Entrepreneurship: Theory & Practice

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This book combines well-researched theory and a practitioners view. It knits within its chapters, the various motifs of an entrepreneurship weave right form oppurtunity identification to growth strategies. It has its emphasis on the Indian context, but includes best practices from around the world. The book has numerous tools, checklists, caselets, case studies and exercises

Cover
Recommendations
Title Page
Copyright Page
Dedication
Contents at a Glance
Contents
About the Author
Preface
Acknowledgement
Part 1 The Practice of Entrepreneurship
- Chapter 1 Introduction to Entrepreneurship
  - 1.1 What is Entrepreneurship?
  - 1.2 Study of Entrepreneurship as a Subject
  - 1.3 Entrepreneurship as an Alternative Career Option
    - Entrepreneurship Education
    - Evolution of Literature
  - 1.4 Theories on Entrepreneurship
  - 1.5 Entrepreneurship Categories
  - 1.6 Entrepreneurship Influencers
  - 1.7 Global Entrepreneurship Monitor (GEM)
    - Total Early-Stage Activity (TEA)
    - Entrepreneurship and Job Growth
    - GEM’s Implications and Suggestions
    - GEM’s Findings on India
  - 1.8 Entrepreneurial India
    - India’s Trials over Centuries
    - The Mindset in Post-Independence India
    - Impact of Liberalization
    - Information Technology Revolution
    - The Phoenix-like Avatar
  - 1.9 Myths concerning Entrepreneurship
    - Myth 1 Entrepreneurship is all about Passion
    - Myth 2 Entrepreneurship is a Sure Way to Riches
    - Myth 3 Entrepreneurship Succeeds with Financial Backing
    - Myth 4 Entrepreneurship is for the Moneyed Class
    - Myth 5 Entrepreneurship is for Influential People
    - Myth 6 Depends only on the Entrepreneur for Success
  - 1.10 Entrepreneurship’s Challenges
    - Lack of effective Support
    - Inadequate Incubation Facilities
    - Education and Training
    - Mentoring and Coaching
    - Infrastructure Challenges
    - Cultural Bottlenecks
    - Regulatory Challenges
    - High Entry Barrier To Working with Government
  - 1.11 Social Responsibility in Entrepreneurship
  - 1.12 Ethics and Entrepreneurship
  - 1.13 Pitfalls in Entrepreneurship Practice
    - Search For The Ideal Solution
    - Lack of Sound Cash Management
    - Lack of Transition to Institution-building
    - Harmful Effect of Inflated Egos
  - 1.14 Impact of Entrepreneurship
    - Entrepreneurship and Socio-economic Development
    - Impact on Larger Firms
  - 1.15 Why Entrepreneurship?
  - Conclusion
  - Summary
  - Review Questions
- Chapter 2 The Entrepreneurship Ecosystem
  - 2.1 What is an Ecosystem?
  - 2.2 Context of the Ecosystem
  - 2.3 Positive Influencers of an Entrepreneurial Ecosystem
  - 2.4 Players in the Ecosystem
    - Family
    - Friends
    - Peers
    - Community
    - Funding Agencies
    - Non-governmental Organizations
    - Statutory and Regulatory Institutions
    - Government Department and Policies
  - 2.5 Ecosystem and Entrepreneurial Mobility
  - Conclusion
  - Summary
  - Review Questions
- Chapter 3 Entrepreneurship Process
  - 3.1 Entrepreneurship Process
  - 3.2 Why a Process for Entrepreneurship?
  - 3.3 The Unorthodox Iterative Process
  - 3.4 An Overview of the Entrepreneurship Process
  - 3.5 Assessing the Opportunity
  - 3.6 Ideation & Coming up with the Idea
  - 3.7 Arriving at the Right I2O Map
  - 3.8 Building the Business Model
  - 3.9 Creating the Business Plan
  - 3.10 Marshalling the Required Resources
  - 3.11 Creation of Legal Entity
  - 3.12 Making the Sale
  - 3.13 Practice of the Process
  - Conclusion
  - Summary
  - Review Questions
- Chapter 4 Introducing the Entrepreneur
  - 4.1 Who is an Entrepreneur?
  - 4.2 Myths about Entrepreneurs
  - 4.3 Why become an Entrepreneur?
