An entrepreneur is one who always searches for change, responds to it
and exploits it as an opportunity. Innovation is the basic tool of entrepreneurs, the means by which they exploit change as an opportunity for different business of service. Peter Drucker To put it very simply an entrepreneur is someone who perceives opportunity, organizes resources needed for exploiting that opportunity and exploits it. aptops , mobile phone, !otor "i#es, $redit $ards, $ourier %ervice, and &eady to eat 'oods are all examples of entrepreneurial ideas that got converted into products or services. ENTREPRENEURSHIP (A systematic innovation, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for economic and social innovation.) -- Peter Drucker *ntrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. + *ntrepreneurship is a creative human act involving the mobilization of resources from one level of productive use to a higher level of use. ,It is the process by which the individual pursue opportunities without regard to resources currently controlled., *ntrepreneurship involves a willingness to ta#e responsibility and ability to put mind to a tas# and see it through from inception to completion. Another ingredient of entrepreneurship is sensing opportunities, while others see chaos, contradiction, and confusion. *ssence of *ntrepreneurship is going against time with maturity and serving as a change agent. *ntrepreneurship is considered to be a significant determinant of economic development. -ew entrepreneurial activities play a vital part in the process of creative destruction that fosters innovation, employment, and growth. .hile India has traditionally been an entrepreneurial country, it fares poorly in numerous global studies exploring the entrepreneurial and business potential of countries but, on the other hand on the most conservative basis, our domestic consumption, in virtually any sector, has the potential to at least double, or treble, from current levels / perhaps, 0ust to catch up with a country li#e $hina. Then, there is the entire global opportunity, across diverse sectors internationally, the ,!ade in India, tag is now an increasingly respected brand, valued for 1uality, reliability, and competitiveness. Truly, with economic reforms in the country, and with the virtual removal of all trade barriers, the 2 world is now our mar#et and our opportunity. The pursuit of these opportunities re1uires an indomitable spirit of entrepreneurship. *ntrepreneurship is often a difficult underta#ing, as a vast ma0ority of new businesses fail. *ntrepreneurial activities are substantially different depending on the type of organization that is being started. *ntrepreneurship ranges in scale from solo pro0ects 3even involving the entrepreneur only part4time5 to ma0or underta#ings creating many 0ob opportunities. !any ,high4profile, entrepreneurial ventures see# venture capital or angel funding in order to raise capital to build the business. Angel investors generally see# returns of 264768 and more extensive involvement in the business 7 GROWTH OF ENTREPRENEURSHIP IN INDIA The proper understanding of the growth of entrepreneurship of any country would evolve within the context of the economic history of the particular country becomes the sub0ect matter of this section. The growth of entrepreneurship in India is, therefore, presented into two sections viz. *ntrepreneurship during 9re4Independence *ntrepreneurship during 9ost4Independence ENTREPRENEURSHIP DURING PRE-INDEPENDENCE The evolution of the Indian entrepreneurship can be traced bac# to even as early as &igveda, when metal handicrafts existed in the society. This would bring the point home that handicrafts entrepreneurship in India was as old as the human civilization itself, and was nurtured by the craftsman as a part of their duty towards the society. "efore India came into contact with west, people were organized in a particular type of economic and social system of the village community. Then, the village community featured the economic scene in India. The Indian towns were mostly religious and aloof from the general life of country. The elaborated cast based diversion of wor#ers consisted of farmers, artisans and religious priests. The ma0ority of the artisans were treated as village servants. %uch compact system of village community effectively protecting village artisans from the onslaughts of external competition was one of the : important contributing factors to the absence of localization of industry in ancient India. *vidently, organized industrial activity was observable among the India artisans in a few recognizable products in the cities of "anaras, Allahabad, ;aya, 9uri < !irzapur which were established on their river basins. =ery possibly this was because the rivers served as a means of transportation facilities. These artisan industries flourished over the period because the &oyal patronage was to them to support them. The wor#shops called (#har#hanas) came into existence. The craftsmen were brought into an association pronounced as (guild system). >n the whole, perfection in art, durability beyond doubt and appeal to the eye of the individual were the distinguishing 1ualities inherent in the Indian craftsmanship that brought much everlasting laurels of name and fame of the illustrious India in the past. To 1uote, "engal en0oyed worldwide celebrity for $orah, uc#now for chintzes, Ahmadabad for dupttas, and dhotis, -agpur for sil# boarded cloth, ?ashmir for shawls and "anaras for metal wares. Thus, form the immemorial till the earlier years of the +@ th century, India en0oyed the prestigious status of the 1ueen of the international trade with the help of its handicrafts. Anfortunately, so much prestigious Indian handicraft industry, which was basically a cottage and small sector, declined at the end of the +@ th century for various reasons. These may be listed as4 B +. Cisappearance of the Indian royal courts who patronized the crafts earlier. 