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Entrepreneurship

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Report on Entrepreneurship

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A) introduction

Sunil Bharti Mittal is the India's business tycoon and founder of Bharti Enterprise. He is the most renowned entrepreneur who is working in diversified fields such as telecommunication, insurance, real estate, food etc. Sunil is being selected as GSMA chairman for next two years. He is the first man from India who has achieved this honer and elected chairman for the international telecom industry board (Khachatryan and et.al, 2016). Mittal was the first person who entered into the business world, it was very difficult to survive in this industry. He faced many challenges in the field and now Sunil has become the renowned person of the corporate world. Sunil Bharti Mittal has completed his education in the Mussoorie and then he went to Gwalior. He has done his graduation from the Punjab University Arya college (Banik and Nag, 2016).

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As an entrepreneur he has proved him self and now entire world is well aware with the brand name. It was not easy for him to start his journey but taking risk and initiatives is the identity of an entrepreneur (Pitroda and Chanoff, 2015). Sunil has started his career in the year 1981 and started import export business in Mumbai. Very soon he established his business and started selling generators. His company imported material from Suzuki Motor in japan that was the first step when he has started communicating with the foreign dealers. It has developed sense of confidence in the Mr. Sunil and he was continuously working for the development of the organization (Singh and Verma, 2014).

Entrepreneur is the person who has ability to take risk and face challenges. Sunil has this quality that has made him a successful Indian entrepreneur. In the 1983, Indian government has has restricted import of portable generators. But Mittal did not loose hope and with the confidence he restructured the firm and decided to take initiate of introducing the push button phones in his own country (Nayak and Maclean, 2013). It was the great initiative that show the capabilities and skills of an entrepreneur. That has given the idea to the person to enter into the telecommunication industry. He realized that telecommunication business has great scope in the Indian market. It is the capability of an entrepreneur that to use innovative ideas for the development of the organization. Foundation of Bharti telecom limited was the true example of the skills of Sunil (Aziz, 2013). He has started the business with the brand name of beetel that was the well known brand of that time. As he was very ambitious and was having great knowledge of business world so he took risk and enter into the corporate world. At that time technologies were not that much advanced and lack of communication sources were available. People were not having much interest in such expensive phones because of low purchasing power. But daring of Mr. Mittle has given him huge success (DINKER JHA and Kumar, 2014). At that time he was dominated by may competitor brand such as Tatas, Birlas etc. But he never loosed hope and working very hard for expanding his business. That shows that he is true Indian entrepreneur who has worked for the country.

He has made partnership with the Seimens of Germany for creating the push button phones. Manufacturing of fax machine, cordless phones, answering machines were the innovative ideas and has brought the high competition in the corporate world (Nalawade and Shah, 2015). It is the responsibility of an entrepreneur to continuously work on innovations and bring innovative ideas which can help in the development of the organization. Sunil Mittal has done the same thing, he always involves its employees and take their suggestions, apart from this he built relationship with the consumers so that they tell effectively about the products. By this way he got to know about new ideas and implement these ideas in the workplace for the growth of the firm. Sunil Mittal is working in the same direction (Estrin, 2014). He identifies the current market trends and modify its business operation in the same direction. That is giving success to the organization and its all ventures are earning good profit and meeting the needs of service users.

Employee motivation is another work of an entrepreneur that helps in gaining the optimistic results to the firm. As statistical records of Bharti Enterprise shows that its staff members are very happy and they perform their duties well (Leong and et.al, 2016). Initially Mr. Sunil was deeply involved in the business activities but when government has restricted the import from other countries at that time workers of the company were very demotivated. At that time Mittal has encouraged the people and has provided them all support so that they do not feel troubled and perform their work effectively. At the time of modifying the operations many time due to lack of awareness about the latest technology, people feel demotivated and they think to leave their job. By at that time being an entrepreneur person has to provide them training and has to work on developing their skills (Gavisiddappa, 2014). So that they do not feel dishearten and work in the modify environment effectively. It is the main skill of Sunil as well, he motivates his staff members and provide them reward and recognition so that they fill satisfy and perform their responsibility significantly. As people are highly satisfied ad having good relationship with each other. So due to this conflict do not take place in the firm. That has created positive image of the company in front of mass audience (Ahmad and et.al, 2016).

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An entrepreneur has to identify the growth opportunities and have to arrange resources so that it can compete in the corporate market. An entrepreneur always look for the expansion iof the company and work in the same direction (Chelladurai, 2014). Person identifies the needs of the consumers and provide them products according to their requirements. That is why in modern era consumers are very satisfied with the services of the organization. For sustaining in the complex corporate market it is essential to satisfy the consumers and for that firm has to modify its operation as per the market demand. If company needs funds for implementing the latest technologies then it contact to investors and bank so that they can invest capital in the firm. Apart from this if corp-oration requires new talent for improving the efficiency of the operation then it hires new people in the organization (Chung and Kim, 2013). So Sunil work in the same direction and being an entrepreneur he identify the needs of the company and allocate resources for the same. So that firm can perform, well and can provide quality services to its users.

