SUCCESSFUL ENTREPRENEURS

OF INDIAN ORIGIN: A CASE STUDY

A THESIS
Submitted by

L. SURESH MALLYA
for the award of the Degree
of
DOCTOR OF PHILOSOPHY

DEPARTMENT OF MANAGEMENT STUDIES,

Dr. M.G.R.
EDUCATIONAL AND RESEARCH INSTITUTE
UNIVERSITY
(Declared under section 3 of the UGC Act, 1956)

CHENNAI - 600 095

AUGUST 2011

ii

BONAFIDE CERTIFICATE
This is to certify that the research work titled Successful Entrepreneurs of
Indian Origin: A Case Study is the bonafide work of L. Suresh Mallya
(Reg. No. MNG 007 D 001), who carried out the research under my supervision.
Certified further, that to the best of my knowledge, the work reported herein
does not form part of any other thesis or dissertation on the basis of which a
Degree or award was conferred on earlier occasion on this or any other
candidate.

Dr. N.R.V. PRABHU

Research Supervisor

iii

DECLARATION
This is to certify that the thesis titled, Successful Entrepreneurs of Indian
Origin: A Case Study submitted by me to the Dr. M.G.R. Educational and
Research Institute University for the award of the degree of Ph.D is a bonafide
record of research work carried out by me under the supervision of
Dr. N.R.V. Prabhu. The contents of this thesis, in full or in parts, have not been
submitted to any other institute or university for the award of any degree or
diploma.

Place: Chennai
Date:

Signature of the Research Scholar

iv

SUCCESSFUL ENTREPRENEURS OF INDIAN ORIGIN

A CASE STUDY
ABSTRACT
An organization comes into existence only because of the efforts put in by
an individual, who would be prepared to assume responsibility of leading the
enterprise with him. For that, the individual must have special quality that is
known as entrepreneurship.
Entrepreneurship as an economic activity emerges and functions in
sociological and cultural environment. It could be conceived as an individuals
free choice activity or a social groups occupation or profession.
The entrepreneurs perform vital function in economic development of a
nation. They have been referred to as the human agents needed to mobilize
capital, to exploit natural resources, to often develop innovative products or
concepts, to create markets and to carry on business. It may be construed that the
entrepreneurial contribution spells the difference between prosperity and poverty
among nations.
A successful entrepreneur is always aware of the new developments and
changes that take place around him in the society and is prepared to adapt to the
changing needs of the society. He is the central point, around whom all other
factors of production, productive resources and techniques shall revolve. He
integrates talent, abilities and drives to transform the resources into profitable
ventures.
Studies on entrepreneurs have revealed that personality and cultural or
social factors are related to entrepreneurial behaviour. Traits such as self
confidence,

creativity,

persistence,

calculated

risk

taking

capacity,

v
determination, need for achievement, individuality, leadership, versatility,
optimism and liking for challenges characterize the entrepreneurial person.
A person who has a business of his own is called an entrepreneur. But
what differentiate an entrepreneur from a successful entrepreneur are his
achievements in the field of his business.

Expected outcome of the study

To explore the traits of Indian entrepreneurs
To differentiate successful Indian entrepreneurs from entrepreneurs
To trace the success stories of selected successful Indian entrepreneurs
To identify their winning strategies for success in business
To summarize the findings of the study and establishing as bench mark
for future entrepreneurs to be successful
Methodology of the Study
Primary and Secondary data: Interview and secondary sources were
referred in this case study method. Out of the available entrepreneurs in India,
these few (fifty) successful entrepreneurs, who had their investment options
from their own sources, were considered for this study.
Based on the hypothesis proposed as above, a sample of fifty successful
Indian entrepreneurs is carefully selected for the study. The methodology chosen
is case study method; their history is studied in depth, the factors deciphered as
to identify their secret of success.

vi
Suggestions are made to resolve the various issues relating to
entrepreneurship in small scale industries. The suggestions are given
categorically to the government, to the banks and other financial institutions and
to the entrepreneurs.

vii

ACKNOWLEDGEMENT

My profound thanks and deep sense of

gratitude are due to my

Supervisor and Guide, Dr. N.R.V. Prabhu, for his committed supervision and
guidance to acquire right perception and perspective for carrying out this
research. But for his patience and time spared for discussion, I would never have
been able to complete this thesis.

Thanks to Dr. S. Ramalingam, Head of the Department, Department of

Management Studies, for his encouragement and valuable suggestions. I also
sincerely acknowledge the patience, support, unstinted cooperation and service
rendered by my wife.

also

take

this

opportunity

to

thank

honorable

Chancellor,

Mr. A.C. Shanmugham, for his motivation and encouragement. I also owe my
sincere thanks to Dean (Research) for providing the infrastructure and help to
carry out the research. I am grateful to all the staff colleagues of my department
for their kind assistance at every stage of this thesis work.

L. Suresh Mallya

viii

TABLE OF CONTENTS
ABSTRACT

iv-vi

LIST OF TABLES
1. Table 3.0

Distribution of the type of entrepreneurs'

63

families
2. Table 3.1 Entrepreneurs Ambitions

65

3. Table 3.2 Reasons compelling entrepreneurs to enter

66

industry
4. Table 3.3 Factors facilitating entrepreneurship

68

5. Table 3.4 Distribution of expectations stimulating the

69

entrepreneurs desire to start industry

6. Table 3.9

Reasons for the dissatisfaction with the

70

location of unit
7. Table 4.22 Usefulness of attending Entrepreneurship

Development Programme

71

ix

CHAPTER 1 INTRODUCTION
1.1

Meaning of Entrepreneurship

1.2

Importance of Entrepreneurship

1.3

Classification of Entrepreneurs

1.4

Characteristics of successful entrepreneurs

1.5

Entrepreneurial scenario in India

1.6

Growth of Entrepreneurs

1.7

Relevance of study

1.8

Need for the study

1.9

Scope of the study

1.10

Expected outcome of the study

1.11

Methodology of the Study

1.12

Limitations of the study

1.13

Scope and organisation of the thesis

1
2
4
5
6
6
7
8
8
9
9
9

10

x
CHAPTER 2 REVIEW OF RELATED LITERATURE
2.1 Introduction

11

2.2 Review of Related Studies

11

CHAPTER 3 RESEARCH METHODOLOGY

3.1 Methodology

58

3.1.1 Research design

58

3.1.2 Research questions

59

3.1.3 Scope and limitations of the study

60

3.1.4 Climate and concept for the study

61

3.1.5 Presentation of the study

63

3.1.6 Entrepreneurs' ambitions

63

3.2 Reasons compelling entrepreneurs to enter industry

65

3.3 Factors facilitating entrepreneurship

67

3.4 Expectations of entrepreneurs

68

References

72

CHAPTER 4 CASES STUDIED

73

CHAPTER 5 FINDINGS AND SUGGESTIONS

167

BIBLIOGRAPHY

202

VITAE

i-iii

xi

CHAPTER 1
INTRODUCTION
1.1 MEANING OF ENTREPRENEURSHIP
The definition of entrepreneurship has been debated among scholars,
educators, researchers, and policy makers since the concept was first established
in the early 1700s. The term entrepreneurship comes from the French verb
entreprendre and the German word unternehmen, both mean to undertake.
Bygrave and Hofer in1891 defined the entrepreneurial process as involving all
the functions, activities, and actions associated with perceiving of opportunities
and creation of organizations to pursue them. Joseph Schumpeter introduced
the modern definition of entrepreneurship in 1934. According to Schumpeter,
the carrying out of new combinations we call enterprise, and the individuals
whose function it is to carry them out we call entrepreneurs. Schumpeter tied
entrepreneurship to the creation of five basic new combinations namely:
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 a new organization of industry.
Peter Drucker proposed that entrepreneurship is a practice. What this
means is that entrepreneurship is not a state of being nor is it characterized by
making planes that are not acted upon. Entrepreneurship begins with action,
creation of new organization. This organization may or may not become selfsustaining and in fact, may never earn significant revenues. But, when
individuals create a new organization, they have entered the entrepreneurship
paradigm.
Entrepreneur is a borrowed word from the French language that refers to
a person who undertakes and operates a new venture, and assumes some

xii
accountability for the inherent risks. Being in business or being an entrepreneur
is about taking risks and confronting challenges.
Entrepreneurs build companies that are specifically crafted to exploit a
particular opportunity. This gives them an advantage over older companies that
were designed in response to challenges of the past and must change to adapt to
todays requirements. Entrepreneurs can build new companies. They can also
rejuvenate existing companies via buyouts and turnarounds. They can also build
new companies inside existing companies, which can be called corporate
entrepreneurship.
1.2 IMPORTANCE OF ENTREPRENEURSHIP
An organization comes into existence only because of the efforts put in
by an individual, who would be prepared to assume responsibility of leading the
enterprise with him. For that, the individual must have special quality that is
known as entrepreneurship.
Entrepreneurship as an economic activity emerges and functions in
sociological and cultural environment. It could be conceived as an individuals
free choice activity or a social groups occupation or profession.
The basic concept of entrepreneurship entails an effective and deliberate
inner urge to take risk in terms of uncertainties and an intuition. In short, an
entrepreneur shows sagacity to jump into untested waters and face the
consequences, with a strong self conviction that he will successfully encounter
the sharks and befriend the dolphins.
The common definition for an entrepreneur is a person, who organizes,
manages, and takes the risk of running a business or enterprise. The
entrepreneurs perform vital function in economic development of a nation. They
have been referred to as the human agents needed to mobilize capital, to exploit
natural resources, to often develop innovative products or concepts, to create

xiii
markets and to carry on business. It may be construed that the entrepreneurial
contribution spells the difference between prosperity and poverty among
nations.
The importance of entrepreneurs to progress cannot be more succinctly
expressed than the statement no entrepreneur, no development. The inactivity
or scarcity of entrepreneurs has for sometimes been the factor seen by many
Asian countries as a major hindrance to economic development. The availability
of abundant natural resources, skilled and unskilled labour, and capital has not
proven itself sufficient enough to result in a surge of entrepreneurial zeal among
the people.
One of the important inputs in any economic development of a country is
entrepreneurship. More the entrepreneurship activities, better the development.
Entrepreneurship is the life blood of any economy and it applies more to a
developing economy like India. The areas of development are:
Taking to higher rate of economic growth by creation of value.
Speed up the process of industrial use of the factors of production.
Creation of employment opportunities.
Dispersal of economic activities to different sectors of economy and
identifying new avenues of growth.
Development of backward and tribal areas.
Better social changes.
Improvement of the standard of living of different weaker sections in the
society.
Bring socio - political change in the society.

xiv
Develop technological know-how.
Improve culture of business and expand commercial activities.
Act as a change agent to meet the requirements of the changing markets and
customer preferences.
Develop a culture of achievement orientation.
1.3 CLASSIFICATION OF ENTREPRENEURS
In the early phases of economic development entrepreneurs will have
initiative to start new ventures and find innovative ways to start new enterprise.
New products, new techniques and new markets are found out by innovative
entrepreneurs. It is innovative entrepreneurs who built the modern capitalism.
The enterprising spirit of the innovative entrepreneurs opens new markets and
develops enterprises.
There is a second group of entrepreneurs generally referred to as initiative
entrepreneurs who copy or imitate suitable innovations made by the innovative
entrepreneurs. They also contribute to the development of the economy
especially in underdeveloped countries. The adaptation is mainly due to suit the
local conditions. They bring industries to the poorer countries.
The third type is Fabian entrepreneur. By nature these entrepreneurs are
shy and lazy. They follow the set procedures, customs, traditions and religions.
They do not venture to take risks. Usually they are second generation
entrepreneurs in a business family enterprise.
The fourth type is Drone entrepreneurs who refuse to copy or use
opportunities that come on their way. They are conventional in their approach
and stick to their set practices, products, production methods and ideas. They
may be termed laggards. In such cases the organization loses market and may be
pushed out of the market.

xv
1.4 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
Entrepreneur is a human being, who conceives in his mind an industrial
enterprise. For this purpose he provides considerable efforts for fructifying his
dream. It is a purposeful penetrating action for initiating, promoting and
managing the economic activity or activities for the production and distribution
of wealth. There should be a person with a mind, heart and intention to combine
them all and convert them into production or creation of goods and services
wanted by the people. It is the entrepreneur who has to come forward to execute
these activities related to production with the sole purpose of satisfying the
customer.
A successful entrepreneur is always aware of the new developments and
changes that take place around him in the society and is prepared to adapt to the
changing needs of the society. He is the central point, around whom all other
factors of production, productive resources and techniques shall revolve. He
integrates talent, abilities and drives to transform the resources into profitable
ventures.
Studies on entrepreneurs have revealed that personality and cultural or
social factors are related to entrepreneurial behaviour. Traits such as self
confidence,

creativity,

persistence,

calculated

risk

taking

capacity,

determination, need for achievement, individuality, leadership, versatility,

optimism and liking for challenges characterize the entrepreneurial person.
A person who has a business of his own is called an entrepreneur. But
what differentiate an entrepreneur from a successful entrepreneur is his
achievements in the field of his business.

xvi
1.5 ENTREPRENEURIAL SCENARIO IN INDIA
During post independence era, entrepreneurship has begun to grow faster.
The Government of India has spelt through industrial policy statements steps for
rapid and balanced industrialization of the country. The government recognizes
the vital role of the private sector in accelerating industrial development
especially after the economic liberalization in 1991.
The government pursues the following objectives:
To maintain a proper distribution of economic power between public and
private sectors.
To disseminate the entrepreneurial acumen concentrated in a few dominant
communities to a large number of industrially potential people of varied
social strata.
To encourage the spirit of industrialization by spreading entrepreneurship
from the existing centres to other cities, towns and villages.
To achieve the above objectives the government has decided to encourage
the development of small scale units. It provides various incentives and
concessions to SSI in the form of capital, technical know how, markets and
land to establish industrial units particularly in the backward areas of the
country.
1.6 GROWTH OF ENTREPRENEURS
The business history of India comes out with names of successful
entrepreneurs such as Tata, Birla, Modi, Dalmia, Kirloskar and others who
started their enterprises in a small way and made a good fortune. Post
liberalization we have witnessed the latest generation of entrepreneurs such as

xvii
Ambani, Ruia, Azim Premji, Murthy, Siva Nadar etc. Scanning their personal
characteristics show certain prominent traits:
Willingness to work hard and to persevere even if the business is in the
verge of failure.
Having a strong desire to achieve high goals in business.
Undying optimism for a future and not disturbed by others and follow their
own route.
Independent and not guided by the current problems besieging them.
Good foresight to visualize the likely changes in the business and taking
timely actions accordingly.
Ability to bring together all the resources required for starting the enterprise.
Initiating research and innovative activities to cater to changing needs of
customers.
1.7 RELEVANCE OF STUDY
The study of entrepreneurship has relevance today, not only because it
helps entrepreneurs better fulfill their personal needs but because of the
economic contribution of the new ventures. More than increasing national
income by creating new jobs, entrepreneurship acts as a positive force in
economic growth by serving as the bridge between innovation and market place.
Although government gives great support to basic and applied research, it has to
have great success in translating the technological innovations to products or
services. Although intrapreneurship offers a promise of marriage of those
research capabilities and business skills that one expects from a large
corporation, the results have not been spectacular. This leaves the entrepreneur,

xviii
who frequently lacks both technical and business skills, to serve as the major
link in the process of innovation, development, and economic growth and
revitalization. The study of entrepreneurship and education of potential
entrepreneurs are essential parts of any attempt to strengthen this link so
essential to a countrys economic well-being.
1.8 NEED FOR THE STUDY
Modern India is in need of substantial growth of the industrial and
agricultural sectors for her march towards a global power and to successfully
meet the social obligations such as poverty alleviation, raising standard of
living, and meaningful employment to all. The role of entrepreneurs in this
aspect is highly significant. Indian entrepreneurs have been instrumental in
shaping the destiny of millions by providing them employment in their
enterprises, venturing into untested arena, and introducing innovative business
strategies. This naturally draws our attention to investigate as to how Indian
entrepreneurs succeed in their ventures and the essence of such enquiry can be
used as benchmark for budding and aspiring entrepreneurs.
1.9 SCOPE OF THE STUDY
The Indian entrepreneurs selected for study are based on the conditions
that they have started their career either as low level employees of some
organizations or started their venture with their own meagre investments. They
are their own masters, in the sense that they did not have back up from their
family members either in the form of financial support or inheritance of family
wealth. They started their own enterprise with a humble beginning, and slowly
and steadily picked up their business purely due to their entrepreneurship
qualities. They faced hardships in course of their growth, but never gave up. The
ingenuity and the spirit of entrepreneurship always kept up their hopes and
confidence and eventually proved to be successful entrepreneurs.

xix
1.10 EXPECTED OUTCOME OF THE STUDY
To explore the traits of Indian entrepreneurs
To differentiate successful Indian entrepreneurs from entrepreneurs
To trace the success stories of selected successful Indian entrepreneurs
To identify their winning strategies for success in business
To summarize the findings of the study and establishing as bench mark for
future entrepreneurs to be successful
1.11 METHODOLOGY OF THE STUDY
Primary and Secondary data: Interview and secondary sources were
referred in this case study method. Out of the available entrepreneurs in India,
these few (fifty) successful entrepreneurs, who had their investment options
from their own sources, were considered for this study.
Based on the hypothesis proposed as above, a sample of fifty successful
Indian entrepreneurs is carefully selected for the study. The methodology chosen
is case study method; their history is studied in depth, the factors deciphered as
to identify their secret of success.
1.12 LIMITATIONS OF THE STUDY
Due to time constraint, the researcher could not undertake extensive
journeys for data collection. The difficulty in identifying the qualified
entrepreneurs in India to meet the conditions laid down in the hypothesis, led to
a sample size of fifty only. Hence, the result drawn out of the study is likely to
have some error or bias. Nevertheless, the research findings are expected to
throw light on specific factors for success and can act as guidelines for the future
generation of entrepreneurs.

xx
1.13 SCOPE AND ORGANISATION OF THE THESIS
For reasons best known to be explained in the ensuing chapters, it was
decided that this exploratory study of the successful entrepreneurs may best be
undertaken through a content analysis of undisguised and published cases in the
descriptive methodology. A total of fifty such cases were identified and
analyzed, few of them were interviewed with a view to corroborating the case
data with the interview data.
In all, therefore, the samples consisted of around hundred ventures got
reduced to fifty. The findings of the study and the review of the relevant
literature are arranged in five chapters. It may be noted that in presenting the
findings, I have deviated slightly from the convention of summarizing all the
research literature on the topic in one chapter, and have spread them over
different categories, depending on the sub-topics to which the findings discussed
in the respective chapters are related.
The second chapter comprehensively reviews the literature related to this
study. Chapter III explains the methodology which is a combination of the case
method and the survey method (popularly known as the case survey (method).
In the next chapter, namely Chapter IV, provides some empirical support for the
paradigm of strategic choice (as opposed to that of environmental determinism)
underlying the theoretical model as proposed in the earlier chapters. Following
the discussions, in Chapter V, narrates the process of identifying successful
entrepreneurs with their entrepreneurial heuristics and thumb rules so identified
with findings and conclusions.

xxi

CHAPTER 2
REVIEW OF RELATED LITERATURE
2.1 INTRODUCTION
Several studies have been made in India and abroad on specific aspects of
the field of entrepreneurship. The researcher is interested in presenting here a
few studies from India and abroad relevant to the objectives of the present study,
namely, to identify the success factors behind the successful Indian
entrepreneurs.
2.2 REVIEW OF RELATED STUDIES
J.S. Saini and B.S. Rathore (2001) in their book titled Entrepreneurship:
Theory and Practice, deal with entrepreneurial philosophy, where the success of
entrepreneurs has been discussed. According to the authors, success of an
entrepreneur depends on the entrepreneurs willingness to hold responsibility for
his own work. Though the risk of failure is always present, he takes risks by
assuming responsibility for his actions. Learning from past experiences will help
channel his actions to obtain better results and persistent efforts will yield
success for sure.
Bholanath Dutta (2009) in his book, Entrepreneurship Management:
Texts & Cases, deals in detail on the factors influencing entrepreneurship, viz.,
education, legality, infrastructure, finance, procedures, IT and communication,
rapid changes, size of the firm, R & D and technology, stakeholders and
globalization. The author has elucidated the characteristics of a successful
entrepreneur at length. According to him, there are many critical factors
contributing success such as skills, innovative mind, providing completeness to
the factors of production, decision making, creative personality, plan making,

xxii
dynamic leadership, creator of wealth, self confidence and ambitiousness, risk
bearing, and adventurous mind.
S.S.Khanka (2009) in his book Entrepreneurship Development illustrates
the personal characteristics of successful entrepreneurs as hard work, desire for
high achievement, high optimism, independence, foresight, good orgainising
capacity, and innovativeness. According to the author, success of a small
enterprise is, to a great extent, attributed to the success of the entrepreneur
himself.
David H. Holt (2000) in his book Entrepreneurship: New Venture
Creation has dealt in detail about the success factors for entrepreneurs. Holt says
at the top of the success factor list is the Entrepreneurial Team comprising of
partners, associates or extensive network of advisors.
A typical successful entrepreneur has an average education, in his thirties,
and has solid job experience. Most technical entrepreneurs tend to start
businesses closely related to what they did in previous career positions. Holt is
emphasizing the point that success is closely related to a solid knowledge base
and substantial experience in related field of operations. Moreover, they will
also have well developed social and business relationships and therefore, have a
strong foundation for building a team or support network.
Mary Kay Copeland (2010) in her article, Strategies of a Successful
Entrepreneur: Nature or Nurture, in MBA Review, has deliberated on the
characteristics of a successful entrepreneur. According to the author, the
behaviours and personality characteristics that leading researchers have found in
effective and successful entrepreneurs are self confidence, risk taking capacity,
discerning power, inquisitiveness, tolerance of ambiguity and uncertainty,
creativeness, resourcefulness, affinity for autonomy and control, opportunism,
optimism, action-orientedness, intuitiveness, persuasion, adaptation, resilience,
tenacity and courage.

xxiii
Translating these attributes into behaviours is believed to increase an
entrepreneurs effectiveness. These include total commitment, determination
and perseverance, drive to achieve and grow, orientation to goals and
opportunities, taking initiative and personal responsibility, veridical awareness
and a sense of humour, seeking and using feedback, internal locus of control,
tolerance of ambiguity, stress and uncertainty, calculative risk taking and risk
sharing, low need for status and power, integrity and reliability, decisiveness,
urgency and patience, learning from failure, team builder and hero maker.
Mahima Rai (2010) in her article, Horning Entrepreneurial Skills: Role of
B Schools, in MBA Review, enumerates the characteristics of a successful
entrepreneur self confidence and optimism, extra-ordinary energy and
diligence, ability to take calculated risks, strong urge to achieve and creativity,
ability to respond positively to challenges, leadership qualities, flexibility and
adaptability, responsive to suggestions/criticism, initiative, resourcefulness and
perseverance, independent minded with ability to get along well with others,
perception and foresight, versatile knowledge of the market, government rules
etc. The common thread in all entrepreneurial ventures is that the leaders driving
these organizations have the ability to identify opportunity and create an
organization to carry it through the creation of value for them.
Sujatha Mukherjee (2010) in her article, Profiling the Urban Women
Micro-entrepreneurs in India, in the Journal of Entrepreneurship Development,
draws the picture of an entrepreneur as a) a person who assumes the risk
associated with uncertainty b) an adventurer who undertakes risks, brings
together the capital and labour required for the work c) an innovator d) a
decision maker e) an economic leader f) a manager or a superintendent g) an
organizer and coordinator of economic resources h) an owner i) a contractor j) a
referee and k) a locator of resources for alternative uses. According to the
author, being entrepreneurial involves combining personal characteristics and
financial means and resources within an environment to set up a business.

xxiv
Lakshman

Prasad

and

Subhasish

Das

(2008)

in

their

book

Entrepreneurial Climate: An Assorted Coverage make an intensive study on

entrepreneurship involving psychological as well as socio-cultural milieu,
viewing entrepreneurs as innovators. The integrated behavioural framework,
suggests the pooling of traits such as achievement orientation, strategic vision,
personal resourcefulness, innovativeness and opportunity seeking at high
intensities in non-restrictive environment to give rise to an enterprise.
Some surveys conducted by the authors on the subject of identifying
entrepreneurial traits bring out a host of some distinguishing features of
successful entrepreneurs. They are: leadership and vision, creativity, dynamism,
team building spirit, commitment and goal orientation, and problem solving
temperament.
Dr. A. Peter (2004) in his book Youth Entrepreneurship Everywhere
explains youth entrepreneurship as a process of turning ideas into opportunities
and opportunities into successful businesses through the practical application of
one-to-one mentoring model, entrepreneurship awareness-building skills,
personal empowerment skills, entrepreneurial/enterprise skills, business
planning skills, business management skills, support services availing skills and
business improvement skills.
The author substantiates through the example of a growing child that
enormous entrepreneurial potentials are hidden inside every youth. The hidden
treasures are the entrepreneurial potentials hidden inside every youth waiting to
be utilized. The author says that we are all entrepreneurial in nature, because
everyone has been born with many entrepreneurial skills such as courage,
creativeness, initiative, self-confidence, self-motivation, risk-taking, failure
managing, persistence etc.
R. Nagendran, Dr. K. Banumathy and Dr. N.R.V.Prabhu (2002) in their
book Entrepreneurship Management and Development of Small Business

xxv
explain

the

characteristics

of

successful

entrepreneurs.

successful

entrepreneur is always aware of the new developments and change that take
place around him in the society and is prepared to adapt to the changing needs of
the society. He is the pivot around which all other factor of production,
productive resources, and techniques should revolve. He combines talents,
abilities and drive to transform the resources into profitable undertakings.
According to the authors, studies on entrepreneur have revealed that
personality and cultural or social factors are related to entrepreneurial behaviour.
Cross cultural studies covering India, Japan, Guinea, Malaysia, Mexico,
Philippines and Indonesia indicate that traits such as self confidence, creativity,
persistence,

calculated

risk

taking

capacity,

determination,

need

for

achievement, initiative taking flexibility, individuality, leadership, versatility,

optimism and liking for challenge, characterize the entrepreneurial person.
Priti Krishnan (2007) in ICFAI Business School Case Studies on
Entrepreneurship narrates the qualities of an entrepreneur in the overview as: he
takes risks and is innovative, opportunistic, creative, flexible, dynamic and
growth oriented. However, each of these facets is neither conclusive nor
definitive. For example, a common notion that entrepreneurs are only those
individuals who start their own companies, neither Jack Welch of GE or Ray
Kroc of McDonalds did that. But few would deny that they are entrepreneurs.
This reflects that not all are the same. Although they share some common
characteristics, every entrepreneurial style is unique in its own way.
B. Badhai (2001) in his book Entrepreneurship for Engineers defines
entrepreneur as a person who has already started an enterprise or who is in the
process of starting one. The author enlists the characteristics of an entrepreneur
in Indian conditions as need for achievement, risk taking attitude, need to
influence others, ability to sense opportunities, positive self concept, level of
expectation, initiative, inclination to accept challenges, independent thought and

xxvi
action, problem solving attitude, inclination for searching environment, time
boundness, sense of dissatisfaction, result orientation, influence to get through
bureaucratic red tapism, financial soundness etc.
Poornima M Charantimath (2008) in her book Entrepreneurship
Development and Small Business

Enterprises narrates some of the

characteristics that every successful entrepreneur must possess in adequate

measure. They are creativity, innovation, dynamism, leadership, team
building, achievement motivation, problem solving, goal orientation, risk taking
and decision making ability and commitment. According to the author, ideas
usually evolve through a creative process whereby imaginative people bring
them to reality, nurture them and develop them successfully. The creative
process for an idea involves five stages germination, preparation, incubation,
illumination and verification.
Thomas W. Zimmerer and Norman M. Scarborough (2006) in their book
Essentials of Entrepreneurship and Small Business Management, describe
entrepreneur as a person who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying
significant opportunities and assembling the necessary resources to capitalize on
them.
Although research studies have identified several characteristics
entrepreneurs tend to exhibit, according to the authors, none of them has isolated
a set of traits required for success. Nevertheless, they have given a brief
summary of the entrepreneurial profile for success. They are desire for
responsibility, preference for moderate risk, confidence in their ability to
succeed, desire for immediate feedback, high level of energy, future orientation,
skill at organizing and value for achievement for money. The authors have
supplemented other characteristics frequently exhibited by entrepreneurs as high
degree of commitment, tolerance of ambiguity, flexibility and tenacity.

xxvii
The authors make a summary about the entrepreneurial personality at the
end of their research, which says that entrepreneurs are not of one mold; no one
set of characteristics can predict who will become entrepreneurs and whether or
not they will succeed. Anyone, regardless of age, race, gender, colour, national
origin,

or

any

other

characteristics

can

become

an

entrepreneur.

Entrepreneurship is not a mystery; it is a practical discipline. It is not a genetic

trait; it is a skill that most people can learn.
Robert D. Hisrich, Michael P. Peters and Dean A. Shepherd (2007) in
their book on Entrepreneurship have identified a few capabilities or personal
characteristics that an entrepreneur should possess. According to him, the
entrepreneur should have adequate commitment, motivation and skills to start
and build a business. The entrepreneur must determine if the management team
has the necessary complementary skills to succeed. Some key characteristics of
a successful entrepreneur are: a) Motivator an entrepreneur must build a team,
keep it motivated and provide an environment for individual growth and career
development. b) Self-confidence entrepreneurs must have belief in themselves
and the ability to achieve their goals. c) Long-term involvement an
entrepreneur must be committed to the project with a time horizon of five to
seven years. d) High energy level success of an entrepreneur demands the
ability to work long hours for sustained periods of time. e) Persistent problemsolver he must have an intense desire to complete a task or solve a problem,
creativity is an essential ingredient. f) Initiative he must be able to set
challenging but realistic goals. g) Moderate risk taker and learn from failures.
These personal traits go a long way in making an entrepreneur successful.
However, no entrepreneur possesses total strength. In such cases, he acquires
and/or associates and thus strengthens his enterprise.
James J. Berna (1960) brings us to the issue of the appropriate criteria for
evaluating entrepreneurial activity in under-developed countries. A country with
little or no industrial tradition can hardly produce innovators capable of

xxviii
substantial transformations without first producing and in large numbers, the
humbler type of entrepreneur. This type of entrepreneurship is a complex
phenomenon involving numerous sub-functions. Chief among these subfunctions are business promotion, capital provision, and risk-bearing, technical
innovation and adaptation, and business management. The list of sub-functions
enumerated brings out clearly the fact that entrepreneurship is basically a type of
human skill, or more accurately a combination of skills and abilities. The most
important of these are organizational and administrative ability, some degree of
business and technical knowledge, alertness to opportunity, willingness to
accept change and the psychological capacity to assume risk.
According to James J. Berna, a true entrepreneur besides possessing
functional qualities must also possess a broad personality which helps in
developing initiative and drive to accomplish great tasks and face challenges
squarely. The author has stressed the following qualities of a good entrepreneur:
1. He is an enterprising individual, is energetic, hardworking, resourceful,
aware of new opportunities and able to adjust himself to changing
conditions with ease and willingness to assume risks involved in change.
2. He is interested in an advancing technology and in improving the quality of
his product or service.
3. He is interested in expanding the scale of his operation by reinvesting his
earnings.
4. He visualizes changes and adapts to changing conditions.
5. He is a firm believer in planning and systematic work.
6. He works for the society at large and for the good of his fellow-beings.
The above qualities sum up, what is usually implied from the phrase, the
spirit of enterprise. It is difficult to conceivers of a first-rate industrial
entrepreneur who is not adaptable to change, anxious to grow large and improve

xxix
technologically. Entrepreneurship appears as a personal quality which enables
certain individuals to make decision with far-reaching consequences. The
personal qualities that contribute to the success of an entrepreneur are
motivation towards achievement, creativity and clarity among others.
James J. Berna narrates James T. McCrorys study on a small industry in
a North Indian town. In contrast to industrial entrepreneurs of a mercantile
background, McCrory found that the craftsman-entrepreneur he encountered had
all the qualities of good entrepreneur. These qualities he describes as follows:
They live frugally and save. They are highly skilled themselves or employ
skilled personnel. They are quality conscious, able to make improvements in
techniques on their own, quick to learn from others. As entrepreneurs, they are
tenacious to the extreme. When one industrial venture fails, their first act is to
begin scrapping together savings for another. As manufacturers, they are
versatile and resourceful with the few resources at their command. If they
cannot buy a machine, they will build it themselves. If they cannot reproduce a
technique, they will improvise one of their own. Most are as sensitive to new
demands and market changes as their information and their circumstances
permit.
Based on his findings, McCrory has laid emphasis on such qualities as to
live frugally and save, tenacity of purpose, versatility and resourcefulness as the
main attributes of entrepreneurs. His further observation is that there are neither
technological nor organizational reasons why small industrial firms of this type
should not grow steadily and without losing the identity into medium or even
large firms.
H. Nandan (2007) in his book Fundamentals of Entrepreneurship
highlights on the ultimate success in any entrepreneurial endeavour. According
to him, the success depends on the personality, that is to say, the composite
characteristics, of the entrepreneur. The entrepreneurial personality denotes the

xxx
totality of the entrepreneurs individual character traits, including attitude,
habits, emotional tendencies and behavioural patterns. In fact, extraordinary
personal traits not only constitute entrepreneurs, but also serve to identify them
from others.
Entrepreneurial function requires certain distinctively special qualities
and skills. Individuals aspiring to become successful entrepreneurs are expected
to possess distinctive abilities, rather than the requisite qualities and skills, to
achieve their desired goals. Studies have revealed that all entrepreneurs crowned
with success do not and need not necessarily possess a specified range of exactly
similar attributes. In other words, no two entrepreneurs will have ever their
competencies absolutely identical in nature, intensity and combination.
However, a belief strongly held by many suggests that most entrepreneurs
commonly share quite a few distinctive qualities and skills that are not evident
in average people.
The primary attributes said to be closely associated with the most
enterprising individuals are: a) inquiring mind studying the business
environment and looking for opportunities to penetrate into the market, and b)
unceasing alertness adjusting business strategies so as to reach their targets.
Entrepreneurs, in particular, have foresightedness to ascertain market trends and
the ability to assess consumer needs and wants for change. Entrepreneurs
understand that in the struggle to gain ground or to survive in a competitive free
market economy, the need for innovations becomes all the more important. In
short, the successful entrepreneurs possess such characteristics as creative frame
of mind, desire to break away from the age-old traditional practices, think
deeply of varied untried ideas aimed at creating new means of production, new
devices, products or services, conceptualize new ideas, and possess independent
energetic spirit to translate their thoughts into realities. They decide very clearly
what they want, determine the course of action and prioritise the steps they must

xxxi
execute. They are able to assemble the required resources, risk uncertainties and
face challenges.
Owner-entrepreneurs exercise persevering attention, clear thinking and
good judgement in dealing with day-to-day operations. They have interest and
knowledge in practical business matters, and power to grasp and sort out
problems. They are adept in coping with difficult situations and dealing with all
sorts of people. Most entrepreneurs possess sound health, dynamic leadership,
emotional stability and organizing ability. Above all, the noteworthy typical
personality traits commonly possessed by the vast majority of entrepreneurs
include sharp intelligence, keenness of perception in practical business matters,
optimism, determination, high level energy, persuasiveness, single-mindedness
and hard work.
Entrepreneurship Development Institute of India (EDI-I) (unpublished
data), in its reference book, Developing New Entrepreneurs, draws a detailed
picture about an ideal entrepreneur and keeps certain standards as yardstick for
identifying future successful entrepreneurs. The most frequently cited personal
variables found to be predictable in successful entrepreneurs which the EDI-I
selection process attempts to identify include the following: need to achieve,
moderate and calculated risk-taking, initiative and independent, problem
solving, hopeful about future and high level of aspiration, time boundness,
tendency to analyze the environment, and desire to influence.
An international research project to identify and validate the
entrepreneurial traits and competencies, in which EDI-I participated, identified
Personal Entrepreneurial Characteristics (PECs) by studying the tasks, activities
and behaviour of successful and average entrepreneurs of India, Malawi and
Ecuador.
The important entrepreneurial competencies which emerged as relevant
for success in entrepreneurial career among all the three countries include:

xxxii
a) Achievement cluster: initiative; seeing and acting on opportunities;
persistence;

information

seeking;

concern

for

high

quality

work;

commitment to work contracted; efficiency orientation.

b) Thinking and problem solving cluster: systematic planning; problem solving.
c) Personal maturity cluster: self confidence.
d) Influential cluster: persuasion; use of influence strategies.
e) Directing and controlling cluster: assertiveness.
The findings of the research also suggested that most of these PECs are
cross - culturally common, irrespective of personal background of the
entrepreneurs, their social status, values, culture and the level of economic
growth of the society. This research showed strong evidence that the success of
an entrepreneur in a small business hinges upon these PECs which include a
cluster of competencies pertaining to achievement motivation the concept used
by EDI-I in the selection adopted and spread to other parts of the country.
Based on the studies made on the characteristics/traits of personalities of
successful entrepreneurs, S.B. Srivastava (1992) in his book A Practical Guide
to Industrial Entrepreneurs says that some of the qualities are inherent, but
others are most acquired. Broadly speaking, four qualities are the most
important ones, i.e., intelligence, motivation, knowledge and opportunity. While
intelligence is inherent, knowledge is generally gained by a continuous process.
The dynamic and successful entrepreneurs generally create their own
opportunities; the government is, however, greatly instrumental in creating a
basic infrastructure and opportunities. The qualities of entrepreneurs may further
be sub-divided as under:
Capacity to take risk, capacity to work hard, desire for deferred
consumption, capacity to take advantage of an external situation, imagination,

xxxiii
emulation, initiative, sociability and flexibility, inventive ability and knowledge
both informative and technical.
Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1983) in their
article, The Practice of Entrepreneurship in this book by S.B. Srivastava
describe that entrepreneurs are people who have the ability to see and evaluate
business opportunities, to gather the necessary resources, to take advantage of
them and to initiate appropriate action to ensure success. The following list of
characteristics and traits provides a working profile of entrepreneurs:
Characteristics
Self confidence

Traits
Confidence,

independence,

individuality,

optimism.
Task result-oriented

Need

for

achievement,

profit

oriented,

perseverance, determination, hard work, drive,

energy, initiative
Leadership

Leadership, behaviour, gets along with others,

responsive to suggestions & criticism

Originality

Innovative,

creative,

flexible,

resourceful,

versatile, knowledgeable
Future oriented

Foresight, perceptive

A person may not have all these qualities, but the more one has, greater is the
chance of being an entrepreneur.

