Page 30 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Unit 2: Classifications and Models of Entrepreneurship

In context of this article, liberalization means removing all restrictions imposed on the entry Notes
and growth in trade or business.
The Government of India (GOI) started the process of liberalization in India in year 1991. With
its initiation, private entrepreneurs were granted liberty (freedom) to start any business in any
open domain (unreserved sector) of choice. However, this openness came with few exceptions
that were strictly restricted only for Indian government to operate and manage, this included
Railways, Water Supply, Defence, and other reserved public sectors.

Did u know? India’s liberalization of 1991 opened a gift-box of many new business
opportunities for entrepreneurs. Now, the challenge before Indian entrepreneurs is how
to take optimum advantage of these business opportunities in India.

The Ambani family that handles Reliance Group of Industries took full advantage of liberalization
in India. Other entrepreneurs must also analyse their footsteps and try to follow them by
making their own individual ways in a wise manner. Again this is not an easy task to accomplish,
rising cut-throat competition has made it much more difficult for both Indian and foreign
companies.
However, Indian entrepreneurs can beat this enormous competition by focusing more on selling
high-quality yet unique goods and services at lowest prices feasible.

2.3.3 Adapting a Modern Technology

With each passing day, Science and Technology are developing rapidly. Modern technology not
only improves quality of produced goods and services, but it also helps to reduce their cost of
production. It speeds up their process of production. High-quality commodities, lower cost of
production and faster production rate makes any company a highly competitive one. Therefore,
it becomes mandatory for every company to keep pace with new emerging technologies and
adapt it regularly to remain as cut-throat as possible.
So, it is always better to replace outdated technology with the new technology. Old machines
must be replaced by modern machines. This is a big challenge before an Indian entrepreneur. If
he has a financial problem, then he must try to maintain a good balance between old and new
technology. He also has a challenge to train his staff well to make them able to use (handle) the
modern machines and technology properly.

2.3.4 Changing Workforce in India

In the recent decade, the workforce in India has undergone a remarkable change. Statistics
indicate the dominance of men in the workforce is shrinking day-by-day. A new breed
(generation) of highly educated Indian women has entered the workforce in India. Breaking all
traditional and social barriers, they have established themselves as efficient employees and
professional managers. Today, it is very common to see a lady professional working in a
corporate office. This presence of women in the workforce has brought new challenges before
Indian entrepreneurs.

Task Find the life histories and success stories of three successful Indian
entrepreneurs. What are the characteristics that they share with each other?

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