2. The lu#ewarm attitude of the "ritish colonial govt. towards the Indian crafts. 7. Imposition of heavy duties on the imports of the Indian goods in *ngland. :. ow priced "ritish made goods produce on large scale which reduced the competing capacity of the product of the Indian handicrafts. B. Cevelopment of transport in Indian facilitating the easy access of "ritish product even to far4flung remote part of the country. D. $hanges in the tastes and habits of the Indian, developing craziness of foreign products. E. Anwillingness of the Indian craftsmen to adapt to the changing tastes and needs of the people. %ome scholars hold the view that manufacturing entrepreneurship in India emerged as the latent and manifest conse1uence of east India company advent in India. The company in0ected various changes in the Indian economy through export of raw materials and import of finished goods in India. 9articularly, the parsis established good rapport with the company and were much influenced by the company)s commercial operations. The company established its first ship building industry in %urat where from +DE7 onwards the parsis built vassals for the company. The most important was shipwright ow0ee -ushirvan, who D migrated to "ombay around +F7B. Ge belonged to a .adia family which gave birth to many leading ship4builders of "ombay. In +DEE, !an0ee Chan0ee was given a contact for building the first large gun powder mill in "ombay for the east4India company. "esides, a 9arsi foreman of a gun factory belonging to the company established a steel industry in "ombay in +@B2. >n the basis of these facts, it can be stated that the east India company made some contribution towards entrepreneurial growth in India. "ut whether the company did it deliberately for the growth of entrepreneurship in India or it was 0ust a coincident that people came in contact with the company and entered the manufacturing, nothing can be said with certitude. The actual emergenced of manufacturing entrepreneurship can be noticed in the second half of the +F th century. 9rior to +@B6, some stay failure attempts were, indeed , made by the *uropeans to setup factories in India. In the beginning, the 9arsis were the founder manufacturing entrepreneurs in India. &anchodlal chotalal, a -agar "rahman, was the first Indian to thin# of setting up the textile manufacturing on the modern factory lines in +@:E, but failed. In his second attempt, he succeeded in setting up a textile mill in +@D+ at Ahmadabad. "ut before this, the first cotton textile manufacturing unit was already setup by a 9arsi, $owas0ee -anabhoy Cabar in "ombay in +@B: fallowed by -awros0ee wadia who open his textile mill in "ombay in +@@6. The credit for the expansion of textile industries upto +F+B goes to the 9arsis. >ut of E FD textile mills existing in +F+B, :78 3:+5 were set up by parsis, 2:8 3275 by Gindus, +68 3+65 "y !uslims and 278 3225 by "ritish citizens. ater, the 9arsis invaded other fields, mainly iron and steel industry, also Hamshed0ee Tata was the first 9arsi entrepreneur who established the first steel industry in Hamshedpur in +F++. In the first wave of manufacturing entrepreneurship, except parsis, all others hailed from non4commercial communities. .hy the well4#nown commercial communities, namely, Hains and =aishyas of Ahmadabad and "aroda, lagged behind in entrepreneurial initiative throughout the nineteenth century can be explained by two factors. 'irstly, the improvement of business climate in the countryside during this period results in an increase in the 1uantum of trade which assumed 1uic# returns on investments. This proves the commercial activity more lucrative during the period, %econdlyI it can also be attribute to their conservative attitude to change from commercial entrepreneurship to industrial entrepreneurship. The Swadeshi campaign, i.e., emphasis on indigenous goods, provided, indeed, a proper seedbed for inculcating and developing nationalism in the country. It was the influence of %wadeshi that Hamshed0i Tata even named his first mill J%wadeshi !illJ. The spirit of indigenousness strengthened its roots so much in the country that the ?rishna !ills in its advertisement of Tribune of April +7 @ made the following appealK ,>ur concern is financed by native capital and is under native management throughout,., The second wave of entrepreneurial growth in India began after the 'irst .orld .ar. 