Entrepreneur workers as a leader and business mangers. Individual leads the team, guide them and train them in such direction so that every body can perform their duties well without any confusions. Being a manager, person has to ensure the quality of the products and profit of the firm. So they always ensure that company produces quality services and person checks the material so that no customer complain in the future (Bio, 2017). But if any complain takes place then they solve it immediately and replace the goods from the fresh piece. They prefer the produce quality products at minimum cost. So entrepreneur focuses on reducing the wastage and unnecessary expenses. That helps the entity in increasing the profit and develops a brand image in front of consumers. Customers feel satisfied and company become able to enhance its profit to great extent (Entrepreneurs Turn the Classic Theory of Maslow's Hierarchy of Needs on its Head, 2017). Mr. Sunil works in the same direction before launching any product in the market it cross-check the material and ensures that firm maintain the quality standards. He leads its team in such direction so that people get to know about the quality standards and do not miss this aspect.

B) background

Sunil Mittal is the business tycoon and well know Indian person, he has developed a unique image in front of customers and corporate world. Many of the small firms follow the guidelines provided by the Mittle (Bio, 2017). He does not belong from the business family, his father or no any other family member was doing any kind of business. With the help of his education and qualification he has started a small company which was dealing in the portable generators. Sunil exports material from the japan and sell it in the Indian market. Earlier the business was earning good profit, he has made many customers and his main concern was to provide quality services to the clients so that they be loyal towards the brand and be attached with the firm (Chelladurai, 2014). Many of the customers were satisfied with the services of organization. But in the 1983 due to government regulation export from the other countries has been banned by the government. That has given lose to the Sunil and suddenly he has to close this firm. But he never loosed hope and was continuously doing market research on the consumers demand. After that he rethink about his business and has developed a business idea of launching push button phones in the Indian market. For implementing this idea into reality he has established the Bharti tele-com limited (Ahmad and et.al, 2016). With the collaboration of Seimens, Tittle has introduced many innovative products in the Indian market such as fax machines, cordless phones and answering machines.

Due to his extra ordinary qualification, confidence many of the foreign companies were impressed with the Sunil Mittle and they were ready to do business with the person. He gets support from its staff members, near relatives and friends. In the year 1992, Indian government has approved the license of Mobil phones services that was the biggest success for the Sunil. It has given new career opportunity to the person and he got new path (Estrin, 2014). With the help of this license Mittle becomes able to manufacture the mobile phones in the India and after some times, he has formed new company with the name Bharti Cellular limited. And he sells the products with the name of Airtel. With the help of its quality services it has become the largest mobile service provider of India (Leong and et.al, 2016).

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Mittle has a happy family, he is living with his wife and children. He is very passionate for his work, he always dream big but execute his plan step by step. He believes that he can do much better so always work for the development and growth of the firm. His initial business experience has develop a confidence within him that he can become a successful business tycoon in the future (Gavisiddappa, 2014). He has potential to work for the country and work for the society. Initially he was not having family support, his father was against his decision but once he opened his first company after that he got positive support from the family and friends. He works as an entrepreneur and motivate its small team of employees to work effectively,. Support of staff members has made his all business very successful and he is the leading entrepreneur of the corporate market (Ahmad and et.al, 2016). As market is very competitive and there is high requirement of small or medium scale firm in the country those which can contribute well in the economic development of the nation. Government is promoting the small and other firms so that they can help in increasing the employment opportunities and can help in raising the per capital-income of the region. Enterprise theory is all about that, that firms have to work ethically and they have to concentrate on the social welfare. They have to provide quality products which can be beneficial for the society and do not harm any society members. Enterprises have to look upon the quality standards and it is necessary to produce quality goods. Apart from the social welfare enterprise theory suggests that companies have to produce environment friendly products so that it does not harm atmosphere (Chelladurai, 2014).

Support of family member matters a lot. It develops confident of the person and individual can face difficult situation significantly. If the person is not having family support then in the crucial situation individual can get dishearten and get demotivated when he faces any crucial time duration. On other hand if individual is having full family and friends support then individual can face crises situation and get moral support from the family members. It brings new energy in the person and individual try to find out new ways through which it can face the difficulties (Bio, 2017). Family support is the biggest contributor in the success of the person and organization. In the initial stage most of the families do not support the person because they think that person can face loss. But if they support in the initial stage in individual can think innovative and can develop innovative ideas which can give success to the business.