  - 4.4 Definitions of Entrepreneur
  - 4.5 Characteristics of an Entrepreneur
  - 4.6 Common Mistakes Made
  - 4.7 Types of Entrepreneurs
  - 4.8 Knowledge, Skills and Functions
  - 4.9 Value Systems
  - 4.10 Maturing of an Entrepreneur
  - 4.11 Entrepreneurial Motivation
  - 4.12 Mentoring of Entrepreneurs
  - 4.13 Characteristics of a Mentor
  - 4.14 Successful Entrepreneurs
  - Conclusion
  - Summary
  - Review Questions
- Chapter 5 The Entrepreneurial Mindset
  - 5.1 Importance of a Mindset
  - 5.2 Key Drivers
  - 5.3 What is Entrepreneurial Mindset
  - 5.4 Entrepreneurial Mindset in Employees
  - 5.5 Impact of Entrepreneurial Mindset
  - 5.6 Entrepreneurial Mindset Enablers
  - Conclusion
  - Summary
  - Review Questions
- Chapter 6 Intrapreneurship or Corporate Entrepreneurship
  - 6.1 What is Corporate Entrepreneurship?
  - 6.2 Understanding the Concept of Corporate Entreprenuership
  - 6.3 The Need for Corporate Entrepreneurship
    - Evolution or Adaptation to Sustain Growth
    - Post-acquisition or Post-merger Difficulties
    - Disruptions in the Market Place
  - 6.4 Evolution of Corporate Entrepreneurship
  - 6.5 Intrapreneurship and Entrepreneurship: the Differences in Concept and Practice
  - 6.6 Hurdles in Intrapreneurship
    - Need for Organizational Alignment
    - Dependence on Company Resources
    - Dependence on Existing Business Models
    - Inability to Move Beyond Past Successes
    - Low Risk Appetite
    - Myth of the Ideal Solution
    - Level of Integration
    - Short-term vs. Long-term Results
  - 6.7 Successful Intrapreneurship
    - Alignment with the Overall Corporate Strategy
    - Adaptation of Procedures and Processes
    - Internal Leveraging
    - A Rationale for Intrapreneurship
    - A ‘Just’ Performance Measurement
  - 6.8 Ideal Intrapreneurs
  - 6.9 Benefits of Intrapreneurship
  - 6.10 What Intrapreneurship is not
    - Intrapreneurship is not Leadership
    - Intrapreneurship is not New Product Development
    - Intrapreneurship is not a Corporate Innovation Program
    - Intrapreneurship is not Hiving off Business Units
  - Conclusion
  - Summary
  - Review Questions
Part 2 The Practice of Starting
- Chapter 7 Idea to Opportunity Mapping
  - 7.1 Demystifying Terms
  - 7.2 Myths Around Innovation
  - 7.3 Can Innovation be Taught
  - 7.4 What is Business Innovation
  - 7.5 Relevance of Creativity and Innovation in Entrepreneurship
  - 7.6 Opportunity Analysis
    - Opportunity Sighting
    - Opportunity Evaluation
  - 7.7 Approach to Ideation
  - 7.8 Ideation Techniques
    - Focus Groups
    - Brainstorming
    - Creative Writing
    - Wish Lists
    - Ideal Scenario
    - Campaigns
    - Introspection
    - TRIZ
    - Time Machine
    - Catch-Ball
    - Scientific Method
  - 7.9 Ideation Catalysts
  - 7.10 Ideation Inhibitor
  - 7.11 CID Syndrome
  - 7.12 Mapping Ideas to Opportunities
  - 7.13 I2O Map Evaluation Sieve
  - 7.14 What do we do with the I2O Map
  - Conclusion
  - Summary
  - Review Questions
- Chapter 8 Business Modelling
  - 8.1 Introduction to Business Models
  - 8.2 What is a Business Model?
  - 8.3 Functions of a Business Model
  - 8.4 Types of Business Model
  - 8.5 Designing a Business Model
  - 8.6 Interpreting and Improvising the Business Model
  - Conclusion
  - Summary
  - Review Questions
- Chapter 9 Business Planning
  - 9.1 What is a Business Plan?
  - 9.2 Why write a Business Plan?
  - 9.3 Business Plan Myths
  - 9.4 Why Business Plan should not be the starting point?