'or various reasons, the Indian ;overnment agreed to JdiscriminatingJ protection to certain industries, even re1uiring that companies receiving its benefits should be registered in India with rupee capital and have a proportion of their directors as Indians. The advantages of these measures were mostly en0oyed by the Indians. The *uropeans failed to harness the protectionist policies to their interests., These measures helped in establishing and extending the factory manufacturing in India during the first four decades of the twentieth century. Curing these decades, the relative importance of 9arsis declined and ;u0aratis and !arwari =aishyas gained that pendulum in IndiaJs entrepreneurial scene. The emergence of !anaging Agency %ystem which made its own contribution to the Indian entrepreneurship can be traced bac# to +F7D when $arr, Tagore < $o. assumed the management of $alcutta %team Tug Association. The credit for this initiation goes to an Indian, Cwar#anath Tagore, who encouraged others to form 0oint4stoc# companies and invented a distinct method of management in which management remained in the hands of the JfirmJ rather than of an JindividualJ . Gistorical evidences also do confirm that after the *ast India $ompany lost monopoly in +@+7, the *uropean !anaging Agency Gouses F entered business, trade and ban#ing. And, these houses mar#edly influenced eastern IndiaJs Industrial scene. It is stated that the !anaging Agency Gouses were the real entrepreneur for that period particularly in *astern India. "rimmer, holds the opinion that Agency Gouses emerged to overcome the limitations imposed by a shortage of venture capital and entrepreneurial acumen though all may not agree s1uarely with this view. Reasons for slow rowt! of entre"reneurs!#" #n Dur#n $r#t#s! "er#o% #n In%#a& +. Not given proper protection: The enterprises were not given proper protection by "ritish ;overnment. 2. Discouragement by British GovernmentK >nly those industries in which the "ritish ;overnment put their own capital were given encouragement. 7. High railway freight charges: The railway freight charges were higher for locations not nearer to the ports. This proved that the transportation of the goods manufactured for the Indian mar#ets were more expensive than goods meant for exports. :. Exorbitant tariffs: The "ritish imposed exorbitant tariffs on India made goods. +6 B. Constantly harassed for getting licenses: *ntrepreneurs were constantly harassed for getting licenses and finance to established and run industries. D. No facilities for technical educationK there were almost any facilities for technical education which alone could strength Indian industrial entrepreneurship. E. Entrepreneurs faced fierce competition from abroadK The Indian indigenous entrepreneurs faced fairs competition from machine made goods exported to India from abroad. @. Lac of transportation and communication facilities' ac# of transportation and communication facilities acted as the stumbling blot in the way of industrial growth. F. Not encouraged the establishment of heavy industries: The "ritish ;overnment did not encourage the establishment of heavy industries li#e heavy machinery, iron and steel which are necessary for rapid industrialization. +6.!olitical turmoilK 9olitical turmoil and abolition of princely courts discouraged the growth of entrepreneurship. ++."ulti#currency system: 9revalence of multi currency system affected the business environment and bloc#ed the growth. ++ Inspite of the above problems, the export trade of textile in +Eth century was on ascending trend. Curing this period, grouping of Indian merchants into 0oint stoc# associations for the purpose of managing the supply of textiles to *uropean companies was very significant. This helped in exporting huge volume of textiles to the *uropean mar#ets leading to favorable terms of trade. PARTITION OF UNDI(IDED INDIA ON )* t! AUGAST )+,- "efore we s#ip our review of entrepreneurial growth to the post4Independence era, it will be in the fitness of the things to shed some light on effects of partition on IndiaJs industrial economy so as to depict Independent IndiaJs industrial bac#ground. 'ollowing are some ma0or effects of partition on +Bth August +F:E on the Indian industrial economyK4 Demographic Effects : EE8 of area < @28 of population get remain in India whereas 278 of area < +@8 of population converted into 9a#istan. $ndustrial %ctivity : F68 of total industrial establishment with F78 of industrial wor#ers 3Hute, Iron < %teel and 9aper industries5 in India whereas +2 +68 of total industrial establishments with E8 of industrial wor#ers 3$otton textile, sugar, cement, glass and chemical industries5 in 9a#istan. "ineral and Natural &esources : FE8 of total value of minerals in India in which ma0or deposits of coal, mica, manganese, iron, etc. whereas 78 of total value of minerals with ma0or deposits of ;ypsum, roc# salt, etc. in 9a#istan. "anpower and "anager sill :- India was at loss whereas !uslims possessed these s#ills who migrated to 9a#istan. 'ransport (acilities: @78 of total route mileage in India whereas 6E8 of total road mileage in 9a#istan. "a)or !orts: India lost ma0or ports which adversely affects India)s exports. (Source: Entrepreneurial Development by S. S. Khanka ENTERPRENEURSHIP DURING POST- INDEPENDENCE After ta#ing a long sign of political relief in +F:E, the ;overnment of India tried to spell out the priorities to devise a scheme for achieving balanced growth. 