.

Fig.3

Pygmalion—Growth

Entrepreneurship & Corporate management

At the root of the differences between Entrepreneurship and Corporate management, stands
the deep divide that oppose exploration to exploitation. The exploration/exploitation
antagonism is a central theme in management and organisation sciences. Entrepreneurship,
which implies identifying, addressed needs proposing original solutions and creating new
organizations is centered on explorations while corporate management that focuses on
optimizing the use of existing resources making judicious allocation decisions and controlling
 their correct utilisation is centered on exploitation. Not surprisingly the two realities collide.
Entrepreneurship is exposed to the liabilities of the new and to failure, .The entrepreneurial
process is complex and uncertain corporate management on the contrary, because it aims at
“doing better what it already does well” takes place within a familiar context. , can capitalize
on past experiences and apply proven recipes. It is less exposed to failure than
Entrepreneurship and is in fact characterised by a marked “anti failure biased”. Individuals are
the heart of entrepreneurship process. These individuals– the entrepreneurs are self-
determined and freer than their Corporate Management counterparts are. Corporate Managers
are bound to their organizations –as trustees and employees –and to their colleagues –on
whom they depend for resources and legitimacy. These differences in terms of status have
important behavioral implications. The resources they control drive entrepreneurs ‘strategic
orientation is driven by their personal perception of opportunities while corporate managers’
strategic orientation. Entrepreneurs unburdened by internal politics and administrative
heritage can modify their plans at will and adapt them to changing opportunities and
conditions. By comparison, corporate managers have little flexibility, their decisions have to
factor a myriad of administrative and political constraints and are biased towards large up –
front commitments. In order to survive entrepreneurs need to perform miracle i.e. to
overcome various critical projects hurdles with very limited resources except for their
ingenuity and social capital. Corporate Manager on the contrary can use the vast pool of
resources to which they have access to “arrange a negotiated environment and reduce the risk
of failure”. Entrepreneurship process does not take place at the margin of corporation but
within the corporation because it is embedded in the corporation .In mature organizations CE
values and norms are dominant and those who are not a part of mainstream but belong to
minority, as minority members CE are most likely to receive inadequate support and
recognition. Finally, even though they usually enjoy some autonomy CE ultimately remain
employees contractually bound to and rewarded by the corporation. (See fig.4)

Entrepreneur Corporate Executive

Exploration Exploitation
Entrepreneurial Original Solution Judicious decision Structural
Autonomy New organization Systems Determinants
No fear of Failure Anti Failure working
Positive attitude Result Oriented

Fig.4

Individual Autonomy VS Corporate Executive

Planning and execution

The quality of success a business plan to achieve tomorrow and the future it creates for itself
largely depends on the “People Decision” which has been made today. This takes into account
effectiveness of present organisational structure, the changes needed to meet future business
demands assessment of management resources and specific training requirements. It is
observed that in successful small business organisation a good business plan is always wished
to be a well thought out action to rejuvenate and renew talent of high caliber and management
committed to a culture of excellence. But Entrepreneurs typically lack the time and money to
interview a representative cross section of potential customer By the time an opportunity is
investigated it may no longer exist. Successful entrepreneurs do spend some time in
researching and analysing but there is no definite relationships between the times spend and
improvements made. Yet, all ventures merit some analysis and planning. Successful
entrepreneurs do not take risks blindly They use quick cheap approach that represents middle
ground between planning paralysis and no planning at all. They do not expect perfection.
Compared to typical corporate practice however, the entrepreneurial approach is more
economical and timely. The evidence suggests three general guidelines for aspiring founders:
1) Screen opportunities quickly to weed out uncompromising ventures.
2) Analyze ideas parsimoniously. Focus on a few important issues.
3) Integrate actions and analysis .Do not wait for all the answers
In addition, be ready for change in course.
Screening out uncompromising ventures requires judgment and reflection not new data.
Profitable survival requires an edge derived from some combination of creative idea and
superior capacity for execution .The entrepreneur’s creativity may involve an innovative
product or a process that changes the existing order. However, entrepreneurs cannot rely on
just inventing new products or anticipating a trend. Successful start-ups do not need an edge
on every front. The creativity of successful entrepreneurs varies considerably. Survey
indicates that there is no ideal entrepreneurial profile: successful founders can be gregarious
or taciturn, analytical or intuitive, good or terrible with details, risk averse or thrill seeking
They can be delegators or control freaks, pillars of the community or outsiders. Successful
small entrepreneurs depend mainly on personal selling skills, contacts, their reputation for
expertise and their ability to convince clients of the value of the services rendered.