  - 9.5 Types of Business Plans
  - 9.6 Sections of a Business Plan
  - 9.7 Detailing and writing the sections
    - The Executive Summary
    - Introduction
    - Description of Business Concept
    - Product or Service Highlights
    - Industry Analysis & Trends
    - Customer Segments
    - Competition
    - Strategic Position
    - Risk Assessment
    - Marketing Plan
    - Sales Strategy
    - Operations
    - Technology Plan
    - Management & Organization
    - Development, Milestones
    - Exit Plan
    - The Financials
    - Future Objectives
    - Supporting Documents
  - 9.8 Business Plan Documentation – Tips
  - 9.9 Sharing the Business Plan – IP and beyond
  - 9.10 Reviewing the Business Plan (Project Appraisal)
    - Business Model Review
    - Financial Review
    - Technical Feasibility Review
  - 9.11 Business Plan – Do’s and Dont’s
  - 9.12 Researching for the Business Plan
  - 9.13 External sources as Inputs
  - Conclusion
  - Summary
  - Review Questions
- Chapter 10 Business Creation
  - 10.1 Setting the Stage for Action
  - 10.2 Entity Types
  - 10.3 Steps in Setting up a Unit in India
  - 10.4 Legal, Regulatory and Statutory Body
  - 10.5 Compliance
  - 10.6 Role of Professional Advisors
  - 10.7 Micro Small Medium Enterprises Development (MSMED) Act 2006
  - 10.8 Cost of Creation
  - 10.9 IP at the Point of Start
  - 10.10 Government Grants and Subsidy
  - 10.11 Clearance Approvals and NOC
  - 10.12 Incubation Facilities and Clusters
  - Conclusion
  - Summary
  - Review Questions
- Chapter 11 Marshalling Resources
  - 11.1 Marshalling Resources – What and Why?
  - 11.2 Types of Resources
  - 11.3 People
  - 11.4 Network
  - 11.5 Partners
  - 11.6 Infrastructure
  - 11.7 Suppliers
  - 11.8 Technology
  - 11.9 Money or Funds
  - 11.10 Customers
  - Conclusion
  - Summary
  - Review Questions
- Chapter 12 The Art of Pitching
  - 12.1 Context of Pitching
  - 12.2 Defining a Pitch
  - 12.3 Importance of Pitching
  - 12.4 Types of Pitches
    - Elevator Pitch
    - Detailed Pitch
  - 12.5 Audience for the Pitch
  - 12.6 Understanding the Audience
  - 12.7 Preparation for the Pitch
  - 12.8 Post Pitch follow – up
  - Conclusion
  - Summary
  - Review Questions
- Chapter 13 Financing the Start-up
  - 13.1 Demystifying Terms
  - 13.2 Understanding the aspects of funds
  - 13.3 Basics of Finance
  - 13.4 Types of Capital
  - 13.5 Importance of Funding
  - 13.6 Importance of Cash
  - 13.7 Break-Even Analysis
  - 13.8 Boot Strapping
    - What are the typical characteristics of a Boot Strap Venture?
  - 13.9 Sources of Funds
  - 13.10 Choosing the Right Source
  - 13.11 Types and Nature of Investors
  - 13.12 Choosing the Right Investor
  - 13.13 Challenges in Raising Funds
  - 13.14 The Three Financial Statements
  - Conclusion
  - Summary
  - Review Questions
Part 3 The Practice of Sustaining and Growing
- Chapter 14 Evolution of a Start-up
  - 14.1 Scale-up of Business
  - 14.2 Evolution of Enterprises
  - 14.3 Key Factors Aiding Evolution
  - 14.4 Evolution Modelling
    - Start Stage
    - Sustenance Stage
    - Scaling Stage
    - Balancing of Scaling and Sustenance
    - Stalling and Stagnation Stage
    - Sick Enterprises
  - 14.5 Dimensions of Maturity
    - Entrepreneur as the Driving Force
    - Combined Driving Force of Entrepreneur and his Team
    - Emergence of Supremacy of Organization
    - Systematization and Process Institutionalization
  - 14.6 Impediments to Maturing
  - 14.7 Risks of Dilution of Ownership
  - 14.8 Rationale for Transitions
  - 14.9 Management of Small Business
  - 14.10 Importance of General Management
  - 14.11 Questions and Issues Impacting Growth
    - Question 1: “Do I want to Grow? Why?”
    - Question 2: “Do I want to Re-invest and Grow?”
    - Question 3: “Do I want to Raise Money and Grow?”
    - Question 4: “Do I have the Maturity to Own Less of More?”
    - Question 5: “Do I want to see the System as Bigger than Me?”
  - Conclusion
  - Summary
  - Review Questions
- Chapter 15 Collaboration
  - 15.1 Why Collaborate
  - 15.2 Collaboration in Entrepreneurship
  - 15.3 Types of Collaboration
  - 15.4 Collaboration Tenets
  - 15.5 Strategic Alliances and Joint Ventures
  - 15.6 Approaches to Effective Collaboration
  - 15.7 Downside to Collaboration
  - Conclusion
  - Summary
  - Review Questions
- Chapter 16 Networking
  - 16.1 What is Networking
  - 16.2 Myths about Networking
  - 16.3 Where should you Network?