'or this purpose, the ;overnment came forward with the first Industrial 9olicy, +F:@ which was revised from time to time., The ;overnment in her various industrial policy statements identified the responsibility of the %tate to promote, assist and develop industries in the national interest. It also explicitly recognised the vital role of the private sector in accelerating industrial development and, for this, enough field was reserved for the private sector. +7 The ;overnment too# three important measures in her industrial resolutionsK4 3i5 to maintain a proper distribution of economic power between private and public sectorI (ii to encourage the tempo of industrialisation by spreading entrepreneurship from the existing centres to other cities, towns and villages, and 3iii5 to disseminate the entrepreneurship acumen concentrated in a few dominant communities to a large number of industrially potential people of varied social strata. To achieve these adumberated ob0ectives, the ;overnment accorded emphasis on the development of small4scale industries in the country. 9articularly since the Third 'ive Lear 9lan, the ;overnment started to provide various incentives and concessions in the form of capital, technical #now4how, mar#ets and land to the potential entrepreneurs to establish industries in the industrially potential areas to remove the regional imbalances in development. This was, indeed, a ma0or step ta#en by the ;overnment to initiate interested people of varied social strata to enter the small4scale manufacturing field. %everal institutions li#e Cirectorate of Industries, 'inancial $orporations, %mall4%cale Industries $orporations and %mall Industries %ervice Institute were also established by the ;overnment to facilitate the new entrepreneurs in setting up their enterprises. *xpectedly, the small4scale units +: emerged very rapidly in India witnessing a tremendous increase in their number from +2+,D+F in +FDD to +F6,E2E in +FE6 registering an increase of +E,666 units per year during the period under reference. The recapitulation of review of literature regarding entrepreneurial growth in India, thus, leads us to conclude that prior to +@B6, the manufacturing entrepreneurship was negligible lying dormant in artisans. The artisan entrepreneurship could not develop mainly due to inade1uate infrastructure and lu#ewarm attitude of the colonial political structure to the entrepreneurial function. The *ast India $ompany, the !anaging Agency Gouses and various socio4political movements li#e Swadeshi campaign provided, one way or the other, proper seedbed for the emergence of the manufacturing entrepreneurship from +@B6 onwards. The wave of entrepreneurial growth gained sufficient momentum after the %econd .orld .ar. %ince then the entrepreneurs have increased rapidly in numbers in the country. 9articularly, since the Third 'ive Lear 9lan, small entrepreneurs have experienced tremendous increase in their numbers. "ut, they lac#ed entrepreneurial ability, however. The fact remains that even the small entrepreneurship continued to be dominated by business communities though at some places new groups of entrepreneurs too emerged. Also, there are examples that some entrepreneurs +B grew from small to medium4scale and from medium to large4scale manufacturing units during the period. The family entrepreneurship units li#e Tata, "irla, !afatlal, Calmia, ?irlos#ar and others grew beyond the normally expected size and also established new frontiers in business in this period. -otwithstanding, all this happened without the diversification of the entrepreneurial base so far as its socio 4economic ramification is concerned. ./#0eral#1at#on was catal2st for rowt! of Entre"reneurs!#" #n In%#a3 9ost4liberalization, entrepreneurship has generally increased in India, Dr !ani told "usiness Line. And #nowledge4intensive entrepreneurship in sectors such as IT and biotechnology has also increased since the economic liberalization process started in +FF+, he added. The number of new companies formed during the +F@64266D period points to a possible growth in entrepreneurship. 'igures from the !inistry of $orporate Affairs show that from +F@6 to +FF+, the average number of companies formed each year was +:,7EF, while from +FF2 to 266D, the average number of companies formed per year was 77,@7B. According to the paper, liberalisation itself #ic#4started the growth of entrepreneurship in India for it presented businesses in the country with new mar#et opportunities. +D iberalisation also reduced entry barriers for new entrepreneurs as it dispensed with or reduced regulatory measures such as industrial licensing. %imilarly, improved availability of financial support from both official and private sources boosted the growth of entrepreneurship. Gowever, entrepreneurship in India could have grown much faster if the capital mar#et had been strengthened to support the system. *ven today, the capital mar#et is not a ma0or source of finance for enterprises, which mostly rely on internal sources of funding or debt. A study