Making of an young entrepreneur

Teaching institutions can always play a vital role in making of an entrepreneur. Quoting again
about George Bernard Shaw‘s Pygmalion Elisa Doolittle explains:” You see really and truly
apart from the things any one can pick up –the dressing and the proper way of speaking and
so on, the difference between the a lady is not how she behaves but how she is treated.” Some
teachers always treat their students in a way that lead to superior performance. This is the
business birth rate strategy. But most teachers like professor Higgins unintentionally treat
their students in a way that lead to lower performance than they are capable of achieving The
way teachers treat their students is subtly influenced by what they expect out of them. If
teachers’ expectations are high, productivity is likely to be excellent, if their expectations are
low, the productivity is likely to be poor. What seems to be critical in the communications of
expectations is not what the teacher says so much as the way he or she behaves. Indifferent
and non-committal treatment more often than not is the kind of treatment that communicates
low expectations and leads to poor performance. Generally, students behave the way they are
treated.
Exploring potential

Progress does not come from the common man It is the uncommon man who brings progress
in any field. Progress invariably comes from people who are talented, who are able to see
beyond their time who are innovative and who provide leadership. Times have changed.
There is a lot more competition now, opportunities are now coming thick and fast but
vanishes quickly if not grasped in time Vision, creativity, enterprise and effective
implementation are the oars with which educational institution must row into vaster waters.
Education should help to design and generate growth oriented start up that should achieve a
reasonable level of growth this should be particularly adopted for high tech start up and for
spin out from universities. Education programs should be measured in terms of effects on
skills and attitudes rather than the long-term impact on start up rates. There is an obvious need
to build on the improvements that have taken place in the education sector. There is ample
evidence of the close connection between economic performance and business birthrate. The
connection between innovation, entrepreneurship and business start up should be more
explicitly recognized in smart and successful environment. Institutions should make the
informal network vital to the development of entrepreneurship to improve and develop the
monitoring and evaluation of new start program.
It should promote attitudes that are more positive to entrepreneurial activity and include
enterprise in education. The future should be decided by our contribution to dynamic
entrepreneurial creation not by just merely knowledge dissemination. Let the Institute
contribute to the honored phrase “Professional management ”this elitism comes from merit
and success in competition. That is the way the student should be tuned to during and after the
education

Chaos & Entrepreneurship

In present days, one has to be a job a creator rather than job seekers and the seeding has to be
done during the education itself. Howard Stevenson of Harvard Business School, which
defines entrepreneurship as “Pursuit of opportunity without regard to resources currently
controlled”. Business birth rate is influenced by population growth, migration and interest
rates. It is vital to improve upon the business start-ups as the economy is progressing so there
is a need to generate greater awareness and interest in entrepreneurship .The recent Global
Entrepreneurship Monitor report suggests that interest seems to be increasing fastest among
young people. There is a development in the increase in the Small Business Gateway but the
concern remains in the field of Marketing. The effort should be made to link policies
promoting start-ups with those promoting innovation and cluster formation. There is a clear
role-played by industry dynamics in development of entrepreneurship and the process should
cover the entire spectrum e.g. by improving integration between entrepreneurship policies and
others such as innovation or clusters. There should be a closer match between resources and
priorities -concentrating resources where the business birthrate gap is greatest such as
unrepresentative groups like women and young people or communities with low birth rate.
Volume activity should take more account of qualitative impacts such as survivability. With
high growth starts success may be better judged in terms of the investment value of supported
businesses as well as turnover and job creation. The support of high growth businesses should
operate at the national level with active involvement of the private sector. Funding to
institutions should be based on “generating entrepreneurial dynamism “. The policy should
be advocated recognizing the principal role of innovative, fast growing start ups in the process
and improve the levels of entrepreneurship. Certainly, modern leaders and managers, male
and female, need creative vision, emotional flexibility and independent decision making
capacity along with the ability to work within systems, creative networks and team. (See
Fig.5)

Fig.5

Maturity model

Building mature enterprise.

The entrepreneurs, to remain significantly and economically viable in the end should focus on
competence building and efficiency creation in their operations. Competition among the
market demands the best. It becomes imperative that the strengths are developed by core
business sustainability plan, retention and ploughing back experience for days of trials. It is
clear that with changed environment it is imperative to invest in human capital to remain fit
and to deliver best in the changed market. This will be the critical factor for success in present
economic development. Assessment of risks and trade offs can possibly be organised and
implemented by specialised skilled and involved people. The pay off is usually rewarding in
the end. In the present integrated world competencies, determine the survival so it is essential
to strengthen existing competencies and create new ones. The lifetime cycle of the technology
is becoming short hence; the knowledge base has to be upgraded with time to sustain in the
market. Entrepreneurs will have to tailor the solutions and build sustainable business models,
refashion the revenue models and increase the speed of upgrading skills. In the world where
nothing but change is eternal knowledge is the only certainty. There is a need to construct,
deconstruct and reconstruct the business in the changing market to remain competitive. Every
time and for every business decision the market understanding and its base has to be relevant
in the fast paced changing environment of the Indian economy. Successful entrepreneurs plan
their business growth by updating their organisation structure, their risk management policies,
the operational systems and procedures, management policy on compliance, finance, and
firms history and positioning in the market. Converting crisis into an opportunity is the true
entrepreneurship in the present market scenario in India. There is a need to create new
benchmark of building and trigger entrepreneurial experiments in various fields of
development management. They are the architects of change. The change is in the formation
of innovative & value added economic activity with cultural base i.e. building mature
enterprise (Putting it in elements) = Mind set of entrepreneurs + entrepreneurial principles +
mechanism of market + learning organization + redesigning the jobs + new ways of doing
jobs + self respect + pride in job + long term commitment – stiffening force of bureaucracy –
SELF EGO
To end, nation building is a challenging task and it will not help to leave that task only to the
politicians and bureaucracy. Entrepreneurs should play the vital role. They are the architects of
change.

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8) Research article:(2001) A corporate strategy perspective, 2001/12, European
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self help
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York
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