S.K. Bhattacharya and M.M.P. Akhouri (1975) in their article Profile of a

Small Industry Entrepreneur in this book by S.B. Srivastava, declare the
following aspects as important components of entrepreneurial profile:
1. Entrepreneurs have high need for achievement
2. They take calculated and moderate risks

xxxiv
3. They have high personal efficacy
4. They possess leadership qualities
5. They show high commitment to task
6. They are good at team work
7. They have good planning ability
8. They have sound decision making ability
Understanding entrepreneurial traits and qualities enable identification
and selection of entrepreneurs and developing suitable programmes for
upgrading their knowledge and skills and developing the right motivation in
them to take up enterprises of their own and manage them well.
David C. McClelland, (1961) in The Achieving Society, in the book by
S.B. Srivastava, has pointed out that successful entrepreneurs are characterized
by a) an unusual creativeness b) a propensity of risk-taking c) a strong need for
achievement. An entrepreneur possesses the following attributes:
1. Likes to take personal responsibility
2. Likes to take moderate risks
3. Wants to know the result of his efforts
4. Tends to persist in the face of adversity
5. Tends to be innovative
6. Is oriented towards future
7. Tends to be mobile and is not completely satisfied
T. Venkateswara Rao, Udai Pareek and Prayag Mehta (1978) declare in
their compiled handbook Developing Entrepreneurship, Learning Systems that

xxxv
every entrepreneur may not have all the characteristics as generally believed to
have. In fact, there is no research to indicate this. However, it may be that the
more these characteristics are present in a person, the more effective he is likely
to be an entrepreneur.
Generally, every entrepreneur is assumed to possess the good qualities as
enumerated below:
a) Need for achievement b) Need for influencing others c) Sense of efficacy d)
Risk taking e) Openness to feedback and learning from experience f) Need for
independence g) Hope to success h) Expectation from employees i) Competition
and collaboration j) Flexible authority relationship m) Concern for society n)
Social consciousness o) Dignity of labour and p) Saving for future.
The authors raise a pertinent question whether entrepreneurship is a
package of characteristics. The portrayal of entrepreneurial characteristics so far
is likely to give an impression that he represents a special type of person and
that everyone cannot be a entrepreneur. This is not true, though. The
characteristics listed so far are based on several studies and experience and most
of them are not conclusive.
Nonetheless, an entrepreneur would certainly be different from the nonentrepreneur in terms of his psychological and social dispositions. But he need
not have all these characteristics together. There is no evidence to indicate that
an entrepreneur cannot be successful without some of these characteristics.
Entrepreneur with strengths in creative abilities may emerge successful without
possessing many of these characteristics. Answers to questions like what are the
optimal combinations of characteristics needed to an entrepreneur are not clearly
available. The evidence only points to some dominant traits in successful
entrepreneurs. In such situations, certain generalisations could, however, be
made. a) The traits described earlier can be developed in people through

xxxvi
psychological education c) Presence of these traits increase probability of an
entrepreneur emerging out successful.
P. Saravanavel (1991) in his book Entrepreneurship Development:
Principles, Policies and Programmes, depicts the right qualities of a true
entrepreneur. An entrepreneur should be one who bears, innovates or initiates
and organizes the business. As successfully he performs such functions to the
extent he justifies his existence. Whether he performs such functions effectively
is determined by the nature of quality control, cost reduction, improved
industrial relations, profit earning and the like. All these are possible if the
entrepreneur is especially a talented person and he possesses the following
qualities in him:
1. Capacity to assume risk and possessing self confidence
2. Technological knowledge, alertness to new opportunities, willingness to
accept change and ability to initiate.
3. Ability to marshal resources
4. Ability to organize and administer
A study of European entrepreneurs in the 19th century at the time of
Industrial Revolution reveals that a typical entrepreneur was found more selfcentered than others. He believed in breaking up the old traditions and
establishing new traditions. Such an entrepreneur was found highly ambitious.
He had the will to conquer, the impulse to fight and succeed and a tendency to
prove himself superior to others.
A true entrepreneur, besides possessing functional qualities mentioned
above, must possess the broad personality contours which help him in
developing initiative and drive to accomplish such tasks which he decides from
time to time. In an early period, an economist like J.B. Say observed that an

xxxvii
entrepreneur must possess the following special qualities: He must have
judgement, perseverance and the knowledge of the world as well as of
business. He is called upon to estimate, with tolerable accuracy, the importance
of specific product, the probable amount of demand, and the means of its
production; at another buy or order the raw material, collect labourers, find
consumer, and give at all times a rigid attention to order and economy, in a
word, he must possess the art of superintendence and administration.
Joseph Prokopenko and Igor Pavlin (1992) draw a rather not so rosy
picture about the entrepreneurship development activities in public enterprises.
In view of the limited entrepreneurial practices and opportunities inside the
public sector, in particular in socialist economies in the past, a systematic effort
should be made to develop endogenous entrepreneurship. Many researchers of
western business, among them for example, Peter Drucker, point out that
entrepreneurship and entrepreneurs can be developed through conscious action.
According to this view, the development of entrepreneurs and entrepreneurship
can be stimulated by a set of supporting institutions, by deliberate innovative
action stimulating change, and above all charging the management of existing
corporations with the responsibility of new products and spin-off firms by
giving full support to capable individuals and entrepreneur groups. While the
role of the individual with innovative ideas and sufficient drive is still
emphasized, the purposeful and systematic management of this process is also of
key importance. As a result, different methods for the development of
entrepreneurship have been tried, ranging from entrepreneurial training courses
at different educational levels and management/employee buy-outs, to new
business incubators.
B.S. Rathore and S.K. Dhameja (2000) outline the challenges the future
entrepreneurs have to face in this century through their book Entrepreneurship in
the 21st Century. The future entrepreneurs will have to face considerable
challenges and severe competition not only from domestic industries, but also

xxxviii
from enterprises of global nature. With liberalization, the Indian entrepreneur is
facing competition from the global players even in such areas like consumer
products which recently had some protection.
The future entrepreneurs have to be prepared through training and
exposure for planning and launching an enterprise. Another task which is
important in serving the entrepreneur of the 21st century is the creation of
suitable data banks in technology and services available, arranging of technical
tie-ups between competent open minded entrepreneurs existing within the
country and with entrepreneurs/investors in other selected developed and
developing countries.
Centre for Entrepreneurship Development (unpublished data) in its
preparatory notes on Entrepreneurship and Small Business Management,
describes successful entrepreneur as one who is always aware of the new
developments and change that take place around him in the society and is
prepared to adapt to the changing need of the society. He is the pivot around
whom all other factors of production, productive resources and techniques
should revolve. He combines talents, abilities and drive to transform the
resources into profitable undertakings.
Studies

on

entrepreneurship

have

shown

that

personality

and

cultural/social factors are related to entrepreneurial behaviour. Cross cultural

studies covering India, Japan, Guinea, Malaysia, Mexico, the Philippines and
Indonesia indicate that traits such as self-confidence, creativity, persistence,
calculated risk taking ability, determination, need for achievement, initiative
taking, flexibility, individuality, leadership, versatility, optimism and liking for
challenge, characterize the entrepreneur person.
The knowledge of entrepreneurial competence has been sharpened over
the last three decades. The following is a list of major competencies that
contribute top performance: Taking initiative, seeing and acting on

xxxix
opportunities, persistence, information seeking, concern for high quality of life,
commitment to work contract, efficiency orientation, systematic planning,
problem solving, self-confidence, assertiveness, persuasion, use of influence
strategies, monitoring and concern for employee welfare.
S.V.S. Sharma (1979) in his book Developing Entrepreneurship: Issues
and Problems, narrates a detailed description on the characteristics of successful
entrepreneurs and draws comparison with the unsuccessful entrepreneurs among
other issues. Research on entrepreneurship indicates a gradual convergence of
interest in the factors that contribute to successful entrepreneurship and has
attempted to answer the following questions.
1. What are the individual or psychological characteristics of an entrepreneur?
2. Is there any typical social background which characterizes an entrepreneur?
3. Are most of the successful entrepreneurs drawn from particular occupational
groups?
Attempts have been made by social scientists to find answers to the above
questions. The vast amount of research which has been generated as a result of
tremendous interest in the field of entrepreneurship and entrepreneurial
behaviour is generally related to sociological and socio-psychological aspects of
entrepreneurship.
A study of personality factors of successful and unsuccessful
entrepreneurs (Alladin, M.T., 1979) at the SIET Institute covering 16
dimensions of personality revealed that successful entrepreneurs were found to
be significantly more social, emotionally stable and more assertive than
unsuccessful ones. The findings were also suggestive of a trend indicating that
successful entrepreneurs were less suspicious but more apprehensive than
unsuccessful ones. However, on dimensions like intelligence, expedient vs.
conscientiousness, sly vs. venturesome, tough-minded vs. tender-minded,

xl
practical vs. imaginative, far-sighted vs. shrewd, conservative vs. experimenting,
group dependent vs. self-sufficient and relaxed vs. tense, the differences
between successful and unsuccessful entrepreneurs were found to be negligible.
On the final analysis, the role of the characteristics associated with the
success of entrepreneurship personal, social and psychological, individually or
in combination, stands out significantly. And it appears possible and perhaps
necessary to develop ways and means of identifying potential entrepreneurs who
could be encouraged and supported on a selective basis. It is not suggested that
one could arrive at a universally applicable and invariant portrait of an
entrepreneur. But what is advocated is the view that in every society some
people possess entrepreneurial qualities to a greater degree than others. And
these people have to be involved to take advantage of developmental activity.
While entrepreneurial behaviour can be readily identified as a common pattern,
the underlying roots of such behaviour seem to vary from culture to culture. A
more conclusive picture will emerge only out of well planned research efforts in
different countries, individually and in coordination.
Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1982) in their
book The Practice of Entrepreneurship describe the features of entrepreneurs.
They are action oriented, highly motivated individuals who take risks to achieve
goals. Most entrepreneurs have definite goals and expectations. The clearer the
goals are, the more likely they are to achieve them. Every person is a unique
individual and no two persons are alike. All people have had different past
experiences, are living in different life situations, have different commitments
and responsibilities, and have different life goals. The previous experiences of
an entrepreneur are usually broad and varied and determine his present life
situation. Most entrepreneurs have modeled themselves on another; probably
older entrepreneur and close identification with such a role model will lead to
the acquisition of entrepreneurial behaviour and skills.

xli
The current job and the financial and family circumstance, as well as
other factors, help to determine the attitude towards being entrepreneurial. He
has various obligations and commitments to himself and to others, including his
family, employer and employees, friends and other community members. If he
has too many commitments and responsibilities outside his work, he will find it
difficult to be entrepreneurial. In planning for the future he has to be realistic in
determining those things that can be changed and those that cannot. His past
experiences should help him to understand better his present situation.
To some extent, success as an entrepreneur depends on their willingness
to accept responsibility for their own work. Even though the risk of failure is
always present, entrepreneurs take risk by assuming responsibility for their
actions. Some entrepreneurs succeed only after experiencing many failures.
Entrepreneurs have a sound mental outlook on life. They are matured
individuals who have developed a way of viewing all experiences in a healthy
manner. Entrepreneurs are people who know how to find satisfaction in work
and are proud of their accomplishments.
Successful entrepreneurs are successful leaders, whether they lead a few
employees or a few thousands. By the very nature of their work, entrepreneurs
are leaders because they must seek opportunities, initiate projects; gather the
physical, financial and human resources needed to carry out projects; set goals
for themselves and others; and direct and guide others to accomplish goals.
Kalpana Vaish (1993) in her book Entrepreneurial Role of Development
Banks in Backward Areas quotes Prof. Schumpeter on his views on
entrepreneurs. According to him, supply of entrepreneurs depends on the rate of
profit and social contract. Profit induces the prospective entrepreneur to get into
the business and start new activities. But this does not necessarily imply that the
entrepreneur is concerned only with pecuniary profits. He is basically an
innovator, with an achievement motive which aspires for something more than

xlii
money. It is for such entrepreneurs to function effectively that the necessary
entrepreneurial culture and a social climate conducive to industrialization are
needed.
Development of entrepreneurship involves identification of potential
entrepreneurs, training them and developing in them the characteristics or
abilities required for entrepreneurial success and providing support to the trained
entrepreneurs in all subsequent stages of actual enterprise building.
S.B. Verma (2005) in Entrepreneurship and Employment: Strategies for
Human Resource Management, highlights the role of entrepreneurship on
economic development. Entrepreneurship as an economic activity emerges and
functions in sociological and cultural setting. It could be conceived of as an
individual free choice activity or a social groups occupation or profession. In
Indian context, entrepreneurs hail either from communities which are
traditionally endowed with entrepreneurial qualities or those from traditionally
non-entrepreneurial group. Further, entrepreneurship may result in basic, partial
or total transformation in the client community.
The entrepreneur in this context is defined as one who could start a new
activity or a new enterprise which is a deviation from his traditional family
occupation or profession. Entrepreneurship can also be thought of as a creative
activity. The entrepreneur is an innovator who introduces something new into
the economy a method of production not yet tested, a product with which
consumers are not familiar, a new source of raw material, or a new market
hitherto unexplored and other similar innovations.
Dr. B.S. Patil (2009) in his book on Social Entrepreneurship draws in
detail the role and responsibilities of social entrepreneurs. Any definition of
social entrepreneurship should reflect the need for a substitute for the market
discipline that works for business entrepreneurs. The definition combines an
emphasis on discipline and accountability with the notions of value creation

xliii
taken by Say, innovation and change agent from Schumpeter, pursuit of
opportunity from Drucker, and resourcefulness from Stevenson. In brief, this
definition can be stated as follows:
Social entrepreneur plays the role of change agents in the social sector by:
1. Applying a mission to create and sustain social value
2. Recognizing and relentlessly pursuing new opportunities to serve that
mission
3. Engaging in a process of continuous innovation, adaptation and learning
4. Acting boldly without being limited by resources currently in hand
5. Exhibiting heightened accountability to the constituencies served and for the
outcomes created
Social entrepreneurship describes a set of behaviours that are exceptional.
These behaviours should be encouraged and rewarded in those who have the
capabilities and temperament for this kind of work. Social entrepreneurs are one
special breed of leaders and they should be recognized as such. We need them to
help us find new avenues towards social improvement.
Dilip Gangopadhyay (2001) in his book Enterprise and Entrepreneurs
draws our attention on the intense relationship between them, and highlights the
importance of entrepreneurship for the economic growth of a country.
Entrepreneurship is a variable, depending on the countrys resolution for
economic growth and its scope is limited by the agenda under the national
policy. In regard to our country, it is encouraged towards:
a) Social justice b) Removal of imbalance amongst the regions and
dispersal of entrepreneurial activities in backward rural areas c) Equitable
distribution of income by way of creating jobs for the unemployed d) Substantial

xliv
addition to the GNP and off late e) Techno-economic reliance through economic
liberalization and industrial globalization by way of turning mixed economy into
market economy.
Once the role and functions of an entrepreneur are understood properly,
the qualities which must be present or need to be developed to undergo the
entrepreneurial process with success should be determined. Such qualities
termed as characteristics are:
Capacity to take risk, capacity to work hard, capacity to search, capacity
to exalt competence, capacity for creative thinking, capacity to influence and
persuasion, quality consciousness and desire for deferred consumption.
Mario Rutten and Carol Upadhya (1997) in their book Small Business
Entrepreneurs in Asia and Europe, Towards a Comparative Perspective,
highlight the general features of entrepreneurs engaged in Asia and Europe. The
authors quote Harvey (1989) and others who have argued that the growth of
small scale and rural based entrepreneurial classes throughout Asia and Europe
may be related to the profound transformation which has taken place in the
capitalist world system during the last two decades. Many of the small
enterprises, both manufacturing and service-oriented, are linked to larger
companies through sub-contracting relations.
Most studies on entrepreneurs have found social networks to be central to
their functioning and this is true of European as of Asian businessmen. If social
networks are viewed in a broader sense as a kind of social capital, then their
ubiquity among business entrepreneurs can be better understood. The creation of
social capital is essential not only for successful business dealings and the
enhancement of prestige, but also for insurance against an uncertain future.
Naunihal Singh (2003) has written his book Effective Entrepreneurial
Management from a definite and pragmatic point of view that stated, is this:

xlv
Neither innovative genius, nor hard work, nor even luck is in itself a guarantee
for corporate success. Assuming that all these are present in the new venture in
at least trace quantities, the missing catalytic element often seems to be what we
might call the entrepreneurial state of mind. It might be characterized as a
degree of tough-mindedness that stops somewhere short of combativeness, a
confidence in ones intuitive as well as ones rational faculties, a capacity to
think tactically on ones feet, as well as to plan strategically in the business
school sense; an aptitude that senses timely action based on sometimes
inadequate information, ahead of prolonged fact-finding; a mental set stressing
integration of many facts into action plans, rather than endless differentiation
and analysis.
A Hand Book for New Entrepreneurs (1986) (unpublished data) prepared
by EDI-I faculty and experts give their version of entrepreneurship. It is not a
matter of heritage; it is entirely a manifestation of such potentialities that any
individual born in any caste, community and class can have. As such, any person
having a certain set of behavioural traits and mental aptitudes in him/her can
become an entrepreneur. Besides, there is no need for such person to be
groomed from the very childhood for becoming an entrepreneur. Even if he/she
is grown up, has worked on a different line, and has developed these traits or
aptitudes, he/she can be groomed and developed as an entrepreneur through
counseling and motivational measures.
In order to know at first hand the factors which have led to the promotion
of entrepreneurship in small scale industry sector, a study was conducted by
B.S. Batra (2002). This led to an in-depth analysis of the socio-economic profile
of entrepreneurs and the various factors of promotion, success or failure of
entrepreneurs.
There are a number of factors which motivate a person to enter into
industry. There are internal as well as external factors. Among the external

xlvi
factors, incentives to set up the new units prompted many to enter into
entrepreneurial activity. Heavy demand for the product, high profit margin and
other external factors motivated them to start the business units in the states.
Among the internal factors, strong urge to do some independent job accounted
for a major chunk. The analysis of personality factors indicated that
competencies of entrepreneurs and risk taking ability have been a major
motivating factor.
Many factors generally affect the growth of entrepreneurs. These include
previous occupation, family background, caste, education, technical know-how,
financial position, government help, and personality of entrepreneurs. These
factors affect the process of industrial growth. Thus, in order to promote
industrial growth and development, it becomes necessary to create a conducive
climate which helps in promoting entrepreneurship.
The entrepreneurial spirit, as described by various studies and
experiences on the subject involves not only desire to gain monetary benefits,
but also an admixture of an utmost need for achievement and all the motivations
evident in a high achiever. Long term involvement with a goal which the
entrepreneur has set for himself creates the need to persist with the undertaking
even in the face of number of barriers.
The advanced countries have made spectacular performance on the basis
of industrial entrepreneurship.

The

Asian region presents a similar

underdevelopment. In India, most of the industrialized states have shown a high

rate of industrial growth during the last many decades. There is predominance of
small scale units which have shown a tendency of growth. The states have
plenty of small scale enterprises, but there are a few persons who have entered
medium and large scale sectors. However, the entrepreneurs have matched their
counterparts in developed regions in risk bearing capacity and their

xlvii
entrepreneurial skills. It is true to a large extent that whatever the various states
have been able to achieve is mainly due to the efforts of the entrepreneurs.
The entrepreneurs in low capital base depended mostly on family funds
while those in medium capital base tried to tap some nearby sources like friends
and relatives. However, more than half of the persons in high capital base got
resources from governments as well as various financial institutions. The
business families supply more entrepreneurs than any other type. The persons
from business families are directly or indirectly exposed to family businesses
which make them familiar with business practices. The families with business
occupation provided large number of entrepreneurs.
Neal Thornberry (2006) describes the entrepreneurial philosophy in his
book Lead like an Entrepreneur. The entrepreneurial half of the entrepreneurial
leadership requires the wearing of an entrepreneurial hat on a day-to-day basis.
Some people refer to this focus as a mindset or philosophy or perhaps a lens
through which a leader tends to consistently view his corporate world. It is more
fruitful to view this as a mindset than as an inherent or inborn characteristic,
since people can learn to wear this hat.
Simply defined, this mindset is a way of thinking and acting that is
entrepreneurial in nature and manifests itself in number of outwardly observable
behaviour. Unlike a trait, mindset can be learnt by most people if they have a
desire to do so. What separates most organizational managers from
entrepreneurial leaders is desire. Some people have this desire naturally, but we
have seen others, employed in large corporations, get it through a combination
of education, personal development, and well designed compensation and
motivational strategies.
The entrepreneurial mindset involved the following 10 qualities:

xlviii
Internal locus of control, Tolerance for ambiguity, Willingness to hire
people smaller than oneself, A consistent drive to create, Build or change things,
Passion for an opportunity, A sense of urgency, Perseverance, Resilience,
Optimism and Sense of humour about oneself.
Entrepreneurship is about opportunity identification, development and
capture. This is the be-all and end-all. This is what entrepreneurs do and why
they are called so. What separates most of us from successful entrepreneurs is
that they are willing to spend the time and energy to go through this process.
The process is not magic; it can be learnt. A clear discipline is involved in
turning an idea into an opportunity. Companies which wish to rekindle their
entrepreneurial spirit need to create an environment in which managers become
impassioned about an idea to the point that they are willing to pursue it even if
there are obstacles.
G.R. Basotia and K.K. Sharma (1999) explain the role of entrepreneurs in
developing enterprises in their handbook on entrepreneurship development. An
entrepreneur has to coordinate and control various factors of production for
achieving a given objective. All factors are equally important for making the
enterprise a success. Various departments should work in coordination with one
another and organizational and financial planning should be properly
determined. Modern business has become complex and complicated. The
improvement in technology and changing consumer preferences are creating
more challenges for the entrepreneurs. All aspects of an enterprise production,
financing, marketing etc., should be properly arranged and coordinated to make
an enterprise successful. Some pre-requisites for the success of an enterprise are:
Setting objectives, Proper planning, Sound organization, Proper location and lay
out of plant, Marketing and distribution and Dynamic leadership.
J. Gayathri (2009) quotes Tata, Birla, Modi, Dalmia, Kirloskar and others
as examples of successful entrepreneurs, who started their business enterprises

xlix
with small size and good fortunes. Success or otherwise of a small enterprise, is
to a great extent, attributed to the success or otherwise of the entrepreneur
himself. What makes them successful? Whether they have anything in common
in their personal characteristics? The scanning of their personal characteristics
shows that there are certain qualities of entrepreneurs which are found usually
prominent in them. The principle characteristics identified are: hard work, desire
for high achievement, highly optimistic, independence, foresight, good
organizing and innovative mind.
Chris Boulton and Patrick Turner (2006) in their book Mastering
Business in Asia, concentrate on the essential qualities required for a person to
succeed in entrepreneurial venture in Asian region. The fact that there are wide
variations between entrepreneurial activities in different countries, even taking
into account the distinction between necessity-based and opportunity-driven
entrepreneurs opens up the whole subject area of what factors influence people
to become entrepreneurs and stimulate entrepreneurial activity.
You are more likely to become an entrepreneur if someone in your
environment is or has become one. Your environment includes more than just
your family, and so it can also be said that if there is a strong entrepreneurial
community where you were brought up or even a cluster of towns in your area,
then this can also encourage you to think of becoming an entrepreneur.
Global Entrepreneurship Monitor (GEM) report found that post
secondary or graduate education are twice likely to be involved in an
entrepreneurial firm than those with less education. GEM report found that
another of three statistically significant contributing factors to high levels of
entrepreneurial activity was a belief on the part of the individual that he
possessed the skills necessary to start and manage a business. People who
believed this were on average five times more likely to be engaged in
entrepreneurship.

l
This finding can be taken together with the third of the three significant
favourable factors, which was perception of business opportunities, those who
could see good opportunities were three times more likely to be an entrepreneur
than the rest. Another major factor influencing the level of entrepreneurial
activity was how easy or difficult it was to become an entrepreneur in other
words, the level of official and administrative burden that an entrepreneur has to
cope with. Also other factors to be reckoned with were costs an entrepreneur had
to face, both at the start up and during the operation of the business and the
availability of funding for entrepreneurial activities.
Neeta Baporikar (2002) establishes the role of entrepreneurs in the
economic and industrial development of countries through her book
Entrepreneurship and Small Industry. Entrepreneur is not an inventor. The large
number of innovations would have all gone waste had they not been made
commercially viable by the entrepreneurs. That is why entrepreneurs are given
the credit for the success of the Industrial Revolution. What qualities or traits are
required to be a successful entrepreneur? While t is difficult to answer this
question definitely, it appears that a successful entrepreneur has the following
qualities: Willingness to take sacrifices, leadership, decisiveness, confidence in
the project, marketing orientation, and strong ego.
Sathish Khanna (2004) in his book The Rising Indiapreneur: Instilling
Entrepreneurial Skills discovers the unique characteristics demanded for an
entrepreneur to succeed in Indian business environment. Entrepreneurs are the
crux of the economy of any country. In order to succeed in the era post-WTO, a
new culture is required in India to fill this lacuna. It is not that we lack the
required resources or skills for faring better than what we already are. On the
contrary, its people are more than well qualified.
Even the definition of an entrepreneur has to undergo change. Earlier, any
one who started a business with his own money or loan money- irrespective of

li
the merits of the project was nomenclatured as an entrepreneur. Many times, he
was just launching the project because there were fiscal subsidies being offered
by the government or the project had duty protections or that easy loan money
was available. For some, it was an opportunity to siphon off money. Some
started a particular business because others were making profits in that business
the so-called entrepreneur could hire some employees and literally steal the
technology and customer base to copy the project. In the process, he neither
made the intended profit for himself nor did he allow the original player to
continue making profits, based on his being the actual entrepreneur.
This was an era of Destructive Construction. Most investments made in
those days are stagnating or losing the value. Some good investments have gone
towards the destructive mode too through value erosion.
It is time to deliberately destroy businesses which have taken in huge
national resources, bred inefficiently and are no more capable of withstanding
global competition. Such destruction will be a Constructive Destruction and
hereafter new businesses based on global competitive merits will have to be
constructed. These should find opportunities within India and abroad. This will
be Constructive Construction and those who contribute this mode of creation
will be the entrepreneurs who will be able to restore respect for themselves.
Dr. Vasanth Desai (2008) in his book Small Scale Industries and
Entrepreneurship, comments that the characteristics of an entrepreneur that
contribute to success are the result of his achievement motivation. A successful
entrepreneur is a person who has started the business where there was none
before. He is essentially an enterprising individual who is able to recognize the
potential profitable opportunity and who initiates to produce marketable
products by combining the various technologies and through organizing together
the people, finance, material resources marketing tools, in order to ultimately
translate the idea in the minds to physical realities. In short, entrepreneur is a

lii
person who initiates, establishes, maintains and expands a new enterprise. He is
basically an innovator, creator and accomplisher.
According to research studies, there are more than fifty personality traits
and all these traits, attributes and attitudes constitute the characteristics of a
successful entrepreneur. Though all the characteristics cannot be found in a
single entrepreneur yet the presence of greater number of these characteristics in
an individual makes him an entrepreneur and only then it is possible for him to
be successful to achieve the goals of entrepreneurship.

Some of the

characteristics or qualities of a successful entrepreneur are as follows: Need for

achievement, Risk taking, Need for independence, Sense of effectiveness, Social
consciousness, Need for extension, Optimistic, Open minded, Non-fatalist, Low
affiliation, Pragmatist, Aggressive, Commitment and conviction, Capacity to
analyze,

Initiative,

judgement,

Hopeful,

Intelligence,

Efficiency,

Leadership

Technical

qualities,

competence,

Self-confidence,

Good
Energy,

Creativeness, Fairness, Honesty, tactfulness and Emotional stability.

An entrepreneur who has a high level of administrative ability, mental
ability, human relations ability, communication ability and technical knowledge
stands a much better chance of success than his counterpart who possesses low
levels of these basic qualities. Brilliant men with first class degrees from
universities hesitate becoming entrepreneurs because one thing they cannot be
taught is coping with human emotions.
V.S. Patvardhan (1990) in his research study on Growth of Indigenous
Entrepreneurship conducted a detailed study on B.D. Gareware, and his
entrepreneurial growth as apart of a study of prominent families from
Maharashtra who have been involved in business and industrial activity. The
author throws light on the personality of B.D. Gareware (BDG), his motivation,
the environment in which he grew up, his uncanny business sense to exploit the
opportunities at the right time, the manner in which he reacted to the changing

liii
economic and social environment, the factors responsible for his decision
making in the process of expanding of his business, entrepreneurial aspects of
his philosophy pertaining to management, personal relations, product choice,
and developing expansion and diversification.
BDG is known to be extremely careful and choosy while selecting his
executives, train and mould them, test them, and then repose full trust in them
once they come out successful according to his expectations. Creating leadership
quality within his executives and cultivate a sense of confidence among them
has been one of his fondest activities in the running of his different companies.
Though a non-technician, he likes to learn by himself and remains a shade better
than his best technical personnel. He has experimented successfully by creating
a mix of hereditary and professional management in two of his companies. He is
able to generate a sense of belonging and identity within the organization among
the employees with whom he used to work. He spares no efforts and pains to
nurture quality consciousness as a way of life.
BDG always believes in the kind of process of growth of the personnel
providing them avenues for promotion and encouraged active labour
participation in ownership and management of his companies. He would
encourage his executives to take up responsibilities and gave credit for their
achievements. He would endeavour to know the problems of his employees,
show understanding and strive to create an atmosphere in which they would be
satisfied and happy.
The overall thinking or philosophy as regards management of his
companies has been based on futuristic approach laced with practical
conservatism. Management by hunches is perhaps a unique feature of his
business decisions. He continuously looks around for something new by way of
products and market. He is perceptive of the market and of the emerging
competition and not sentimental in being attached to particular products. Single

liv
minded devotion to the objective set before oneself and perseverance also can be
counted as important contributory characteristic of BDG. He is imbued with the
true entrepreneurial spirit to take up challenges and pursued them with a
practical approach. He is a man of vision and persistent and willing to put up in
any amount of hard work.
Through the detailed and painstaking study of the personality traits,
qualities and practices of B.D. Gareware, the author has illustrated the living
example of a successful entrepreneur and the important attributes required for
success.
R. Setty (2004) draws our attention towards the potential and challenges
for women to become entrepreneurs. Woman has been the economic partner of
man in several fields but when it comes to entrepreneurship, man seems,
outwardly, at any rate, to dominate the entrepreneurial world. Entrepreneurship
is not simply a masculine job as army or navy. She, too, is equally endowed with
the psychological qualities and managerial abilities that matter in successful
entrepreneurship. Sometimes, the environment and opportunities are the same
for both man and woman. But interestingly, the entrepreneurial activity in the
traditional developing societies has been restricted to man.
In general, the potential woman entrepreneur may be a teacher, a nurse, a
secretary or any woman stuck in a job that does not fulfill her or which does not
bring sufficient income. The entrepreneurial woman is simply the woman who
wants to start her own business. The promotion of entrepreneurship among
women depends very much on the organization, education, simulation, and
motivation of the clientele through concerted and systematic approach, focusing
on the individuals and groups. This objective can be achieved gradually through
working with people and demonstrating with possibilities of women venturing
into entrepreneurial activities, accompanied with adequate rewards
development and social growth.

lv
Pankaj Kumar and P.N. Sharma (2009) in their article Development of
Women Entrepreneurs in India: With special reference to Bihar, draws the
picture of women aspiring to become entrepreneurs. The emergence of
entrepreneurship in a society depends upon to a great extent on the economic,
social, religious, cultural and psychological factors prevailing in the society.
Emergence of women entrepreneurship has been an important development in
advanced countries and even in developing countries in recent years.
Today we find women in different types of industries, traditional as well
as non-traditional. What motivates women to aspire for career in business is an
interesting thing to explore and analyse. According to McClelland and Winter,
motivation is a critical factor that leads towards entrepreneurship. This apart, the
challenge and adventure to do something new, liking for business, and wanting
to have an independent occupation are some of the attractive leverages for
women.

