Entrepreneurship around the Globe:

The social, cultural, financial and regulatory environment in a country affects the nature and growth of entrepreneurship.

 The prerequisites of Entrepreneurship Access to capital The right regulatory and tax environment Social and cultural environment

 Working models for entrepreneurship worldwide1. The free market model eg. USA, Canada Role of Govt. is fairly ltd. Favorable Public policy Good infrastructure Rewarding tax structure

2.The guided Individualism model eg. Singapore, Taiwan. Encouragement to individual enterprise. Role of public policy

 3. The social democrat model eg. Sweden, Germany Countries that follow this model create sort of social partnership, with key aspects of the economic and social framework determined by negotiations between the different social partnersemployers,employeesand govt.

Characterizing a countrys entrepreneurial style- How high is taxation in the country ? To what extent is state ownership seen as appropriate? To what extent does the state manage the economy through regulation? How willing is the state to promote and protect trade and foreign investment? How involved is the state in labour mobility, wages and terms and conditions?

 To what degree does society aim to ensure the well being of its members in such areas as health and education? Does the country have fairly homogeneous culture or identity? To what extent is wealth distribution equal or unequal? How does the society react to success and failure? Do people generally play an active role in their communities?

 A strong macro environment with political stability and policy predictability, transparency and governance along with a physical and social infrastructure and efficient legal frame work and administrative system are the basic foundations that will enable the private sector to flourish and will foster entrepreneurship in a country. Additionally a level playing field access to finance and knowledge and skills are indispensable pillars for entrepreneurship.

Entrepreneurial culture Why is culture important ? There is a powerful connection between culture of people and its propensity to be entrepreneurial. What is the propensity to be entrepreneurial ? Are the required traits which reflect entrepreneurial behaviour present ?

what are the motivation levels ? How does society treat success and failure ? Cultures can be rewarding, supportive, tolerant and hostile. Are knowledge and skills necessary for practice of entrepreneurship in place ? ---- While business competency skills and

knowledge are part of the entrepreneurial capacity, display of such capacity is much higher amongst those who live in families or communities where there are entrepreneurs.

 What is the extent of success experienced by entrepreneurs ? --Entrepreneurs are everywhere, but the environment influences the allocation of entrepreneurship between productive and unproductive pursuits.---While some countries reward innovations which do not contribute to growth, such as managing the government and creating monopolies.

 Other countries create an eco system for growth and job producing innovators that pulls everything together. The degree to which a country is entrepreneurial , is dependant on socio economic conditions of that country. Basic factors such as favorable government policies, better reach of research and technology, quality and orientation of educational system and the positive attitude of society to entrepreneurs contribute to favorable entrepreneurial environment. Entrepreneurial behavior driven by necessity and opportunity.

 The entrepreneurship movement in India began in 1960s with the establishment of the National Institute of small Industry Extension Training(NISIET) At present MoSSI and the Ministry of Agro and Rural Industries ( ARI)promoting small scale industries in India

Enreprendre( French) Unternehmen( German) ----Undertake Joseph Schumpter ( 1934) carrying out of new combinations introduction of a new product, introduction of a new method of production, opening of a new market, the conquest of a new source of supply and carrying out of new organisation of industy Peter Drucker ( 1985) entrepreneurship is a practice

 Habitual entrepreneurs find opportunities while others fail to act during times of uncertainty. Entrepreneurial process Opportunity, resources, teamframe work Opportunity ---found shaped and created they need to be recognised and evaluated.

 A pessimist is one who makes difficulties of his opportunities and optimist is one who makes opportunities of his difficulties --Individuals who seek entrepreneurial opportunities usually generate a lot of ideas Jefrey Timmons Model- the entrepreneur always searches for change responds to it and exploits it as an opportunity Successful entrepreneurs develop the skill to transform an idea to a viable opportunity

 All ideas are not necessarily opportunities . An opportunity has the qualities of being attractive durable, timely and is anchored as a product or service which creates or adds value for the customers.

 MoSSI &ARI------Small Industries Development Organisation(SIDO) --National small Industries Corporation (NSIC) --Kahadi and Village industries commission (KVC) ---Coir Board

 The Ministry of science and technology and its dept. of science and industrial research is also involved in the promotion of this sector Several private initiatives by industry association are also directed toward enterprise promotion----eg

1. Federation of Indian Micro and Small and Medium Enterprises (FISME) 2. Confederation of Indian Industries (CII) 3. Associated chamber of Commerce and Industry (ASSOCHAM) 4. Federation of Indian chamber of Commerce and Industry (FICCI) 5. World association for small and medium enterprises ( WASME) 6. All India manufacturing organization (AIMO) 7. Federation of small industries of India ( FASII)

 Over 700 organizations throughout the country adopted an entrepreneurship strategy to accelerate the startup of Micro, small and medium enterprises.

 National Entrepreneurship Development Board( NEDP)under MoSSI-devises and recommends policies to promote entrepreneurship and supports surveys and research activities. --Grants are provided to reputable organizations engaged in entrepreneurship development for organizing workshops ,seminars and conducting research on entrepreneurship development.

 Academic Institutes, national Institute of entrepreneurship and small Business Development (NIESBUD),Indian Institute of entrepreneurship(IE), Entrepreneurship Development Institute of India in addition to regional institutes have utilised grants for accelerating entrepreneurship activities.

 The national Manufacring Competitiveness Council (NMCC) and National Commission for enterprises in the unorganized sector--promoting and strengthens competitiveness of SMEs