  - 16.4 Some Popular Networking Forums
    - Entrepreneur Promotion Associations and Forums
    - Industry Associations
    - Special Interest Groups or Common Interest Groups
    - Community Forum
  - 16.5 Stages of Networking
  - 16.6 Approach towards Networking
  - 16.7 Good Networking Practices
  - Conclusion
  - Summary
  - Review Questions
- Chapter 17 Intellectual Property
  - 17.1 What is IP
  - 17.2 History of IP Laws and Frameworks
  - 17.3 Economic Value of an Intellectual Property
  - 17.4 The Life Cycle of an Intellectual Property
  - 17.5 Difference between the rights and laws
  - 17.6 Types of Intellectual Property
  - 17.7 Patents
  - 17.8 Trademarks
  - 17.9 Copyrights
  - 17.10 TRIPS And WIPO
  - 17.11 IPR in India
  - Conclusion
  - Summary
  - Review Questions
- Chapter 18 Innovation for Business Growth
  - 18.1 Concept of Innovation
  - 18.2 What is Innovation?
  - 18.3 Challenges in implementing innovation
    - How to Systemize the Innovation Process?
    - How to Make it Repeatable?
    - How to Sustain it?
  - 18.4 Setting up the Innovation Process
  - 18.5 Innovation Ecosystem
    - Who can be an Ideaist?
  - 18.6 The Innovation Venn
  - 18.7 Managing the Innovation Process
  - 18.8 Planning the Innovation Journey
  - 18.9 Cash Traps in the Innovation Process
  - 18.10 Benefits of Innovation
  - Conclusion
  - Summary
  - Review Questions
- Chapter 19 Knowledge Management
  - 19.1 Emergence of Knowledge Management
    - Importance of People Resource
  - 19.2 Distinction between Data, Information, Intelligence and Knowledge
  - 19.3 Knowledge Creation
    - Components of Knowledge
    - System for Knowledge Creation and Management
  - 19.4 Knowledge Economy
    - ‘Commoditization’ Problem
  - 19.5 Knowledge Management Process
    - Knowledge Creation
    - Knowledge Capture
    - Storage of Knowledge
    - Dissemination of Knowledge
  - 19.6 Knowledge Worker
    - Knowledge Worker’s Profile
    - Knowledge Worker’s Focus
    - Managing the Knowledge-Worker
    - Knowledge-Workers as Assets
  - Conclusion
  - Summary
  - Review Questions
- Chapter 20 Human Resource
  - 20.1 Basics of HR
  - 20.2 The HR Functions
  - 20.3 Challenges in HR
  - 20.4 Managing the HR process
    - HR Strategy
    - Reporting
    - Regulatory Aspects of HR
    - The Changing Face of HR
  - 20.5 Succession Planning
    - Handover and Take Over
    - Implementing Mandatory Leaves
  - Conclusion
  - Summary
  - Review Questions
- Chapter 21 Leadership & Governance
  - 21.1 Leadership Basics
  - 21.2 Leaders and Managers: How are they Different?
  - 21.3 Leadership in a Small Business v/s Large Corporation
  - 21.4 Importance of a Team A
  - 21.5 Tips for Staffing Team A
  - 21.6 Equity as a tool
  - 21.7 Synergising within the Team A
  - 21.8 Board of Directors
    - Who should be There on Such a Board?
  - 21.9 Healthy organisation practices
  - Conclusion
  - Summary
  - Review Questions
- Chapter 22 Operations
  - 22.1 What is Operations?
  - 22.2 Infrastructure Management
  - 22.3 Process Management
  - 22.4 Technology Management
  - 22.5 Managing Operations
    - Building Accountability at Work
    - Importance of Review
    - PERT and CPM Overview
  - Conclusion
  - Summary
  - Review Questions
- Chapter 23 Financing for Growth
  - 23.1 What is Growth and Why does it Need Financing?
  - 23.2 Working Capital Management
  - 23.3 What is the Operating Cash Cycle?
  - 23.4 Analysing Ratios
    - Profitability Ratios
    - Leverage Ratios
    - Liquidity Ratios
  - 23.5 Venture Capitalists
    - Myths around VC funding
    - Approach to VC funding
  - 23.6 Valuation
    - Investor type and valuation
    - Multiples or Comparative Method
    - Discounted Cash Flow Method
    - Asset Based Valuation
  - 23.7 Export Financing

Raj Shankar is a thinker, researcher, author and teacher of strategy andentrepreneurship. As the founder of ichiban Business Consultants Pvt Ltd, Raj Shankar works closely with SME owners to enable them negotiate startup and growth challenges. He is also a NEN - Goldman Sachs certified faculty mentor. An avid reader and writer he divides his time between his teaching engagements and consulting for small businesses. Raj Shankar holds a Masters in International Business from Symbiosis Institute of International Business, Pune. Raj can be reached at ichiban.raj@gmail.com