These

factors

indicate

relatively

deeper

commitment

to

entrepreneurial profession on the part of the entrepreneur. Responsibility thrust

due to death or incapacitation of near ones, tax benefit for self and for relations
are the push factors. In addition, special qualifications achieved for running
concern, identifying the demand for the market, external motivation,
employment to needy and destitute to set up an ancillary unit, business already
in the family, are some of the factors which give stimulus to women
entrepreneurs to start business.
S.K. Dhameja (2002) narrates the opportunities, performance, and
problems experienced by women entrepreneurs with reference to our country. In
India, from the very beginning, women have been managers of the kitchen and
have solely dominated the area of household activities. Today, non-traditional
enterprises are easily managed by women and are done efficiently with them as
the decision makers. They are flourishing well as consultants, publishers,
exporters, manufactures, designers, interior decorators and the like.

lvi
The hidden entrepreneurial potential of women has gradually been
changing with the growing sensitivity to the role and economic status in society.
Women are increasingly being conscious of their existence, their rights and their
work situations. Today, women entrepreneurs represent a group of women who
have broken away from the beaten path and are exploring new avenues of
economic participation. Among the reasons for women to run organized
enterprises are their skill and knowledge, their talents and abilities in business
and a compelling desire to do something positive.
Women entrepreneurs are regarded as persons who accept a challenging
role to quench their personality needs and to become economically independent
by making suitable adjustments in both family and social life. They are
constantly on the look out for new and innovative ways which lead to strong
economic participation. Their adeptness, skill and knowledge, their acumen in
business and a pushing desire to do something positive are among the reasons
for women to establish and manage organized industries and take up challenging
ventures.
Mark Casson (1982) says that the entrepreneur needs to be a generalist
rather than a specialist. In other words, it is important for entrepreneur to be
reasonably proficient in all aspects of decision making, rather than very
proficient in some aspects but inadequate in others. Entrepreneur who is
deficient in some qualities in principle hire delegates who have these qualities.
The entrepreneur and the delegate complement each other and can take
decisions successfully as a unit. In order to hire complementary qualities the
entrepreneur needs some additional qualities of his own, namely, delegation
skills and organization skills.
The difficulty of screening and devising incentives is far greater for some
qualities than others. Among these scarce qualities, the most difficult to screen
for are imagination and foresight. It follows that these qualities are essential to

lvii
the successful entrepreneur. Beside these qualities, however, the entrepreneur
also needs either to be himself a generalist, so that he can discharge his function
without delegation or possess delegation and organizational skills.
All entrepreneurial qualities are to extent innate. However, not all of them
are entirely innate. Some can be enhanced by training or simply be experienced.
For example, analytical ability and computational skill can be enhanced at
school and university, while practical knowledge and search skills can be
enhanced by general experience of every day life. Entrepreneurial careers will
be strongly influenced by the desire to enhance qualities which are scarce, yet
difficult to obtain through delegation because of the problem involved in
screening for them. Of the two indispensable qualities mentioned above,
imagination is almost entirely innate, while foresight, though some extent
innate, can be enhanced by a varied experience. Delegation skill and
organization skill though not essential are highly desirable whenever large scale
decision making is contemplated. These too are qualities which can be enhanced
through experience.
Dr. Nagendra P Singh (1985) says there have been several studies which
highlight that the entrepreneur is a person who bears, innovates or initiates and
organizes the business. His existence can be justified with effective performance
of various functions related to his role. Entrepreneurial skills can be acquired
and inculcated among the entrepreneurs, provided he possesses certain qualities
identifiable through his overt behavioural manifestation.
Significant identifiable traits of entrepreneurs are:
High empirical value

Observed and experienced traits

Need for achievement

Dignity of labour

Need for influencing others

Strong will power

lviii
High sense of efficiency

High self esteem

Change proneness

Tactful competition

Degree of self perceived readiness

Exploitative and opportunistic

Overall modernity

Creative

Business and financial background

Imaginative

A review of entrepreneurial characteristics has indicated 57 traits of the

entrepreneur on the basis of several researches and past experiences. It suggests
that presence of any or most of the characteristics should define the
entrepreneur.
Ratna Ghosh, Meenakshi Gupta and S. Dian Dhar (1998) in their article,
Women and Entrepreneurship in India, describe the research project undertaken
by The Centre for Management Development in Trivandrum titled Management
Skills for Rural Enterprises: A Field Investigation. The project involved
motivating, training and assisting men and women towards developing
independent business ventures. This study focused on the experiences of women
who started micro-enterprises. Based on the quantitative analysis of the data
obtained from questions administered to 73 women who invested in small scale
industries, an attempt was made to develop a profile of women entrepreneurs
and draw out some implications for study.
Profile of woman entrepreneur - It is evident that she is not one of highly
qualified persons but is in whom knowledge combined with experience and
circumstances have helped her to succeed in her endeavour. Age and marital
status have important roles to play in success. The typical woman entrepreneur
is married with less than 3 children and over 32 years of age. She could be from
either a nuclear or joint family. In any case, she should have both the advantages
and disadvantages in terms of personal independence and household support.

lix
Her initial investment range is quite high when compared to her economic
background. She is able to obtain sufficient funds from the Government to set up
a small lucrative business which would give her economic independence and
higher social status because of increase in family income.
Characteristically from a lower middle class family, the woman
entrepreneur has a father or husband who is at least a matriculate and works in
the service sector. Yet she has succeeded in establishing herself as an individual
proprietor and has been encouraged to do so by her family members. Employing
mostly females, she has male support for handling the outside transactions.
Among the several reasons for becoming an entrepreneur, need for
economic independence and self- fulfillment is quiet strong. Although she
herself is keen on her project and how she will implement it, she clearly needs
male support both at home in terms of a conducive home environment as well as
her entrepreneurial work. Societal and cultural values impinge upon her outside
her home, making her difficult to operate in male spheres of activity. She is
obliged to make her work and home environments fit to run smoothly and
pleasantly.
Jasmer Singh Saini (2005) in his book Entrepreneurship Development:
Programmes and Practices, quotes Kilby (1971) who says entrepreneur perform
four tasks: a) Exchange relationship b) Practical administration c) Management
control d) Technology. All these fields of activities involve entrepreneur in
decision making under conditions of uncertainty. Thus the entrepreneur under
Kilbys proposed framework would involve a) A determination of the types and
degrees of uncertainty confronting the performance of a particular operation b)
The ability to make appropriate decisions necessary for the goal achievement.
Kilby concludes, entrepreneurial performance in those roles involving
exchange relationships and practical administration is vigorous and effective. On
the other hand, entrepreneurs typically do not apply themselves with equal

lx
intensity to their tasks in the realms of management control and technology.
Deficiencies in these latter areas represent in many instances the operational
bottlenecks to indigenous individual development.
Dr. C.B. Gupta and Dr. N.P. Srinivasan (1999) quote Jeffrey Timmons
(1985) who conducted research on entrepreneurial traits and identified following
traits: Total commitment, determination and perseverance, Drive to achieve and
grow, Opportunity and goal orientation, Taking initiative and personal
responsibility, Persistent problem solving, Realism and a sense of humour,
Seeking and using feedback, Internal locus of control, Calculated risk taking and
risk seeking, Low need for status and power, and Integrity and reliability.
The trait approach to entrepreneurship is useful. By developing a profile
of a successful entrepreneur, it becomes possible to spot and develop
entrepreneurs. But we do not know which traits are necessary for entrepreneurial
success. Many traits used to describe entrepreneurs also apply to many
managers. The trait approach lacks specificity and is not applicable to all
cultures. Another difficulty is that traits lists are all positive. Thus, the trait
approach is not fully satisfied.
Prof. Tandon (1975) has described the following qualities of a true
entrepreneur capacity to assume risk, technical knowledge and willingness to
change, ability to marshall resources, and ability to organization and
administration. Historically there is a long list of entrepreneurs who are
instrumental in introducing new methods, products, new markets and new forms
of industrial organization. Such people were drawn from all strata of society.
But they had common characteristics. They were men who valued business as a
means and sign of achievement, they were people who appreciated the
possibility of innovation and they were people who tried to overcome the
resistances and obstacles in the way of doing new things. Their motive was to
increase profit and improve efficiency by reducing costs. They were the great

lxi
figures of the Industrial Revolution in England, who earned their reputation as
innovators and organizers. They fulfilled in person the functions of the
capitalist, financier, manager, merchant and salesman.
Renu Arora and Dr. S.K. Sood (2004) in their book Entrepreneurial
Development explain that an entrepreneur should possess all such characteristics
with the help of which he can perform successfully. He should be: calculated
risk taker, innovator, organizer, creative, achievement motivated, self confident,
socially responsible, optimistic, quipped with capability to drive, blessed with
mental ability, human relations ability, communication ability, decision making,
business planning, visionary, ability to spot and exploit opportunity and courage
to face adversities.
Marc J. Dollinger (2003) in his book Entrepreneurship: Strategies and
Resources, draws out in detail how the modern day entrepreneur is different
from the older ones. If entrepreneurship is one of the hot labels today, it is
because the concept of being an entrepreneur has changed. 15 years ago, an
entrepreneur might have been described as a business version of a John Wayne
cowboy who steered his business through the rodeo of commerce without the
help of training or education and without the assistance of bankers or other
experts. Entrepreneurs were once seen as small business founders with a strong
independent streak and may be a flair for the dramatic actions. Entrepreneurs
were once born, not made.
Things are different now. What is emerging today is a class of
professional entrepreneurs who rely more upon their brains than their guts and
who have been trained to use both methods and technology to analyse the
business environment.
The author has given a comparison of traits of old and new entrepreneurs
as:

lxii
Then

Now

Small business founder

True entrepreneur

Boss

Leader

Lone ranger

Net worker

Secretive

Open

Self reliant

Inquisitive

Seat of the pants

Business plan

Snap decisions

Consensus

Male ownership

Mixed

According to Bill Wetzel, Professor at University of New Hampshire, the

old type entrepreneur of business founders was thought primarily to be about
learning a living, while todays entrepreneur has the intention of building a
significant company that can create wealth for him and the investors.
The new entrepreneur comes from different sources too. Many of them
are corporate track drop outs, pushed out by downsizing or lured out by the
quest for status, big money, or control of their personal lives. Globalisation has
many small start-ups to compete against with big businesses.
Academia has contributed to the creation of this new professional
entrepreneur class too. Harvard Business School which once had 3 or 4
professors teaching courses about small business now has 17 full time faculties
in its entrepreneurial studies programme. Staffing at other colleges and
universities reflect the same trend. The content of many finance, marketing and
other business courses has also been adjusted to reflect new concerns about
development methods. The new class of entrepreneurs do not just do, they
understand what they are doing.
Sathish Taneja and Dr. S.L. Gupta (2001) in their book Entrepreneur
Development: New Venture Creation explain the characteristics and role

lxiii
demands of entrepreneurs. The wide range in the nature of business and the
entrepreneurs who have started and run them make generalisations about their
characteristics at best, risky and at worst, something misleading. For example,
product-oriented business is significantly different from service -oriented ones.
Technical entrepreneurs have been found to have different educational
background than non-technical and service entrepreneurs. Further, the
requirement to build a large enterprise are different and more demanding than
the personal requirements needed for setting up a small scale enterprise or even
a franchise.
Entrepreneurial characteristics can be developed, such as goal setting and
certain role requirements such as knowledge of particular business can be learnt.
A person in his twenties launching his part-time/full-time venture may start a
small proprietorship or partnership concern. Early success in such enterprises
provides valuable learning. The experiences gained provide a platform to build a
larger, more complex and demanding venture on a later date.
For the entrepreneur as well as prospective partner and investor, the
question of the nature and extent of ones entrepreneurial potential is paramount.
The criteria identified can be a useful guide to help identify major shortcomings
or a fatal flow that could make pursuit of an entrepreneurial career a failure,
rather than a success. It can assist in determining if there is a reasonable chance
of launching a successful venture to suit an individuals goals, values, and needs
or not.
Investigations have identified 14 dominant characteristics of successful
entrepreneurs:
Need to achieve desire to be a winner
Perseverance quality to stick to it
Moderate risk taker prefer middle of the road
Use of feedback knowing how they perform

lxiv
Facing uncertainty tolerance for ambiguity and unfamiliar situations
Stress takers posses drive and energy
Self confidence faith in their abilities
Initiative seeking responsibility
Positive self concept aware of one self and internal locus of control
Motivators possess interpersonal skills
Flexibility flexible in decisions
Independence dislikes working for others
Analytical ability unaffected by personal likes and dislikes
Ability to find and explore opportunity
It is not enough to possess a large and intense level of these
entrepreneurial characteristics. In addition, certain conditions, pressures and
demands are inherent in the role of entrepreneurship. These role requirements
have important implications for a persons suitability to entrepreneurship and for
the eventual success of a new venture. While successful entrepreneurs may share
several characteristics in common with successful persons in others careers,
their preference for and tolerance of the combination of requirements, unique to
the entrepreneurial role, is a major distinguishing feature. There are some
important role requirements of an entrepreneur accommodation to the venture,
total immersion and commitment, economic values, integrity and reliability.
R. Kumaresan (2009) in his book, Entrepreneur versus Entrepreneurship
Development, makes a detailed listing of the qualities required by an
entrepreneur for successful management of his enterprise. Entrepreneur is a
human being who has his dignity, self respect, values, sentiments, aspirations
and dreams apart from economic status. If we analyse the business history of
India and the persons who have emerged as successful entrepreneurs namely
Tata, Birla, Kirloskar, Ambani and TVS Iyengar, we can find that there are
some common qualities of entrepreneurs capacity to take risk, capacity to

lxv
work hard, above average intelligence and wide knowledge, self motivation,
vision and foresight, willingness to differ consumption, imagination, initiation
and emulation, inventive ability and sound judgement, flexibility and sociability,
desire to take personal responsibility, desire to seek and use feedback,
persistence in the face of adversity, innovativeness and future-orientation,
mobility and drive, creative thinking, strong need for achievement, ability to
marshall resources, high degree of ambition, will to conquer and impulse to fight
and will to prove superior to others.
Dr. Bhawna Bhatnagar and Ankur Budhiraja (2009) quote Vasant Desai
who has defined the modern entrepreneur. According to Vasant Desai, the
entrepreneur brings in overall change through innovation for the maximum
social good. Human values remain sacred and inspire him to serve the society.
He has firm belief in social betterment and he carries out his responsibility with
conviction. In the process, he accelerates personal, economic as well as human
development. The entrepreneur is a visionary and integrated man with
outstanding leadership qualities. With a desire to excel, the entrepreneur gives
top priority to research and development. He always works for the well being of
the society. More importantly, entrepreneurial activities encompass all
fields/sectors and foster a spirit of enterprises for the welfare of mankind.
Based on the above definition, we can conclude that a modern
entrepreneur tries to keep himself updated by way of evaluating new situations
and analyzing his environment to explore new prospects, takes risk and then
arranges for necessary resources to start his enterprise.
P. Vijaya Banu (2006) gives the characteristics about entrepreneur as
named by various authors:
Organizer Say
Capitalist Adam Smith

lxvi
Innovative Schumpeter, Drucker
Change agent Young
Risk taker Webster, Walker, Knight
Opportunist Drucker, Dewing
Decision maker Danhof
Visionary Hisrich
Leader Hisrich
Dreamer Luther
Problem solver Hagen
High achiever McClelland
If we go through the business history of India, we come across the names
of persons who have emerged as big successful entrepreneurs - for example,
Tata, Birla, Modi, Dalmia, Kirloskar, Ramasamy, TVS Iyengar, and
Anantharamakrishnan. When we study about them we find besides twelve
characteristics of the entrepreneurs as enumerated above, several other
characteristics in them. They are:

hard work, time/speed, self reliance,

communicator, motivator, initiative, discipline, will power, optimistic, strategist,

sound knowledge, technical knowledge, self confidence, passion, flexibility,
assertiveness, independent, creativity, human relations, involvement, pride,
adaptability, values, foresight, conviction, dynamism, courage, high energy
level, dreamer, determination and commitment.

lxvii

CHAPTER 3
RESEARCH METHODOLOGY
3.1 METHODOLOGY
The present study is descriptive in nature. The researcher made an attempt
to find out the demographical composition of the samples and to analyze their
perceptions on the ways and means of entrepreneurship. The case study method
reveals their attributes towards their perception on individualistic patterns in
their uniqueness on entrepreneurial ventures.
3.1.1 Research design
According to the population enumeration of the census of India, the
population of entrepreneurs in each state stood at a measureable percentage. In
this connection, it may be mentioned that the problems of social engineering and
population growth has given impetus for the growth of entrepreneurship. Hence,
the scope of the present study has been confined to these people alone. It
comprises 50 samples (estimated) of successful entrepreneurs which have been
selected on random basis. The method of sampling adopted here is Stratified
Random Sampling with the list of entrepreneurs as sampling frame and the
sample size is determined on the basis of a Pilot Survey (taking 10
entrepreneurs). As a matter of fact, entrepreneurs of Indian origin have gained a
lot of significance on account of several factors particularly due to their large
number of population in absorbing the labour force. The research samples were
further confined to micro-level by the researchers concentration on only
successful entrepreneurs.
The formula used is
n=

Za2 x S2
e2

lxviii
Where,
n = sample size
e = marginal error/permissible error a
Za = standard variate at "a" level
S = standard deviation.
In the selection of the sample units for the purpose of the study, those
with less than 5 years of existence and not in business at present have been
completely ignored. It had also been ensured to give representation to different
types of business houses.
The data for the study have been collected mostly from the primary
sources. An elaborate interview schedule was prepared for administering among
the entrepreneurs. For the purpose of conversing the questions, one entrepreneur
for each business shall be selected irrespective of the fact that some are
partnership firms and some are private limited companies.
Apart from these, secondary data have also been collected from different
Government Departments like Department of Commerce & Industries, District
Industries Centers, Department of Economics and Statistics, State Industrial
Development Corporation, etc. The data so collected have been tabulated and
analyzed properly with their level of achievement.
3.1.2 Research questions
1.

Entrepreneurship development in any state is very slow and far below than
the all Indian average.

2.

The industrial growth in a state has been on low growth path mostly due to
more industrial failures in the small scale sector.

lxix
3.

Lack of demand for products, scarcity of working capital and above all,
infrastructure bottlenecks are the main factors for entrepreneurial
backwardness in any given state.

4.

Improper project planning, lack of industrial conception, absence of

entrepreneurial class adoptive to competitive and changing market forces
and corrupt bureaucracy have also added to the problem of sickness in
small scale industries.

3.1.3 Scope and limitations of the study

The study conducted has the following scope and limitations:
(i) The scope of the present study has been confined to Indian nationals only.
(ii) Field survey was conducted during 2009 - 2011.
(iii) As the findings and conclusions of this study are based on data collected
from the selected entrepreneurs in the study area, it cannot be generalized
for the entire nation.
(iv) The methodology followed and tools employed in the analysis of the data
involved certain merits as well as demerits of their own and also reflect the
limitations of the database.
(v) Data pertaining to capital, borrowings and time devoted by entrepreneurs
were gathered from the selected entrepreneurs directly. There were no
proper records maintained at the individual or firm level. Thus the
information given by the sample units may not be accurate. However,
utmost care was taken by the researcher to ensure accuracy, by adopting
cross checking methods.

lxx
3.1.4 Climate and concept for the study
It is proposed to analyse the factors that have motivated and facilitated the
entrepreneurship development for study. What makes a man is mostly his
environment and his attitudes. The prevailing social-economic, psychological
and the cultural factors naturally influence a man and act as a source of
inspiration to make a successful living in the society.
Environment and attitudes are not two different separable entities. The
former influences the latter and vice-versa. But the attitudes of people exert
more influence on the environment. Sometimes, man becomes a prisoner of the
environment of which he is the creator. Here again, the attitudes of man are not
static. They are ever changing. Man constantly endeavours to conceive new and
better ideas and indulges in experimenting on them. This process guides to
changed attitudes and changed environments.
The level of economic development differs from one country to another
country because the people of these countries are placed in different socioeconomic setting with different attitudes. Wytinsky remarks that if it was
possible to transplant overnight all the factories of Michigan, Ohio and
Pennsylvania to India without changing the economic attitudes of the people,
two decades later, the country would be as poor as it is now. He felt that the
main source of India's weakness lies in the human factor. What are lacking are
not innate abilities or technical skills in her people but it is the lack of initiative
or interest in improving their economic status.
The paradox of the abundance of innate abilities, the lack of enterprising
qualities in India is well exemplified by Ram K. Vepa. He cited the example of
Bihar, Orissa, Assam and Madhya Pradesh which are endowed with rich natural
resources and have, in the past, produced amazing achievements both artistic and
cultural. He cited the temples at Konark, Bhubaneshwar and Khajuraho which
speak in volumes about the skills of the master-craftsmen and the culture of the

lxxi
people of those areas in the past but which remained backward. Even today,
these states remain backward despite massive investment in public sector
projects there since the beginning of the era of planning in India.
As such, of all the attitudes, innovation, risk taking and future planning
are the most important: from the point of view of industrial development. It is
the entrepreneur who acts as a 'spark plug' to transform the economic scene and
brings a sense of dynamism into it. Entrepreneurs like any other careerists are
not born but they are made. Career depends upon several factors other than the
attitudes of the careerist himself. The attitudes of others like his family members,
friends and relatives and the government would exert influence into the career
making. Entrepreneurship is no exception. Entrepreneurs are not only a product
of their ambitions, but also those of the aspirations of their family members,
friends and the nation.
Certain compulsions also, at times, push them to the entrepreneurial roles.
The encouragement and help received from Government and non-governmental
agencies are some of the important factors instrumental to the emergence of
entrepreneurship. It is proposed in this chapter to enquire into the entrepreneurs'
ambitions, the compelling forces, the sources of motivation, the facilitating
factors, etc.
Table 3.0 shows the distribution of the type of entrepreneurs' families. 84
of the total entrepreneurs (79.2 per cent) were in joint life families at the time of
starting their units and 22 (20.8 per cent) were in nuclear families.

lxxii
Table 3.0
District

Type of Families
Joint

Nuclear

Total

Total Count

84

22

106

% within Religion

79.2

20.8

100

% within Families

100

100

100

% of Total

79.2

20.8

100

Source: Field Survey

3.1.5 Presentation of the study
The study has been presented in five chapters: Chapter I deals with the
concept of entrepreneurship and its relationship with economic development, the
emerging trends of small scale industry, objectives of the study and research
design. The second chapter comprehensively reviews the literature related to this
study. Chapter III explains the methodology which is a combination of the case
method and the survey method (popularly known as the case survey (method). In
the next chapter, namely Chapter IV, provides some empirical support for the
paradigm of strategic choice (as opposed to that of environmental determinism)
underlying the theoretical model as proposed in the earlier chapters. Following
the discussions, in Chapter V, narrates the process of identifying successful
entrepreneurs with their entrepreneurial heuristics and thumb rules so identified
with findings and conclusions.
3.1.6 Entrepreneurs' ambitions
Ambitions motivate men. Ambition is an index of one's own
resourcefulness. It activates men, broadens their vision and makes the life more
meaningful. Ambition is not something which is akin to greed or windfall. Greed

lxxiii
results in disaster and windfall makes one a speculator. Like an individual, a
nation or a region may have their own ambitions or aspirations which speak of
their resourcefulness. Galbraith further explained that because the people of
Asian and African nations are lacking in ambition, they are lagging behind
others in development.
Ambition is the wrench of all motives. The intentions and initiative of a
man are motivated by his ambitions. The importance of ambition in life can be
justified by the common saying "aimless life is a goalless game." Hence, their
aspirations and means to reach their goal is much more important than the man
himself. However, ambitions differ from one person to another person depending
upon the characteristics, priorities, etc. which they have set for themselves.
Sometimes, personal ambitions may come in the way of achieving national
aspirations. Well conceived notions, careful planning, calculated risk taking,
timely decision-making and swift execution make the ambition meaningful and
fruitful and hence the achievement of nation's economic growth and
development.
As regards the entrepreneurs ambitions, the entrepreneurs were asked to
rank in order of importance, any three of five given ambitions. The ambitions
marked by them were ranked by weighted score by according three points to the
ambitions ranked first, two points to the ambitions marked second and one point
to the ambition ranked third. On the basis of the percentage of total weighted
score of each ambition, overall ranking was made. As can be observed from
Table 3.1, the ambition of gaining independent living or self-employment was
ranked first. To make money received second rank, and to to gain social
prestige was the third ranked ambition.
"To fulfill the desire of myself/my father/my wife" was the fourth ranked
ambition. The "other" ambition ranked fifth which includes the desire to do
something new or creative, self- employment to youths, etc. It is clear from the

lxxiv
above analysis that the entrepreneurs had mainly the ambition of gaining
independent living or self-employment, making money, gaining social prestige
and fulfilling the desires of himself and his family. It is also to be noted that
basically there was only a slight, just an inter-changing, difference in the
ambitions of entrepreneurs in respect of the top three ambitions.

3.2

REASONS

COMPELLING

ENTREPRENEURS

TO

ENTER

INDUSTRY
Sometimes the compulsion rather than the ambition leads the man to
success. At times, the initial aspirations and the opportunities may clash with
each other. Then the destiny is shaped none other than by the compulsions
encountered by the individual. Sometimes, one may be thrown out of his job all
of a sudden or he may remain unemployed for long time after his education.
There are also cases of people who start as tiny industry as a diversification of
economic interests and ultimately making lakhs of rupees and providing

lxxv
employment to others in hundreds. Such is the importance of the element of
compulsion in everyday life. Hence, it is thought appropriate to examine the
reasons that might have compelled the entrepreneurs to pursue entrepreneurship.
Table 3.2 shows the compulsion number one that has compelled the
entrepreneurs was the diversification of economic interests (31.3 per cent).
'Unemployment' was the number two compulsion that has driven 23.5 per cent of
the entrepreneurs to the industry whereas 'dissatisfaction' with the previous job
held has shaped the destiny of 21.8 per cent of the entrepreneurs to become
industrialists. Compelling reason that ranked fourth is making use of idle funds
(12.6 per cent).

lxxvi
It may be interesting to note that 6 entrepreneurs had no compelling
reason to start industry. Moreover, 40 entrepreneurs had not mentioned any
number two compelling reason. Likewise, 35 entrepreneurs did not find any
number three compelling reason to start industry.
It is not an easy task to differentiate between one's ambition and
compulsion. What is an ambition for one entrepreneur may be a compulsion for
another. It is the entrepreneurs' attitudes that ultimately make the difference.
3.3 FACTORS FACILITATING ENTREPRENEURSHIP
Ambitions or compulsions alone may not make an entrepreneur.
Sometimes, the encouragement he got from his family members or his friends
and relatives, the experience he gained in employment, the skills he acquired or
inherited etc., also facilitate the exercise of entrepreneurship. Many factors may
come up in the way of starting an industry. For example, encouragement of the
family elders is very much needed in the process of starting a unit. If they are
reluctant, quite naturally, it is difficult to expect support from others including
entrepreneur's wife. Moreover, first generation entrepreneurs generally face
strong opposition from their parents as occupation pursued by the family so far
is different from what is going to be done by the entrepreneur. Therefore, an
attempt has been made to examine whether there were any such facilitating
factors.
Table 3.3 demonstrates the factors facilitating the emergence of
entrepreneurship. Previous experience in manufacturing was rated highest (33.2
per cent) of all the facilitating factors. The next important factor facilitating
entrepreneurship was the encouragement of family members/relatives/friends
(26.5 per cent). Success stories of entrepreneurs were ranked as the third
important factor (15.6 per cent). Closely followed, acquired or inherited
professional and technical skills were rated as the fourth factor facilitating the
entrepreneurship.

lxxvii
It is clear from the analysis that there are at least two important factors
facilitating entrepreneurship apart from a few others. They are previous
experience in manufacturing and encouragement of family members/ relatives /
friends. These two were ranked first and second most important factors.

3.4 EXPECTATIONS OF ENTREPRENEURS

Expectations of the entrepreneurs which stimulated their desire to jump
into entrepreneurship and the degree of fulfillment of such expectations are
enquired in this section. It is quite natural that many of the entrepreneurs expect
a lot from the state government and other non-government agencies. Whether

lxxviii
these expectations get fulfilled or not, they initiate a useful function in
stimulating the desire of the entrepreneur to start a firm.
In this study, a long list of possible expectations or aspirations are given
to the entrepreneurs and asked to mark any expectation or expectations that had
stimulated their desire to enter industry.

Table 3.4 shows the distribution of the expectations. Even though a long
list of expectations is given to the entrepreneurs, 19.6 per cent (11 out of 56
entrepreneurs) and 28 per cent (14 out of 50 entrepreneurs) admitted that they
had no expectations as such. Many of the entrepreneurs (73 out of the total 106)
expected financial assistance from State Government, State Industrial

lxxix
Development Corporation (SIDCO) and other state and national agencies.
Expectation of getting technical assistance from the government/nongovernment agencies ranked second (7.6 percent), whereas expectation of
availability of skilled labour was ranked third (6.6 percent). Only 3
entrepreneurs expected getting of ancillary relation with large firms.
Reasons for dissatisfaction from 21 entrepreneurs who are not satisfied
with the location of their unit are solicited. Table 3.9 observed the reasons for
their dissatisfaction. Inadequate common facilities were rated highest as reason
number one by 16 out of 21 dissatisfied entrepreneurs. To be more precise, lack
of water supply, erratic power condition and more specially, lack of testing
laboratory for raw-materials and products are some of the inadequate common
facilities availed by the entrepreneurs. The second reason was inaccessibility to
markets (rated 17.1 percent) by entrepreneurs.

lxxx
The usefulness of attending EDPs from 39 entrepreneurs is also enquired.
Table 4.22 shows the responses from the entrepreneurs. 71.8 per cent of those
entrepreneurs who had taken training programmes (28 out of 39) found that
EDPs are very useful to their enterprises while 17.9 per cent rated it as useful.
Only 5.1 per cent rated attending EDPs as not useful. It can thus be concluded
that attending some sort of entrepreneurial training can go a long run in the
smooth functioning of the small units.

lxxxi
3.1.7 REFERENCES
1. Davenport Robert W., Financing the small Manufacturing in Developing
Countries, McGraw Hill Book Company, New York, 1967, pp. 12-13.
2. Gupta S.K., 'Entrepreneurship Development Training Programme in India',
Small Enterprise Development', Vol. 1, No.4, December 1990.
3. John Kenneth Galbraith, "Economic Development' Harvard University Press,
Cambridge, 1969, P. 15.
4. Mc Cleland D.C. & Winter D.G., 'Motivating Economic Achievement', The
Free Press, New York, 1969.
5. Ram K. Vepa, "Entrepreneurship for Development of Backward Areas,"
National Productivity Council, New Delhi, 1973, PP. 14 -15.
6. Wytinsky, India: The Awakening Giant, P. 187

lxxxii

CHAPTER 4
CASES STUDIED
1. AJAY PIRAMAL -PIRAMAL ENTERPRISES LIMITED
Ajay Piramal is the Chairman of Piramal Enterprises Limited, India.
From owning what was then an almost defunct textile company, Piramal today
is the Chairman of Rs.4,000 crore group, comprising Nicholas Piramal, the
fourth - largest pharmaceutical company in India, Morarjee Weaving and
Spinning and Gujarat Glass.
In 1988, he heard from a friend that Nicholas Laboratories, an Australian
MNC that was exiting India, is up for sale. There were many large suitors but
Piramal decided to meet Mike Barker, the man in charge of selling the company,
and told him that he had no track record, was only 33, but was confident of
achieving his dream of putting Nicholas among the top five pharma companies
in India (from 48th at that time). Barker laughed with disbelief but decided to
sell the company to him after hearing out the "young and untried entrepreneur's"
turnaround plan. He took the company to a place among the top five
pharmaceutical companies in India through a string of overseas acquisitions like
the Indian subsidiaries of Roche, Boehringer Mannheim, Rhone Poulenc, ICI
and Hoechst Research Centre.
Piramal says proudly that a decade later he went to see Barker in
retirement in Kenya armed with Nicholas' annual report which showed that the
company was among the top five pharma companies in India. Ajay Piramal
draws his inspiration from Foot prints on the sands of time. This story, writes
Business Standard, has acted as a guiding spirit for him.

lxxxiii
2. AMAR BOSE - BOSE CORPORATION
Amar Gopal Bose born in 1929 is the Founder Chairman of Bose
Corporation. An American electrical engineer of Bengali descent, he was listed
on the 2007 Forbes 400 with a net worth of $1.8 billion. The child of an Indian
Bengali father and white American mother, Bose was born and raised in
Philadelphia, Pennsylvania. Bose graduated from Abington Senior High School
and entered the Massachusetts Institute of Technology, graduating with a BS in
Electrical Engineering in the early 1950s. Bose spent a year in Eindhoven,
Netherlands, in the research labs at NV Philips Electronics and a year in Delhi,
India, as a Fulbright student. He completed his Ph.D. in electrical engineering
from MIT, writing a highly mathematical thesis on non-linear systems.
Following graduation, Bose took a position at MIT as an Assistant
Professor. He focused his research on acoustics, leading him to invent a stereo
loudspeaker that would reproduce, in a domestic setting, the dominantly
reflected sound field that characterizes the listening space of the audience in a
concert hall.
Bose was awarded significant patents in two fields which, to this day, are
important to the Bose Corporation. These patents were in the area of loud
speaker design and non-linear, two-state modulated, Class-D, power processing.
To found his company in 1964, for initial capital, he turned to angel
investors including his MIT thesis advisor and Professor, Dr. Y. W. Lee (who
invested his life savings on the effort).

Today, the Bose Corporation is a

multifaceted entity with more than 12,000 employees, worldwide, that produces
products for home, car, and professional audio, as well as conducts basic
research in acoustics, automotive systems, and other fields.

In addition to

running his company, Bose remained a Professor at MIT until 2000.

3. S. ANANTHARAMAKRISHNAN AMALGAMATION GROUP

lxxxiv
Sivasailam Anantharamakrishnan (19051964), affectionately called "J"
was an Indian industrialist and business tycoon who founded and led the
Amalgamations Group of industries from 1945 to 1964.

EARLY YEARS WITH SIMPSON AND COMPANY

Anantharamakrishnan joined Simpsons Group, a British-owned South
Indian business conglomerate as Secretary in 1935. He became one of the three
directors and the only Indian director (the other two being European) in the
board of Simpsons group when Sir Alexander MacDougall, Chairman of
Simpson's, and W.W. Ladden, Managing Director of the Company founded a
holding company in 1938. Anantharamakrishnan's induction marked the partial
Indianization of Simpsons group which was, till then, completely owned by
Europeans. The very next year, it was converted into a public limited company.
This eventually became the Amalgamations Group in 1941.

EXPANSION OF THE AMALGAMATIONS GROUP

In 1922, John Oakshott Robinson of Spencer's had purchased the Madras
newspaper The Madras Mail and the Higginbotham's and merged the companies
with his printing company Associated Printers and the Spencer's to form the
Associated Publishers. In 1945, Anantharamakrishnan purchased Associated
Publishers on behalf of Amalgamations and added the new companies to the
group. According to popular Chennai historian S. Muthiah, the successful
takeover was the result of an overheard conversation at a Hotel Connemara. This
takeover is regarded as over of the biggest business deals of post-colonial
Madras.
During the period 19381955, the group also promoted a finance
company called Simpson and General Finance, an advertising company (Madras
Advertising Company), Wheel-Precision Forgings, Speed-a-way and Wallaces
Castwright. India Piston was established in 1949. Addison Paints and Chemicals

lxxxv
were established in 1947. With Indian independence and Indianization of
commercial establishments in the country, the Europeans in the board left
handing the company to Indians. Consequently, Anantharamakrishnan became
the Chairman of the Amalgamations group in 1953. Anantharamakrishnan died
an untimely death on April 18, 1964 at the age of fifty-nine.
4. ANIL AGARWAL VEDANTA GROUP
Agarwal has travelled a long way, from the Patna lad who left school at
15 to founder, Chairman of the $10 billion conglomerate Vedanta Resources.
One of the most thrilling moments of my life was the day I got my first
cycle, reminisces Anil Agarwal, founder Chairman of the London Stock
Exchange-listed mining and metals conglomerate with a market cap of $10
billion. The cycle, a gift from his father, a fabricator of grills and gates in smalltown Patna in the 1960s, meant the youngster could ride to his municipal school
in style, instead of making the daily 10 km hike on foot. Much later, Agarwal
graduated to a Vespa scooter, but never made it to college. Agarwal came to
Mumbai as a scrap-metal dealer in 1976, going on to build an empire in copper,
zinc, aluminium and iron ore, recently venturing into power generation.
Vedanta Resources was the only Indian group to go for a primary listing
on the London Stock Exchange in 2003 and its subsidiary, Sterlite Industries,
was listed on NYSE in 2007 in the largest IPO in the US by an Indian company.
The tipping point came in 2003. Frustrated with the licence raj regime and the
constraints of raising capital in India, Agarwal had earlier moved to London.
From a British newspaper he learnt that Brian Gilbertson, the South African
dealmaker who engineered the $57 billion takeover of BHP by Billiton in 2001
to create the worlds largest mining group, had fallen out with the merged
leadership.

lxxxvi
So Agarwal made a cold call, just like that: I always take a chance. I told
Gilbertson that I would like him to help me list my company. In turn,
Gilbertson asked about his hobbies, and Agarwal recollects, I told him that my
hobbies are whatever the other man wants. Gilbertson said, I do cycling. I
replied, I do cycling too. The pair biked 60 km from Oxford to London, with
Agarwal trailing. Agarwal reflects, Some strength helped me cover that
distance. Gilbertson came to India, checked out all our assets and was
impressed. I offered him a good package and he became Chairman. Vedanta
subsequently attracted others on the boardP. Chidambaram, the late Sir David
Gore-Booth and Michael Fowle, Chairman, KPMGand the company
successfully listed on the London Stock Exchange. With this, Agarwal became a
global player in mining and metals in less than a decade.
When Agarwal came to Mumbai for the first time as a 20-year-old, he
was fascinated by Narendra Desai, Chairman, Apar Group, the doyen of the
aluminum industry at that time. Thirty years later, the two still meet over a cup
of tea every week and share a bond that transcends business. Agarwal says, He
is a follower of the Hare Krishna movement. From him I learnt that you can be
an industrialist and also be a bhakt.
In 1993, Ranjit Pandit, now Managing Director, General Atlantic, had
just moved back to Mumbai from New York, to open McKinsey and Co.s India
practice, which he chaired. In inimitable Agarwal style, Pandit got a call out of
the blue, with Agarwal describing Sterlite as a small company which had a lot to
learn. From then on, Pandit has been a regular sounding board. He says: Look
at the power generation company hes going to list. It has just 1,000MW, but
hes growing it to 10,000MW, and his valuation is based on that.
The person who has perhaps most influenced Agarwals recent thinking
is an American, Steve Elbaum, Chairman, Superior Cables, inspired Agarwals
2006 $1 billion pledge to set up the Vedanta University, a world-class

lxxxvii
university, on a 3,200 ha site in Orissa. Says Agarwal: I want to spend 20% of
my time on philanthropy, building lasting institutions the way American
industrialists have done. Thats my passion now. His critics say the real
motivation is Vedantas interests in Orissa, which holds the worlds fourth
largest bauxite depositsthe mining of these has been opposed by some
environmentalists and tribals, resulting in Norways Government Pension Fund
divesting its small holding in Vedanta.
5. AZIM PREMJI - WIPRO
Achievements: Azim Premji has several achievements to his credit. In
2000, the Asia week magazine voted Premji among the 20 most powerful men in
the world. He was among the 50 richest people in the world from 2001 to 2003
as listed by Forbes. In April 2004, Time magazine rated him among the 100
most influential people in the world. In 2005, the Indian Government honoured
Azim Premji with the Padma Bhushan. Chairman of Wipro Technologies; one of
the richest Indians for the past several years; his success story is a source of
inspiration to a number of budding entrepreneurs.
He was studying Electrical Engineering from Stanford University, USA,
when due to sudden demise of his father he was called upon to handle the family
business. He took over the reins of family business in 1966 at the age of 21
years.
At the first general meeting of the company attended by Azim Premji, a
shareholder doubted Premjis ability to handle business at such a young age and
publicly advised him to sell his shareholding and give to a more mature
management. This spurred him and made him all the more determined to make
Wipro a success story. And the rest is history. When Azim Premji occupied the
hot seat, Wipro dealt with in hydrogenated cooking fats and later diversified into
bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries,
lighting products and hydraulic cylinders. Thereafter Premji made a focused

lxxxviii
shift from soaps to software. Under his leadership Wipro has metamorphosed
from a Rs.70 million company in hydrogenated cooking fats to a pioneer in
providing integrated business, technology and process solutions on a global
delivery platform. Today, Wipro Technologies is the largest independent R&D
service provider in the world. Under his leadership, the fledgling US$ 2 million
hydrogenated cooking fat company has grown to a US$1.76 billion IT Services
organization serving customers across the globe. In the past two years Wipro has
also become the largest BPO services provider, based in India. Wipros growth
continues be driven by its core values.
Wipro was the first Indian Company to embrace Six Sigma, the first
Software Services Company in the world to achieve SEI CMM Level 5 and it
also became the worlds first organization to achieve PCMM Level 5 (People
Capability Maturity Model). Premji equates Quality with Integrity both being
non-negotiable.
In the year 2001, Premji established Azim Premji Foundation, a not-forprofit organization with a vision of significantly contributing to quality universal
education to build a just, equitable and humane society. This means every child
receiving quality education.