of B@@ start4 ups that participated in a competition conducted recently by -ational *ntrepreneurship -etwor# revealed that E6 per cent relied on personal savings for initial funding, he pointed out. ;overnment4supported and public4private partnership ventures such as the -ational %cience and Technology *ntrepreneurship Cevelopment "oard, Technopreneur 9romotion 9rogramme and business incubators in colleges and technology par#s also facilitated the growth of entrepreneurship in India. %imultaneously, private sector initiatives such as The Indus *ntrepreneurs and -ational *ntrepreneurship -etwor# also supported India)s #nowledge4intensive enterprises. The increased availability of technically trained people and programmes that offered formal training in entrepreneurship also bolstered the growth of entrepreneurship. +E CURRENT SCENARIO OF ENTREPRENEURSHIP IN INDIA According to the ;lobal *ntrepreneurship !onitor 3266E5 report, India)s Gigh4 ;rowth *xpectation *arly4%tage *ntrepreneurship 3G*A5 rate is only one4fifth of that of $hina. 'urther, among medium and low income countries, while $hina)s nascent and new entrepreneurs appear to be the most growth4oriented, with more than +6 per cent of them anticipating high growth. *arly4stage entrepreneurial activity in India is mar#ed by low levels of growth expectation. This is despite the extremely high levels of potential entrepreneurial activity as perceived by the non4 entrepreneurially active population in the country. .hile data on entrepreneurship is hard to come by, the following numbers are telling. According to the -%% D2nd round, in rural India, almost B6 per cent of all wor#ers are self4employed / BE per cent among males and nearly D2 per cent among females, while the corresponding figures in urban India are :2 for males and :: for females. The -%%> defines a self4employed person as one who has wor#ed in household enterprises as own4account wor#erI wor#ed in household enterprises as an employer or wor#ed in household enterprises as helper. The essential feature of the self4employed is that they have autonomy 3decide how, where and when to produce5 and economic independence 3in respect of choice of mar#et, scale of operation and finance5 for carrying out their operation. According to the Bth *conomic $ensus conducted by the $entral %tatistical +@ >rganisation 3$%>5, there are :+.@7 million establishments in the country engaged in different economic activities other than crop production and plantation. 'ive states viz. Tamil -adu 3+6.D6 per cent5, !aharashtra 3+6.+6 per cent5, .est "engal 3+6.6B per cent5, Attar 9radesh 3F.D+ per cent5 and Andhra 9radesh 3F.BD per cent5 together account for about B6 percent of the total establishments in the country. The same five states also have the combined share of about B6 per cent of total employment. Issues #n t!e Current Fra4ework F#nance' Access to credit is considered to be one of the #ey problems faced by entrepreneurs in India. This problem is particularly acute at the start4up stage, where ban# finance is hard to obtain. Cespite new sources of finance such as venture capital, angel funding and private e1uity becoming increasingly popular, institutional finance is still not able to meet the current entrepreneurial demands. Reulat#on an% o5ernance' An entrepreneur has to deal with a host of regulatory and compliance issues. These include registering one)s business, obtaining government clearances and licenses, paying taxes and complying with labour regulations. $umbersome paperwor#, long delays and red tapism involved in such transactions create unnecessary burdens for entrepreneurs, constraining their productivity and their ability to do business. As seen in the Coing "usiness 266@ ran#ings, India performs poorly in these indicators. A +F study investigating the effect of regulation on entrepreneurship using the ;*! dataset shows India to be having one of the worst regulatory indices. !oreover, lac# of clarity on information relating to legal and procedural aspects of starting an enterprise, as well as those relating to clearances, licenses and government schemes further aggravates the problem. In%#a6s Rank#n #n Do#n $us#ness 7889 %tarting a "usiness 4+++ Cealing with icenses 4+7: *mploying .or#ers 4@B &egistering 9roperty 4++2 9aying Taxes 4+DB Trading Across "orders4 EF *nforcing $ontracts 4+EE $losing a "usiness 4+7E (Source: Doin# "usiness, $orld "ank, %&&' :an"ower' Availability of s#illed manpower is another crucial issue for entrepreneurs. 'or example, in a survey of entrepreneurs conducted by ?9!; and Ti* in 266@, s#illed manpower emerged as the second most important factor for fostering entrepreneurial growth. 