Entrepreneurship and Innovation

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In today’s era when the world on the path of 3I’s i.e., it is getting Integrated, Interdependent and Interrelated, globalization has taken its toll. It has become the buzzword and to its surprise competition is at its peak and Innovation and Entrepreneurship is the trend which when followed diligently leads to success.

 

Wikipedia defines Entrepreneurship as the act of being an entrepreneur, which can be defined as “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”.

 

Thus we can say that Entrepreneurship may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. In more recent times, the term entrepreneurship has been extended to include elements not related necessarily to business formation activity such as conceptualizations of entrepreneurship as a specific mindset (see also entrepreneurial mindset) resulting in entrepreneurial initiatives e.g. in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship have emerged.

Again Innovation is defined as the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society.

The famous robotics engineer Joseph F. Engelberger asserts that innovations require only three things:

 A recognized need

 Competent people with relevant technology, and

 Financial support

 

Entrepreneurship and Innovation goes hand in hand, if the later exist the former too exist. It is interdependent on each other.

 

Talking of the examples we can see Naukri.com founder Sanjeev Bhikchandani, who is a man with a lot of energy and after his successful venture is called as India’s most successful Internet Entrepreneur. His big idea of innovation to make money from online job portal made him struggle decades but his never give up attitude made him rise high, where he is today (sitting on mountain of money)

 

Other innovative ideas can include Educomp Solutions, which is India’s leading provider of digital materials to schools across India. The innovative idea of digitalizing education changed the way of education in India and not to forget changed the fate of middle class guy Shantanu Prakash. Shantanu says:

Entrepreneurship is all about being an eternal, insane optimist. There is NO place for dilemma

 

Talking of more examples we can see the Innovative idea of online travel portal stroked the mind of Deep Kalra, which changed his life. The investment of $ 2 million from a venture capitalist though made things easy for him but soon he realised the foolishness he made by offering whooping 70% in his company to VC. Soon again the dot com burst save his life, when he bought his own company from VC and became the real entrepreneur only to be called the founder of India’s leading travel portal makemytrip.com.

 

Not to forget that entrepreneurs are made and are not born. An idea changes their life. Entrepreneurs make things happen and no formal training or degree is required to be an entrepreneur, no Masters in Business, no PhD, no Diploma comes handy, what is required is the “Zeal and Ability” to take risk and Innovate.

 

Talking of few examples of people who doesn’t have any hardcore professional degree and yet are successful in their ventures we can see the famous Dosa King Prem Ganapathy, who is founder, owner of Dosa Plaza. His innovative idea made him rise from a street vendor to the owner of Dosa Plaza, which now not only have Indian branches but is famous abroad with numerous branches in places like New Zealand, Dubai, USA, and UK. His innovation list is very long, as long that he is having a trademark of 104 different kinds of Dosas to provide at Dosa Plaza and not to forget all the ingredients are handpicked and made in his very own special centre. He says entrepreneurship is all about “doing things differently”.

 

Taking another example we can see that Innovation leads to success. Elephant droppings are the last thing an ordinary person would be interested in. But, Mahima Mehra, a psychology honours graduate student was more than just ordinary. With sheer determination she set up a production unit to manufacture paper from Elephant poop. Through ordinary means, Mahima was unable to separate paper from the elephant poop but searching the internet actively helped her and she finally came to know from BBC regarding the production of paper in Sri Lanka. Atlast, after a tough one and a half year of hard work, she produced the first paper of such a kind in India. Mahima then started production of Book Marks, envelopes, bags etc from the paper and this is how brand “Haathi Chaap” was born. Mahima says “I got the innovative idea but got only failure in the beginning, but my determination to succeed in the same made me reach where I am today”

 

Talking of ecommerce we can never forget, Ishita Swarup, an IMT Ghaziabad graduate and founder/CEO at 99labels.com. Ishita always wanted to do something of her own and this attitude of hers made her leave Cadbury’s India. She changed the ecommerce industry in India by starting 99lables.com along with her partners. Ishita says “Personally challenging myself, seeing a venture take shape from idea to reality and then taking it to a growth level is something that motivates me.”

 

Other exciting ventures by students of IMT Ghaziabad

A start-up by three students of IMT Ghaziabad named JaZaa which is a financial services company and is looking to capitalize on the latent customer base that has so far stayed aloof from stock markets and investments due to non-compliance to Shariah Laws. Their business model is based on Shariah Law and is basically a platform for people looking for Shariah based investment. Wikipedia says Sharia law also known as Islamic law is the moral code and religious law of Islam.

 

Tatsam Sports Pvt. Ltd

In India “Cricket is a Religion”, which is all very good in a sense but what about the other sports? We have NO answer to this which is again bad in a sense.

 

India has a host of talented sports persons but the ecosystem to support and nurture them is nonexistent. Fulfilling this gap in Indian sports as an opportunity, Bipul Kumar, a student of IMT Ghaziabad, manifested his startup, Tatsam sports. Tatsam sports is an end to end sports solution company with an expertise in Sports consulting, Sports infrastructure planning and development, Sports training & support, equipments supply & installation and Sports events. It has been awarded as one of the top 30 promising start-ups in India by National Entrepreneurship Network (NEN). Tatsam takes a 360 degree approach. From sportsmen to educational institutes, from government bodies to business houses, they have services and solutions for all stakeholders in the sports field.

 

Thus we can see in all the cases, be it professional business gurus or normal people, who don’t even know ABC of business, there is one thing in common to succeed which is Determination. Thus to conclude, in a nutshell we can say that

“Entrepreneurs and Innovation are two sides of same coin and goes hand in hand”

About the Author:

Born on 7th September in a small town named Raniganj, in Burdwan district of West Bengal. Completed B.Tech from Heritage Institute of Technology, affliated to West Bengal University of Technology in the year 2011. Currently pursuing PGDM in International Business(Finance) from IMT Ghaziabad, 2011-2013 Batch.

Member of Placement Committee at IMT Ghaziabad.

Authored an article titled “Sports as the emerging career” selected among the best 5 articles across India during FICCI Global Sports Summit “TURF 2011”

Authored article titled “Is there any economic recession knocking the doors” published in Business Seriously magazine of IMT Ghaziabad in September 2011 and article titled “Co Marketing: A tussle between Cost Collaboration and Smart Strategy” published in premiere marketing magazine- Markezine of IMT Ghaziabad in August 2011.

Credential of publishing two research papers in International Journals on Nanotechnology and Graphical Password. Associated with Friends Club of Raniganj for Social Activities.

 

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7 Comments

  1. shruti says:

    Fabulous!

  2. Afreen Ahmed says:

    Informative article where all the ventures has been encapsulated in one frame.

  3. varsha says:

    Good work, very well researched. Thought provoking!

  4. Ramesh kumar sinha says:

    its really helpfull for young enterpreneur.0

  5. Ramiz Ahamd says:

    The article is very focused and has been written beautifully. The explanation is really vivid. All in all an appreciable and inspiring work.

  6. vivek says:

    Good piece of work.. Keep going.:)

  7. Rajat Singh says:

    Hi, Sorry for this but that’s the truth. This article lacks originality, reasoning and character, the most important attributes for any good write-up. The article seems to be a mere take off from the net with no thoughts gone behind the writing. The examples don’t support any relationship between innovation and entrepreneurship  and the rest is all mere assertion without explanation.P.S. These are views of just an avid reader

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