Although one of the richest Indians, he flies

economy class and is happiest when hiking, reading or discussing the foundation
he has set up to promote primary education.
Excellence endures and sustains. It goes beyond motivation into the
realms of inspiration. Excellence can be as strong a uniting force as solid vision.
What is excellence? It is an unending great journey all about going a little
beyond what we expect from ourselves. I have found that excellence is not so
much a battle you fight with others, but a battle you fight with yourself, by
constantly raising the bar and stretching yourself and your team, Azim Premji.
HOW DOES ONE CREATE EXCELLENCE IN AN ORGANIZATION?

lxxxix
First, we create an obsession with excellence. We must dream and think
of excellence not only with our mind but also with our heart and soul. Let us
look outside, at the global standards of excellence in quality, cost and delivery
and let us not rest until we surpass them.
Second, we need to build a collective self-confidence, because excellence
requires tremendous faith in one's ability to do more and in a better way. Unless,
we believe we can do better, we cannot.
Third, we must understand the difference between perfection for its own
sake and excellence. Time is of essence. Excellence is about doing the best we
can and speed lies in doing it quickly. These two concepts are not opposed to
each other; in fact, speed and timeliness are important elements of quality and
excellence.
Fourth, we must realise that we cannot be the best in everything we do.
We have to define what our own core competencies are and what we can
outsource to other leaders. Headaches shared are headaches divided.
Fifth, we must create processes like Six Sigma, CMM or ISO that enable
excellence. Use them because they are based on distilled wisdom and it is
imperative that we use the most modern tools to keep processes updated.
Sixth, we must create a culture of teaming (Quality). Cross-functional
teams that are customer facing can cut through an amazing amount of
bureaucracy, personal empire building and silos and deliver savings that spreads
to the rest of the organization and teaming becomes a way of life.
Seventh, invest in excellence for the future. Future always seems to be at
a distance. But it comes upon you so suddenly that it catches you by surprise, if
not shock. We must certainly trim our discretionary expenses, but must ensure
that our investments in strategic areas lead to excellence are protected.

xc
Finally, excellence requires humility. This is especially needed when we
feel we have reached the peak of excellence and there is nothing further we can
do. We need an open mind to look at things in a different way and allow new
inputs to come in. The great man then shared some tips for success:
Have the courage to think big; never compromise on fundamental values;
Build up self-confidence, always look ahead and have the best around you;
Have an obsessive commitment to quality; play to win; and
Leave the rest to the force beyond.
6. BHAI MOHAN SINGH - RANBAXY LABORATORIES LIMITED
Bhai Mohan Singh, founder of pharmaceutical giant Ranbaxy
Laboratories, can be called as the doyen of pharmaceutical industry in India.
Bhai Mohan Singh was born in 1917 in Rawalpindi district. Bhai Mohan Singh
began his business career in the construction business during the Second World
War. He started business as a moneylender. Ranbaxy was started by his cousins
Ranjit Singh and Gurbax Singh. Ranbaxys name was a fusion of Ranjit and
Gurbaxs names. When Ranbaxy defaulted on a loan, Bhai Mohan Singh bought
the company on August 1, 1952, for Rs.2.5 lakhs.
Bhai Mohan Singh collaborated with Italian pharma company Lapetit Spa
and later on bought it. He made his mark in the pharmaceuticals industry in the
late 1960s when he launched his first superbrand, Calmpose, which was an
imitation of Roches valium. He established an R&D facility at Mohali and
launched one blockbuster pill after the other, such as Roscillin, Cifran, etc.
Ranbaxy Laboratories Ltd went public in 1973. Bhai Mohan Singh also
co-founded Max India with his youngest son, Analjit Singh. As a pioneer of
India's pharmaceuticals industry, 89-year-old Bhai Mohan Singh was the

xci
survivor of many a courtroom and boardroom battles, be it to regain hold over
the company or to claim rights to products and patents.
Bhai Mohan Singh died on March 27, 2006.

He was the ex-Vice

President of the New Delhi Municipal Corporation (NDMC). For his

contribution in civic matters he was awarded the Padma Shri. For his
contribution to the industrial development of Punjab, the Punjab Government
named an industrial township near Ropar after him.
7. BRIJMOHAN LAL MUNJAL - THE HERO GROUP
Achievements: Chairman of Hero Group; honoured with Ernst & Young
Entrepreneur of the Year in 2001. Today, the Hero Group is the largest
manufacturer of two-wheelers in the world and B.M.Munjal is the man credited
with its success.
His journey began in 1944 at the age of 20. He along with his three
brothers moved from his birthplace Kamalia in Pakistan to Amritsar. The
brothers started supplying components to the local bicycle business. After
partition in 1947, the family was forced to move to Ludhiana. In 1952, Munjals
made a shift from supplying to manufacturing. They started manufacturing
handlebars, front forks and chains.

In 1956, the Punjab state government

announced the issue of 12 new industrial licenses to make bicycles in Ludhiana.

The Munjal brothers cashed on this opportunity. Soon Hero Cycles started
giving well established players such as Raleigh, Hind Cycles and Atlas Cycles a
run for their money. The Hero Cycle was comparatively cheaper and was sturdy
and reliable. It gave the customers value for their money.
In 1984, Japans Honda, the largest manufacturer of motorcycles elicited
interest in collaborating with the Hero Group to manufacture motorcycles in
India. Even after the collaboration has broken, the Hero Group is the largest
manufacturer of motorcycles in the world.

xcii
SEEDING A DREAM
The founder and patriarch of the $ 2.8 billion Hero Group is a classic first
generation entrepreneur. He is a man who started small, dreamt big and used a
combination of grit and perseverance to create one of the country's largest
corporate groups and the World's No.1 two wheeler company.
BUILDING RELATIONSHIPS
When Brijmohan and his brothers started out, there was no concept of
organized dealer networks. Companies just produced, and most dealers
functioned like traders. Brijmohan changed the rules of the business by trusting
his gut instincts; introducing business norms that were ahead of their time, and
by investing in strategic relationships. "Thanks to the relationships that we have
nurtured so passionately in the Hero Family, the younger generations of some of
our bicycle dealers have become dealers of Hero Honda. These relationships
have survived through generations - through bad times and good times'' the
patriarch now reminiscences.
STAYING AHEAD
In the 1980s, when all two-wheeler companies in India opted for twostroke engine technology, Brijmohan preferred a four-stoke engine - a
technology that dramatically increased fuel efficiency and reduced maintenance
costs. This technology was one of the biggest reasons for Hero Honda's
stupendous success.
A CORPORATE CITIZEN
The Ludhiana Stock Exchange owes its existence to Brijmohan's vision
as does the Ludhiana Flying Club. He has also set up the not-for-profit
Dayanand Medical College and Hospital - an institute now rated as one of the

xciii
best medical colleges in India, in terms of infrastructure, quality of staff and
alumni profile.
By 1971, the Munjals had set up a rim-making division for Hero Cycles
and launched another company called Highway Cycles that would make
freewheels -- it was then that Brijmohan Lal restructured and streamlined Heros
rapidly expanding business. Within a span of 6-7 years, production at the Hero
Cycles plant doubled and in 1975 it became the largest manufacturer of bicycles
in India.
He worked on two premises; first that all four brothers, the original four
brothers, had an equal stake in all the Munjal companies. The second premise
was that any Munjal who wanted to work, had to have a business to run. Now
what did that mean? That meant that between the 1980s, 1990s and 2000, the
business began to expand and to diversify -- they went into textile spinning, they
went into financial services . . . although not all of these succeeded.
They had also integrated vertically right up to a cold-rolling steel mill.
But the biggest and the most important factor in all this was their continuous
growth in the auto components' segment, and this would become perhaps the
Munjal's key competitive strength.
Brijmohan Munjal is steady in his dedication towards his work. With the
widespread network of 5,000 dealers across the country, the Hero Group today
is a conglomerate with an annual turnover of Rs.10,000 crore. Highs and lows,
rewards and backlashes have all been a part of the Hero Group's corporate story,
but downfalls did not discourage them, nor did losses kill their spirit of
entrepreneurship.
8. CHETAN MAINI: REVA ELECTRIC CAR
Chetan Maini began building toy cars and planes when he was eight.
And, with some nifty workmanship, he has turned his hobby into an innovative

xciv
business. He serves as Chief of Technology & Strategy Officer and Deputy
Chairman of Mahindra REVA Electric Vehicle Co Ltd. (alternative name is
REVA Electric Car Company Private Ltd.), a joint venture between Maini
Group of Bangalore and AEV LLC, USA. Mr. Maini has over 14 years
experience with electric vehicles during the course of which he has developed
over 6 electric, solar and hybrid-electric vehicles in India and US. At Stanford,
he served as the project leader.
In this regard, Chetan Kumar Maini, the former owner of Reva Electric
Cars is a lucky man to have built a remote-controlled toy car at the age of 8, and
won a school prize in the sixth standard. Later, he started building toy planes
and go-carts with a scooter engine. As a mechanical engineering student, he
built solar and hybrid cars. And, finally, he designed and built a battery-operated
car - India's first electric car, the Reva. He just takes three weeks to put together
a model. Today, Maini picks up most of his ready-to-assemble kits from shops
in Bangalore for Rs.6, 000 to 12,000 apiece.
His childhood fascination for cars led him to pursue a mechanical
engineering degree from the University of Michigan. Maini's fascination for
hybrid vehicles really took off during his postgraduate days at Stanford. He
spent a lot of time researching green technologies and companies that were
working in that space.
"In my college days, we were four friends who were working on a solar
car together. We were always looking at starting a company, especially in the
electric vehicles space," he says. That is how he ended up working for a
company called Amerigon, which was working on the electric vehicle
technology. And that is where the idea of Reva was born.
When Maini introduced Reva in India in 2001, the auto market looked at
his electric car with amusement, some even indulged him by taking test rides,
but few took the car seriously. In late-2006, the company received an investment

xcv
of $20 million from Draper Fisher Jurveston and Global Environment Fund to
help Reva's strategic growth globally.
9. DEEPAK PAREKH HDFC
He is a Chartered Accountant. Mr. Parekh is a Fellow of the Institute of
Chartered Accountants (England & Wales). He is designated as Chartered
Financial Accountant from England and Wales. Mr. Parekh received a Bachelor
of Economics of Bombay University and holds a Financial Chartered
Accountant degree from England and Wales.
Mr. Parekh joined Housing Development Finance Corporation in a senior
management position in 1978 and served as its Managing Director from 1985 to
1993. He is an eminent banker and a renowned financial expert in the country.
He served as the unofficial Crisis Consultant to the Government of India. He
began his career with Ernst & Young Management Consultancy Services in
New York.
HDFC has reached where it is today because of sheer hard work and
shared vision.
Mr. Parekh was awarded the Padma Bhushan in 2006 for his contribution
in the field of trade and industry. On January 24, 2008, Mr. Parekh was awarded
the lifetime achievement award by Finance Asia for his contribution towards the
banking/financial sector in Asia in 2003. He was also the first recipient of the
Qimpro platinum award for Quality for his contributions to the services sector
and the youngest recipient of the prestigious corporate award for lifetime
achievement from the Economic Times. He has won several other awards
including 'Hall of Fame' award by Outlook Money Magazine in 2005 and Best
Non Executive Director award by the Asian Centre for Corporate Governance in
2006.
10. DHIRUBHAI AMBANI RELIANCE GROUP

xcvi
Achievements: Dhiru Bhai Ambani built Indias largest private sector
company. He created an equity cult in the Indian capital market. Reliance is the
first Indian company to feature in Forbes 500 list.
Dhirubhai Ambani was the most enterprising Indian entrepreneur. His life
journey is reminiscent of the rags to riches story. Dhirajlal Hirachand Ambani
was born in 1932, at Chorwad, Gujarat, into a Modh family. His father was a
school teacher. Ambani started his entrepreneurial career selling bhajias to
pilgrims in Mount Girnar over the weekends.
After doing his matriculation at the age of 16, Ambani moved to Aden,
Yemen. He worked there as a gas-station attendant, and as a clerk in an oil
company. He returned to India in 1958 with Rs.50, 000 and set up a textile
trading company. Assisted by his two sons, Mukesh and Anil, Dhirubhai built
Indias largest private sector company, Reliance India Limited, from scratch.
Over time his business has diversified into a core specialization in
petrochemicals with additional interests in telecommunications, information
technology, energy, power, retail, textiles, infrastructure services, capital
markets and logistics.
Dhirubhai revolutionized capital markets. From nothing, he generated
billions of rupees in wealth for those ho put their trust in his companies. His
efforts helped create an equity cult in the Indian capital market. With
innovative instruments like the convertible debenture, Reliance quickly became
a favourite of the stock market in the 1980s.
In 1992, Reliance became the first Indian company to raise money in
global markets, its high credit taking in international markets limited only by
Indias sovereign rating. Reliance also became the first Indian company to
feature in Forbes 500 list. Dhirubhai Ambani was named the Indian entrepreneur
of the 20th century by the Federation of Indian Camber of Commerce and

xcvii
Industry. A poll conducted by the Times of India in 2000 voted him greatest
creator of wealth in the century.
He is the man behind Reliance Industries, whose empire extends from
petrochemicals to textiles. With his vision and astute leadership, Ambani has
succeeded in established Reliance as one of the largest private sector company
in India. Dhirubhai Ambani has received global adulation for his success. In a
recent poll conducted by Asia week, he was selected as one of the 5 most
powerful people in Asia. He has been profiled by Times of India in their sectionIndian of the Century. He was awarded the Wharton School Daans medal for
his contribution as a leader to international business, world economy and
political policy.
11. EKTA KAPOOR - BALAJI TELEFILMS
Achievements: Creative Director of Balaji Telefilms; awarded with Ernst
& Young Start up Entrepreneur of the Year award in 2001. Ekta Kapoor can be
aptly called the reigning queen of Indian television industry. The serials
produced by her company are a great hit with the masses and are dominating all
the major T.V. channels.
Ekta is the daughter of former Bollywood superstar Jeetendra and sister
of the current Bollywood hero Tusshar Kapoor. Ekta did her schooling from
Bombay Scottish School and later on joined Mithibai College. She was not
interested in academics and on the advice of her father ventured into TV serial
production at the age of 19. Her company has produced more than 25 serials and
each one is being shown, on an average, four times a week on different
channels. Ekta Kapoors serials have captured the imagination of the masses.
She has broken all previous records of TV serial production and popularity in
India.

xcviii
Ekta Kapoor has produced and co-produced numerous soap operas,
television series and movies. Today, Ekta Kapoor dominates Indian television,
producing more than eight television soaps for STAR Plus, India's leading
general entertainment channel.
She has traversed a long way, pushing through a host of odds that have
stood her way since her first musical game show Dhum Dhamaka went on air
around 1994.
The self-confessed control freak has moved on to making films, though
the factor continues in her life, stronger than ever. From the small screen to the
big, she still courts controversy with the way she deals with some of the subjects
in her serials; she still hires and fires people.
Though her dreams appeared to shatter as her creative products flopped
on the small screen, her confidence in herself and her belief in the Almighty saw
her pulling off success with a hilarious comedy show "Hum Paanch". After that
there has been no looking back for this young wizard of Indian television.
Today, Balaji is no more a private limited enterprise but a public limited
company. And no prizes for guessing how much sweat, toil and labour the
largest and youngest single producer of television software in the history of
India's entertainment industry has put in.
Despite the popularity of her soaps, Ekta has received a lot of criticism
for her controversial and bold scenes, the portrayal of female characters, false
sophisticated sets and repetitive, frivolous plots. In the short span of her career
this young entrepreneur of India has achieved many awards and civic honours.
She was chosen to lead the Confederation of Indian Industries' (CII)
entertainment committee. Truly, it is not Ekta Kapoor alone for the bull's eye
success of Balaji Telefilms, rather there is a strong team of more than 300

xcix
professionals who are sincerely working behind the scenes and so the familiarity
must have gone to the company and its team and not Ekta alone.
12. GALLA RAMACHANDRA NAIDU AMARARAJA BATTERIES
Dr. Ramachandra Naidu Galla born in1938 is an Indian industrialist, the
founder of the Amara Raja Group of companies. He is married to Aruna Kumari
Galla, a minister in the Andhra Pradesh state government.

CAREER
Galla was born in the village of Petamitta in Chitoor District, Andhra
Pradesh. He did his bachelors in Electrical Engineering at Jawaharlal Nehru
University in Anantapur, then took a masters degree at the Regional Engineering
College, Rourkela and a second masters degree at Michigan State University.
After leaving Michigan, he worked for US Steel, and then as a consulting
engineer on the design of power plants.
He returned to India in the 1980s, when he founded Amara Raja Batteries
in Chitoor; the group spun off a number of subsidiaries, including Galla Foods
and Mangal Precision Products. The group currently has an annual turnover of
Rs.1900 crore.
Dr. Ramachandra N. Galla is the patriarch of an illustrious business
family of Andhra Pradesh, Gallas, who have established a name for themselves
by successfully setting up Amara Raja Batteries. Dr. Galla started his career as
an Electrical Engineer in US Steel Corporation, USA moved on to Sargent &
Lundy, USA as a Consulting Engineer for the Designing of Nuclear & Coal
Fired Power Plant. He initiated various projects in these corporations &
mastered the ropes of this competitive business in a very short time. However,
he soon discovered that his natural inclination was serving his country and as a

c
logical sequel he gravitated towards Chittoor his native place in India.
Dr. Galla laid the foundation of Amara Raja batteries in 1985 in Chittoor.
Dr. Galla's finest hour as a businessman came in 1998 when he was
presented Best Entrepreneur of the Year 1998 by Hyderabad Management
Association, Hyderabad. He has been bestowed with honorary doctorate degrees
from Jawaharlal Nehru Technical University in 2008 at Hyderabad & Sri
Venkateswara University in 2007 at Tirupati. He has also been conferred with
The Spirit of Excellence award by Academy of Fine Arts, Tirupati, and
various other prestigious awards.
He is passionate about a corporates responsibility to society as well as
championing eco-friendly business practices. Dr. Galla has established various
charitable trusts. He is dedicated to rural development and improving the
economic conditions of the farmers in Chittoor District, Andhra Pradesh.
13. GAUTAM ADANI - ADANI GROUP
Gautam Adani born in 1962 is the Chairman of the Adani Group, a
leading trading and export company of India. In September, 2010 Forbes
magazine announced that Adani is the 6th richest person in India with a personal
wealth of US $10 billion as of March, 2011. He is the first billionaire from the
city of Ahmedabad.
Gautam Adani was born in Ahmedabad, India, to Shantilal and Shantaben
Adani in a Gujarati Jain family. He set out for Mumbai to make a living with
only a few hundred rupees at the age of 18. He studied at the Seth C. N.
Vidyalya School in Ahmedabad and later on at Gujarat University. Adani is a
University dropout; he studied till his second year for a Bachelor's Degree in
Commerce.

ci
He worked in Mumbai as a diamond sorter at Mahindra Bros. After
working there for two years, Adani, 20 at that time, set up his own diamond
brokerage outfit at Zaveri Bazaar and made his first lakh.
In 1981, one year later, his elder brother Mansukhbhai, bought a plastics
unit in Ahmedabad and asked Gautam to run it. This marked the beginning of
Adani's foray into global trading by beginning to import polyvinyl chloride
(PVC), a key raw material for manufacturing plastics. After the economic
liberalization, the import duty on various goods was slashed, and profits of
Adani Exports, then his flagship company, grew immensely.
In the first half of the 1990s, the American multinational Cargill and
the small Indian company Adani Group joined hands for a project to
produce and export salt from Gujarat. The Americans exited the
proposed partnership citing management and control differences, leaving
the Indian partner with 5,000 acres of land for which it had no use.
Gautam Adani could have been in trouble. But he saw there an
opportunity. Call it prescience, providence or a good gamble. In place of
the captive jetty to export the salt, now stands Mundra Port, Indias
largest private port. The surrounding land is home to the largest multiproduct special economic zone in the country. These crown jewels on
the Gujarat coastline stand testimony to Adanis business acumen. He
started with an investment of Rs.5 lakh in 1988, and his groups current
turnover is Rs. 7,000 crore.
Adani soon saw an opportunity to import plastic and break the
monopoly of the local manufacturers. Adani Exports Ltd was formed in
1988 as a partnership firm. The company went public in the mid 1990s,
by which time it had expanded to coal and scrap metal businesses. Says
Pranav Adani, his nephew and Managing Director of Adani Wilmar:
What separates him from the rest is that he can see 5-7 years ahead.

cii
Mundra was the fountainhead of the groups activitythe locus of
all expansion that followed. After building the port, Adani added
backward and forward links to complete the chain. As the port became
active, he realized that there would be need for power and began
importing coal. This was the seed for his foray into power and energy
sector.
The transition of his flagship company, Adani Enterprises, would
be more spectacular. From a trading house with around Rs.22, 000 crore
revenue, it is set to become an infrastructure conglomerate with more
than Rs.42, 000 crore revenue by 2012. Adani Group can make India
and Indian infrastructure happen, says Uday Kotak, Vice-Chairman and
MD, Kotak Mahindra Bank.
Adani Enterprises is among the top five players in every business
it is into, says a research report by the financial services firm IDFC-SSKI.
Currently, it is the largest trading house in India and the largest private
sector player in coal trading with 20 million tonnes contracts in 2008-09.
It is also the largest private company in power trading. Adani plans to
emulate the success in his newer ventures. He has earmarked
investments of over Rs.25, 000 crore over the next three years. What
people accomplish in 10 years, my father wants to do in two, says
Karan.
Adani Groups entry into power generation thus becomes an
automatic extension. It is also the most ambitious. It will determine the
groups fate and its rise to the top echelons of Indian industry. But Adani
has a clear-cut plan. With the development of power plants, we will be
vertically integrated and drawing synergistic benefits among the Adani
Group companies for capturing value across the entire chain, he says.

ciii
Does Adani function purely as an instinctive entrepreneur or is
there a process to his ambition? Three years ago we were not in the
power business. But when the State Electricity Act gave way to
deregulation, we entered the business, say Pranav and Karan.
14. GHANSHYAM DAS BIRLA BIRLA GROUP
Achievement: Laid the foundations of the Birla Empire; founder of the
Federation of Indian Chambers of Commerce and Industry (FICCI).
Ghanshyam Das Birla is the man who laid the foundation of the Birla
Empire. He was a close associate of Mahatma Gandhi and advised Gandhiji on
economic policies. He was the most important pre-Independence contributor to
the Indian National Congress. He is also popularly known as the builder of Birla
Mandirs.
Born in 1894, G.D. Birla was a native of Pilani. His grandfather Shiv
Narayan Birla was a traditional marwari moneylender. Ghanshyam Das Birla
entered the business arena during the time of First World War. He established a
cotton mill in Sabzi Mandi, and later on established Keshoram Cotton Mills.
Along with cotton mills he diversified to jute business and shifted his base to
Calcutta city in Bengal, the world's largest jute producing region. He established
Birla Jute Mills in Bengal, much to the consternation of established European
merchants.
In 1919, with an investment of Rs.50 lakhs, the Birla Brothers Limited
was formed and a mill was set up in Gwalior. In 1930s, G.D. Birla set up Sugar
and Paper mills. In 1940s, he ventured into the territory of cars and established
Hindustan Motors. After independence, Ghanshyam Das Birla invested in tea
and textiles through a series of acquisitions of erstwhile European companies.
He also expanded and diversified into cement, chemicals, rayon and steel tubes.

civ
After independence, the Birlas expanded their business and started
production in many fields. Near Mirzapur, he, in collaboration with Caesar, an
American friend, set up an Aluminum Plant Hindalco. Ghanshyam Das Birla
also founded several educational institutions. Birla Institute of Technology and
Sciences (BITS) Pilani has today evolved into one of Indias best engineering
schools. He also established many temples, planetariums, and hospitals.
In 1957, he was awarded Indias second highest civilian honour, the
"Padma Vibhushan" by the Government of India. G.D. Birla award for scientific
Research has been established to encourage scientists for their contribution in
the various fields of scientific research in his honor. The Birla family is one of
the foremost business houses in India. During the decades of 70`s and 80`s,
Birla brothers were among the topmost Industrial Houses of India. Their
businesses vary from petrochemicals and textiles to automobiles and Infocomm.
Ghanshyam Das Birla died in 1983 at the age of 90.
15. GOENKA. R.P. RPG GROUP
Rama Prasad Goenka MP is the founder and currently Chairman
Emeritus of the RPG Group, one of India's leading industrial houses. With a
turnover of more than Rs.8000 crore last year, the RPG Group's core business
activities include power (CESC, which supplies power to the city of Kolkata);
Tyre (CEAT, a leading Indian tyre company); power transmission (KEC
International, the world's second largest EPC power transmission company),
retailing (Spencer's, India's largest organized retail chain), entertainment
(Saregama India, India's oldest music company) and technology (which
embraces life sciences and IT).
Born in Kolkata in 1930, Rama Prasad Goenka was educated at the famed
Presidency College, where he came in touch with some outstanding teachers of
his time and picked up an abiding interest in history and economics. Soon after

cv
his graduation, Rama Prasad Goenka became associated with the Indian jute
industry. At a very young age as Chairman of Indian Jute Mills Association, he
played a leading role in underscoring the need for modernizing the traditional
industries.
The RPG Group was set up in 1980 with jute, cable and carbon black,
with a turnover of Rs.70 crore. He, found time to have a stint at Harvard
University and later took pioneering steps to invite the renowned IMD at
Lausanne to India and set up the International Management Institute in Delhi,
where he continues as Chairman. Rama Prasad Goenka is a former Chairman of
the Federation of Indian Chambers of Commerce and Industry (FICCI) and
Chairman of the Confederation of Asia Pacific Chambers of Commerce &
Industry, where he continues as a Member of the Advisory Board.
Currently a Rajya Sabha member of the Parliament, R.P. Goenka is
deeply involved in social work. He is a Trustee of the Jawaharlal Nehru
Memorial Fund and a Trustee of the Indira Gandhi Memorial Trust. He is also a
trustee of the Rajiv Gandhi Foundation. Rama Prasad Goenka has taken abiding
interest in education, particularly higher education and served as Chairman of
Board of Governors of this Institute for two terms, during which IIT Kharagpur
was rated the country's No. 1 engineering education institute by India Today.
During his colourful business career spanning more than five decades,
Rama Prasad Goenka served many public institutions. He is a former Director of
the Central Board of Reserve Bank of India, General Insurance Company of
India, Steel Authority of India and Industrial Development Bank of India.
In recognition of his unique services, the Emperor of Japan bestowed on
him his country's highest honour for a Foreigner "The Order of the Sacred
Treasure Gold and Silver Star". The Institute of Advanced Studies in Education
Deemed University (IASE), Rajasthan has already honoured him with a D. Litt

cvi
(Honoris Causa) for his contribution to industry and his deep involvement in
social work.
16. JEYSINGH THOMAS - AVT GROUP
Born at Idayankudi near Tirunelveli, Mr. Jeysingh Thomas did his
graduation in the MCC and a post graduation in business in UK. He established
the first commercial plant tissue culture lab in India in 1984. He remained a role
model for budding entrepreneurs in agriculture.
DIVERSE BUSINESSES
Mr. Thomas became the Chairman of AV Thomas group in 1968 after his
fathers demise. Established in 1925, the group is involved in diverse businesses
including tea, coffee, rubber, spices, leather goods, food ingredients and natural
extracts, medical appliances, treated rubber wood, shipping and warehousing,
agency services and plant technology. He employs more than 11, 000 people.
Habib Hussain, one of the executives on the board of A.V. Thomas
Group, said Mr. Jeysingh Thomas had a sharp business mind. He made friends
for life and kept his word.
17. JINDAL, O.P. - JINDAL GROUP
Shri Om Prakash Jindal more popularly known as O.P. Jindal was born in
1930 to a farmer late Netram Jindal of village Nalwa of district Hisar in
Haryana. Since his childhood the young Jindal had interest in technical work. He
started his industrial career with a small bucket-manufacturing unit in Hisar. In
1964, he commissioned a Pipe Unit Jindal India Limited, followed by a large
factory in 1969 under the name Jindal Strips Limited.

cvii
At present, there are twenty factories under the flagship of the Jindal
Organization, which are worth over Rs.17, 500 crores, under whose umbrella,
thousands of families directly or indirectly benefit themselves.
O.P. Jindal was the Chairman of the Jindal Organization. In 2004, Jindal
was conferred the prestigious "Life Time Achievement Award" for his
outstanding contribution to the Indian Steel Industry by the Bengal Chamber of
Commerce & Industry. According to the latest Forbes' List, O.P. Jindal has been
ranked 13th amongst the richest Indians of the country and placed 548th
amongst the richest persons of the world.
His life's mission was to help others particularly the common man in
every possible way. Shri Jindal was known for his unassuming generosity and
donates crores of rupees annually not only to known but also to needy strangers.
Numerous social and religious institution of India also received liberal donations
from Shri Jindal for noble causes.
Jindal's philosophy was that without the upliftment of weaker and
backward sections of society our dream of being a leading nation of the world
shall remain unfulfilled. To realize this conviction he was motivated into
politics. Like industry in politics too, he had a successful story to tell. He
received tremendous support and co-operation of the people and became a
Member of the Haryana Legislative Assembly in 1991. In 1996, he was elected
as a Member of Parliament in the 11th Lok Sabha from the Kurukshetra
Parliamentary Constituency of Haryana with a landslide victory.
The life journey of Jindal from a farmer's son to a successful industrialist,
a philanthropist, a politician and a leader would serve as a great source of
inspiration for generations to come.

cviii
18. JOHN YESUDHAS, V.F. WAVETEL
Yesudhas began his career as a marketing executive in 1998 with a salary
of Rs.3500. In 2000, he decided to freelance as a dealer. With the money he
made, he started a shop in a tiny 250 sq. ft. space in Plaza Centre, Chennai. Thus
was born Wavetel in rather humble surroundings.
Today, in a decade, Wavetel is the number one retailer of mobile phones
in South India. At the beginning of 2008, Wavetel had eight branches. Then in
August 2009 Wavetel had 23 outlets 22 in Chennai and one in Chengelpet,
near Chennai. Wavetel created two records the first by clinching the highest
number of phones sold on an opening day at their Valsaravakkam branch, in
Chennai. They sold 367 phones that day, which is a national record. The second
is their exclusive mobile retail shop in Chengelpet. It is the largest individual
telecom store in the country, spread over a space of 3400 sq. ft.
Wavetelmobile.com, the brands website is hugely popular among
customers. The website gets an astounding 80, 000 hits a day. Another webbased initiative by John is wavetelsms.com. It is one of the few websites which
gives customers the option of sending unlimited free sms-es. Today the
company employs approximately 300 people and their turnover has been
increasing steadily. John has ambitious plans for the brand saying, We are in
the process of talks with foreign investors for equity investment to go national.
We are looking towards having a pan Indian presence.
John is understandably proud of brand Wavetel after all, from being a
small player in the market, today it is a brand to contend with in the south.
Wavetel also bagged South Indias Number One Retailer Award for the 2008 09 financial year. Riding the crest of success, John and Wavetel are surfing to a
bigger and brighter future.

cix
19. KALLAM ANJI REDDY - DR REDDY'S LABS
Achievements: Founder Chairman of Dr. Reddys Group of Companies,
awarded with the Padmashri in 2001, Dr. K. Anji Reddy is a pioneer in
pharmaceutical research in India. Dr. Reddy served in the PSU Indian Drugs and
Pharmaceuticals Limited from 1969 to 1975. He was the founder-Managing
Director of Uniloids Ltd., from 1976 to 1980 and Standard Organics Ltd., from
1980 to 1984. Dr. Reddy is a serving member of the Prime Ministers Council
on Trade & Commerce, Government of India, and has been nominated to the
Board of National Institute of Pharmaceutical Education and Research.
Kallam Anji Reddy is an Indian entrepreneur in the pharmaceutical
industry, the founder of Dr Reddy's Labs. He spent his early years in the village
of Tadepalli in Guntur district, Andhra Pradesh, where his father grew turmeric.
Reddy graduated from the local high school and went on to get his first Bachelor
of

Science

degree

from

A.C.

College

at

Guntur

in

1958.

Dr. Reddy holds a B.Sc.-Tech in Pharmaceuticals and Fine Chemicals from

Bombay University and a Ph.D., in chemical engineering from the National
Chemical Laboratory, Pune.
It was the first company to take up drug discovery research in India. In
2001Dr. Reddys Labs became the first Asian pharmaceutical company outside
Japan to be listed on the New York Stock Exchange. The company has revenues
of $ 546 million is Indias second largest pharmaceutical company.
Dr. Reddy is also a philanthropist. He is the founder-Chairman of
Dr. Reddys Foundation for Human & Social Development, a social arm of
Dr. Reddys, which acts as a catalyst of change to achieve sustainable
development.

20. KARSANBHAI PATEL NIRMA

cx
Dr. Karsanbhai Khodidas Patel born in 1945, in Gujarat, is an Indian
industrialist, founder of the Rs.2500 crore Nirma group with major interests in
detergents, soaps and cosmetics. He has interests in education, and founded a
leading engineering college, the Nirma Institute of Technology. He is sometimes
referred to as Dr. K.K. Patel.

LIFE
Born into a farmer family from north Gujarat, Karsanbhai finished his
B.Sc. in Chemistry at age 21 and worked as a lab technician, first in the New
Cotton Mills, Ahmedabad, of the Lalbhai group and then at the Geology and
Mining Department of the state Government. In 1969, Karsanbhai set up Nirma,
(named after daughter Nirupama) selling detergent powder. This was an afteroffice business - the one-man company would bicycle through the
neighbourhoods selling handmade detergent packets door to door. At a price of
Rs.3 per kg, (one third the price of leading detergents), it was an instant success.
After three years, Karsanbhai felt confident enough to quit his job. Later
he said: the lack of any such precedent in my family made the venture fraught
with fear of failure. But farmers from North Gujarat are known for their spirit of
enterprise. Karsanbhai set up shop at small workshop in an Ahmedabad suburb.
The Nirma brand quickly established itself in Gujarat and Maharashtra.
The high quality and low price of the detergent made for great value.
Fueled by housewife-friendly advertisement jingles, Nirma revolutionized the
detergent market, creating an entirely new segment for economy detergent
powder. At the time, detergent and soap manufacture was dominated by
multinational corporations with products like Surf by Hindustan Lever, priced
around Rs.13 per kg. Within a decade, Nirma was the largest selling detergent in
India. Since production was labour intensive, Nirma also became a leading
employer. Made without some phosphates, Nirma was also somewhat more
environment friendly.

cxi
After establishing its leadership in economy-priced detergents, Nirma
entered the premium segment, launching toilet soaps Nirma bath and Nirma
beauty soap, and premium detergent Super Nirma detergent. Ventures into
shampoo and toothpaste were not successful, but the edible salt Shudh is doing
well. Nirma beauty soap is one of the leading toilet soaps, behind Lifebuoy and
Lux. Overall Nirma has a 20% market share in soap cakes and about 35% in
detergents. Nirma also has successful operations in neighbouring countries.
In 1995, Karsanbhai started the Nirma Institute of Technology in
Ahmedabad, which grew into a leading engineering college in Gujarat. An
Institute of Management followed, with the entire structure being consolidated
under the Nirma University of Science and Technology in 2003, overseen by the
Nirma Education and Research Foundation. The Nirma labs education project,
aimed at training and incubating entrepreneurs, was launched 2004.
Karsanbhai's two sons and son-in-law are now at leading positions in the
Nirma organization: Rakesh K Patel (MBA) looks after procurement and
logistics, Hiren K Patel, chemical engineer and MBA, heads marketing and
finance, while Kalpesh Patel is in human resources.