'urther parameters reflecting labour mar#et efficiency and flexibility are dismal. In the ;lobal $ompetitiveness 26 Index, India ran#s +62nd in hirin# and ( rin# practices and @Bth in employin# workers in the Coing "usiness 266@ report. Infrastructure' India)s physical infrastructure / roads, rail, ports, power, and telecom / is also considered to be a bottlenec# to the smooth operation of entrepreneurial activity. The high transport and supply chain costs that poor infrastructure entails can be affect competitiveness to a great extent, particularly for a small and medium enterprise. *nterprises surveyed in the ;lobal $ompetitiveness &eport 266E46@, rated inade1uate infrastructure as (the most problematic factor) for doing business in India. E%ucat#on' .hile the influence of education on entrepreneurship is considered debatable, increasingly education is being seen as part of the larger ecosystem that impacts entreprene4urship and entrepreneurial motivations. ;reater practical exposure, critical analysis, entrepreneurship curriculum, incubation and mentoring, industry4research lin#ages can help in fostering entrepreneurship. 2+ CASE STUD; $hen one becomes a household name, one is, by de(ault, elevated to a certain level o( e)clusivity. "ut with some people, turnin# into a brand name only brin#s them closer to the people. Shahna* +usain is one such personality. The first person to ta#e herbal care to the world stage, %hahnaz Gusain had a 0ourney full of learnings and experience. .ith over +6 years of training in cosmetic therapy and cosmetic chemistry, she has created innovative products in the field of natural beauty and anti4aging treatments. Ger innovations and uni1ue strategies had led her to win many prestigious awards including India)s highest honor, the 9adma %hree. 22 %hahnaz husain is an ,nnovative entrepreneur she can be categorized as a "usiness entrepreneur because her life reflects her eagerness to start a business on her own terms and she adopted an innovative method and used ALA&=*CA as the base to produce products s#in and hair care treatments. %he is pure entrepreneur and a (irst-#eneration entrepreneur she has achieved the heights only on her terms and thus as she said anything that carries her name catches up is very true. %he can be categorized as a -rowth entrepreneur who climbed the ladder slowly but reached each height as she desired. 'actors that influenced %hahnaz Gusain was her desire to ma#e use of her entrepreneurial expertise, she did not belong to a business family but she was from a very well educated family and thus she wanted to ma#e use of her study on cosmetology and ayurveda it was her desire to produce cosmetics and beauty products which were chemical after she read an article about chemicals in cosmetics and how chemicals were harmful. %he then made up her mind to produce products on the basis of ayurveda studies and to produce chemical free beauty, s#in and hair care products. Thus it is her personality which is the factor which has made her a successful entrepreneur. %hahnaz Gusain can be given the title of India)s first successful women entrepreneur. Ger dedication towards her wor#, her ability to dream and exhibit it and to thin# innovative and to lift her business to her terms is 0ust unbelievable. %he is a women who lives for her products as she said her 27 products are chemical free, there is no other exception. Ger products are made of pure natural products which are produced as per the ALA&=*CA studies and are chemical4free. A product sold on her name carries the purity of natural ingredients and chemical4free there is no need to cross4chec# the product and the results are as expected and as per the instructions on the 0ar. Ger customers are her advertisers and the aim of the company is to satisfy their customers and to produce products as per the need of her customers. %hahnaz husain has made her name not only in the beauty business in India but all over the world. Ger #ohl to her fairness cream for men have been a great hit all over the world. %hahnaz Gusain is an inspiration to each and every individual who wants to become an entrepreneur. Gere is an exert of her legendary 0ourney and understanding of entrepreneurshipK )< Inter5#ew an entre"reneur w!o owns a 0us#ness of *8 crores 4#n#4u4 %hahnaz was the first Asian to enter ;aleries afayette in 9aris in herbal care and the first Asian to be featured in the +@4foot shop window of the famous 9aris store. Gers is the first Indian herbal cosmetic company to have featured in Garods and %elfridges. %hahnaz is also the pioneer of vocational training in beauty in India. !ore than 2B years ago, when only apprenticeship training was available, %hahnaz started 2: her beauty institute, .omanJs .orld International, to provide comprehensive training in beauty. Today, students come from all over the world to ac1uire training in Ayurvedic treatments and receive the coveted %hahnaz Gusain Ciploma. 7< W!#le s"eak#n to !#4=!er f#n% out t!e follow#n t!