There are many entrepreneurship theories that helps in becoming the good entrepreneur. Psychological theory is one of the important concept that helps in understanding the needs and wants of the employees (Entrepreneurs Turn the Classic Theory of Maslow's Hierarchy of Needs on its Head, 2017). It includes identification of needs, locus of control, risk taking propensity. This concept states that observation is the best way by this way needs can be analyzed by the individual. Person has to know about the locus of control and has to monitor the activities time ti time. So that individual can make effective control over mistakes. It will help them in becoming a good entrepreneur. If the person if having risk taking skills then individual can become a good entrepreneur (Bio, 2017). As it is said that more benefit can be gained if the person is having risk taking capabilities.

Sociological theory of entrepreneurship is another theory which suggests and help in becoming a good entrepreneur. Apart from this opportunity based theory is another concept which helps in making them a successful entrepreneurial. It suggests that individual has to look upon the market opportunities and turn the business in the same direction. It will help in the growth of the organization (Estrin, 2014). Apart from this it will develop sense of knowledge and experience how to modify the operation to sustain in the corporate market for longer period. This theory suggests that it is necessary to look upon the market opportunities it will help in gaining the competitive advantage and will make the business successful. By this way owner and entrepreneur will be known as good business tycoon.

C) Motivational theories

Motivation is one of the main factor that helps in running the business significantly. There are many motivational theories that guide and encourage a person to set up a business. Mayo;s human relationship, Maslow and two factor etc. are many other motivational theories that supports the entrepreneur to be motivated and in facing the crises situation significantly.

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There are several factors that have motivated Sunil Mittal in becoming a successful business tycoon (Gavisiddappa, 2014). Sunil is having the skills of resolving problems, he always looks upon the change. So in spite of choosing a regular life, he has selected a different tough life and has set up a business. Change was the major element that has derived him to set up a small organization. He always looks upon the market requirements and needs of the consumers. According the market situation he makes changes in its operations so that it can meet the needs of consumers and can survive in the corporate market for longer period (Leong and et.al, 2016).

Challenge is another motivating components that drives the person to set up his business. Sunil is having a risk taking nature, he always looks at the risk as challenge and face it with the positive and winning attitude. Creativity is another element that motivate the person and they set up their business. Sunil always concentrates on the innovative ways of working, it is the first person who has used social media for the marketing purpose. He adopts innovative marketing strategies to attract consumers so that it can gain monitory benefits (Bio, 2017).

The another factor that motivate the person to start a new venture is monitory benefits. The main purpose of any entity is to enhance the profit and earn benefits It is the main objective of the Sunil Mittal for that he has started his business in the Mumbai. He has introduced such strategies in the company that can give huge financial benefit to the person. That is the main factor that has made him a successful entrepreneur (Entrepreneurs Turn the Classic Theory of Maslow's Hierarchy of Needs on its Head, 2017). Curiosity is the another motivational part that encourage the person to go ahead and work better for setting the organization. Maslow theory is one the important motivational theory that concentrates on the five basic needs. Physiological, safety, love, self-esteem and self actualization are the main factors of this motivational theory.

This concept defines that if these needs are fulfilled by any way then individual will be motivated and will perform better in the workplace (Chung and Kim, 2013). Entrepreneur gets motivated for fulling these needs. Sunil is the confident person and his confidence has helped him in getting success. He has looked upon these factors that has motivated him in the early stage of career to set up a new business. He prepared him self mentally and continuously work on finding the innovative ways of working which can provide him good success. He is very ambitious person and to fulfill his aims, he entered into the corporate world and worked hard to achieving the success. His dedication, innovative ideas, risk taking capability have helped him and hyas made him a successful business tycoon (Estrin, 2014).

References

  • Ahmad, J. A. and et.al., 2016. Social entrepreneurship in ecotourism: an opportunity for fishing village of Sebuyau, Sarawak Borneo.Tourism, Leisure and Global Change.1(1). pp.TOC-38.
  • Aziz, S. F., 2013. Changes of human resource practice between Warid Telecom and Airtel Bangladesh Limited after merger and acquisition.
  • Banik, A. and Nag, T., 2016. Bharti Airtel and Zain: A Journey into New Territories.Global Business Review.17(6). pp.1510-1515.
  • Chelladurai, A., 2014. An empirical study on the role of self help groups in promoting women enterpreneurship in Tirunelveli District.
  • Chung, D. Y. and Kim, T. H., 2013. The Impact of Social Entrepreneurship of the Members of Nonprofit Organizations on Cooperative Behavior-Focusing on the mediating effects of value congruence.Journal of the Korea Academia-Industrial cooperation Society.14(9). pp.4303-4312.
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