AWARDS
In 2001, Karsanbhai was awarded an honorary doctorate by Florida
Atlantic

University,

recognizing

his

exceptional

entrepreneurial

and

philanthropic accomplishments.
In 1990, the Federation of Association of Small Scale Industries of India
(FASII), New Delhi, awarded him the 'Udyog Ratna' award. The Gujarat
Chamber of Commerce felicitated him as an 'Outstanding Industrialist of the
Eighties'. He has served twice as Chairman of the Development Council for
Oils, Soaps and Detergents.

cxii
21. KIRAN MAZUMDAR-SHAW - BIOCON LTD
Achievements: Chairman & Managing Director of Biocon Ltd., Indias
largest biotechnology company. In 2004, she became Indias richest woman.
Kiran Mazumdar was born in Bangalore. She did her schooling at Bishop Cotton
Girls School and Mount Carmel College at Bangalore.
After completing her B.Sc in Zoology from Bangalore University in
1973, she went to Ballarat University in Melbourne, Australia and qualified as
master brewer in 1974. Her professional career kick-started immediately and she
joined Carlton and United Beverages as a trainee brewer. Four years later she
changed tracks to join the Irish company Biocon Bio-chemicals Limited as a
Trainee Manager. Not quite content with being just an employee, the same year
Mazumdar Shaw took the bold step of founding Biocon India in collaboration
with the parent company Biocon Bio-chemicals. In retrospect, calling it a bold
step seems to be an understatement as her capital investment was a paltry Rs.10,
000. Banks were hesitant to give loans to her as biotechnology was a totally new
field at that point of time and she was a woman entrepreneur, which was a rare
phenomenon.
HER DETERMINATION
Her initial operations included developing a process to extract papain, an
enzyme from papaya. This fermentation process made way to develop processes
for many other industrial enzymes. By 1990, Biocon India became proficient
enough to start an in-house research programme, in solid substrate fermentation
technology, which allowed it to produce enzymes from pilot to plant level.
Mazumdar Shaw, however, was not satisfied. The visionary in her saw that
Biocon had potential to enter the field of biopharmaceuticals. She, thus, initiated
strategic research programs. In 1994, Biocon established Syngene International
Private Limited as a Custom Research Company (CRC) under the stewardship

cxiii
of Kiran Mazumdar Shaw. In 2000, Biocon established Clinigene, India's first
Clinical Research Organisation (CRO).
Today, Biocon is recognized as Indias pioneering biotech enterprise. In
2004, Biocon came up with an IPO and the issue was over-subscribed by over
30 times. Post-IPO, Kiron Mazumdar held close to 40% of the stock of the
company and was regarded as Indias richest woman with an estimated worth of
Rs.2,100 crore. She is a much sought after biotech pioneer who has been
referred to as "India's Biotech Queen" by The Economist and "India's mother of
invention" by New York Times.
Besides her hectic professional life, Mazumdar Shaw has also penned a
coffee table book titled 'Ale and Arty'. She has made sure that Biocon has an
active corporate social responsibility and is active in the field of public health
and education. She also heads the Vision Group on Biotechnology for the state
of Karnataka and was instrumental in making Bangalore a Biotech Hub.
WINNER TAKES IT ALL
It is difficult to ignore such achievements, and Mazumdar Shaws efforts
have been duly acknowledged. She has been the recipient of several awards over
the years. These include ET Businesswoman of the Year, Best Woman
Entrepreneur, Model Employer, Ernst & Youngs Entrepreneur of the Year
award for Life Sciences & Health Care in 2002, Leading Exporter, Outstanding
Citizen, Technology Pioneer, the Lifetime Achievement Award from the Indian
Chamber of Commerce in 2005, and the Wharton Infosys Business
Transformation Award in 2006. The Government of India conferred her with
Padmashri (1989) and Padma Bhushan (2005). But the award she values the
most is the MV Memorial, one named after the great engineer and visionary Sir
M. Vishweshwariah.
22. KISHORE BIYANI PANTALOON

cxiv
Kishore Biyani is the Chairman of the Company. He is a commerce
graduate with a post-graduate diploma in marketing management. He has over
25 years of experience in the field of manufacturing and retailing of ready-made
garments. Over the years, he has led the emergence of Pantaloons Retail as the
leading retailer in the country. He has received several awards including the
'CEO of the Year - 2001', 'the most Admired Retailer of the Year 2004', the
'Retail Face of the Year - Images Retail Awards 2005' and the 'E&Y
Entrepreneur of the Year Services 2006'.
Pantaloon's Kishore Biyani has become India's largest retailer, but still
has several aces up his John Miller shirtsleeves. And now that he has set
himself the task of retaining control of the largest retail space in the country, he
would not let anyone - suppliers or international promoters included - catch him
slacking.
Unlike most people, Kishore Biyani makes no bones about his simplicity.
He believes in taking quick decisions. The deal with Bennett, Coleman & Co
was done in seven days flat. He has never met V. Banga of Unilever in his life,
and leaves the task of relationship building to his managers. Biyani has not
always played in the big league. Having quit the family business, which supplied
denim to Arvind Mills, in 1987, he collected Rs.7 lakh and set up a small plant
that produced 200 trousers a day.
In the crowded market of ready-mades, Biyani learned his first lesson - to
be heard, you need to shout louder than the rest. As a result, though the turnover
for his Bare brand was only Rs.7 lakh in the first year, he spent Rs.16 lakh
advertising it. He also added John Miller shirts to his portfolio. This year,
Pantaloon will spend Rs.85 crore advertising its various store formats.
The shift from manufacturing to retail was the critical point in Biyani's
career. Distribution costs were the reason brands were snuffed out in the market,
so Biyani decided to rewrite the rules of the game. In 1993, he experimented

cxv
with a small store format, and Pantaloon Shoppe was launched in Panjim, Goa,
"where we could make mistakes without anyone noticing them".
From the shoppe to the large store format in 1998 - this time in Kolkata
("If you can conquer Kolkata, you can conquer other markets too. Calcuttans,
contrary to perception, have money and are loyal customers. They are emotional
people and get emotionally attached to a brand.") - was a carefully crafted plot.
And he was proved right when the Kolkata Pantaloon store became a raging
success and Biyani stepped on to the turf as a super retailer.
Other professionals have wondered where Biyani picked up the tricks of
the retailing trade. Some he learned from his own mistakes, he admits. Others he
picked up from the big boys of international retail. Biyani was not above picking
up the gauntlet and launched Big Bazaar, a hypermarket in Mumbai as a gamble;
financing it mostly through a loan. To India's surprise, the format worked and
the rest is history. He goes personally to people's homes, talks to local
community leaders and spends weeks walking streets of bazaars to get a feel of
what products should be stacked in a new store.
The year 2004-05 has been eventful for Pantaloon Retail as it crossed the
Rs 1,000-crore target. But there have been other watershed years, such as 1997
when it launched its first departmental store, Pantaloons, in Kolkata and 2002,
when it opened its first departmental store, Big Bazaar. Today, Pantaloon is
poised to don a new look with a new corporate identity. From the `Knowledge
Group,' it will be now known as the `Future Group' with a new logo (a human
palm print) with the message `India tomorrow.'
The Rs.1,100-crore retail company has been moving at a scorching pace
straddling almost all possible segments in retail (fashion, food, general
merchandising, home, leisure, entertainment, finance, beauty, wellness and
e-tailing), exploring new areas and formats. His passion is observing and he
enjoys watching Hindi drama and cinema. He is a compulsive reader.

cxvi
23. KOCHOUSEPH CHITTILAPPILLY -V GUARD
Kochouseph Chittilappilly: I started my business 30 years back at very
small level with only two workers. At that time when I was working as a
supervisor my ambition was to earn more so I started a small industry. Slowly
and steadily the industry started growing but I believe the main reason was the
quality of products for our growth story.
Aged 56 years, is a post graduate in Physics from Calicut University. He
started his career as a Supervisor in an electronics company, where he worked
for three years. In the year 1977, he started a SSI Unit engaged in the
manufacturing and selling of electronic voltage stabilizers.
He is one of the founder promoters and has motivated the company to
succeed in its business. He has been the Managing Director of the company
since its inception and has taken the company to its current levels of stature and
recognition with his experience and vision. He is the recipient of numerous
awards, which were bestowed on him for his exemplary performance in
business. Among them are Business Man of the Millennium 2000 from Rashtra
Deepika, Tourism Man of the year from Destination Kerala and Samman Pathra
Award for top income tax payer from Honourable Union Minister of State for
Finance. As the Managing Director, Mr. Kochouseph has been the main driving
force behind the companys sustained growth. Finding capital was difficult;
banks were not impressed by his proposal, and refused to fund him.
Nevertheless, in 1977 an undeterred Chittilappilly ventured into stabiliser
manufacturing with an investment of one lakh rupees that his father gave him.
With just two employees, all that he could make were two stabilisers a day.
Today, Chittilappilly is one of the most successful businessmen in
Kerala. His Rs.165-crore V-Guard group is a household name in the state, with
its flagship stabilisers and a host of products such as water pumps, water heaters,
UPS, wiring cables and starters. V-Guard employs more than 4,000 people

cxvii
directly and indirectly. The group includes V-Star creations, makers of apparel
ranging from designer churidars to lingerie, and the Veega Land amusement
park.
I believe that the achievements of V-Guard group are not entirely due to
my abilities. I realise that our managers, staff and other associates have played a
major role in bringing V-Guard to this level, he says. No wonder he has set
apart four percent of the equity for his 700-odd employees.
24. MOHAN SINGH OBEROI - OBEROI GROUP
Achievements: Founder of the Oberoi Group of Hotels; honoured with
the Padma Bhushan in 2001. M.S. Oberoi can be aptly termed as the father of
the Indian hotel industry.
M.S.Oberoi was born in 1898, in the erstwhile undivided Punjab, now in
Pakistan. He did his early schooling in Rawalpindi and completed his graduation
from Lahore. In 1922, to escape the epidemic of plague, he came to Shimla, and
got a job of a front desk clerk at the Cecil hotel at a salary of Rs.50 per month.
He was a quick learner and shouldered many additional responsibilities along
with the job of desk clerk. Hs diligence prompted Mr. Clarke to request Oberoi
to assist him when he acquired Clarkes hotel, where he gained first hand
experience in all aspects of hotel operations.
In 1934, M.S.Oberoi acquired the Clarkes Hotel from his mentor, by
mortgaging his wifes jewellery and all his assets. In 1938, he signed a lease to
takeover operations of the five hundred rooms of Grand Hotel in Calcutta, which
was up for sale following a cholera epidemic. In 1943, M.S.Oberoi acquired the
controlling interest in the Associated Hotels of India which owned the Cecil, and
Corstophans in Shimla, and the Maidens and the Imperial in Delhi, and a hotel
in Lahore, Murree, Rawalpindi and Peshawar. He thus became the first Indian to
run the largest and the finest hotel chain.

cxviii
In 1959, the Oberoi group became the first group to start flight catering
operations in India. In 1965, M.S.Oberoi opened the first modern five star
international hotel in the country, the Oberoi Intercontinental, in Delhi. In 1966,
he established the prestigious Oberoi School of Hotel Management, recognized
by the International Hotel Association in Paris. The Oberoi group opened the 35
storey International Sheraton in Mumbai. Oberoi was the first to employ women
in the hospitality sector. Today, the Oberoi group owns or manages 37 luxury
and first class international hotels in seven countries. M.S. Oberoi was elected
to the Rajya Sabha in 1962 and in 1972. He was also elected to the Lok Sabha in
1968.
He was the recipient of many awards and honours. In 1943, he was
conferred the title of Rai Bahadur by the British Government. Other honours
include admission to the Hall of Fame by the American Society of Travel
Agents; Man of the World by the International Hotel Association, New York;
named by Newsweek as one of the Elite Winners of 1978 and the PHDCCI
Millennium award in 2000. M.S.Oberoi was honoured with the Padma Bhushan
in 2001.
It is not often acknowledged that M.S.Oberoi, Chairman of an empire of
29 hotels spanning most of the worlds landmass is also the man who pioneered
India as a brand, way back when it was only a bazaar of begging bowls and
exotica. At 90, he looked back in something close to awe and said, I often
wonder how I did it.
Life served his lemons regularly but with even greater regularity did the
Rai Bahadur make lemonade.
The story of the Rai Bahadur is all the more impressive because there was
nothing in his background to suggest that he would be able to create the world
class ambience and sophistication for which the group is celebrated now that he

cxix
would be able to foresee Indias current positioning in the global market, while
doffing a deferential hat to history when it was demanded.
25. NARAYANA MURTHY, N. R. INFOSYS
Achievements: One of the founders of Infosys Technologies Ltd., chosen
as the World Entrepreneur of the Year in 2003 by Ernst & Young, Narayana
Murthy is the Non- Executive Chairman and Chief Mentor of Infosys
Technologies Ltd. He is a living legend and an epitome of the fact that honesty,
transparency, and moral integrity are not at variance with business acumen. He
set new standards in corporate governance and morality when he stepped down
as the Executive Chairman of Infosys at the age of 60.
Born in 1946, N.R. Narayana Murthy is B.E. in Electrical Engineering
from the University of Mysore and M. Tech from IIT Kanpur. He began his
career with Patni Computer Systems in Pune. In 1981, he founded Infosys with
six other software professionals. In 1987, Infosys opened its first international
office in USA.
With the liberalization of the Indian economy in 1990s, Infosys grew
rapidly. In 1993, the company came up with its IPO. In 1995, Infosys set up
development centres across cities in India and in 1996 it set up its first office in
Europe in Milton Keynes, UK. In 1999, Infosys became the first company to be
listed on NASDAQ. Today, Infosys has a turn over of more than $2 billion and
has an employee strength of over 50, 000. In 2002, Infosys was rated No.1 in the
Best Employers in India 2002 survey conducted by Hewitt and in the Business
Worlds survey of Indias Most Respected Company conducted in the same
year.
He has received many honours and awards. In June 2000, the Asia week
magazine featured him in a list of Asias 50 Most Powerful People. In 2001,
Narayana Murthy was named by TIME/CNN as one of the 25 most influential

cxx
global executives. He was the first recipient of the Indo-French Forum Medal
and was voted the World Entrepreneur of the Year 2003 by Ernst & Young. The
Economist ranked Narayana Murthy as eighth on the list of the 15 most admired
global leaders (2005) and he also topped the Economic Times Corporate Dossier
list of Indias most powerful CEOs for two consecutive years - 2004 and 2005.
As founder Chairman and CEO of Infosys Technologies, he heads the
countrys successful Silicon Valley- style start up, one that is right at the
forefront of Indias charge on the global software market. With 4800 employees,
11 software development centers in India and 13 overseas offices, Infosys is a
world class act, deriving 97 % of its revenues from exports.
In the past five years Infosys has grown at breath taking speed: sales grew
at a compounded annual rate 74 per cent and profits by 78 per cent, a
performance that puts Infosys way ahead of its peers. It created history by
becoming the first Indian registered company to list on an American stock
exchange-NASDAQwith an issue of two million American Depository Shares
that raised $ 70 million. Infosys pioneering step has paved the way for other
Indian IT companies.
At Patni Computer Systems (PCS), Mumbai-based company, as head of
software, he recruited six professionals who were to eventually partner him in
his first experiment of creating wealth namely Nilekani, S. Gopalkrishnan,
Ashok Arora, N.S. Raghavan, K. Dinesh and S. Shibulal.
When he mooted the idea of creating a software supplier leveraging
Indian skills and aimed at overseas markets, they readily bought into the
concept. Infosys Consultants was formed in July 1981 with the pooled savings
of the seven partners of Rs.10, 000/- mostly borrowed from their wives.
Murthys HDFC- financed Shivajinagar apartment in Pune was the first
registered office.

cxxi
A chance encounter on a plane with K.S.N. Murthy of KSIIDC brought
Murthy to Bangalore and within a fortnight Infosys had the moneyRs.52 Lakh
to buy its first computer. According to Murthy, the big breakthrough for Infosys
came with economic liberalization after 1991. The Companys turnover, a mere
Rs.5 crore then, grew 100 folds since.
26. NARESH GOYAL - JET AIRWAYS
Achievements: Founder Chairman of Jet Airways; recipient of the first
MB Munjal award for Excellence in Learning & Development in the private
sector category in 2006. He also figures in the Forbes list of Indian billionaires.
Naresh Goyal completed his graduation in Commerce in 1967. Goyal
started working in the airline industry right after college in his great uncle's
marketing agency for Lebanese International Airlines. His salary was so low -$40 per month -- that he had to sleep on the floor of his office. But he moved up
the ranks quickly, becoming a publicist for the airline and from there, moving on
to other international airlines. From 1967 to 1974, he learnt the intricacies of the
travel business through his association with several foreign airlines.
In 1974, Naresh Goyal founded Jet Air Pvt. Ltd., to look after the Sales
and Marketing operations of foreign airlines of India. His mother sold her own
jewelry to give him money to start the business. He was involved in developing
studies of traffic patterns, route structures, and operational economics and flight
scheduling. His rich and varied experience made him an authority in the world
of aviation and travel.
In 1991, when the government opened the airline industry to private
competition, Goyal jumped at the opportunity. Naresh Goyal took advantage of
the Open Sky Policy of the Government of India and set up Jet Airways for the
operation of scheduled air services in the domestic sector in India. Jet Airways

cxxii
started commercial operations in 1993. In 2005, Jet Airways came up with an
IPO and it was a huge success.
Today, the net worth of the Jet Airways promoter is over Rs.8, 100 crore,
which makes him the sixth richest Indian as per the Business Standard
Billionaire Club.
Goyal, however, has not forgotten his humble past, a reason why he
remains modest and avoids the limelight. For e.g. minutes after announcing his
decision to buy Air Sahara for Rs.2,225 crore - a deal, which gives him control
over almost half of India's domestic aviation airspace - Goyal refuses to give it
much importance and said, "It's no big deal. I am neither happy nor excited.
Such acquisitions have been the way of life in the west."
The modesty has been interpreted in many ways. While his associates say
it shows that the man has his feet firmly on the ground, others say it's his way of
avoiding controversies. He has been doing precisely that ever since he got into
the civil aviation industry 36 years back. He also has clear ideas about which
way to go. For example, he thinks low cost airlines are just a myth in India.
Along with Jets meteorite rise, Naresh Goyal also rose in the
entrepreneurial arena. He has won several honours and accolades. These include
Entrepreneur of the Year Award for Services from Ernst & Young in 2000,
Distinguished

Alumni

Award-2000

for

meritorious

and

distinguished

performance as an Entrepreneur, Outstanding Asian-Indian award for leadership

and contribution to the global community given by the Indian American Centre
for Political Awareness, Aerospace Laurels for outstanding contribution in the
field of Commercial Air Transport twice, in 2000 and 2004.
27. DR. PRATAP C REDDY - APOLLO HOSPITAL GROUP
Dr. Pratap C Reddy is a doctor and a businessperson credited with
establishing the first chain of corporate hospitals in India-the Apollo Hospitals

cxxiii
Group. He currently holds the post of Executive Chairman in the group.
Dr. Reddy is a cardiologist with international experience. He worked at the
Missouri State Hospital, U.S.A. where he also had the distinction of heading
multiple research programmes.
Apollo Hospitals is one of the most famous chain based hospitals in
India. It is the largest health care provider in Asia and third largest in the world.
It has hospitals in India, Sri Lanka, and Bangladesh and has presence in gulf
countries as well. Dr. Reddy has been successful in attracting the cream of
Indian doctors from developed countries like the US and UK. For his efforts,
Apollo Hospital is recognized as one of the finest in the world at par with the
hospitals in the First World countries. Initially there were lot of constraints, but
that did not stop Dr. Reddy from pursuing his entrepreneurial dreams. In 1983,
he set up the first centre in Chennai and then it followed by setting up of a
consultancy body, The Indian Hospital Corporation. He then commissioned two
more care centres in India. This set up a trend for other corporate health cares in
India. From then onwards, it was an upswing for the Apollo group. It presently
has over 22 centres in major metros in India and has a combined turn over of
100 million dollars.
He started on his mission for providing quality health care in India in the
eighties. It is believed that he was spurred by his failure to provide critical care
to a patient in the U.S. The patient died as a result. This incident prompted him
to start world-class affordable health care facilities in India.
Apollo Hospitals proved that Indian doctors are no less than the best in
the world by successfully operating on a complicated cadaver transplant. Having
successfully steered Apollo hospitals in a number of locations through out India,
Dr. Reddy went on to expand operations throughout Asia. His more recent
initiative is to create a virtual Apollo centre, which is available anywhere, at any
time. This is a web based Apollo initiative. He successfully implemented

cxxiv
Telemedicine Technology in India which will be a key enabler in transforming
health care delivery in India.
The Apollo Group opened its first clinic in Dubai in 1999. He also has
plans for SAARC countries. He has plans for opening secondary health centers
in India. His new projects include 'Med-varsity'-a virtual medical university
providing total access to medical experts and 'MEDNET'-a hospital systems
management package. Dr. Reddy has many more dreams like setting up rural
hospitals. He recognized 23 sites in the semi urban areas. He started a clinic in
his native village to serve as a model for similar such projects for the Apollo
group to emulate throughout India. Dr. Reddy was awarded the Padma Bhushan
in 1991.
28. RAMNATH GOENKA - INDIAN EXPRESS GROUP
Ramnath Goenka was born in 1904 in Darbhanga district of Bihar. He
belonged to a Marwari business family. He completed his primary education in
Varanasi. At the age of 15, he came to Chennai to learn the ropes of the business
by venturing into the trade of yarn and jute.
At the age of 22, he was nominated as the member of Madras Legislative
Council by the British Government. He founded the Indian Express in 1936, and
in 1941, he was elected President of the National Newspaper Editors
Conference.
In 1948, Daily Tej partnered with Ramnath Goenka to publish Indian
News Chronicle, English daily, from New Delhi. He published several
revolutionary articles in The Indian Express. In 1948 he published an English
daily named Indian News Chronicle along with his friend Lala Deshbandhu
Gupta. Ramnath Goenka merged Indian News Chronicle with The Indian
Express after the death of Lala Deshbandhu Gupta.

cxxv
During emergency he raised his voice against Indira Gandhi. He was
against the congress till his death. Ramnath Goenka was close to Janatha party
and helped the party in drafting election strategy. Ramnath Goenka died in
Mumbai after prolonged illness in 1991.
29. RAMOJI RAO RAMOJI CITY
Cherukuri Ramoji Rao, better known as Ramoji Rao, is an Indian
businessman and media entrepreneur. He is head of the Ramoji Group which
owns, among other things, the world's largest film production facility, Ramoji
Film City. Rao Cherukuri was born in Gudivada, Krishna District, Andhra
Pradesh, into an agricultural family. Some of the companies owned by the
Ramoji group include Margadarsi Chit Fund, Eenadu newspaper, ETV, Priya
Foods, Usha Kiron Movies and as mentioned above, the Ramoji Film City near
Hyderabad. He is also the Chairman of Dolphin group of hotels in Andhra
Pradesh.
Spread across 2,000 acres, the Ramoji Film City is the biggest of its kind
in the world. The Film City where you can get ''everything from a pin to an
aeroplane is Ramoji Rao's biggest project till date and is being developed as
the 'Disneyland' of India. He visualizes it as the ''gateway of tourism in India''.

cxxvi
30. RANGANATHAN, C. K. - CAVINKARE
C K Ranganathan, Chairman and Managing Director of CavinKare, has
shown the world it is possible to beat the multinationals even in the most
difficult market of fast moving consumer goods. Ranganathan's journey, which
started from a small town of Cuddalore in Tamil Nadu, has been an amazing
one. A business which he started with only with Rs.15, 000 is now worth Rs.500
crore. He learnt the first entrepreneurial lessons from his father, Chinni
Krishnan, who started a small-scale pharmaceutical packaging unit, before
moving on to manufacture pharmaceutical products and cosmetics.
HIS FATHER, HIS INSPIRATION
His

father,

Chinni

Krishnan,

an

agriculturist,

was

also

into

pharmaceutical business. When he was in the fifth standard, he had a lot of pets
-- more than 500 pigeons, a lot of fish and a large variety of birds. He used
to earn pocket money out of pet business at that time. Perhaps, the
entrepreneurial spirit in him showed its first streak.
THE ORIGIN OF THE CONCEPT OF SACHETS
His father had come out with the sachet concept, when he entered
college, a couple of years prior to his fathers demise. He felt liquid can be
packed in sachets as well. When talcum powder was only in tin containers, he
was the one who sold it in 100 gm, 50 gm and 20 gm packs. When Epsom
salt came in 100 gm packets, his father brought out salt sachets of as low as
5 gm.
'Whatever I make, I want the coolies and the rickshaw-pullers to use. I
want to make my products affordable to them,' he used to say. Selling things in
sachets was his motto as he said, 'this is going to be the product of the future.'
But his father could not market the concept well. He moved from one innovation

cxxvii
to another but never thought of marketing strategies. He was a great innovator,
but a poor marketer.
JOINING THE FAMILY BUSINESS
After his father's death, his brothers took charge of the family business. In
1982, when he joined them after his studies, they had launched Velvette
Shampoo. Within eight to nine months, Ranganathan left the business because
his ideas clashed with theirs. As he was in the manufacturing unit, he did not
know anything about marketing or finance but, his inferiority complex
notwithstanding, he was somehow confident of doing business better.
STARTING HIS OWN BUSINESS WITH RS.15, 000
For a week, Ranganathan could not make up his mind as to what business
to do. He knew only two things; making shampoo and rearing pets. He did not
want to venture into the shampoo business as it would initiate a fight with his
brothers. However, he decided to do the same later as he could only make
shampoo.
He rented a house-cum-office for Rs.250 a month against an advance of
Rs.1, 000. He took another place for the factory for a rent of Rs.300 a month
and against an advance of Rs.1, 200. He bought a shampoo-packing machine for
Rs.3, 000.
HOW CHIK SHAMPOO WAS BORN
Ranganathan named it Chik Shampoo after his father. The product did
not succeed immediately; he learnt many things during the process. In the first
month, he could sell 20,000 sachets and from the second year, started making
profits. He moved to Chennai in 1989 but his manufacturing unit continued to
be in Cuddalore. It took him three years to get the first loan because banks

cxxviii
asked for collateral. But one particular bank gave him a loan of Rs.25,000 which
he rotated and later upgraded to Rs.400,000, Rs.15 lakh and so on.
You know what the bank manager wrote in our loan application? This
person does not have any collateral to offer but there is something interesting
about this SSI unit. Unlike others, this company pays income tax. I must say my
business never looked back because I was very particular about paying income
tax, he says.
STRATEGIES THAT MADE CHIK SHAMPOO NO. 1 IN SOUTH INDIA
When Chik entered the market, Velvette Shampoo was being marketed
aggressively by Godrej. But a scheme of his became extremely successful -- he
exchanged five sachets of any shampoo for a Chik Shampoo sachet, free. Later,
he altered the scheme -- he started giving one free Chik Shampoo sachet in lieu
of five Chik Shampoo sachets only. Soon, consumers started asking for Chik
sachets only. The sales went up from Rs.35, 000 to Rs.12 lakh a month.
When he introduced jasmine and rose fragrances, his sales went up to
Rs.30 lakh per month and with actor Amala as the model, his sales rose to Re.1
crore a month. Each idea of his was rewarded by his customers. His market
share increased and in 1992, he became the numero uno in South India. It took
nine years for him to overtake my brothers' business.
HOW CHIK SHAMPOO CONQUERED THE RURAL MARKET
Multinational companies sold products in big bottles and not in sachets
and they sold only from fancy stores. They did not look at the small kirana
stores, nor did they look at the rural market. Ranganathan went to rural areas of
South India where people hardly used shampoo. He showed them how to use it
through a live demonstration on a young boy. He asked the assembled to feel
and smell his hair.

cxxix
Next he planned Chik Shampoo-sponsored shows of Rajnikanth's films.
He showed advertisements in between, followed by live demonstrations. He also
distributed free sachets among the audience after these shows. This worked
wonders in rural Tamil Nadu and Andhra Pradesh. After every show, His
shampoo sales went up three to four times. Today, the Indian rural market is
growing at a pace double than that of the urban market.
LAUNCHING MEERA HERBAL POWDER
He continued with Chik Shampoo for seven years before venturing into
anything else. Meera Herbal powder was actually not his idea. Shaw Wallace
already had a herbal product but it was marketed very poorly. He felt there was
a demand for herbal products and he made a good product. In the third month
itself, he topped the market. In six months, he had 95 per cent market
share, while Shaw Wallace had only 4-5 per cent.
HOW BEAUTY COSMETICS BECAME CAVINKARE
As he planned to expand to new products, he thought the name Beauty
Cosmetics would be restrictive. In 1998, he ran a contest among his employees
for a name and one of them suggested CavinKare; with C and K spelt in capitals.
C K, his father's initials. Cavin in Tamil means beauty and grace.
PERFUMES FOR THE POOR
He wanted to cater to those who cannot afford (high priced) perfumes.
Good perfumes came at a huge price -- they were beyond the means of
ordinary people. He decided to come out with a Rs.10 pack Spinz. He was
successful in that too.
Ranganathan has great admiration for those who fight against all odds
and attain success. C. K. Ranganathan, is a successful entrepreneur and venture
philanthropist. He has set an ambitious sales target of Rs.5, 000 crore by 2012.

cxxx
31. RAO, G.M. - GMR GROUP
G M Rao, a mechanical engineer, is the founder Chairman of GMR
Group-global Infrastructure major. The Group is well diversified and
professionally managed with focus on business verticals of Airports, Energy,
Highways and Urban Infrastructure including SEZs, apart from interests in Agribusiness.
Born in 1950 in a small town of Rajam in the Srikakulam district of
Andhra Pradesh, G M Rao established the GMR business empire starting from a
single jute mill in Rajam in 1978. Within a decade, he successfully established
three green field power plants in the country, one each in the state of Tamil
Nadu, Karnataka and Andhra Pradesh. Under his guidance, the Group is now
developing several power projects in various parts of the country and is
expanding its activities to other countries.
G M Rao expanded the Groups presence in the infrastructure sector by
leading the Groups foray into highways. The Group has already completed two
greenfield road projects and four more projects are nearing completion.
G M Rao has today successfully established GMR Group, as one of the
leading infrastructure organisations in the country. Rao was the largest
shareholder in the countrys leading 75-year-old private sector Vysya Bank,
which has been successfully transformed into a modern technology driven and
hugely successful financial enterprise. For his visionary approach and
outstanding contribution to ING Vysya Bank for a period of two decades as its
Director and Chairman, the Bank in September 2006 conferred on him the status
and title of Chairman Emeritus.
He was chosen as the Entrepreneur of the year at the Economic Times
Awards for Corporate Excellence 2006 07. The award has been given to him
in recognition of his exemplary entrepreneurial spirit and potential in breaking

cxxxi
into the big league of top infrastructure organisations in India. He has also been
awarded the Most Promising Entrant to the Big League by CNBC TV18 at its
Indian Business Leader Awards 2007.
While a set of seven core values define the GMR Groups distinct
organization culture, Rao has also spearheaded a Family Constitution model
for the group. In line with this, over a period of time, the members of the family
would provide only the strategic inputs and investment needs and counselling
for all the businesses and activities of the Group.
Most of the people had no idea how to deal with that sudden turn of
events. But GMR decided to take advantage of a new growth area the power
sector and soon acquired the licence for a power project in Tamil Nadu, the
Basin Bridge power plant in Chennai, which became the first to be developed by
the group, says BVN Rao, a long time friend and now chairman of the energy
vertical.
GMR, who cut his entrepreneurial teeth with a jute yarn facility in Rajam,
went on to display his talent in sugar and other agri-businesses, ferro-alloys, IT
and banking before he finally decided to zero in on infrastructure. Setting up a
jute yarn facility taught him a great deal about teamwork and taking his fellow
workers along. His banking experience is what he treasures the most. Turning
around non-performing assets and building confidence among customers after a
total change in the top management was not easy. We were dealing with public
money, he says.
GMR, unlike most family-run businesses, has also put in place a
succession plan in the form of a family constitution, which has been revealed to
shareholders as well, to ensure transparency in operations. On criticism about
the familys role in his companies, GMR has a confident answer: Its run by
family professionals. Almost 70% of the listed companies on BSE are familyrun businesses anyway.

cxxxii
But even at 61, GMR, has merely written the preface of his
entrepreneurship story, it seems. He is now poised to enter the big league and if
early indications are anything to go by, getting awards too could become a habit.
32. RAUNAQ SINGH - APOLLO TYRES
Raunaq Singh, a first generation entrepreneur, in his leisure time would
often recount his days after partition and how he built his business empire from
scratch. He along with 13 others had to camp in a single room in Delhis Gole
market after partition. A job in a spice shop, Munilal Bajaj & Co, did help him
to somehow survive but could not contain his entrepreneurial instinct.
Born in1922, at Daska in Pakistan, Raunaq Singh learnt the elementary
lessons of business skills while being employed as a salesman of a steel pipes
merchant in Lahore earning Rs.8 a month a princely amount in those times.
The seeds of entrepreneurship were planted when Raunaq Singh cashed in on an
opportunity thrown up by the dearth of water pipes in the areas around Lahore.
The profits he, thus, earned were ploughed back in the form of setting up his
own business in steel pipes.
Having sold his wifes jewellery for about Rs.8, 000 in Old Delhis
Chandni Chowk in November 1947, Singh went to Calcutta to try his luck.
Singh set up his office at 85, Netaji Subhash Road; first to start spice trade but
later founded Bharat Steel Pipes. The rise of Raunaq Singh is considered in the
corporate world as a rags-to-riches story. He related his pre-independence
enterprise to his friends, in Lahore, how he sold old pipes to a customer for
double its price that too by getting an advance from him. His trademanship
could be seen in procuring water pipes without investing a single rupee. His first
deal of Rs.1, 000 was the beginning of his fortune in steel pipe trade.
Like any other Indian living in what became Pakistan post-independence,
Singh also faced the brunt. But his resilience helped in re-building an enterprise.

cxxxiii
Says Mr. Harish Bhasin, Chairman HB group, from selling tubes he dreamt of a
tube factory and made it possible. Even when Apollo Tyres was taken over by
the government, he fought tooth and nail and later he was reinstated in the
company. His corporate friends give credit to his political connections.
His organizational skills could be seen in shaping three apex associations,
FICCI, Assocham and FIEO, the only person to do so. CII president Ashok
Soota remembers him as a first generation entrepreneur committed to the
industry association movement in India.
FICCI recalls Singhs tenure as president during 1989-90 as year of
transformation for both the Indian economy as well as for the organization. Even
during the early years of economic liberalization when India Inc was
apprehensive of the globalization process, Raunaq Singh commented in his
Presidents report: India of the 90s is ready to face the challenges of change.
His business rival Mr. Hari Shankar Singhania Chairman, JK Industries,
says: As a person he was very amiable, full of wit and humour and he would
put many a serious matter into simple earthy language sorting out...
RAUNAQ

SINGH,

THE

CHARISMATIC

FIRST

GENERATION

ENTREPRENEUR
The noted industrialist, Raunaq Singh, who died at the age of 79 presided
over a business empire with a turnover of about Rs.2, 700 crores. A doyen of the
post-partition era of industry, he rose rapidly from being a mere trader to a
corporate giant with his flagship company Apollo Tyres.
The Apollo group of companies now includes Bharat Gears, Raunaq
International, Raunaq Automotive Components and Menarini Raunaq Pharma
and has over 9,000 employees.

cxxxiv
Mr. Raunaq Singh laid the foundation of his tyre manufacturing empire
about 40 years ago and set the stage for India to become a major tyre producer.
As a doyen of the business community in northern India as well as due to his
expertise in the automotive sector, the Government decided to appoint him as
the first Chairman of Maruti Limited. He has also held senior positions in the
Exim Bank, Export Credit Guarantee Corporation and the Indo-German
Consultative Group.
The CII President, Ashok Soota, said with Mr. Singh's passing away, the
country had lost an eminent and charismatic first generation entrepreneur. Mr.
Raunaq Singh represented the first group of post-partition businessmen in the
country. Hailing from an ordinary background and starting as a steel trader, he
went on to establish a group with a turnover of over $525 million.
Raunaq Singh was a powerful figure in corporate India. He was the
former President of the Federation of Indian Chambers of Commerce and
Industry, the Associated Chambers of Commerce and Industry of India, the
PHDCCI, and numerous other trade bodies.
Raunaq Singhs corporate journey from Lahore to New Delhi, first as a
steel tube merchant, then as a steel tubes manufacturer and finally as the founder
of Apollo Tyres, has been the stuff of corporate folklore.
33. SABEER BHATIA - HOTMAIL
Bhatia intended to get his engineering degree and go home to work. His
mother was a bank manager, and his father, Chief Administrative Officer at
Defense Research Organization. Bhatia grew up, like most Indian kids,
presuming that starting a company is impossible unless you are a superman.
As a graduate student at Stanford University, Bhatia was drawn to
meetings where he heard entrepreneurs like Sun Microsystemss Scott McNealy
and Apples Steve Wozniak. Bhatias impression was that they really were fairly

cxxxv
ordinary intelligent guys. When he graduated, he took a job as a hardware
engineer at Apple Computer. Soon he started attending cocktail parties of a
group of Indian born entrepreneurs in Silicon Valley, where he met many
successful older Indian men. And again they seemed like such ordinary guys.
Bhatia needed $300, 000 to create a working version of the e-mail
programme. He shopped around his business plan and another for a Net-based
personal database to 19 venture capitalists with no success. Then he met Steve
Jurvetson of Draper Fisher. Jurvetson who was interested but skeptical of
Bhatias revenue estimates and dismissed the projections outright, but Bhatia
insisted, You do not believe we are going to do that? for their $300, 000
upfront, the firm wanted a 30 percent stake. Bhatia offered 15 percent.
Negotiations seemed to be going nowhere. The next day Jurvetson agreed 15
percent.
Bhatia and his colleague Smith quit their jobs at Apple Computer and
opened a tiny office in Fremont, California. By June, they were running out of
money, but the product would be ready to launch in a month. Another venture
capitalist, Dough Carlisle, was interested in investing, but Bhatia knew that if he
and Smith launched the service first, they would keep more control of the
company they created. He convinced a bank to loan them $100, 000.
In 1996, Bhatia and Smith launched their company, called Hotmail. The
morning of the launch, Bhatia and Smith wore hip beepers, programmed to flash
every hour with the number of new subscribers. The first users found Hotmail
all by themselves, then e-mailed their friends: a hundred users in the first hour,
200 the next hour, 250 in the third. By the time Sabeer went back to Doug
Carlisle to say in effect okay. Hotmail had 100, 000 subscribers and a valuation
of $18 million.
Hotmail began to deliver news and other internet content into the e-mail
boxes of its subscribers. This was nothing new, but the way the money flowed

cxxxvi
was. The sites supplying the content took the position. Hey, if you want our
news for free, then you would better pay us. But Bhatia wanted the sites to pay
Hotmail for the privilege of having its content run. Surprisingly, the businesses
agreed to these terms, and soon Hotmail was growing so fast that some content
providers could not handle the traffic that came in from Hotmail.

Every

morning, he scoured the internet for signs of competition. It was six months
before the first appeared.
He had always been concerned that Hotmail could be copied. Microsoft
came biding to buy Hotmail in 1997. Six company executives flew down and
offered Bhatia a figure that would have put tens of millions of dollars in his
pocket. He rejected it; a week later they were back, and every week thereafter
for two months. They asked Bhatia to go over and talk to Bill Gates. After a
tough bargain the deal was stuck worth a walloping $400m. Bhatia remained
the companys top executive after it became a subdivision of Microsofts Web
Essentials. By then Hotmail had 144 employees.
So, is Bhatia lucky or is he great? He refuses to give the credit to
anything other than the culture of the Valley itself: Where two 27 year guys get
$300, 000 from men they had just met. Two 27 year old guys who had no
experience with consumer products, never started a company, never managed
anybody, no experience even in software. All they had was the idea.
In 1999, Sabeer Bhatia quietly left Microsoft to begin a new venture
called Arzoo.com, a web site that brings information technology experts and
corporations together to solve technology related problems on the internet. His
goal is to create the worlds largest network of human intellectual capital on the
web.
34. SARATH BABU FOOD KING

cxxxvii
Humble beginnings seldom pay. But Sarath Babu will not buy that. For
this young entrepreneur, rags-to-riches is not just another adage. It is his very
first foundation of success. From a slum in Chennai to the top echelons of
academia with an enrolment in chemical engineering at BITS Pilani and IIM-A,
and now as the steward of his Food King Catering business, Sarath has come a
long way. His humility perhaps made him reject several high-brow offers from
MNCs after his MBA. That, in a way, was the genesis of Food King Catering with paltry Rs.2, 000 seed money.
Today, his food business spans six locations with a Rs.9-crore turnover to
boot and set to clock Rs.20 crore by year-end. For Sarath, his mother, who once
sold idlis on the pavements of Chennai and worked as an ayah, is a pillar of
strength. Her sacrifice eggs me on, says Sarath. Apart from bringing up four
children, Saraths mother worked as a cook for the mid-day meal scheme for 11
years and got paid just a rupee each day.
Having completed SSLC, she moved on to teach under the same scheme
for five years. Even then, her salary was insufficient. So Saraths mom sought
refuge in the food business to supplement her meager income. As she rolled
dough in the form of idlis, dosas, bhajjis and appams, it was Saraths job to sell
them in the neighbourhood. For kids living in a slum, idlis for breakfast is
something very special, says Sarath even to this day.
A natural entrant to the food business with acquired acumen in childhood,
Sarath has trained his sight higher. From the current 250 people, hes aiming to
recruit 2,000 people by next year, and probably, 5,000 in the next two years.
Sarath Babu said, "When I was in my third year at BITS, I organized an
event. My friends thought my management skills were very good and suggested
that I pursue a course in management."

cxxxviii
His firm, Food King catering services, was inaugurated at Ahmedabad by
IIM-A Chairman and Chief Mentor of Infosys N.R. Narayanamurthy. Sarath is
all set for a brilliant innings.
Jumping-in to kick start a business right after college should have been
tough. But this bold mindset & compulsion came from his childhood perils.
Initially, his catering business, with two units in Ahmedabad, was Rs.2,
000-per -day in the red. But I burnt the midnight oil literally to get a solution,
Sarath says. Its worth a mention here that Sarath spent most of his childhood in
the dark, without electricity. He focused on volumes rather than spartan
servings, and started taking contracts from institutions and companies.
To bag an order, Sarath even slept on the platform of Mumbais railway
station. Thats one of my finest nights Ive ever had, Sarath reminisces.
Today, Food King is targeting 100 clients, including 50 top institutions and 50
corporates for the snacks business South Indian, North Indian and Chinese
food.
He now envisions Food Kings Palace (food malls) across cities where all
kinds of Indian food would be served at economical rates. Is he really worried
about inflation or price-rise in food products? When most of the restaurants have
increased their prices, Sarath sees an opportunity to serve at a cheaper price.
Sourcing from one place makes a lot of difference. I will tap this opportunity,
says Sarath. Today, he drives a Chevrolet to take his mother for a ride to oversee
his business units in Chennai. Next, I want to build a house for my mother,
says Sarath.