#ns %hahnaz Gusain belongs to a royal !uslim family which migrated from %amar#hand to India and later held high positions in the princely #ingdoms of "hopal and Gyderabad before IndiaJs independence. %hahnaz received her schooling in an Irish convent and because of the influence of her father, $hief Hustice -.A. "eg, she developed a love for poetry and *nglish iterature. %he thus had the advantage of growing up in a traditional family and receiving a modern education. %he had to overcome various social and economic hurdles. It was a time when women were 0ust stepping out of their homes and pursuing careers. It was her family)s support and understanding that helped her to overcome barriers and realise her dreams. "ut she never planned it this way. Ger life was on a very different course. %he was married at +B and at +D, she was a mother. ife seemed perfect, but she was bored with the drudgery of endless routine. %he was always interested in beauty and in ma#ing others beautiful, so %he decided on beauty as a career. %he was 2B determined to get the best training possible and decided to wor# my way to the prized institutions of the .est, to learn cosmetic chemistry and cosmetology. Ger husband was posted in Tehran at the time and because %he loved to write, %he started contributing articles to the Iran Tribune. %omehow, she was convinced that if she was highly 1ualified in my field, %he could have the world at my feet. %o gradually, she wor#ed my way to leading institutions li#e Gelena &ubinstein, $hristine =almy, %warz#opf, ancome and ean of $openhagen. .hile training in ondon, she came across instances of damage caused by chemical treatments. In a way, this changed the course of my life and career. %he wanted to find a natural alternative that was safe. Ger study of Ayurveda convinced me that it could offer the ideal answers to modern cosmetic4care. %he came bac# to India and started my first herbal salon in the verandah of her home in -ew Celhi, in +FE+. %he established customised beauty care, with a personalised style, based on individual needs and problems. %he adopted the concept of herbal care and cure. %he devised her own salon treatments and formulated her own products. Gerbal beauty care throughout India is fashioned after the %hahnaz Gusain products and innovations. The brand has already established identity and loyalty. They are the leaders in the premium segment in Ayurvedic beauty care. They have also entered the middle segment with their %hahnaz Gusain range, 2D which is doing really well, on the strength of brand identity. In India, there is enduring faith in Ayurveda and Ayurvedic beauty care. India is a country where traditions have existed side by side with modern technological advances. In fact, the character of modern India is firmly rooted in a rich cultural past. Ayurveda is the oldest and most organised system of herbal healing in the world and has maintained its position due to our faith in herbal and natural healing. It is this very aspect of herbal and natural healing that has drawn the people from the west towards Ayurveda. 'our decades ago, when %he started my career, %he re0ected the existing concept of beauty and adopted my own. %he always say that at that time beauty treatments were mainly (colour and cover.) %uperficial beauty treatments and hairstyling was what women went for, without realising that beauty is actually the outcome of long term care. -o heed was paid to the health of the s#in and hair and the potential dangers of chemical treatments. In fact, there was hardly any awareness of other detrimental effects on beauty, li#e exposure to A= rays, environmental pollutants, artificial heating and cooling. "eauty treatments from the perspective of cure, was un#nown. The bac#4to4nature trend had not yet begun. %he adopted the principle of (care and cure) and established herbal beauty care. Today, it is that care, which has driven the growth of the beauty industry in India. There is much greater interest in good health and fitness. The 2E bac# to nature trend has influenced beauty treatments. The concept of total well being is steadily gaining ground. *ntrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. *ntrepreneurship is a creative human act involving the mobilization of resources from one level of productive use to a higher level of use. ,It is the process by which the individual pursue opportunities without regard to resources currently controlled., *ntrepreneurship involves a willingness to ta#e responsibility and ability to put mind to a tas# and see it through from inception to completion. Another ingredient of entrepreneurship is sensing opportunities, while others see chaos, contradiction, and confusion. *ssence of *ntrepreneurship is going against time with maturity and serving as a change agent. *ntrepreneurship is considered to be a significant determinant of economic development. -ew entrepreneurial activities play a vital part in the process of creative destruction that fosters innovation, employment, and growth. .hile India has traditionally been an entrepreneurial country, it fares poorly in numerous global studies exploring the entrepreneurial and business potential of countries but, on the other hand on the most conservative basis, our domestic consumption, in virtually any sector, has the potential to at least double, or 2@ treble, from current levels / perhaps, 0ust to catch up with a country li#e $hina. Then, there is the entire global opportunity, across diverse sectors internationally, the ,!ade in India, tag is now an increasingly respected brand, valued for 1uality, reliability, and competitiveness. Truly, with economic reforms in the country, and with the virtual removal of all trade barriers, the world is now our mar#et and our opportunity. The pursuit of these opportunities re1uires an indomitable spirit of entrepreneurship. *ntrepreneurship is often a difficult underta#ing, as a vast ma0ority of new businesses fail. *ntrepreneurial activities are substantially different