35. SATHISH BABU, D. UNIVERCELL

cxxxix
From selling vacuum cleaners as a door to door salesman owning a
business selling mobile telephone sets is quite an impressive advance for a
young man. D. Sathish Babu not only made that transition a decade ago, but he
has firmly established himself as arguably the foremost multi location vendor of
mobile telephones of all sizes and brands in India within a decade of launching
himself in business.
The tag-line of the company he runs reads UniverCell, the Mobile Expert.
Anybody who has every shopped for a mobile phone in this part of the world
known this is no empty boast. Sathish Babu, a mathematics graduate, began his
career as a sales executive with Eureka Forbes where he steadily rose to the post
of regional sales manager during nine year tenure. He left the company in 1997
to start his own business venture, bitten by the bug to be my own boss.
It was still the early days of the Indian mobile phone retailing. The
industry was highly fragmented and disorganized. Mobile handsets were
expensive, the grey market dominated and there were few showrooms around to
showcase mobile products.
Sathish Babu entered this scene selling postpaid mobile connections as a
Skycell Teleshop. He soon decided he would provide a nice ambience in which
his customers would be able to choose the cell phone instruments they liked in
comfort and served well by intelligent, courteous, efficient salespersons.
Using his savings and some capital from the family, Sathish started
UniverCell in 2000 in Chennai. Since then, Sathish and UniverCell have spun a
success story to be the largest mobile phone retailer and among the better known
brands in India. Statistics are available to show that one out of every three
handsets sold in the market is from UniverCell. Its customer base stands at a
vast 5 million, with 100,000 people buying its handsets every month.

cxl
From a single store with 32 employees in 2000, UniverCell has grown to
170 stores with over 1350 employees across southern India. The company
continues to be recognized as the top retailer by all major mobile manufactures
and enjoys the best of concessions and incentives.
Sathish Babu has promoted the brand through every available mass media
tool of advertising. Innovative marketing and a consistent presence across media
have been the hallmark of Univercells journey as far. Celebrity endorsement is
for instance a big part of its advertising campaigns with film actor R. Madhavan
as its brand ambassador. With effective advertising campaigns and market
promotion, Sathish Babu has made sure that UniverCell is well entrenched in the
hearts and minds of the buying public all over India. The presence of large retail
outlets, print, television, event promotions, billboards and FM radio broadcast,
are constant reminders to customers existing and prospective keeping in line
with the focus of aggressive expansion, UniverCell has started SIS (Shop in
Shop) model stress within Music World of RPG group.
UniverCell has the distinction of being the first mobile phone retailer to
provide a warranty on every purchase, keeping in mind the stiff competition the
grey market poses. Recently UniverCell launched an exclusive Mobile Theft and
Damage Insurance along with Oriental Insurance Co. Ltd. to cover all risks not
covered under the manufacturers warranty. It was also the first mobile retailer
to implement the touch and feel concept, besides offering several exchange
offers.
Determined to take UniverCell and mobile phone retailing to the heights
of excellence, Sathish constantly looks to incorporate innovative modern
retailing concepts into his own organization. The series of core improvements
initiated five years ago has now resulted in a world-class retailing organization
that is powered as much by technology as by its people. The foundation for
growth well in place, UniverCell has its sights on replicating its success Pan

cxli
India. These same investments in technology and processes have earned
UniverCell the ISO 9000-2001 certification for quality management systems.
Strong relationships with all the manufacturers, the e-portal @
www.univercell.in and wap.univercell.in, its pan Indian presence, UniverCell
has been able to leverage efficiencies of scale, providing the highest levels of
service and options to consumers. UniverCell presenting a single face to its
customers assures the same level of support (warranties, service, etc) from every
single outlet across the country.
THE ENTREPRENEUR
Sathish and UniverCell have been cresting the wave of the Indian mobile
revolution from the retailing front, growing and evolving to become India's
largest mobile retailer and one of India's best known brands.
Sathish Babu is determined to go places. They are all set of move into the
next phase of expansion. With the Indian cell phone market still quite away from
reaching saturation, Univercells future looks bright.
36. SEEMA KAKKAR REMANIKA
STARTING YEARS
In 1993, I designed my first label called Rudraksh for Ensemble-Tarun
Tahilianis retail chain of stores. It was haute couture for elite class. I got very
encouraging response but fashion was still at a very nascent stage in India- even
rich people of South Mumbai, especially women, were not open to trendy
clothes those days. I use to regularly interact with people on the streets and
realized that youth in suburban pockets such as Bandra and Lokhandwala were
open to experiment with their clothes but they did not have choices at affordable
prices as designers in India were into haute couture and catering to high profile
individual clients. There was a need gap in the market. That is how seeds of

cxlii
Remanika were sown. In 1994, I rented out a 100sq ft space in Kemps Corner in
South Mumbai and opened the first Remanika store selling Go-sexy- trendy
youth wear and club wear for women, says Seema.
THE INITIAL YEARS
When I started in 1994, I could not even afford shelves and hangers, and
all the clothes used to be displayed on the floor. I paid rent in the evening on a
daily basis from money generated through day sales. One fine day, with barely
few months into the business, I got notice to vacate the store. The following one
year was very stressful. There were times when I had to sell clothes on staircases
and loft of the mall. I had to sell my car and house to stay put in the business.
After some time I rented another 600 sq ft of space on a different floor in the
same premises. Thankfully, clients repaid my faith and business grew steadily
she says.
TURNING POINTS
The first store was opened in 1994 and then the opening of second store
in 1999. In 2000, she started retailing the products through Pantaloon, and later
from Shoppers Stop, K-Lifestyle, and Pyramid stores. She has now 10 selfowned stores and retails her products through 80 other outlets. The employee
strength is 400 and has grown 100% over the years.
37. SHAHNAZ HUSAIN - SHAHNAZ HUSAIN HERBALS
There are perhaps few others who can stand testimony to the truth of
these words, as Shahnaz Husain, Indias pioneer in herbal cosmetics.
Credited with single-handedly placing Indian herbals on the world
cosmetic map, her success story-that of young girl from a conservative Muslim
family who rose to become an international trailblazer in the field of herbals- is
by now history.

cxliii
President of CIDESCO, the first Asian to enter Selfridges in London and
break a 40 year old sales record, GQM Commitment to Quality award, FICCIs
outstanding woman entrepreneur, US magazine Successs Worlds Greatest
Women Entrepreneur the list of accolades and achievements is endless.
An entrepreneur in the truest spirit of the word, the lady has a whopping
80 percent of the domestic herbal market, and sales counters in the best stores
internationally, be it the Seibu chain in Japan, Bloomingdales in the US,
Galeries Lafayette in Paris, Harrods and Selfridges in London it goes on.
Though I was married at a very young age, I always knew that I was
made for something more, begins Shahnaz.
Not prepared to sit back as a housewife and mother the age of 16, the
young Shahnaz set about writing for magazine to earn money so that she could
fund her education. Staying with husband Nasir in Tehran, Shahnaz found the
ideal opportunity in the international beauty schools there. After studying
cosmetic chemistry in international beauty schools in certain centres including
London, Paris and Denmark for close to eight years, Husain hit upon the idea of
exploring the 4000 year old Indian ayurvedic system, so that she could research
and develop herbal cures and treatments.
I had seen the debilitating effect of synthetic cosmetics abroad; there
was no doubt in my mind that the herbal system would work, recalls Shahnaz.
She returned to India to set up shop in one room, with a start up
investment of Rs.35, 000, she borrowed from her father. The going was tough
Shahnaz had priced her product well above the existing market.
I began with just one product Shalife, a massage cream. My facial
were priced at Rs.100, while you get one the market for a paltry Rs.6,
reminisces Husain. However, that did not stop the crowds from coming in, and
soon, Shahnaz had more clients she could handle.

cxliv
I would go to a place for one day, offer free prescriptions and advice,
inaugurate the salon, and go back, says Shahnaz. It worked today, there are
more than 600m salons in India and abroad.
The Shahnaz group of companies has acquired a global presence, with
exports to 132 countries including those in the Middle East, South East Asia,
Australia and all over Europe. Recently, the company has been approved by a
Fortune 500 investment company to explore business opportunities.
The strategy was one she applied with great success internationally as
well at one point, during a makeup demonstration in Russia, Shahnaz was
asked to stop as the floor was caving in under the pressure of the people who
had turned up to watch.

Interestingly, Shahnaz has never advertised her

products, a fact that had Harvard in the US wanting to use her marketing system
as a case study.
17 herbal lines, with many more in R&D, Husain is busy expanding her
empire by adding health resorts, signature garments, accessory lines and more to
her portfolio.
38. SHAMIT KHEMKA- SYNAPSE INDIA: the entrepreneur, leader
and achiever
They say, You must first be a believer, if you want to be an achiever.
Shamit Khemka owns one of Indias leading software and web
development outsourcing companies, Synapse Communications Pvt. Ltd. and
Sampatti.com, the much popular online real estate service. He has already
bagged numerous national and international recognitions for being an emerging
young entrepreneur.
He is a man who has proud credentials of being the one to gift India its
first Bulletin Board System with e-mail services. He is also the one to establish

cxlv
countrys first online real estate database that allows every property buyer and
seeker to enroll their needs and specialties - all for free.
THE FLIGHT TOWARDS A GOAL SET HIGH
From a computer whiz-kid to become a CEO of a tremendously
progressive MNC, the journey Shamit took was interspersed with challenges.
Just as it is always in ready abundance for the one who has set to move ahead.
While Synapse Communications has grown 10 times (both revenue and
manpower-wise) since its inception in 2002, Sampatti.com, Shamits another
creation, has garnered rave reviews from real estate industry specialists and
allied service providers alike for its techno-innovative and effective service
delivery model.
From a standard 30-men company, today, Synapse boasts of over 300
employees - spread in different specialty areas. It ably caters to diversified
business specialties via the arms by the names of Synapse India, Synapse web
solutions, Synapse interactive etc. While its Noida office exemplifies the best of
a state of-the-art infrastructural facility, an upcoming specialty centre at NEPZ,
Greater Noida, is expected to feature futuristic readiness towards taming every
challenge from emerging technological needs.

SHAMIT THE MAN OF HIS MEN

Shamit Khemka, the entrepreneur, like all of his successful counterparts,
knows the role of employees in an organization. Talk to any of his employees.
You would immediately get to know hundreds of pro-employee rules and
regulations that they enjoy being in Synapse. Understandably, a job opportunity
in Synapse attracts more applicants in comparison to what a similar offer from
others in the same business promises of.

cxlvi
ON COURSE TO MORE
In a scenario when in the name of better profits, private sector companies
implement innovative rules to sap employees to the extent of no return; Mr.
Shamit Khemka too implements innovativeness.
He applies it to install a prized balance between business growth and
employee satisfaction.

Be it with Synapse India, Synapseco, or any other

extensions of Shamit Khemkas services to an increasing list of global clients,

he marches on ahead while setting newest standard of professional commitment.
On the course of scaling newer heights with his people, Shamit proves his taste
for integrity by practising a professional culture where individual growth
complements to organizational growth.
BORN LEADER
Someone said, A leader is born, not made. May be it is his business
background that has helped him to develop essentials for leading a team of
people and motivate them to work for a common cause.

cxlvii
SMART THINKER
If his love for information technology and internet inspired him to venture in the
world of IT services at a meagre age of twenty, his ability to smartly handle a
situation is largely responsible for his success today.
39. SHASHI RUIA ESSAR GROUP
Shashi Ruia is one of Indias foremost entrepreneur industrialists. He is
the co-founder and Chairman of the Essar Group, an organization that in less
than four decades became among the top five Indian companies in each of its six
core businesses.
The Essar Group is a diversified business corporation with a balanced
portfolio of assets in the manufacturing and services sectors of Steel, Energy,
Power, Communications, Shipping Ports & Logistics, Construction and Mining
& Minerals.
When Nand Kishore passed away in 1969, the responsibility of growing
his fledgling business fell on his two sons. Shashi Ruia and brother Ravi
established Essar, a company whose first major project was to build a
breakwater at Chennai port. Over the next four decades, Essar became the Essar
Group. Essar employs more than 50,000 people across offices in Asia, Africa,
Europe and the Americas.
Ably supported by his brother Shashi Ruia led the company into
businesses, like shipping, marine construction, steel, power, telecom, offshore
engineering and oil exploration, which were at one point dominated by
multinationals and public sector units. The brothers, who share a very strong
bond as well as the same office, seized on every available opportunity and
helped Essar pioneer many firsts in Indian corporate history. Essar, for instance,
was the first company to set up a sponge iron plant in the west coast of India, the

cxlviii
first independent power producer and among the first to introduce mobile
telephony services.
Essar draws strength from the integrated nature of its various businesses
and their collective synergies. Shashi Ruia has been the driving force behind this
integration strategy. Widely regarded as one of the architects of modern India,
he has a passion for education and mentoring young talent. He considers all
employees of Essar a part of his extended family.
Ruia said he himself was 'not an MBA but only an MBB (Marwari by
birth),' but he imbibed the spirit of enterprise from his father who took him
along wherever he went to start a business.

The lessons he learnt as an

understudy to his father were productive and helped in building the Essar Group
which now has a strong presence in steel, petrochemicals, telecom, engineering
and construction, he added.
Ruia said that young graduates could draw inspiration from great
entrepreneurs like Dhirbubhai Ambani and Ratan Tata. He said India has the
potential to grow stronger and that it was true China was far ahead especially in
the fields of steel, cement and automobiles.
Collecting jewels of wisdom all along his professional carrier, which
spans in decades, Ruia worked in almost all sectors of business. In fact, Ruia has
not only masterminded the group's business strategy but has also consolidated a
whole range of activities through backward and forward integration. And the
reach of the Group can be gauged from the fact that Essar Steel Ltd, the flagship
company of the Group, encompassed businesses in the area of ports, harbours,
submarine, oil and gas pipelines and installations, modifications and
maintenance of offshore oil field platforms, super deep land drilling rigs and
submarine gas pipeline.

cxlix
With total assets of more than $5 billion, and annual revenues of more
than $2.2 billion, Essar Group has become one of India's leading and most
diversified private sector conglomerates.
The Group, under the watchful eyes of Ruia has been able to utilize the
synergy and propel its growth into a large business conglomerate. In fact, after
the successful completion of its multi-crore construction project of Sardar
Sarovar Nigam Ltd (SSNL), Essar is now working on a project for the state
government-owned Gujarat State Petroleum Corporation Limited (GSPCL) for
its gas pipeline project. And with Ruia as the guiding star, even scaling sky will
not be a difficult feat for the Essar.
It's no wonder that the Essar Groups under the leadership of Shashi and
his brother Ravi Ruia who is a Vice-Chairman of the company, was ranked 37th
in the list of billionaires in the country.
40. SHIV NADAR - HCL
Shiv Nadar has been the only entrepreneur in the last decade, apart from
Azim Premji of Wipro, to successfully manage hardware business and software
ventures. In fact Nadar has successfully straddled the entire spectrum of
Information technology: from hardware, software and services, to training.
The HCL Empire, which spawns from Japan in the east to US in the west,
was conceived in a garage in Noida near New Delhi when Nadar quit his job
with DCM and, armed with Rs.1.5lakh, started making and selling calculators in
1976. His big break came when he ventured into the hardware business.
Armed with a degree in Electrical Engineering in 1967, he started work
as a systems analyst at Cooper Engineering and within a year moved out to
DCM as a senior management trainee. The next seven years of his life were
spent uneventfully as he climbed up the ladder and started Data Products

cl
Division. He was heading until he quit in 1975 and laid the foundation of HCL
group from an attic in Noida.
PREDICTED THE COMPUTER BOOM
People laughed at him when he predicted the future for Information
Technology in the country and the scope it provided to HCL. His understanding
was that sooner or later when the time comes, HCL could cash on the computer
boom in the country. He proved them wrong and had the last laugh as within a
short span of three years HCL was able to develop Indias first micro processor
based commercial computer, HCL-8c.
By this time the HCL team was able to gather in-house expertise for
developing the hardware, controllers, languages, systems software utilities and
even application software for its computers. Finally with the technology jump in
the next four years 8c became a museum piece, HCL was able to step in with an
advanced version, also developed in-house. This symbolized the galloping pace
of changes in the international market and HCLs nascent efforts to move along.
Since 1993, he has stopped running companies and confines himself to
once-a-quarter meeting with CEOs. He now heads the group apex body of HCL
Corporation, whose charter is to set standards and create policies in areas such
as new business opportunities, financial and accounting practices, HRD and
corporate communications.
41. SINGH, K.P. DLF GROUP
Kushal Pal Singh, with a net worth of $35 billion, is the fourth richest
Indian in the world. He heads the DLF Group, India's largest real estate
developer, which has interests in Delhi, Chandigarh, Kolkata, etc.
In 1960, Singh quit the Indian Army to join the American Universal
Electric Company, a joint venture between Universal Electric Company of

cli
Owosso, Michigan, and Singh's family. Later he established Willard India
Limited along with a Philadelphian company ESB Inc. He joined DLF Universal
Limited as the Managing Director in 1979. Singh's greatest achievement is that
he transformed Gurgaon, a barren village then, into one of the favourite real
estate destinations of India. Today he presides over closely held DLF Group,
India's largest real estate developer with an estimated land bank of 3,000 acres in
prime city locations. Singh, who owns 99.5% of parent DLF Universal with his
family, is worth, at least $5 billion.
His showpiece: a busy, 10-mile-wide township called DLF City in
Gurgaon, situated south of Delhi, in the neighboring state of Haryana. Some just
refer to it as the "new city" or Delhi's tech city. It is a sight to behold. A barren
expanse of farmland has been transformed into a sprawl of office and residential
towers, interspersed with bright, busy malls, monuments to the country's new
found consumerism.
DLF City boasts restaurants, hospitals, schools, hotels and an 18-hole
Arnold Palmer signature golf course. Gurgaon is no longer the back of beyond
but a suburb much sought after by those who cannot afford Delhi's prices or
would rather live closer to where they work. By laying a modern foundation in
a country whose physical plants usually lag its intellectual assets, Singh put
Gurgaon on the map as a destination for global companies. They have flocked
there to situate their Indian headquarters or back offices. If Bangalore is India's
software services capital, Gurgaon is the call center hub. DLF has 100 million
square feet under development in residential, commercial and retail projects all
over the country.
Pramod Bhasin, President and Chief Executive of leading outsourcing
firm Genpact, calls DLF Corporate Park, the first office tower Singh built in
Gurgaon, "the birthplace of India's business- process outsourcing industry."

clii
Despite these odds, Bhasin never regretted moving. "We got the kind of
space, both in size and quality that just was not available in the center of Delhi.
DLF really understands what companies like ours need. They are quick, and
they deliver on their word," says Bhasin. Once GE took the plunge, DLF landed
other big-name corporate tenants, including Nestle, PepsiCo, British Airways,
American Express, IBM and Ericsson.
At a time when the industry practice was to sell and not lease, DLF
offered long-term leases, which suited companies that did not want to load
assets on their books. DLF benefited from the steady rentals during a market
downturn when property sales stagnated. Singh's refusal to cut quality corners
ensured that DLF could get premium prices for its properties.
Singh's introduction to GE's legendary CEO Welch came in 1989, when
the company was still scoping out India. Singh set up a meeting with then Prime
Minister Rajiv Gandhi. Welch's book Jack: Straight from the Gut recalls that
Singh also led him to Azim Premji as GE was looking for a partner for its
medical systems business. Today Premji, by virtue of his building software
power Wipro is one of Asia's richest men.
In an interview Welch recalls, "K.P. was the igniter of the flame for GE
coming to India. He was the perfect ambassador because he opened our eyes to a
great country, and we fell in love with it."
The patriarch scrambled to enter the car battery and electrical motors
field, assigning K.P. Singh to make it work. Young Singh found a mentor in
George Hoddy, founder of Universal Electric in Michigan, a joint-venture
partner.

Hoddy, recalls, "K.P. was not afraid to work hard. He followed

directions very carefully and mastered manufacturing." But the diversification

strategy came a cropper in the Indian market.

cliii
Regrouping again, Singh and his father-in-law recommitted themselves to
real estate, vowing to break the state's stranglehold by all lawful means. Over 15
years Singh assembled the Gurgaon holdings, starting with 40 acres that his
father-in-law still held. The surrounding families had an average landholding of
4 to 5 acres, with half a dozen relatives sharing the title. To win their trust, he
attended weddings, mediated family disputes, helped out during illnesses.
Singh's leap of faith in Gurgaon paid off in spades. The average cost of
the 3,000 acres that DLF initially amassed in Gurgaon was $2,000 an acre--a
tiny fraction of today's market value.
"Gurgaon was deserted when K.P. first took me there to see it 25 years
ago. But he had the gumption to go relentlessly after it," says Deepak Parekh,
Chairman of home mortgage company HDFC, which started lending to DLF
early in its expansion drive. Along the way Singh insisted his buyers also be on
the up-and-up. Real estate in India is full of off-the-books transactions, the better
for tax dodges and to avoid once-prohibitive mortgage terms. Also, builders
flout codes and often see their handiwork ripped down.
42. SUBHASH CHANDRA GOYAL - ZEE TV
Achievements: Subhash Chandra is the founder of Zee TV, Indias first
private TV channel. This one time rice trader from Hissar, Haryana, has today
become a media baron and his other interest includes packaging, theme parks,
lotteries, and cinema multiplexes.

He launched Zee Telefilms Limited in 1992 as a content supplier for Zee

V Indias first Hindi satellite channel. Before the launch of Zee TV, viewers in
India were under the firm grip of Doordarshan, the state-controlled terrestrial
network.

cliv
After the launch of Zee TV, he commenced Siti Cable operations in 1995
and also started a joint venture with News Corporation. In 1995, he launched
two new channels, Zee Cinema and Zee News. In 2000, Zee TV became the first
service provider in India to launch Direct to Home services. In a short span of
time, Zee TV has become a big media and has given tough competition to
international media moghuls such as Rupert Murdoch.
Subhash Chandra Goyal after completing high school, began his
entrepreneurial career as a rice trader in Hissar. He became wealthy by
exporting rice to the Soviet Union. In the 1970s, he entered the packaging
business; his Essel Packaging Company was started by making laminated covers
for the Food Corporation of India, to store surplus agricultural harvests. Subhash
Chandra Goyal invested his profits in land, on which he built Esselworld, a 753acre popular amusement park in Mumbai. The next logical step was Zee-TV.
The idea of Zee-TV took shape during the Gulf War, when Chandra was
watching CNN in the office of Ashok Kurien, an advertising executive who was
marketing Esselworld.
Subhash Chandra Goyal launched Zee-TV in an era when many Indians
were eager to obtain news of the Gulf War. The huge audiences attracted by
Zee-TV and by Chandras related companies helped boost his net worth to
billions of dollars. However, Zee-TV is only one of the members Subhas
Chandra Goyals family of companies, which includes Zee Music, which
markets cassettes; Zee Cinema, a movie pay-channel; Siticable, a cable
television company; Zee Education (ZED), a computer training company; Zee
Multinational Worldwide, a Mauritius-based company; and Zee Telefilms, the
flagship company that produces the television programming. Subhash Chandra
Goyal has also teamed up with his main competitor in private television
broadcasting, Rupert Murdoch who owns STAR-TV, as part of his News
Corporation. Subhash Chandra Goyal and Murdoch own equal shares in Asia

clv
Today Ltd (ATL), a Hong Kong-based broadcasting company that provides
television programming to various broadcasting stations.
In 2000, the Zee group of companies was positioning itself to tap the
tremendous business opportunity offered by digital communication services in
India. For instance, Subhash Chandra Goyals Siticable Company, which he
owns jointly with Rupert Murdoch, is gearing itself to transmit voice, video, and
data for entertainment and e-commerce purposes. Siticable, with six million
subscribers in 2000, eventually becomes the biggest provider of cable internet
services in India. Subhash Chandra Goyal is also launching a $755 million
satellite telephony venture called Agrani (Sanskrit for "staying ahead"),
establishing a Zee Internet portal, and building 18 multiplex theater-cumentertainment centers, called E-Citi in six states in India at a cost of over
$ 100 million. Subhash Chandra Goyals vision is to turn his broadcast software
operations into a media, entertainment, and telecommunications conglomerate.
Subhash Chandra Goyal understands very well the importance of
building a high-quality media conglomerate. The value of Zees stock rose by a
drastic 15,000 percent in seven years after the company became public in 1993,
making it the fastest-rising Indian stock of all time. From Oberoi Towers,
Chandra rules the world of laminate packaging, supplying over 1,200 million
laminated tubes annually to the likes of Colgate Palmolive and Hindustan Lever,
and, on the side, beams programs to an audience of over 200 million people
worldwide. Subhash Chandra Goyal with his perfect outlook regarding Indian
business domain has reached a height of immense popularity in his versatile
projects.
43. SUBRATA ROY SAHARA GROUP
Subrata Roy Sahara is the Chairman and Managing Worker of the Sahara
Group of companies based in India. Sahara India Pariwar is today the largest
first generation conglomerate of India. The group is successfully diversified into

clvi
the fields of Finance, Real Estate, Media & Entertainment, Tourism &
Hospitality, Services & Trading and Consumables. From an asset base of $ 43 in
1978 when it was founded, the group has today exponentially grown to become
a conglomerate with assets having a market value of more than Rs.2,15,000
crores.
It owns satellite TV stations, a bank, an airline, 33, 000 acres of real
estate and employs 700,000 people. Its directors are film stars, sporting heroes
and politicians. Sahara India Pariwar is the most famous company you have
never heard of. Its founder is Subrata Roy, the son of a mill worker in the
impoverished state of Bihar in northeast India. With just 2,000 rupees he set up a
savings scheme in 1978 for poor farm workers, visiting his customers door-todoor on a Lambretta scooter.
Today, Saharas Para Banking empire extends to 32 million customers,
many of them making weekly deposits to the banks army of workers who visit
doorsteps across the subcontinent. It is the financial backbone of a business
empire said to be worth 7 billion but it is the marketing hoopla and showbiz
that will be the key to selling Sahara to expatriate Indians. And it is all good
publicity for the Sahara developments, satellite towns, shopping malls and gated
luxury leisure complexes catering to Indias burgeoning middle class. The
modest rural savers who entrust their rupees to Saharas doorstep bankers are
funding Amby Valley, a lavish complex of swimming pools, hotels and villas an
hour and a half from Bombay, and the Sunderbans project, a floating city near
Calcutta with water sports and a tiger conservation scheme.
There is an airline, Air Sahara, two satellite TV channels and a weekly
newspaper, Sahara Time. Last year the company announced plans to expand
into life insurance and the ambitions are wider still, to capture the Indian
diaspora in Europe and America and, ultimately, the whole world, in the
welcoming embrace of the Sahara family.

clvii
44. SUNIL BHARTI MITTAL -BHARTI GROUP
Sunil Bharti Mittal is an Indian businessman. He is the Chairman and
Managing Director of the Bharti group since 2001. The $5 billion turnover
company runs India's largest GSM-based mobile phone service.
He has built the Bharti group, along with two siblings, into India's largest
mobile phone operator in just ten years. The UK based telecommunication giant,
Vodafone and Singapore's SingTel both own stakes in the recently renamed
flagship company Bharti Airtel. The group also has partnerships with Axa for
insurance and with the Rothschild family for exporting fruits and vegetables.

ENTREPRENEURIAL VENTURES
A first generation entrepreneur, he started his first business in 1976 at the
age of 18, with a capital investment of Rs.20, 000 borrowed from his father. His
first business was to make crankshafts for local bicycle manufacturers.
In 1980 he sold his bicycle parts and yarn factories and moved to
Mumbai. In 1982 he became the exclusive dealer for Suzuki Motors's portable
electric-power generators imported from Japan. The importing of telecom
equipment was banned by the Indian Government as ITI (Indian Telecom
Industry)

monopoly

practices

and

sole

OEM

for

Department

of

Telecommunication.
By 1982, Mittal had started a full-fledged business selling portable
generators imported from Japan and that gave him the chance to involve himself
in activities like marketing and advertising. Things went smoothly until the
government banned the import of generators as two Indian companies were
awarded licenses to manufacture generators locally.
Sunil Mittal got interested in push button phones while on a trip to
Taiwan, and in 1982, introduced the phones to India, replacing the old

clviii
fashioned, bulky rotary phones that were in use in the country then. Bharti
Telecom Limited (BTL) was incorporated and entered into a technical tie up
with Siemens AG of Germany for manufacture of electronic push button phones.
By the early 1990s, Mittal was making fax machines, cordless phones and other
telecom gear.
The turning point came in 1992 when the Indian government was
awarding licenses for mobile phone services for the first time. One of the
conditions for the Delhi cellular license was that the bidder has some experience
as a telecom operator. Mittal clinched a deal with the French telecom group
Vivendi. Two years later, Sunil secured rights to serve New Delhi. In 1995,
Bharti Cellular Limited (BCL) was formed to offer cellular services under the
brand name AirTel. Within a few years Bharti became the first telecom
company to cross the 2-million mobile subscriber mark. The company is also
instrumental in bringing down the high STD/ISD, cellular rates in the country by
rolling the countries first private national as well as international long-distance
service under the brand name IndiaOne. In 2001, the company entered into a
joint venture with Singapore Telecom International for a $650-million
submarine cable project, the countries first ever undersea cable link connecting
Chennai in India and Singapore.
Mittal has to his credit the breaking up of the 100 year old monopoly of
state run companies to operate telecom services in India. Now he heads a
successful empire focused on different areas of business through independent
joint venture companies with a market capitalization of approximately
$ 2 billion, employing over 5,000 people and still growing. Bharti Foundation
has funded over 50 schools in Madhya Pradesh and also donated Rs.200 million
to IIT Delhi for building a Bharti School of Technology and Management.

clix
In 2006, he struck a joint venture deal with Wal-Mart, the US retail giant,
to start a number of retail stores across India. In 2006, he attracted many key
executives from Reliance ADAG, NIS Sparta and created Bharti Comtel.
45. SWAMINATHAN, M. S. MSSR FOUNDATION
Mankombu Sambasivan Swaminathan is an Indian agriculture scientist,
born 1925, in Kumbakonam, Tamil Nadu. He was the second of four sons of a
surgeon. He is known as the "Father of the Green Revolution in India, for his
leadership and success in introducing and further developing high-yielding
varieties of wheat in India. He is founder and Chairman of the MS Swaminathan
Research Foundation, leading the 'Evergreen Revolution'.

EDUCATION
M. S. Swaminathans childhood was happy and secure and he was
strongly influenced by the strong moral character and work ethic of his parents.
When Swaminathan was 11 years old, his father died unexpectedly.
Swaminathan bonded with and learned much from his uncle, a teacher and
scholar of English literature, Tamil and Sanskrit at Madras University. His early
schooling was at the Native High School and later at the Little Flower Catholic
High School in Kumbakonam. He was only 15 years old when he graduated
from high school in 1940. He went to Maharajas College in Ernakulam and
earned a Bachelors degree (B.Sc.) in zoology.
Swaminathan was strongly influenced by Mahatma Gandhis belief in
ahimsa or non-violence to achieve Purna swaraj (total freedom) and swadeshi,
(self-reliance) on both a personal and national level. During this time of wartime
food shortages he chose a career in agriculture and enrolled in Coimbatore
Agricultural College where he graduated as class valedictorian with another
B.Sc, this time in Agricultural Science. He learnt an important lesson while
doing field extension work at Coimbatore: Men and women toiling daily in the

clx
fields know their jobs better than a scientific expert. "Trust the judgement of
farmers."
In 1947, the year of Indian independence he moved to the Indian
Agricultural Research Institute (IARI) in New Delhi as a post-graduate student
in genetics and plant breeding and obtained his post-graduate degree there with
high distinction in Cytogenetics in 1949.
He began his lifelong association with UNESCO by receiving a
UNESCO Fellowship to continue his IARI research on potato genetics at the
Wageningen Agricultural University, Institute of Genetics in the Netherlands.
Here he succeeded in standardizing procedures for transferring genes from a
wide range of wild species of Solanum to the cultivated potato, Solanum
tuberosum. In 1950, he moved to study at the Plant Breeding Institute of the
University of Cambridge School of Agriculture. He earned his Ph. D degree here
in 1952. His work presented a new concept of the species relationships within
the tuber-bearing Solanum.
Degrees in hand, Swaminathan accepted a post-doctoral research
associateship at the University of Wisconsin, Department of Genetics to help set
up a USDA Potato Research Station. Despite his strong personal and
professional satisfaction with the research work in Wisconsin, he declined the
strong offer of a full time faculty position there, because his purpose of getting a
foreign education was to equip himself for serving the cause of Indian
agriculture. He returned to India in early 1954.
Swaminathan's poor, overpopulated homeland was importing vast
amounts of grain. "Importing food was like importing unemployment," he
recalls. "Seventy percent of our people were employed in agriculture. We were
supporting farmers in other countries." By 1966, Swaminathan was Director of
the Indian Agricultural Research Institute in New Delhi, spending his time in
fields with farmers trying to help improve their productivity. Fertilizers were a

clxi
dead end: when the wheat plant's pod grew more seeds, its stalk collapsed under
the weight. With help from the Rockefeller Foundation, Swaminathan found a
cross-bred wheat seed, part-Japanese and part-Mexican, that was both fruitful
and staunch.
That was the breakthrough in the Green Revolution, but there was a lot
more work to be done. Indian farmers, immersed in traditional ways, had to be
convinced to grow the new wheat. In 1966, Swaminathan set up 2,000 model
farms in villages outside New Delhi to show farmers what his seed could do.
Then came the hardest part. He needed the government to help--specifically, to
import 18,000 tons of the Mexican seed at a time of fiscal hardship.
Swaminathan lobbied then-Prime Minister Lal Bahadur Shastri. "He probably
thought nothing could be worse," Swaminathan recalls. "Famine was imminent.
There was a willingness to take risks." The first harvest with the new seeds was
three times greater than the previous year's.
But the revolution was still incomplete. Only Punjab state had the right
irrigation for the new technologies, the state-run food collection and distribution
networks were notoriously inefficient, and new fertilizers and pesticides were
needed, along with credit lines for small farmers. Political leadership was vital
to solve that tangle of problems, and Swaminathan found it in Shastri's
successor. "Indira Gandhi was a strong nationalist," he recalls. "She wanted an
independent foreign policy, and food was a political weapon." Gandhi bluntly
asked him how India could be free of imports and gave Swaminathan a free
hand to organize a new agricultural program. Today, India grows some 70
million tons of wheat a year, compared to 12 million tons in the early '60s.
Swaminathan now believes farmers must adopt more eco-friendly
methods, and he is using his influence to spread the message. And although
populations continue to mushroom, he maintains that still greater harvests are
possible. All that is needed, he says, is "inspiration, perspiration and luck." The

clxii
greatest stroke of luck for hundreds of millions of Asians has been
Swaminathan's revolution.
Improved agricultural yields alone transformed India from a "begging
bowl" to a "breadbasket" almost overnight, nearly doubling the total crop yield
from 12 million tons to 23 million tons in four crop seasons.
His enthusiasm for passing on knowledge has earned him a reputation as
a lucid educator. And his record of community service and political leadership
has won him recognition as a profound humanitarian.
Dr. Swaminathan has long held that the key to enhancing the prosperity
of India-and many other nations-is to make agriculture the cornerstone of the
economy. By taking this new information to the farmer-at the farmer's level,
with field demonstration plots- Dr. Swaminathan bypassed the stumbling block
of illiteracy and converted a generation of Indians to a belief in the effectiveness
of modern agriculture.
Dr. Swaminathan has often been noted for his understanding of the
breadth of the entire food systems. His service in government is testament to
this: in several political leadership positions, he established programs of
ecological rehabilitation, rural development and technology transfer. His
programs effectively helped subsistence farmers reap their fair share of credit
and income while conserving national resources. "Ultimately," Swaminathan has
stated, "it is the political will of the country to have policies in place which will
stimulate production by small farmers. Without it, all research, technology...any
external advice will go in vain."
46. SWARAJ PAUL CAPARO
Swaraj Paul, an India based business magnate and philanthropist has
founded the multinational company Caparo, the UK based steel and engineering

clxiii
group in 1978. He was knighted by the British Queen in the year 1978 and
became the Lord Paul of Marylebone and a member of the House of Lords.
Swaraj Paul was born in 1931 in Jalandhar. His father used to run a small
factory of making steel buckets and farming equipments. Swaraj was educated at
Punjab University and obtained a masters degree in Mechanical Engineering
from the Massachusetts Institute of Technology (MIT) in the US. He joined the
Apeejay Surrendra Group, founded by his father after his returning to India in
1953. It helped him to build up a diversified industrial group.
The twist of fate came when Swaraj went to England in 1966 hoping to
find a cure for his leukemia-stricken two-year-old daughter, Ambika. Shattered
by her death, he took over the operations of Apeejay Overseas and relocated
permanently to London. He buried himself in work and there began his
spectacular business career in Britain.
In 1968, he started buying and selling steel in a one-man business and
acquired a small tube unit, Natural Gas Tubes (NGT). This developed into one
of the leading UK producers of welded steel tube and spiral-welded pipe. He
bought more units gradually, mainly in the steel products manufacturing
industry and founded Caparo Group in 1978. Her Majesty the Queen knighted
Swaraj Paul in the same year, thereby making him The Lord Paul of Marylebone
and a member of the House of Lords the life peer.
Lord Paul reflects on the main events of his life in his memoirs, Beyond
Boundaries`. It contains the details of his business career, including his
attempted takeover of the DCM and Escorts group. It also portrays his
association with the famous and the mighty, including the Indian political
dynasty of Indira Gandhi and her sons Sanjay and Rajiv. Beyond Boundaries is a
window into the making of one of the most outstanding success stories of
modern times. He has also written the biography of Indira Gandhi and was
awarded the "Padma Bhushan" by her in 1983.

clxiv
The "Bharat Gaurav" honour was awarded to him by the Indian
Merchants Chamber. He holds the position Pro-Chancellorship` of Thames
University in1998 and its Governorship (1992-97). Swaraj Paul was honoured
with the Chancellorship of the University of Wolver Hampton and the
University of Westminster. He is a member of the Foreign Policy Centre
Advisory Council and MIT`s Mechanical Engineering Visiting Committee. He
is the Chairman of the Olympic Delivery Committee with the key task of
initiating measures to acquire land and provide infra-structure for the London
Olympics 2012.
This strict vegetarian donated twenty lakh rupees to the victims of the
October 2005 earthquake in Indias Jammu and Kashmir. Swaraj Paul stepped
down from the management of the Caparo group in 1996, handing over his
empire to his three sons.

clxv
47. JRD TATA TATA GROUP
Achievements: JRD Tata had the honour of being Indias first pilot; was
Chairman of Tata & Sons for 50 years; launched Air India International as
Indias first international airlines; received the Bharat Rathna in 1992.
JRD Tata was born in 1904 in Paris. His mother was French, while his
father was Parsi. JRDs full name was Jehangir Ratanji Dadabhoy Tata and he
was popularly known as Jeh to his friends. His father Ratanji Dadabhoy Tata
and Sri Jamsetji Tata shared their greatness from the same great-great-grand
father, Ervad Jamshed Tata, a priest of Navasari.
JRD was the second son of four children. He was educated in France,
Japan and England before being drafted into the French army for a mandatory
one-year period. JRD wanted to extend his service in the forces but destiny had
something else in store for him. By leaving the French army, JRDs life was
saved because shortly thereafter, the regiment in which he served was totally
wiped out during an expedition in Morocco.
JRD Tata joined Tata & Sons as an unpaid apprentice in 1925. He had
great interest in flying. In February 1929, JRD became the first Indian to pass
the pilots examination. With this distinctive honour of being Indias first pilot,
he was instrumental in giving wings to India by building Tata Airlines, which
ultimately became Air India. His passion for flying was fulfilled with the
formation of the Tata Aviation Service in 1932.
In 1938, at the age of 34, JRD was elected Chairman of Tata & Sons
making him the head of the largest industrial group in India. He started with 14
enterprises under his leadership and half a century later in 1988, when he left,
Tata & Sons was a conglomerate of 95 enterprises which they either started or in
which they had controlling interest. JRD was the trustee of Sir Dorabji Tata
Trust from its conception in 1932, which remained under his wings for over half

clxvi
a century. Under his guidance, this Trust established Asias first cancer hospital,
the Tata Memorial Center for Cancer Research and Treatment, Bombay in 1944.
It also founded the Tata Institute of Social Sciences, 1936, the Tata Institute of
Fundamental Research, 1945 and the National Center for Performing Arts.
In 1948, JRD launched Air India International as Indias first
international airlines. In 1953, the Indian Government appointed JRD as
Chairman of Air India and a Director on the Board of Indian Airlines a
position JRD held for 25 years. For his crowning achievements in aviation, JRD
was bestowed with the title of Air Commodore of India.
JRD Tata cared greatly for his workers. In 1979, Tata Steel instituted a
new practice; a worker is deemed to be at work from the moment he leaves
home for work till he returns home from work. The company is financially liable
to the worker if any mishap takes place on the way to and from work. Tata Steel
Township was also selected as a UN Global Compact City because of the
quality of life, conditions of situation, roads and welfare that were offered by
Tata Steel.
JRD Tata received a number of awards. He received the Padma
Vibhushan in 1957 on the eve of the silver jubilee of Air India. He also received
the Guggenheim Medal for aviation in 1988. In 1992, because of his selfless
humanitarian endeavours JRD Tata was awarded Indias highest civilian honour,
the Bharat Rathna one of the rarest instances in which this award was granted
during a persons life time. In the same year, JRD Tata was also bestowed with
the UN Population Award for his crusading endeavours towards initiating and
successfully implementing the family planning movement in India, much before
it became an official governmental policy.
JRD Tata died in Geneva, in 1993 at the age of 89. On his death, the
Indian Parliament was adjourned in his memory an honour not usually given
to persons who are not Members of Parliament.

clxvii
48. TULSI TANTI - SUZLON ENERGY
Tulsi Tanti is the Chairman and Managing Director of Suzlon Energy, the
$10 billion worth wind power based company. He along with his three siblings
own 70% of the company. He is from Gujarat where he started his first venture
which was in textiles, and then he moved into wind energy production and
founded Suzlon Energy. He is worth $930 million as per Forbes.
A commerce graduate and a diploma holder in Mechanical Engineering,
Tulsi Tanti originally hails from Gujarat and is presently based in Pune,
Maharashtra. Tulsi Tanti was earlier into textiles. He started his textile business
in Gujarat. But he found the prospects stunted due to infrastructural bottlenecks.
The biggest of them all was the cost and unavailability of power, which formed
a high proportion of operating expenses of textile industry.
In 1990, Tulsi Tanti invested in two wind turbines and realized their huge
potential. In 1995, he formed Suzlon and gradually quit textiles. Suzlon Energy
is the fifth largest wind turbine manufacturer in the world and the largest in
Asia. It is presently building what will be among the world's largest wind parks
of its kind at 1,000 MW capacity.
Suzlon is currently concentrating on a global expansion drive. It recently
acquired Hansen Transmissions, a Belgian maker of wind-turbine gearboxes.
Suzlon is also building a rotor-blade factory in Minnesota and has invested
$60m in a factory in Tianjin, China.
"Clean, green power is the best option," has been Tanti's motto and he has
been working ceaselessly towards this goal. The internationally acclaimed
`Time' magazine has recently named Tanti as one of the global "Heroes of the
Environment" for successfully resurrecting the fledgling wind industry in India.
In spite of being a relative newcomer to the field of manufacturing wind energy,
Suzlon has been giving reliable service to global clients at competitive rates all

clxviii
over the world and has also set up a marketing outfit in Denmark to woo
customers outside India. The company has already made an impact in China, US
and Australia.
So how did this small-town commerce graduate and mechanical engineer
from Rajkot, Gujarat grow into a power to be reckoned with in the area of wind
energy in India? Tulsi Tanti along with his three brothers who had inherited
their father's construction business, decided to step into an uncharted path - that
is in the textile business, in the late 1980s. Producing polyester yarn was the
starting point and later on they added furnishing fabrics to this burgeoning
business. However, they found that they were not able to achieve expected
success and sustain their business because of power-shortage and power-failure
in Surat, where their textile business was stationed.
At this point, they took upon themselves to develop wind power. Initially
when the Tantis pooled together a sum of $600,000 by selling some of their
family property, they went around enthusiastically as they tried to shop for
technology. The Tanti brothers wanted to craft their own wind turbines as they
were all engineers and were qualified adequately. However, they found that no
one was ready to part with their technology if they were not being given a stake
in the Suzlon equity venture. However, Tantis did not lose heart and persevered.
As luck would have it, Sudwind, a smaller company from Germany nosedived in
1997, giving the Suzlon people an opportunity to employ the Sudwind engineers
and create an R&D centre in Germany. An additional acquisition of another
technological company further added to the self-sufficiency of Suzlon.
At the time he was managing the family textile business in Surat, a city in
western India. The business was languishing, mainly because electricity was
extremely expensive for businesses and the power grid was plagued with
outages. It was a source of great annoyance for Tanti. In 1994, he ordered two

clxix
wind turbines from Danish manufacturer Vestas, essentially taking his factory
off the power grid.
Other business owners began showing an interest in his solution,
prompting Tanti to wonder whether he might be in the wrong business. Was not
wind energy the real business of the future? He discussed his ideas with his three
brothers. Together they scraped together $ 600, 000 in seed capital, founded
Suzlon Energy and moved to Pune.
There was only one problem. None of the four brothers, all engineers,
knew anything about wind energy. But as customers, they were all too familiar
with the inadequacies of the industry. The turbines were supplied by the
manufacturer, installed by another company and maintained by a third. By the
time a turbine was up and running, the customer was often at his wits' end.
Tanti, realizing that a change was sorely needed, came up with the idea of
offering a complete package of wind energy services. Suzlon would simply
handle everything. Customers would not even have to install wind turbines on
their own premises -- instead, a customer could buy a turbine at a faraway wind
farm and would then own that turbine's output.
WITHOUT A FIGHT
The innovative aspect of Tanti's idea had more to do with the service he
was providing than with any feat of engineering. But it was a concept that would
revolutionize the wind energy business.
The brothers planned to purchase the sophisticated technology abroad,
eventually producing the turbines in India, where low production costs would
give them an unbeatable competitive edge. But there was only one problem: The
leading European manufacturers were not about to give up their engineering
achievements without a fight.

clxx
Suzlon was forced, grudgingly, to enter into joint venture agreements
without gaining access to the technology. Tanti began his operations as a
distributor of wind turbines manufactured by the German company Sudwind.
Despite his initial reluctance, the arrangement would prove to be a stroke of luck
for Tanti's business.
Although Sudwind, a small company founded by students at the
Technical University of Berlin, built exceptional turbines, its engineer-owners
knew very little about running a business. Sudwind went into bankruptcy in the
late 1990s and Tanti seized the opportunity, acquiring parts of the Germany
company's R&D division. But instead of simply moving the technology to India,
Tanti hired the former Sudwind employees and set up an R&D laboratory in the
northern German city of Rostock. Existing designs were fine-tuned at the
laboratory, which also served as a training ground for young Indian technicians,
who would later return to India to build turbines with their newly acquired
expertise.
Similarly, Tanti managed to acquire a Dutch blade manufacturer. In 1999,
when the Indian state of Maharashtra, where his business was located, passed a
law that allowed companies to claim the costs of installing wind turbines as a tax
deduction, Tanti had it made. By 2002 sales at Suzlon quadrupled to $131
million.
ONE OF THE WORLD'S TOP WIND COMPANIES
Four years ago, investors urged him to sell the company. Tanti begged
off, telling them: "In a few years, Suzlon will be buying up the leading European
companies." As it turned out, he was right.
Tulsi Tanti, till some years ago, was known for his achievements and for being
the 4th richest man in India. Now with a flourishing business and offices in the
US, Europe and Australia, he has soared even further. Suzlon Energy makes

clxxi
wind turbines, which is the industry jargon for modern windmills used for
generating electricity. At present, Suzlon can be considered as being one of the
prime examples of India's manufacturing prowess.
His more established competitors in Europe realized long ago how much
of a threat this short man, with his carefully combed hair and thin moustache,
posed.
Speaking to TIME about the journey to become one of the most
successful entrepreneurs in renewable energy, Mr. Tanti said: "Yes, green
business is good business, but it's not just about making money. It's about being
responsible."
Mr. Tanti played a leading role in resurrecting the fledgling wind industry
in India, taking what was a fledgling industry just over a decade ago and
building the foundations for what is over a 2,000 MW an year market today.
This rapid growth of the market has led India to become the fourth leading wind
power market in the world.
49. VARGHESE KURIEN NDDB
Achievements: Known as the father of the white revolution in India,
winner of the Ramon Magsaysay Award, awarded with the Padma Shri in 1965,
Padma Bhushan in 1966, and the Padma Vibhushan in 1991.
Dr. Varghese Kurien is also called the Milkman of India. He was the
architect behind the success of the largest dairy development programme in the
world, christened Operation Flood. He was the Chairman of the Gujarat
Cooperative Milk Marketing Federation Ltd. (GCMMF). And his name was
synonymous with the Amul brand.
Born in 1921 in Kozhikode, Kerala, Dr. Varghese graduated with Physics
from Loyola College, Madras in 1940. Subsequently, he did his B.E.

clxxii
(Mechanical) from Madras University and went to USA on a Government
scholarship to do his Masters in Mechanical Engineering from Michigan State
University. In between, he completed special studies in Engineering at the
TISCO Institute at Jamshedpur, Bihar, in 1946 and underwent nine months of
specialized training in dairy engineering at the National Dairy Development
Institute of Bangalore.
Dr. Varghese returned from US in 1948 and joined the Dairy Department
of The Government of India. In 1949, he was posted as Dairy Engineer at the
Government Research Creamery, a small milk powder factory, in Anand,
Gujarat. Around this time, the newly formed cooperative dairy, Kaira District
Cooperative Milk Producers Union Ltd., was engaged in a battle of survival
with the privately owned Polson Dairy, which was a giant in its field. Enthused
by the challenge, Dr. Varghese left his Government job and volunteered to help
Shri Tribhuvandas Patel, the Chairman of Kaira, to set up a processing plant.
This led to the birth of AMUL and the rest is history.
In 1965, the Prime Minister Lal Bahadur Shastri, created the National
Dairy Development Board (NDDB), under the leadership of Dr. Varghese
Kurien to replicate the success story of AMUL throughout the country. In 1973,
Dr. Kurien set up GCMMF to market the products produced by the dairies.
Under Dr.Varghese Kuriens stewardship, India became the largest producer of
milk in the world. During his illustrious career, Dr. Kurien won many accolades
and awards. These include the Ramon Magsaysay Award for Community
Leadership in 1963, The Padma Shri, the Padma Bhushan, Krishi Ratna Award,
Wateler Peace Prize Award of Carnegie Foundation, World Food Prize
Laureate, International Person of the Year, by the World Dairy Expo, Madison,
Wisconsin, USA and the Padma Vibhushan.
50. VIJAY MALLYA UB GROUP

clxxiii
Achievements: Chairman of the United Breweries Group, launched a
new domestic airline called Kingfisher Airline, Rajya Sabha MP.
Prior to being entrusted with the responsibilities of a classical Indian
corporate conglomerate, Vijay Mallya worked for the American Hoechst
Corporation (now Sanofi-Aventis) in the US and with Jenson & Nicholson in the
UK. Since 1980, he assisted his father, famous industrialist Vittal Mallya, the
then Chairman of The UB Group, in managing the important Brewing and
Spirits Divisions and in re-launching the Kingfisher Brand of Beer. In 1983, the
sales volume of the UB Spirits division was approximately 2.85 million cases
and UB's beer business trailed behind that of Golden Eagle from Mohan
Meakins. Also included in the Group were activities such as pharmaceuticals,
agrochemicals, paints, petrochemicals and plastics, the manufacture of electromechanical batteries, the manufacture of food products and carbonated
beverages, a fast-food pizza chain and several medium and small scale industrial
units.
In 1988, Mallya became a non-resident Indian to pursue global
opportunities and to transform The UB Group into India's first multinational
company. While, in the initial stages, overseas representative offices had been
commissioned, the real break came in 1988 when Mallya, in a leveraged buyout,
acquired the global Berger Paints Group with operating companies across four
continents. The exit strategy for this investment was profitably executed
when Mallya successfully directed five Initial Public Offerings on the London,
Singapore, Nairobi, Jamaica and Abidjan Stock Exchanges. The paints business
was divested for significant value in 1996.
Mallya also founded a software company in the US in 1993 which was
subsequently listed on the NASDAQ in 1996 and which provides a considerable
window of opportunity to the vast US market. He also initiated several ventures

clxxiv
for the promotion and globalization of UB brands and, in particular, Kingfisher
and McDowell.
In 2007, United Spirits Limited, the flagship of The UB Group, acquired
a hundred percent of premium scotch distillers Whyte & Mackay and Liquidity
Inc, a United States-based maker of specialty vodkas. The Delaware-based
Liquidity Inc produces specialty brands like Pinky Vodka and Marakesh.
The UB Group's Brewing Division has also assumed undisputed market
leadership with a national market share in excess of 48%. Through a process of
aggressive acquisition and market penetration, The UB Group today controls
60% of the total manufacturing capacity for beer in India. The flagship brand,
Kingfisher, is now sold in over 50 countries worldwide having received many
accolades for its quality.
Kingfisher, one of the flagship brands of The UB Group, has partnered
with NDTV, India's leading broadcast group in a first-of-its-kind media alliance
for the promotion of NDTV Good Times. The NDTV Good Times channel would
leverage from the editorial credibility and quality of the NDTV group and the
strong lifestyle appeal of the Kingfisher brand and icon, to offer Indian viewers
a world-class television entertainment experience.
Under his dynamic leadership, the group has diversified business interest
ranging fro alcoholic beverages to life sciences, engineering, agriculture,
chemicals, IT and leisure.
In 2000, Vijay Mallya entered politics, took over as the President of the
Janatha Party and became a Rajya Sabha MP. In 2005, Vijay Mallya established
Kingfisher Airline. In a short span of time, Kingfisher Airlines has carved a
niche for itself. In 2010, it made acquisition of Air Deccan, the no-frill airlines,
the first of its kind in India.

clxxv
Vijay Mallya has other interests too apart from business. He has won
trophies in professional car racing circuits and is a keen yachtsman and aviator.
He has also won numerous trophies in horse racing including several prestigious
Derbies.

clxxvi

CHAPTER 5
FINDINGS AND SUGGESTIONS
1. AJAY PIRAMAL - PIRAMAL ENTERPRISES LIMITED
Ajay Piramal took the company to a place among the top five
pharmaceutical companies in India through a string of overseas
acquisitions.
Manufacturing is finite but human intellect is infinite.
2. AMAR BOSE - BOSE CORPORATION
Amar Bose first displayed his entrepreneurial skills and his interest in
electronics at young age, when, he enlisted school friends as co-workers
in a small home business repairing model trains and home radios.
Basically, Bose is a technocrat who focused his research on acoustics and
using his entrepreneurial acumen developed his career in the field of
acoustics.
3. S. ANANTHARAMAKRISHNAN AMALGAMATION GROUP
Remembered for his successful business practices, efficient management
of the labour unions and for triggering the growth of the automobile
industry of Chennai which has earned the city the epithet "Detroit of
India". As a result he himself came to be remembered as the "Henry Ford
of South India."
Was responsible for the rapid expansion of the Amalgamations Group in
the 1940s through take overs.

clxxvii
4. ANIL AGARWAL VEDANTA GROUP
Anil is unafraid of risk; once he has defined his goal, he will go to do it.
That is how he has turned around his companies. More importantly, his
attitude is to plough back what he has earned.
Anil thought in terms of scale at a time when he had none. He is the
creative, new Indian entrepreneur, generating development and jobs and
aiming big.
A pioneer who set India on the global metals and mining map.
Led the Vedanta Groups primary listing on the London Stock Exchange,
a first for an Indian business house.
5. AZIM PREMJI - WIPRO
Premji firmly believes that ordinary people are capable of extraordinary
things. He believes that the key to this is creating highly charged teams.
He takes a personal interest in developing teams and leaders. He invests
significant time as a faculty in Wipros leadership development
programs.
Premji has a fanatical belief in delivering value to the customer through
world-class quality processes.
These are changing times. Yet in the middle of all the changes there is
one thing that constantly determines success. Some call it leadership. But
to his mind, it is the single-minded pursuit of excellence.
Premji the businessman practices what he preaches. When it comes to
upholding personal values, there is no margin for error.

clxxviii
6. BHAI MOHAN SINGH - RANBAXY LABORATORIES LTD.
In early 1970s when Indian adopted a regime of process patents in the
Bhai Mohan Singh quickly realized that one could make any product in
the world through reverse engineering.
7. BRIJMOHAN LAL MUNJAL - THE HERO GROUP
Brijmohan Lal Munjal is the first generation entrepreneur who started
very small and through sheer hard work and perseverance made it to the
top.
Brijmohan changed the rules of the business by trusting his gut instincts;
introducing business norms that were ahead of their time, and by
investing in strategic relationships.
Brijmohan built a series of bonds and networks with hundreds of family
members, vendors, dealers and employees. These networks are now the
glue that holds the Hero Group together.
Brijmohan has been personally responsible for kindling a spirit of
entrepreneurship amongst his employees, and today, 40 of his former
employees are successful entrepreneurs.
"Don't dream if you can't fulfill your dreams'' Brijmohan Lal Munjal is
often fond of saying.
He could always visualize the applicability of technology before others
could.
A frugal upbringing and a value system modeled on the famous Gurukul
system - which stresses the sanctity of the teacher-pupil relationship -

clxxix
imbibed in Brijmohan a strong sense of social commitment and
responsibility.
8. CHETAN MAINI - REVA ELECTRIC CAR
Few among us have the luxury of pursuing a hobby so seriously that in
the end a mere extension of it will help us make a living. Chetan Maini is
such a rare example.
He loves challenges. When he faces a challenge, he seems to get a lot
more energy and get the thought process in place that pushes him
forward. His business has been about challenges from day to day and that
is what really keeps him going. Some of those may be frustrating at
points, but when he sits back, looks at the issue, he generally tries and
changes that to an opportunity and refocuses his efforts.
As for handling criticism, he always looks at what or how he could get
out from that. If someone is being critical, it is because they are seeing a
perspective that he does not see. So if someone has been critical, he
expresses his point of view, the advantages, and tries to convince them
his perspective and at the same time, hears their perspective and tries to
see what he should do differently to change their mindset.
Have an idea that you absolutely believe in. Surround yourself with
people who share that dream and focus on areas that are actually your
weaknesses, he says.
9. DEEPAK PAREKH HDFC
Deepak Parekh is unofficially dubbed the government's informal crisismanager.

clxxx
He has served as an invaluable problem-solver with innovative, creative
and credible alternate inputs that have shaped policy.
It was his vision and entrepreneurial acumen that enabled HDFC to create
a niche in housing finance and emerge as the market leader.
Known as a tough task master in HDFC, Parekh has the knack of
retaining his best people; hardly a single person from the company's
senior cadre - be it director, general manager or deputy general manager has left the organization in the last so many years. Employees attribute
this to Parekh's outstanding leadership qualities.
10. DHIRUBHAI AMBANI RELIANCE GROUP
Dhirubhai Ambani is remembered as the one who rewrote Indian
corporate history and built a truly global corporate group.
He is credited with shaping Indias equity culture: attracting millions of
retail investors in a market till then dominated by financial institutions.
He says Till my last breath I will work. To retire there is only one place,
the cremation ground.
Remained on the top till the end by virtue of his ability to dream big and
translate it into reality through the strength of his tenacity and
perseverance.
He is an example of what an ordinary Indian fired by the spirit of
enterprise and driven by determination can achieve in his own lifetime.

clxxxi
11. EKTA KAPOOR - BALAJI TELEFILMS
It was hard work, passion, and a fire in the stomach titanic struggle for
almost six long years which brought success to Ekta Kapoor.
From the beginning she has worked, eaten and slept only with television thinking of concepts, casting, styling, selecting technicians, shooting and
scheduling, marketing and acquiring the new skills required to succeed.
Success has changed her completely. She is now craving for more, open
to improvement and determined to make it to the top.
12. GALLA RAMACHANDRA NAIDU AMARARAJA BATTERIES
With his intense zeal and highly focused approach, Galla Ramachandra
Naidu propelled Amara Raja Batteries in the top league of battery
companies in India.
He has promoted and established many companies from the conceptual
stage which are now well established and profit making.
He saw the opportunity for marketing the latest technology batteries in
India.
He always took bold decisions. When the company was started, he made
a decision to depend heavily on fresh recruits.
13. GAUTAM ADANI - ADANI GROUP
It is his uncanny ability to spot scalable businesses that makes
Adani a visionary.
He owes his success to opportunities that came knocking on his
door, but more so to those he saw when no one else did.

clxxxii
Adani is known to be a keen learner.
He values management expertise above all and has built a strong
team of professionals to drive the groups rapid growth.
He believes in domain expertise. Secret behind Adanis huge
success - he entered sectors which were still nascent and were
largely government-owned. He chose consciously such that there
was not too much competition.
He may use his instinct to spot an opportunity, but after that
everything is well planned.
14. GHANSHYAM DAS BIRLA BIRLA GROUP
Ghanshyam Das Birla is considered as a doyen of Indian Industry.
G.D. Birla was a multi-faceted personality.
This noted businessman had to cover a number of obstacles as the British
and Scottish merchants with unethical and monopolistic methods tried to
close his business.
15. GOENKA. R.P. RPG GROUP
Goenka is one of the visionary Indian businessmen who wanted to take
advantage of post-independence emerging opportunities, move on the fast
track and grow. Within a short time, Rama Prasad Goenka successfully
forged business relationships with an amazing number of top
multinationals and paved the way to usher in new technologies to India.
Throughout his life, Rama Prasad Goenka has taken keen interest in
building business bridges for India with leading countries of the world
and attracting technology and investments from abroad.

clxxxiii
16. JEYSINGH THOMAS - AVT GROUP
Jeysingh Thomas was an entrepreneur and philanthropist, who
contributed to tapping technology to tackle the vagaries of monsoon.
When many of the agri-businesses in the country were unable to cope
with the challenges because of their cyclical nature, he was among those
who successfully moved from a commodity based business to value
addition.
Effective identification of markets and technological joint ventures
contributed to his success.
His efforts at value addition in agro-processing were innovative.
He had a sharp business mind and made friends for life and kept his
word.
17. JINDAL, O.P. - JINDAL GROUP
Jindal always had the conviction that India should be self-reliant in every
sector of industry. He visited several foreign countries to elicit latest
industrial technical development and know-how. He acquired a great deal
of knowledge, which he aptly applied to enhance production of his
industrial establishments.
He was a successful industry visionary and would remain as a role model
for others.
On account of his dedicated services to various sections of society
particularly, of the poor and backward classes, he was revered by all.
Jindal always advocated for granting a rightful place for weaker sections
in politics. He was above caste, politics and wanted all to come up

clxxxiv
regardless of their caste, colour and creed. He firmly held the view that
all differences in life that exist today can be amicably resolved with
meaningful meetings and dialogues.
Jindal's philosophy was that without the upliftment of weaker and
backward sections of society our dream of being a leading nation of the
world shall remain unfulfilled.
Jindal's mantra was where others saw walls he saw doors. Then
whether it was opening doors or breaking down walls he always led the
way.
18. JOHN YESUDHAS, V.F. WAVETEL
Wavetel gave Chennai the concept of the first retailer delivering mobile
phones to doorsteps.
Yesudhas has set up a chain which has given employment to 300
youngsters and has served 15 lakh Chennaites so far.
They are also the first store (in the mobile market in Chennai) to get ISO
certification for all their chain stores.
He brought in many innovative schemes like buy one get one free in the
mobile industry and that sort revolutionized the trade.
When it comes to offers, Wavetel is the trendsetter.
He is the first mobile retailer in the country to start a 24x7 call centre for
the customers which other dealers across the country followed.
19. KALLAM ANJI REDDY - DR REDDY'S LABS

clxxxv
Dr Reddys Labs has been credited with turning the Indian bulk drug
industry from dependence on imports to self reliance and finally into the
export-oriented industry that it is today.
Anji Reddys strategy is to expand, to create and to achieve much more at
a much faster pace and with a great degree of self-confidence.
He saw to it that the moment they got into a city, they started as many
stores as possible there. Only that made business sense.
As founder and its Chairman, it is his fervent wish that the innovative
spirit shall endure and will be passed on to the successive generations of
chemists and others and that this will form the backbone of this great
institution.
He believes that through efficiency, they are helping the consumers save
more.
20. KARSANBHAI PATEL NIRMA
Karsanbhai Patels is a legendary rags to riches journey during which he
shattered established business theories and rewrote new ones.
The process of detergent production is labour intensive and this gives
employment to a large number of people.
Nirma focuses on cost reduction strategies to make a place for itself in the
market.
Nirma has always been known for offering quality products at affordable
prices and thus creating good value for the consumers money.

clxxxvi
Apart from other educational institutions, Nirma has also set up Nirma
labs , which prepares aspiring entrepreneurs to effectively face the
different business challenges.
21. KIRAN MAZUMDAR-SHAW - BIOCON LTD
Kiran was not content to be an employee in a company.
She set doable goals.
Her unique vision has steered Biocons transformation from an industrial
enzyme company to an integrated bio-pharmaceutical company with
strategic research initiatives.
She is a successful technocrat of global standing.
22. KISHORE BIYANI PANTALOON
Kishore Biyani is the unchallenged king of retail. He has the knack of
catching rivals off-guard and striking where it hurts most.
He is the man you are most likely to ignore at the Pantaloon or Big
Bazaar store, as he stands in a corner observing the way you shop. But
make no mistake; what he may lack in sartorial style, he more than makes
up through his observation powers.
He believes in taking quick decisions especially striking deals with other
companies. He leaves the task of relationship building to his managers.
A retailer by karma and a nationalist by dharma, Kishore Biyani prides in
being Indian and advocates Indianness as the core value driving his
company.

clxxxvii
He stresses on the importance on continuous Introspection and is a firm
believer in learning, unlearning and re-learning all the time.
His passion is observing. He is a compulsive reader.
23. KOCHOUSEPH CHITTILAPPILLY -V GUARD
Kochouseph had a clear vision and foresight about the market potential
for voltage stabilizers in the days to come because of the poor quality of
power available and the potential for electronic items.
He gives importance to self-esteem, mental peace, happiness and health.
This is a sincere remark from a genuine, straightforward businessman
who values ethics to the hilt.
He is a leader as well as a team player and gives full credit to his
employees.
It is perhaps his penchant to be original, passion for his brand, and a
common sense approach to management that keeps V-Guard stand apart
from the crowd.
V-Guard scores on quality and after-sales service.
24. MOHAN SINGH OBEROI - OBEROI GROUP
Oberoi can be aptly termed as the father of the Indian hotel industry.
He was among the first to recognize the potential of the tourism industry,
its ability to contribute to Indias economic growth and generate direct
and indirect employment. He worked tirelessly to put the Indian hotel
industry on global tourism map.

clxxxviii
Certainly he did not give much of the credit to luck. True, he stood at the
right time at the right place to confront his destiny, but this was just
physical happenstance.
Perhaps the one philosophy responsible might be his dictum. I never
worry. It clutters the brain. The problem may not happen, and even if it
does, worrying will only come in the way of a clear-headed solution.
25. NARAYANA MURTHY, N. R. INFOSYS
Narayana Murthy had the vision to forge ahead in the computer and IT
industry and rightly picked up his colleagues who later became his
co-promoters of Infosys.
The life lessons he has learnt are the importance of learning from
experience, the power of chance events, a growth mindset, and selfknowledge what ultimately helps develop a more grounded belief in
oneself, courage, determination, and, above all, humility, all qualities
which enable one to wear one's success with dignity and grace.
He emphasizes that entrepreneurship, resulting in large-scale job creation,
is the only viable mechanism for eradicating poverty in societies.
26. NARESH GOYAL - JET AIRWAYS
When the government opened the airline industry to private competition,
Naresh Goyal jumped at the opportunity. He got in front of the wave
before it reached the shore.
Following the bad times in the airline industry, Naresh Goyal joined
hands with his prominent rival Vijay Mallya's Kingfisher Airlines, thus
making Jet Airways-Kingfisher not only the largest market player, but
also enabling both the airlines that would otherwise head for a collapse to

clxxxix
economize and save. This shows his business acumen keeping business
interests above personal interests.
27. DR. PRATAP C REDDY - APOLLO HOSPITAL GROUP
Dr. Pratap Reddy revolutionized the health care system in India.
He pioneered the establishment of private hospitals in India.

Dr. Reddy has been pro-active in modifying government regulations to

suit current medical trends.

He helped to ease import restrictions and made the government take a

liberal view on organ transplants among others.
Apart from this hospital work, he encourages research work and
facilitates exchange programmes for doctors with other medical institutes
so that they may have a constant upgrade of knowledge and remain at par
with the best in technology and knowledge across the world.
28. RAMNATH GOENKA - INDIAN EXPRESS GROUP
Ramnath Goenka is regarded as the first media baron of India.
Ramnath Goenka took over the loss-making Madras edition of The Free
Press Journal, drove the delivery van himself to dispatch the papers and
started publishing it successfully.
He founded the Indian Express. Following this, both the Indian Express
and Ramnath Goenka openly challenged the British Raj.
His critics believe that his passion for politics was the fire that led the
newspapers from Indian Express Group on a blazing trail.

cxc
29. RAMOJI RAO RAMOJI CITY
''Discipline, inspiration and perspiration,'' is what media baron Ramoji
Rao, attributes to his success.
He is one of the most versatile and hugely successful entrepreneurs in the
country today and has to his credit a host of flourishing businesses.
Ramoji Rao is able to handle his varied businesses because he believes in
delegating authority and maintaining transparency in all his deals.
He knows that there is no substitute for hard work. ''I set a goal and then
go ahead with dogged determination till I have accomplished what I set
out to achieve.''
30. RANGANATHAN, C. K. - CAVINCARE
If you do not differentiate, you perish.
Teamwork is the main reason for his success. Ranganathan believes in
team effort and collective, collaborative effort in decision making.
He has good professionals who work really hard.
The other reason of his success is innovation.
He has the ability to take a risk and the ability to take a step forward.
He would like to be known for creativity and for injecting and spreading
the 'I can' spirit.
He has proved that with a humble background it is possible to come up in
life. He wants to create similar people and kindle their desire. That is his
vision and mission.

cxci
31. RAO, G.M. - GMR GROUP
A visionary businessman, G.M. Rao recognized the huge business
potential in entering the infrastructure space, with the opening up of the
power sector in the 90s in India.
His commitment to the core infrastructure sector has resulted in the
Group exiting some of the highly lucrative businesses of banking,
insurance, breweries and jute.
G.M. Rao has laid a strong emphasis in building a transparent and system
driven organisation.
This serial entrepreneur, with a penchant for executing projects before
time, has always been ready to seize every opportunity that came his way.
G.M. Raos thrust is on combining the best of entrepreneurial spirit with
a dynamic team of professional managers who work in an enabling and
vibrant organisational culture, to sustain and consistently meet his vision
for the Group of Building Entrepreneurial organisations that make a
difference to society through Creation of Value.
G.M. Rao relishes beating competition decisively. Right from those
watershed college elections to bid for road projects where seasoned
players were left guessing how the numbers worked, he has a will to win.
My father has always believed in focusing on one project till such time
that we secure it, says G.M.Raos younger son. This is why we have
managed to be successful in whatever we have taken up. Perseverance
and single-point focus is the clear message for all of us.

cxcii
Passion for challenge has not only seen G.M. Rao scripting his own story,
but also changing his characters and goals to cope up with changing
scenarios.
32. RAUNAQ SINGH - APOLLO TYRES
Raunaq Singh grabbed every opportunity which came his way.
He started his corporate journey without a pedigree, higher education or
money, essential ingredients for success in corporate India, making it
possible for ordinary folks to dream big.
He was among the first post-partition breed of businessmen who came to
India after the creation of Pakistan with nothing to fall on.
He was a great advocate of economic liberalization and globalization of
the Indian business.
He strived to put the Indian industry on the global map and worked
diligently towards this goal until the last day of his life.
33. SABEER BHATIA - HOTMAIL
Sabeer Bhatias greatest accomplishment was not to build the company
but to convince people that this is their company...how this would
ultimately benefit them.
His role is an enabler and did not do the work.
Ask what he does, and he will tell you only that he works in hi-tech, just
like hundreds of thousands of other young people in the Valley.
He has a very regal air; he is a deep listener, a gentle giant.

cxciii
What really set Sabeer apart from the hundreds of entrepreneurs is the
gargantuan size of his imagination or dream.
34. SARATH BABU FOOD KING
Sarath encourages youngsters to become entrepreneurs, so that they could
provide jobs to other people. He also tells children - it does not cost
'money' to dream.
Food business is not just about selling but also taking care of quality and
the people associated with it, Sarath points out. And how does he manage
his team? I ask them to write their dreams on a piece of paper and advise
them to think of developing themselves, says Sarath.
35. SATHISH BABU, D. UNIVERCELL
The ability to attract, develop and retain a spirited, motivated and
committed workforce is one of the key reasons for UniverCell's success.
Judicious investment in technology and people has seen to that.
Sathish Babu strives to constantly incorporate innovative retailing
concepts into his organization.
Training and constant motivation are important elements of the
organizations culture and Sathish Babus young staff are known for their
job knowledge, high morale articulation and pleasant demeanour.
Studying the buying behavior of his customers, Sathish understood that
what consumers really wanted was to make intelligent and informed
shopping decisions in an ambience that combined both comfort and a
high degree of service.

cxciv
Opportunities are plenty. What is needed is a positive mind. Obstacles
will be there but you can overcome them as long as you do not accept
defeats as final. Try, try, and try. You can succeed. Perseverance will see
you through. This is how we have grown. Nothing can be achieved
without sacrifice. Even small, small sacrifices can give you greater
happiness. For instance, when building the business, it becomes
inevitable to miss a few family functions and other social occasions, he
says.
36. SEEMA KAKKAR REMANIKA
There are no festivities in commitment. If you have made a commitment,
it has to be fulfilled; no matter, whether its a vendor, customer or
employees.
Seema would recommend designers-fresh out of college-to work for at
least five years in established companies before starting on your own.
Have a long-term vision, and remember time is never lost for following
your passion.
37. SHAHNAZ HUSAIN - SHAHNAZ HUSAIN HERBALS
Shahnaz Husain has become known for her specialized clinical treatments
and therapeutic products for specific problems.
Shahnaz has never been one to rest on her laurels.
She has always looked ahead, towards newer challenges, incorporating
the latest techniques and introducing unique innovations. Her natural
instincts and foresight have always led her to the next frontier, with her
finger on the pulse of international demands.