depending on the type of organization that is being started. *ntrepreneurship ranges in scale from solo pro0ects 3even involving the entrepreneur only part4time5 to ma0or underta#ings creating many 0ob opportunities. !any ,high4profile, entrepreneurial ventures see# venture capital or angel funding in order to raise capital to build the business. Angel investors generally see# returns of 264768 and more extensive involvement in the business >bstacles and hurdles come up in life, but %he have tried to meet them as challenges, with her desire to excel, her relentless determination to succeed, an iron will and sheer hard wor#. %he believes that one should never stop trying because that way, you can cannot fail. %he believes that nothing is impossible. Lou can be what you will yourself to be. Lou can ma#e your own destiny. 2F 7< W!at #s t!e role of fa#lure #n 0us#ness an% l#fe & According to her, *ntrepreneurship actually implies an independence of spirit. It is this independence that women in India have begun to express over the last two or three decades. That is why the percentage of women among the total number of entrepreneurs in India has been steadily growing. Three decades ago, there were only salons for women. It was a business that dealt only with women. In fact, at that time, she had only employed women. "eauty was not as big a business as it is today. 'or these reasons and because it was her own enterprise, the 1uestion of gender bias or a glass ceiling did not arise. >< W!at #ns"#re% 2ou as a stu%ent after #nteract#n w#t!& an% #nter5#ew#n t!e entre"reneur? India has a great deal to offer to the rest of the world. An entrepreneur always needs a vision, in order to ma#e dreams a reality. *ntrepreneurship actually implies an independence of spirit. It is this independence that women in India have begun to express over the last two or three decades. That is why the percentage ofwomen among the total number of entrepreneurs in India has been steadily growing. %ocioeconomic factors have to be considered. !oreover, India is a developing country and the rate of growth in women entrepreneurship would be slower than in developed 76 countries. The reasons why we do not have so many first generation entrepreneurs could be less motivation, less support from family and other institutions, fewer opportunities for professional and vocational training, and economic constraints. Gowever, in each of these aspects, there is a change for the better. .e need to give importance to the ac1uiring of professional 1ualifications and training, so that women can express their creativity and innovative ness with more confidence. =ocational training should include aspects of business management. 'or example, our professional beauty courses include business and salon management, as well as client handling, with emphasis on how to ma#e the enterprise profitable and successful. In fact, very early in my career I started encouraging ordinary housewives to open salons in their own homes. At that time, the idea was relevant, because a woman could achieve financial independence and yet, be close at hand to care for home and family. !oreover, starting a salon in a small way in oneJs own home did not re1uire much capital investment. In India, the women who are educated and have professional 1ualifications turn towards securing employment, rather than assume the un#nown factors and ris#s of entrepreneurship. ,< Do 2ou !a5e "lans of start#n 2our own 0us#ness? To be successful in the business world, one needs to have a dream and a burning desire to ma#e those dreams come true. An entrepreneur, in the true sense of the word, is someone with independence of spirit. Along with that, there is total 7+ faith and confidence in oneJs own abilities. 'oresight is also important, because one has to thin# ahead and be able to predict trends. This is needed, to #now what the mar#et demands will be. A sixth sense also helps, to be able to feel the pulse of the trend and the mar#et. To evaluate the worth of an idea, one has to have a feel of mar#et trends and changing levels of awareness. I thin# women have the sensitivity for this. Lou may start in a small way, but you have to thin# ,big,. Lou have to thin# that nothing is beyond you. In fact, in seizing opportunities and loo#ing forward to challenges lies the secret of a successful entrepreneur. I want to be a *ntrepreneur because, there are ample opportunities in small businesses in India and such opportunities will transform India in the coming future. 'or such transformation to happen there needs to be support both at the governmental and societal level. 'or the government it is important to realize that the goal of small business owners will be to remain self4employed. %uch people may not need financial assistance but they will need mar#eting and legal assistance in order to sustain themselves. 9ractical and cost effective programs need to be developed to address their needs because self4employed people will represent an important segment in economic revitalization. *ntrepreneurship development is the #ey factor to fight against unemployment, poverty and to prepare ourselves for globalization in order to achieve overall Indian economic4 progress. 72