cxcv
Hers is the story of the human spirit that transcends geographical
boundaries and encompasses the entire world. It is a story that is an
inspiration to others to follow their dreams with faith and courage.
The lady invented a marketing style uniquely her own; she decided to
make the brand a personality-driven one, flying in to various cities to
lecture on herbals and Ayurveda, inaugurating Shahnaz franchises and
salons, and returning the same day.
In retrospective, Shahnaz attributes her success to her sheer grit and
determination. I do not believe in destiny the word fail does not exist
in my dictionary. I never fail, because I never stop trying, she says.
Having completed over 25 years in the business, the self-taught
marketing miracle reveals her formula for success. In life, you get what
you negotiate. Any woman has the capacity to do what I did it does not
matter what you want, what matters is how badly you want it.
38. SHAMIT KHEMKA- SYNAPSE INDIA
Shamit Khemka is a staunch believer of hard work and integrity.
He performs silently and continues to let his works talk for them.
Shamit faced every challenge that tried to hinder his progress with
inerrant determination.
He adds up his excellent managerial skills to become a complete package
that embodies the perfect prescription for success - both individually and
for all who contribute to his team.

cxcvi
Shamits ability of identifying futuristic opportunities helps him to move
ahead of the time. His ability to smartly handle a situation is largely
responsible for his success today.
Shamit Khemka has a knack of playing the lead role in every activity that
he indulges himself in.
To walk with the pace of time, and stay ahead of it, he garners
information by reading books and browsing through the net. He keeps his
eye on latest trends and styles and encourages every member of his team
to enhance their knowledge base.
If a strong value system works as the fundamental of this man, it results
into his committed determination that gets reflected in the form of several
successful endeavors.
Like a true leader, he keeps his team aware of any impending challenge
and motivates them to achieve the newer height by conquering the limits.
If foresightedness and hard work are two mandatory requirements to be
known as a successful individual, Shamit has both the pre-requisites
aplenty.
39. SHASHI RUIA ESSAR GROUP
Shashi Ruia imbibed the spirit of enterprise from his father who took him
along wherever he went to start a business.
The story of great businesses in the history of world has not been written
by wealth but by innovation, enterprising attitude, skill and an ability to
see beyond the present. Shashi Ruia probably is one such individual, who
has written his own history by dint of his courage and never-say-die
attitude.

cxcvii
Ruia has not only masterminded the group's business strategy but has also
consolidated a whole range of activities through backward and forward
integration.
Widely regarded as one of the architects of modern India, he has a
passion for education and mentoring young talent. He considers all
employees of Essar a part of his extended family.
40. SHIV NADAR - HCL
Nadars contemporaries say that his great attributes include ability to
execute a business strategy ruthlessly and ambition to become the number
one in the business he enters into. These traits are complemented by his
hands-off management style: he adopts an idea and then gives his
employees a free hand to execute and build the business.
In many respect he has been way ahead of times, he is a visionary who
thinks beyond his time and his gift from god is the ability to find the right
people for the right job, give them the right freedom to operate and reap
the benefits, says a former associate. Another feels that the main reason
for his success has been his ability to be a venture capitalist and
entrepreneur at the same time.
While most others prefer a hands-on approach, he is the man who does
the least himself, apart from strategic thinking or prioritizing and leaves it
to his team to find the best path to capture the objective. But is not that
leadership is all about.
While he is quick to reward performers, Nadar is known to be ruthless
when performance is not quite up to his exact standards. The ruthless
attitude, in the final analysis, is the reason for his success.

cxcviii
According to a former HCL group executive, Nadar is clinical while
evaluating new business proposals. He demands clear answers broken
into bottom line numbers. The questioning and discussions are so incisive
and frank that story goes that if Nadar is convinced, the business will
succeed.
The bearded high tech entrepreneur nurtured HCL in his signature style
of decentralized management making it a billion dollar group with 100
offices worldwide. In the process, he created wealth for himself, his
associates and investors.
In all these years, Nadar never lost sight of being a visionary. The
corporate restructuring he undertook over the years resulted in several
companies, each with a chosen professional head.
In a short span of time, Shiv Nadar has reached pinnacle of success by his
hard work, vision and entrepreneurial spirit.
41. SINGH, K.P. DLF GROUP
Singh says that observing Welch's toughness with GE's managers in close
quarters provided a model for running DLF: Think big and be a sector
leader.
DLF always aims for the very best from day one.
42. SUBHASH CHANDRA GOYAL - ZEE TV
Subhash Chandra Goyal was the first in India who sought to harness the
huge business potential of satellite television channels.
It was Subhash Chandras vision that helped give birth to the satellite TV
industry in India and inspired others to follow suit.

cxcix
Zee TV became the first service provider in India to launch Direct to
Home services.
Zee group of companies positioned itself to tap the tremendous business
opportunity offered by digital communication services in India.
Subhash Chandra Goyal understands very well the importance of
building a high-quality media conglomerate.
He was the first in the television industry to introduce employee stock
options.
43. SUBRATA ROY SAHARA GROUP
The company is the vision of a man who thinks he is the father of all his
employees.
Subrata Roy believes he is the guardian of this family who has the right
to love and scold all members.
He boasts that employees are not union members. It is private, a family
affair with no owner, the profits reinvested or distributed to good causes.
The Sahara website says Our employees are not employees. They are
family members. All belong to Sahara and Sahara belongs to all.
44. SUNIL BHARTI MITTAL -BHARTI GROUP
Sunil Bharti Mittal was one of the first Indian entrepreneurs to identify
the mobile telecom business as a major growth area and launched
services in India.

cc
Always on the move and making an impact and excelling in whatever he
did, this clear thinking risk taker has changed the face of the Indian ICT
space.
In spite of his deep involvement in work, Mittal the man is calm, seldom
ruffled and very down to earth.
We are very fair to the people we work with (suppliers, buyers, staff).
We wanted to prove that even with meagre capital we could do bigger
things. Now a corporation, we are working to make it an institution.
There is no employee-owner situation here. Everybody is a co-owner and
now owns stock. It is a very enabling environment. There is no hire-andfire here he says.
45. SWAMINATHAN, M. S. MSSR FOUNDATION
Swaminathans stated vision is to rid the world of hunger and poverty.
Dr. Swaminathan is an advocate of sustainable development, especially
using environmentally sustainable agriculture, sustainable food security
and the preservation of biodiversity.
His motto is "if conservation of natural resources goes wrong, nothing
else will have a chance to go right." He said, that: "I am firmly convinced
that hunger and deprivation can be eliminated sooner than most people
consider feasible, provided there is a synergy among technology, public
policy and social action".
He is widely recognized as the architect of the "Green Revolution" in
India, which radically improved agricultural yields through the
introduction of genetically superior grain varieties.
Dr. Swaminathan has proven that he is not only a brilliant scientist, but a
capable administrator as well.

cci
His infectious enthusiasm and love of humanity have inspired and
motivated thousands of others to give whole-heartedly to the cause he has
chosen for his life's work: humbly serving the rural poor.
Swaminathan combined all the great components of a revolutionary:
vision, dedication, energy and follow-through.
46. SWARAJ PAUL CAPARO
Swaraj Paul, an India based business magnate and philanthropist has
founded the multinational company Caparo, the UK based steel and
engineering group having learnt business lessons from his father at a
young age.
His company developed into one of the leading producers of welded steel
tube and spiral-welded pipe in the UK.
Lord Paul lives a very simple life despite being one of the richest people
in the UK.
47. JRD TATA TATA GROUP
As an industrialist, JRD Tata is credited with placing the Tata Group on
the international map.
Leadership, according to JRD meant motivating others.
Mr. Tata was able to harness a team of individualistic executives,
capitalizing upon their strengths, downplaying their differences and
deficiencies; all by the sheer weight of his leadership.
JRD initiated a programme of closer employee association with
management to give workers a stronger voice in the affairs of the
company. He firmly believed in employee welfare and espoused the

ccii
principles of an eight hours working day, free medical aid, workers
provident fund scheme, and workmens accident compensation schemes,
which were later adopted as statutory requirements in India.
48. TULSI TANTI - SUZLON ENERGY
Mr. Tanti is recognized for his personal vision and leadership in creating
Suzlon one of the worlds leading wind power players.
Tulsi Tanti, an entrepreneur, has made a long-lasting impression abroad
and brought glory to the ingenious and astute spirit of contemporary India
by exploring the possibilities of non-conventional energy.
Tulsi is a tiger with a burning desire to play on the global stage. He wants
Suzlon to be among the top three wind energy companies in the world.
He has the determination of an uncannily shrewd businessman to be the
biggest renewable energy player in the world.
When the Government of Maharashtra made an announcement that it
would support the creation of wind power, Tanti and team took upon
themselves to develop wind power. Tanti, realizing that a change was
sorely needed, came up with the idea of offering a complete package of
wind energy services.
Despite his serious demeanor and modest appearance, Tanti is known for
his cunning and aggressive takeover tactics.
49. VARGHESE KURIEN NDDB
Varghese Kurien is known as the Father of White Revolution (in India) or
the Milkman of India.

cciii
He is one of the very few people who are not money driven in their cause
but work round the clock to bring about a change for the common man.
He brought the benefits of modern technology and marketing to the
ordinary dairy farmer.
Kurien's cooperative venture was built on a simple but compelling logic mass consumption and mass production must go hand in hand to bring all
round prosperity.
Kurien's professional life has been dedicated to empowering millions of
humble Indian milk producers, in whom he saw an unsuspected economic
resource and potential at the bottom of the pyramid. ''Without their
involvement, we cannot succeed. With their involvement, we cannot
fail...'' remains his simple but fail-safe inspiration.
50. VIJAY MALLYA UB GROUP
Vijay Mallya initiated the process of defining a corporate structure with
performance accountability, inducting professional management and
consolidating the unwieldy empire into individual operating divisions.
He has focused on areas of core competence and transformed the vastly
diversified UB conglomerate into a handful of key operating businesses.
Mallya is known for his myriad interests, his flashy flamboyant style of
leadership and his unorthodox style of management. His entrepreneurial
style, his trade acquisitions etc., reveal sharp business acumen.
Following the Government of India's liberalized economic policies, Dr.
Mallya decided that the UB Group would only retain interests in
businesses that were globally competitive and which did not depend upon
fiscal tariff protection. He also decided to focus on areas of core

cciv
competence and transformed the vastly diversified UB conglomerate into
a handful of key operating businesses.
On entering the new millennium, the UB Group is considerably more
focused and has dramatically increased value for its shareholders through
its various operating businesses.
Under his dynamic leadership, the group has grown into a multinational
conglomerate of over sixty companies. During this process, UB acquired
several companies abroad.

SUGGESTIONS
The following suggestions are made to resolve the various issues relating
to entrepreneurship in small scale industries. The suggestions are given
categorically to the government, to the banks and other financial institutions and
to the entrepreneurs.

ccv
5.1 SUGGESTIONS TO THE GOVERNMENT
(i)

In order to run industrial enterprise on efficient lines, proper training,

motivation and wide expose become extremely important. It is
universally accepted that "entrepreneurs can be taught and made." In
India, illiteracy has been the main stumbling block for entrepreneurship
development. Therefore, the first step to adopt is to provide suitable
education and training to the people. The encouragement and
development of entrepreneurship culture should become the core part of
our education system, so that the young men and women can become
"job givers" and not "job seekers"

(ii)

Unutilized capacity of an industry is an index of its problems and all the

problems faced by industry leads to underutilization of installed capacity.
Power scarcity is the main reason for underutilization of capacity. Every
possible step should be taken to improve the power condition of the state
on priority basis.

(iii) Severe penalties may be levied on entrepreneurs found misusing the

funds or otherwise seeking financial assistance by under-hand means.
Preventive measures should be taken to provide a check on the
malpractices of small units.

(iv)

The government must provide efficient and effective consultancy services

to the entrepreneurs.

(v)

Unhealthy competition among the small units as well as large units

should be discouraged as far as marketing problems are concerned. The
state government needs to be active in this regard. As a sign of
encouragement to local entrepreneurs, government departments should
procure products produced by these entrepreneurs.

ccvi
(vi) Raw-material banks needs to be opened up in states. Scarcity of
raw-materials and their high prices as a result of it, are the main problem
of raw-materials.
(vii) Both the central and state governments should give wide publicity so as
to reach the information to all the entrepreneurs about policies,
incentives, schemes, programmes, etc., relating to small scale industries.
(viii) As far as possible, in order to reduce the competition from the large
sector, the small scale industrial units should operate in the areas reserved
for them. Similarly, more number of items should be reserved for the
exclusive production of the small scale sector.
(ix) Law and order problems need to be tackled properly by the Government
so that there is a conducive atmosphere for the entrepreneurs to run their
businesses without any hindrance.
5.2

SUGGESTIONS

TO

BANKS

AND

OTHER

FINANCIAL

INSTITUTIONS
i)

It is a common understanding that all who want bank loans are not
necessarily genuine entrepreneurs or businessmen. There are some who
want to get loan merely to divert it for non-productive purposes. It may
not be difficult for banks to identify such persons. But while doing so,
banks should not discourage genuine entrepreneurs.

ii)

The financial agencies must treat loan seekers as customers and not
beggars.

iii)

The level of confidence of both entrepreneurs and bankers can be

improved by constant follow-up and monitoring. It will help in
developing a feeling of partnership among bankers and entrepreneurs in
the growth of small enterprises.

ccvii
iv)

The commercial banks and financial agencies may establish more small
scale industrial specialized branches at least one in every district head
quarters to cater to the financial needs of small entrepreneurs.

v)

Application procedures and approval criteria should be made simple and

quick loan approvals should be done at the branch level.

vi)

Design appropriate saving schemes suitable for the poor; these are
valued, and they are an important source of mobilising funds at rural
levels.

vii) Timely and adequate finance extending upto the operational cycle of the
activity must be available to the entrepreneurs.
viii) Banking services should be available near to the entrepreneurs /
enterprise; if necessary, the banker should go to the borrower, rather than
other way round.
ix)

Banks need to re-think about their loan giving policies to the

entrepreneurs. Shortage of working capital is the main factor responsible
for slow commencement of an industrial unit. So, proper handling of this
problem is very important.

5.3 SUGGESTIONS TO THE ENTREPRENEURS

i)

The entrepreneurs should develop a proper industrial plan before starting

a unit. Undertaking of feasibility study either by himself or through
outside agencies can be very helpful in this regard.

ii)

The entrepreneurs should take proper training through the government

and non-governmental agencies before starting a unit; this enables the
entrepreneurs to protect their units from sickness.

ccviii
iii) The entrepreneurs should employ latest techniques of production and
skilled labour so as to improve the quality of the products and marketing.
iv) As the competition is found to be a major problem in many units, the
entrepreneurs should try to divert to less competitive areas and before
they venture, they should analyse the demand.
v)

Low level of education should not deter one to start an industrial venture,
though, it is a fact that people with higher educational levels are finding
their entry into industry easier. Moreover, higher the level of education,
the greater is the chance to start a venture as a first generation
entrepreneur.

vi) The spread of schooling has cut across the business of religion. None of
the entrepreneurial religions are placed in a disadvantageous position, by
comparison.
vii) Low level of parental education does not prove hindrance to
entrepreneurship.
viii) Urban background is not a pre-condition of industrial entrepreneurship.
ix) What is an ambition for one entrepreneur may be a compulsion for
another. It is the entrepreneurs' attitudes that ultimately make the
difference.
x)

Previous experience in manufacturing and encouragement of family

members / relatives / friends facilitates entrepreneurship.

xi) Ambitions motivate men. It activates men, broaden their vision and make
the life more meaningful.
xii) Many of the entrepreneurs expect a lot from the state government and
other non-government agencies. But never expect its exact fulfillment.

ccix
xiii) Previous experience or employment in the industry should form a basis
for selecting the right type of industries.
xiv) For starting a venture, the availability of enough finance is the most
important factor. Without it, the idea to start business or venture will
always remain a simple wish.
xv) One should have some basic and essential managerial skills in the
functional areas like finance, production and marketing for entering into
industrial entrepreneurship.
xvi) 21-30 years' age group is the right time for starting an industry.
xvii) Attending EDPs can help the entrepreneurs in running enterprises
smoothly and profitably.
xviii) Labour should be given full opportunity of being trained. The problem of
absenteeism of labour needs to be looked into with a humane approach.
There should be employer-employee friendly relationship inside the
industrial unit.
xix) Entrepreneurs need to re-think about their banking habits. Banks are here
to help the entrepreneurs but it does not mean that these helps from the
banks are taken for granted. Timely repayment of bank loans is the need
of the hour.
xx) The small scale industrial units should maintain proper books of
accounts. Statutory obligation should be imposed on the units to maintain
and prepare their books of accounts by professional accountant.
xxi) Everyone cannot be a successful entrepreneur. An individual must have
certain values and traits to be a successful entrepreneur. The traits and
values are need for achievement, need for power, positive work value;

ccx
moderate job anxiety, risk taking propensity, internal control orientation,
high level of aspiration and preference for participative and nurturant-task
styles of leadership.

ccxi

BIBLIOGRAPHY
PRIMARY DATA
1. Interview with Tulsi Tanti, 15th July 2010; also see Charles Assissi, et al.,
There's something about Tulsi, Business India, Mumbai, 29th Dec 2007.
2. Interview with Anil Agarwal, 18th February 2010; also see Lancelot Joseph
and Roy Pinto, A man of mettle Anil Agarwal, Business India, Mumbai,
29th July, 2007.
3. Interview with Kochouseph Chittilappilly, 16th June 2010; also see his TV
interview with NDTV, We grew because of our quality, New Delhi, 5th
February, 2008.
4. Interview with Ranganathan, C.K., 25th August 2010; also see Venkatesh
Krishnamoorthy, C K Ranganathan -The inspiring success story of
CavinKare, Chennai, 22nd March 2007.
5. Interview with Vijay Mallya, 20th January 2011; also see Raj Sekher, N.R.
The Strides of UB under Vijay Mallya, Deccan Herald, Bangalore, 16th
May 2010.
6. Interview with Sarath Babu, Chennai, 11th January 2010.
7. Interview with Sathish Babu , Chennai, 30th December 2010.
8. Interview with John Yesudhas, Chennai, 28th April 2010.
9. Interview with Shiv Nadar, Chennai, 10th September 2010.
10. Interview with Jeysingh Thomas, Chennai, 13th June 2009.

ccxii

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and

Youth

ccxxii
134.

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158.

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159.

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172.

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182.

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185.

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Entrepreneurs-Significance of Training and other inputs, SEDME,
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SEDME, Hyderabad, 1980.

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The Free Press, New York, 1969.

RESEARCH WORKS
1. Aitken, H.Q.H.: Entrepreneurial Potential in Underdeveloped Countries,
Ph.D. Dissertation, University of Tennessee, Tennurel, 1967.
2. Deshpande, M.U, Small Scale Industrial Entrepreneurship in a Developing
Region, Marathwada University, Maharashtra, 1979.

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3. Gaikwad, V.R., and Tripathi, R.N., "Socio-Psychological Factors
Influencing Industrial Entrepreneurship in Rural Areas, National Institute of
Community Development, Hyderabad, 1970.
4. Saini, J.S., Effectiveness of Entrepreneurship Development Programmes in
Northern India, Doctoral Research, Department of Business Management,
Punjabi University, Patiala, 1993.
5. Sharma, C.P.: Industrialization of Punjab, Role of State Development
Institution, Ph.D. Thesis submitted to Punjabi University, Patiala, 1986.
ARTICLES
1.

Bhargava, R.K., Importance of Small Scale Industries, Commerce

(Supplement) 124 (3190), 24 June, 1972.

2.

Bhat, A.R., Development of Small Industries in Free India, Commerce,

125 (3196), 19 August, 1972.

3.

Bhatia, B.S., Entrepreneurship in Punjab: Problems and Opportunities

Appraised, Commerce, Vol. 113, No. 2888, September 10, 1966.

4.

Gaikwad, V.R., and Tripathi, R.N., Socio-Psychological Factors

Influencing Industrial Entrepreneurship in Rural Areas, National Institute
of Community Development, Hyderabad, May 1970.

5.

Guha Amalendu, Parsi Seths as Entrepreneurs, Economics and Political

Weekly,Vol. V, No. 36, August, 29, 1970.

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Gupta S.K., Entrepreneurship Development Training Programme in India,

Small Enterprise Development, Vol. 1, No.4, December 1990.

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Hazarika, Jatin, National Seminar on Entrepreneurship Development Keynote Address, IIE Guwahati, 10th December 1998.

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Himachalam, D., Entrepreneurship Development Programme: Need for

Revival, Banking and Finance, January 2001.

ccxxviii
9.

Khanka, S.S., Making the Entrepreneurial Society with reference to North

East India, National Seminar on Entrepreneurship Development, I I E,
Guwahati, 2000.

10. Mali, D.D., Developing Entrepreneurship in North East - Experiences and

Strategies, Keynote Address, ICSSR, 2005.
11. Mathew, P.M., Union Budget and Small Enterprises, Economic and
Political Weekly, Vol. XXXII, No. 14, April 5, 1997.
12. Nagayya, D, Data Base in Researchable Areas in the Small Enterprise
Sector, National Seminar on Entrepreneurship Development, IIE,
Guwahati, December 1998.
13. Nagayya, D. and Appa Rao, P.B., Perspective of Entrepreneurship
Education and Training, National Seminar on Entrepreneurship
Development, IIE, Guwahati, Dec 1998.
14. Nandy, Ashish, Entrepreneurial Man, Economic and Political Weekly
(Supplement), Vol. VIII, No. 47, Nov. 24, 1973.
15. Nixon Singh E. and Bijoykumar Singh E., Entrepreneurship in Manipur:
Problems & Prospects, Paper presented in the V Annual Conference of
North Eastern Economic Association, Assam, Dec 2002.
16. Pathak, H.N., The Entrepreneur Technician and Manager in Small Scale
Units, Economic and Political Weekly, Review of Management, Vol. VII,
No. 48, November, 1972, pp. M 179 M 187.
17. Ram Charan, Competing for Growth, Business Standard, Chennai, Volume
IX, No.1, February 2011.
18. Ranju Sarkar, Scripting the future, Business Standard, Chennai, Volume
IX, No.1, February 2011.
19. Shirsat B.G., Charge of the entrepreneurs, Business Standard, Volume IX,
No.1, February 2011.
20. Vepa, Ram K., Small Can Be Beautiful - Recommendations on Small
Enterprises, Economic and Political Weekly, Vol. XXXII, NO. 27, July 5,
1997.

ccxxix
21. Vepa Ram K., Entrepreneurship for Development of Backward Areas,
National Productivity Council, New Delhi, 1973, PP. 14 -15.
22. Vander Veen, J.H., Commercial Orientation of Industrial Entrepreneurs in
India, Economic & Political Weekly, Vol. XIII. No.3, Sept. 1975, pp. 31830.
NEWSPAPER REPORTS
1.

Arun Shourie, Charge of the Indian Brigade, Indian Express, 04/4/2004.

2.

Balasubramanian D., The Innovation Quarter to Success, The Hindu,

22/01/09.

3.

Bureau Report, TN announces policy on Micro, SME sectors, Business

Line dated 23/2/2008.

4.

Entrepreneurs in India and China, the Economist, February 23 March 5,

2009.

5.

Entrepreneur and philanthropist Jeysingh Thomas passes away, The

Hindu, 19/10/2009.

6.

Harshika Udasi, Drama Queen Gets Real, The Hindu, 29/07/2007.

7.

Hemamalini Venkatraman, TN readies new MSME policy, The Economic

Times dated 20/2/2008.

8.

Indias shining hopes, The Economist, 21/2/2004.

9.

Innovative India, The Economist, 03/04/2004.

10. Madhusudhan Veeraraghavan, Growth of SMEs in manufacturing, The

Economic Times dated 11/3/2008.
11. Rajat Gupta, Creating Indian Entrepreneurs, India Today, February 12, 2001
12. The Rise of India, Business Week, 12/4/2004.
13. Vijay Kelkar, India on the growth turnpike, October 2003.
14. Vinita Nayar, Doing the city pride, The Hindu, 22/08/2009.

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REPORTS AND SURVEYS
1. All Manipur Entrepreneurs' Association (AMEA), Economic Development
Towards 2001 AD.
2. Cashin, P. & R. Sabay, Regional Economic Growth and Convergence in
India, Finance and Development, IMF, March, 1996.
3. Census of India, 2001.
4. Government of Punjab, Department of Industries, Administrative Reports,
Chandigarh.
5. Government of Punjab, Department of Industries, Records, Chandigarh.
6. Government of Punjab, Department of Planning, Draft Five Year Plan,
Chandigarh.
7. Government of Punjab, ESO, Statistical Abstract of Punjab,
Annual Issues.

Chandigarh,

8. Government of India, Guidelines for the Preparation of Feasibility Reports,

Planning Commission, New Delhi.
9. Manimala, M. : Emergence of Pioneering Innovative Entrepreneurship - A
Psychological Model, Working Paper, p. 24, II M, Ahmedabad, August, 1986.
10. Ministry of Industry, India, Report of the Expert Committee on Small
Enterprises, New Delhi, 1997.
11. McCrory, James: Case studies in Latent Industrial Potential: Small Industry in
North Indian Town, Ministry of Commerce, Government of India, New Delhi,
1956.
12. Punjab State Industrial Development Corporation, Chandigarh, Annual
Reports, 1990 - 2000.
13. Punjab Financial Corporation, Chandigarh, Annual Reports, Chandigarh,
1990-2000.

ccxxxi
14. Punjab Small Industries and Export Corporation, Chandigarh, Annual
Reports, Chandigarh, 1999 2000.
15. Reserve Bank of India (RBI), Compendium of Circulars on Small Scale
Industries, (July 1978 - December 1999) Mumbai, March, 2000.
16. Report of the Fiscal Commission, Government of India, New Delhi, 1950.
17. Shivaraman, S.: Entrepreneurship and Enterprise Growth A Survey, IIM
Bangalore, Bangalore, 1982.
PERIODICALS
1. Business India, Kolkata
2. Business World, New Delhi
3. Economic and Political Weekly, New Delhi
4. IBA Bulletin, Mumbai
5. Indian Manager, New Delhi
6. Industrial Herald, Chennai
7. Productivity, New Delhi
8. Yojana, New Delhi
JOURNALS
1.

Akhouri, M.M.P., Self - Employment through Entrepreneurship

Development Strategies, an experiment in Assam, National Labour
Institute Bulletin, Jan.-June 1980, pp. 49-58.

2.

Akhouri M.M.P. and Bhattacharya S.K., Profile of a Small Industry

Entrepreneurship, SEDME, Vol. 2, No.1, SIET, Hyderabad, 1975.

ccxxxii
3.

Ashish Nandy, Entrepreneurial Cultures and Entrepreneurial Man;

Economic and Political Weekly, Review of Management, Vol. VIII, No.
47, November 24, 1973, pp. M98-M106.

4.

Batra, G.S., Entrepreneurship Business: Failure and Turnaround

Management, South Asian Journal of Management, Hyderabad, Vol. 2,
No. 394, July-Dec. 1995.

5.

Baumol, W.J., Entrepreneurship in Economic Theory, American Economic

Review, May 1968, pp. 64-71.

6.

Bhat, R.S., Growth of Entrepreneurship in Small and Medium Sectors,

Indian Journal of Public Administration, Vol. XX. No.3, July- September,
1974.

7.

Bhatia, B.S., New Industrial Entrepreneurs-Their Origins and Problems,

Journal of General Management, Autumn, 1974, pp. 72-73.

8.

Burgelman, RA: Designs for Corporate Entrepreneurship in Established

Firms, California Management Review, California, 26(3), Spring 1984.

9.

Chadha, V. and R.S. Johar, "Industrial Development of Punjab: Pattern,

Problems and Perspective", in PSE Economic Analyst, Amritsar, Vol. II,
Dec., 1980.

10. Chandra, Poojary M., "Small Scale Sector: Myth and Reality", Economic
and Political Weekly, Vol. XXXI, No.21, May, 25, 1996.
11. Collins, E.G.C., The Entrepreneur sees herself as Manager, Harvard
Business Review, Harvard, July 1982, pp. 140.
12. Desai, A.N., Exploration of Entrepreneurial Talents, Indian Journal of
Industrial Relations, Delhi, Vol. 10, No.3, 1981.
13. Desai, A.V., The Origins of Parsi Enterprise, Indian Economic and Social
History Review, Bombay, Vol. 5, Dec. 1988, pp.307-17.
14. Entrepreneurship Skills, Special Edition, MBA Review, IUP Publications,
Hyderabad, 2010.
15. Hussain, Abid, Small Enterprises Protection, Laghu Udyog, Vol. XXII &
XXIII, No.6 to 7, Jan- Sept 1998.

ccxxxiii
16. Jha, L.K., Role of New Entrepreneurs, Southern Economist, Vol. IX,
Annual Number, May I, 1970.
17. Lal, Sudarshan, What Do We Mean By Small Industries?, Yojana, Vol.
No. XVII Nos. 23 and 24, January 1974.
18. Left, N.H., Industrial Organization and Entrepreneurship in the
Developing Countries, Economic Development and Cultural Change, July,
1978, pp. 616-21.
19. Mahima Rai, Horning Entrepreneurial Skills: Role of B Schools, MBA
Review - Special edition on Entrepreneurial Skills, Hyderabad, 2010.
20. Manalel, James, How Beautiful is Small, SEDME, Vol. XXIV (4), No.4
Dec 1997.
21. Maichique, M.A., Entrepreneurs, Champions and Technological
Innovation, Sloan Management Review, California, Winter, 1980,
pp. 56-76.
22. Mary Kay Copeland, Strategies for developing Entrepreneurship: Nature
or Nurture?, MBA Review - Special edition on Entrepreneurial Skills,
Hyderabad, 2010.
23. Mohamed, S. E, Marketing in 21st Century, Indian Journal of Marketing,
XXXII (11), 15-20.
24. Nandy, A., Entrepreneurial Cultures and Entrepreneurial Men, Economic
and Political Weekly, Vol. VII, No. 47, Bombay, Nov. 1974, pp. 98-105.
25. Papanek, G.F., The Development of Entrepreneurship, American
Economic Review, Vol. LII, May, 1962, p. 46.
26. Prasain, G.P., Devi Sancharita R.K., Women Traders in Manipur - A Case
Study, Indian Journal of Commerce, Vol. L. No. 193, Part IV, Dec 1997.
27. Sujatha Mukherjee, Profiling the Urban Women Micro - entrepreneurs in
India, The IUP Journal of Entrepreneurship Development, Volume II,
No.3, 2010.
28. Surinder Kapur, Raghavendra Rao and Sanjeev Bikhchandani, GenesisCreating value through entrepreneurial initiative, Vikalpa, April-June
2007.

ccxxxiv
29. Timmons, J.A., Characteristics and Role Demands of Entrepreneurship,
American Journal of Small Business, 3 (1987), pp. 5-17.
30. Tripathi, D., Occupational Mobility and Industrial Entrepreneurship in
India - Historical Analysis, Developing Economies, March 1981, pp. 5268.
31. Verma, M.C., Entrepreneurs Attitudes towards Organizing and Risktaking, Indian Psychological Review, 1978, pp. 213-29.
32. Vries, M.K.D., The Dark Side of Entrepreneurship, Harvard Business
Review, Harvard, Nov.-Dec. 1985, pp. 160-67.
33. Indian Journal of Commerce, New Delhi
34. Indian Journal of Entrepreneurship, Ahmedabad
35. Indian Journal of Marketing, New Delhi
36. Vikalpa, Ahmedabad

WEBSITES
1. www.oneindia.com, Entrepreneurship
2. How to Become a Successful Entrepreneur, Martin Ofori Atta,
infibeam.com
3. Successful EntrepreneursThose Who Have Made It Big,
www.franchiseindia.com
4. Top 10 entrepreneurs of India? www.answers.com
5. The Successful Entrepreneurs Guidebook, www.flipkart.com

ccxxxvi

VITAE
L. Suresh Mallya is Undergraduate in Mechanical Engineering and Post
graduate in Management, Foreign Trade, Economics and Commerce, and M Phil
in Management. He has 16 years industrial experience in Production, Marketing
and Sales and 13 years experience in the academic field. Currently, he is
working as Assistant Professor in the Department of Management Studies in
SRM Valliammai Engineering College, Chennai.
PUBLICATION DETAILS
NATIONAL JOURNAL
Effectiveness of Microfinance Industry against the Backdrop of Global
Recession, Vol. No. 8, April 2010, SRM Management Digest, Page 165 169.
INTERNATIONAL JOURNAL
The Latest Trends in Retailing in Indian Scenario, Volume 4, Number 2,
July 2010, International Journal on Information Sciences and Computing, Page
62 - 68.
NATIONAL CONFERENCES
1. 29th and 30th April 2011, Creating Indian Entrepreneurs Thrills & Thorns,
National Conference on Developing a Modern Entrepreneurial Society,
Business School, B.S. Abdur Rahman Crescent University, Chennai.
2. 23rd April 2011, Indian Budding Entrepreneurs the Imponderables,
National

Conference

on

Innovation

&

Technology

Management,

Department of Management Studies, RMK Engineering College, Chennai.

3. 5th March 2011, Microfinance: Present Predicament in India, National
Seminar on Managing for Inclusive Growth and Sustainable Development,
Department of Management Studies, University of Madras, Chennai.

ccxxxviii
4. 13th &14th August 2010, My days of research with Dr. MGR University,
National Conference on Academic Research, Department of Management
Studies, Dr. MGR University, Chennai.
5. 16th April 2010, Globalization: Developing Countries and India, National
Conference on Building Global Leadership, Department of Management
Studies, St. Josephs College Of Engineering, Chennai.
6. 10th April 2010, Microfinance Need of the Hour, National Conference on
Financial Engineering and Knowledge Discovery, St. Marys School of
Management Studies, Chennai.
7. 12th March 2010, A study on Indian MSMEs, National Conference on
Winning Strategies for Business Development and Information Processing,
Department of Management Studies, Sakthi Mariamman Engineering
College, Chennai.
8. 31st March 2008, MSMEs Backbone of Indian Industrial Sector, National
Conference on Empowering the Bottom of the Pyramid, Department of
Management Studies, Velammal Engineering College, Chennai.
9. 25th January 2008, Women Entrepreneurship through Gender Lens,
National Conference on Management Perspectives in Global Era,
Department of Management Studies, Dr. MGR University, Chennai.
10. 29th March 2007, Ancient Indian Advice for Modern Management, National
Seminar on Indian Ethos and Spiritual Values for Organisational
Management, Department of Management Administration, Annamalai
University, Chidambaram.
11. 8th March 2007, Employee Retention Strategies in the Changing New Global
Order, National Conference on Challenges to Globalization and Strategies to
Overcome them, Department of Management Studies, MNM Jain
Engineering College, Chennai.

ccxxxvii
iii
INTERNATIONAL CONFERENCES
1. 29th January 2010,

Identifying

Customers and their TQM requirements,

International Conference on Globalization and Consumer Protection,

Department

of

Business

Administration,

Kalasalingam

University,

Srivilliputhur.
2. 29th January 2010, A Framework to Integrate Manufacturing and Service
Dimensions of Quality, International Conference on Globalization and
Consumer Protection, Department of Business Administration, Kalasalingam
University, Srivilliputhur.
3. 22nd 24th December 2009, Contributing in Retailing in Indian Context,
International Conference on Retail Excellence, School of Management, SRM
University, Chennai.
4. 3rd & 4th April 2009, Global recession Impact on Indian Human Resources,
International Conference on Transnational Business: Challenges &
Strategies, Department of Management Studies, Dr. MGR University,
Chennai.
5. 20th - 22nd December 2007, Entrepreneurship Development Challenges and
Remedies, International Conference on Global Entrepreneurship, School of
Management, SRM University, Chennai.
6. 21st & 22nd September 2007, Exchange Rate Management Policy, Pros and
Cons to Indian Economy, International Conference on Global Business
Strategy in Competitive Environment, Sai Ram Engineering College,
Chennai.

ccxxxviii

AJAY PIRAMAL

AMAR BOSE

ANANTHARAMAKRISHNAN

ANIL AGARWAL

AZIM PEMJI

BHAI MOHAN SINGH

BRIJMOHAN LALL
MUNJAL

CHETAN MAINI

DEEPAK PAREKH

DHIRUBHAI AMBANI

EKTA KAPOOR

GALLA RAMACHANDRA
NAIDU

ccxxxix

GAUTHAM ADANI

GHANSHYAM DAS
BIRLA

G. MALLIKARJUNA RAO

JRD TATA

JEYSINGH THOMAS

JOHN YESUDHAS

KALLAM ANJI REDDY

KARSANBHAI PATEL

KIRAN MAZUMDAR SHAW

KISHORE BIYANI

KOCHOUSEPACHAN

KUSHAL PAL SINGH

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MOHAN SINGH OBEROI

NARAYANAMURTHY

NARESH GOYAL

OM PRAKSAH JINDAL

Dr. PRATAP REDDY

RAMA PRASAD GOENKA

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RAMANATH GOENKA

RAMOJI RAO

RANGANATHAN

RAUNAQ SINGH

SABEER BHATIA

SARATH BABU

SATHISH BABU

SEEMA KAKKAR

SHEHANAZ HUSSAIN

SHAMIT KHEMKA

SHASHI RUIA

SHIV NADAR

SUBHASH CHANDRA
GOYAL

SUBRATA ROY

SUNIL MITTAL

ccxlii

M.S.SWAMINATHAN

VARGHESE KURIAN

SWARAJ PAUL

VIJAY MALLYA

THULASI TANTI