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I have read plenty of books on entrepreneurship but hardly any of them provide such a close insight into entrepreneurship in the Indian background. I personally like this book because the author is blunt in terms of ideas he wants to portray to his readers, for example everyday I would meet like five people in my vicinity who say that they want to become an entrepreneur or would not hesitate to jump to starting their own ventures after getting a MBA degree, they tell me how they want to create jobs and create value to the society and I used to believe every one of them since they were so sure about what they want amidst so much uncertainty but I was not sure until now in terms of asking them certain questions to determine whether they are actually competent, mature and strong enough to make sacrifices everyday for their venture.
In a nutshell this book by Subroto Bagchi gives its readers no mantra for success but it aims at giving valuable advices for a budding entrepreneur in his quest for success. The first two chapters of the book titled "When Do I Know If I Am Ready" and "The Profile of an Entrepreneur" forces the readers to introspect whether they have the guts and the focus to be an entrepreneur. It absolutely disregards people who have any doubt whatsoever as sure shot failures. The author has a weak grasp of words as he admits many times that the book is an effort and an amateur try towards making readers think about entrepreneurship. However the readers do get an insight into the mind of an entrepreneur as to how a model entrepreneur should choose make his business plan, managing time with personal commitments, how he should be focused towards brand management and most importantly selecting a core team which if described with an analogy would be most appropriate to be referred to as important as what wheels are to a car.
If someone would ask me to define an entrepreneur after just reading these two chapters or If I had to visualize myself as an entrepreneur I would see myself having self confidence, the liberty to choose my own path of living, having high levels of motivation, disciplined, humble but most importantly possessed with the unconditional love for creating wealth.
The framework that the author provides to understand entrepreneurship begins through making a distinction between the act of enterprise creation and the larger occurrence of entrepreneurial behavior. While creation of an enterprise represents a point of conclusion, abundant of the behavior that is related with this occasion would have been in process well before the actual delivery of the venture that could convey on into the period of venture increase and regeneration. And, therefore, the vent of enterprise creation can be seen as the consequence of congruence between environmental conditions and entrepreneurial behavior of individuals - both these contributing factors is able to exist situated separately. Hence, interventions as mentioned in the book by the author to develop individuals or creating enterprises would have to build on perceived behavioral dispositions that directly relate to the range of what constitutes entrepreneurial behavior. The origin of the entrepreneurial procedure is to be able to be traced to the idea taken by some persons to go on the farther side of the obtainable way of life. The importance is on idea preferably than response, although events in the environment may ignite the urge for the individual to show initiative.
As presented in the book, the issues of inspiration, leadership, argument resolution, coordination, foundation building, business ethics, learning and innovation, power systems, styles of management, openness to stakeholders, networking and inter-organizational collaboration, aggressive and growth strategies, sustainability and so forth contribute to organizational accomplishment and should be taken into consideration while putting the organization first with full commitment and personal sacrifices whenever required.
The book is purposely divided into chapters, the first three chapters at hand present abstract models which interpret the phenomenon of entrepreneurship and discuss the relationship among the diverse elements that describe the process of entrepreneurship. The serious roles of the two which is the cultural and the occupational environment that describes the conduct of creating value which is recommended to all entrepreneurs. Then, the point of concentration is on the entrepreneur as a person. Amid the concepts contemplated are the tasks of entrepreneurial meaning and motivation in the formation and enlargement of organizations. The troubles encountered by entrepreneurs and the largely uninhabited issue of treating employees in the manner that liabilities rather than property and ethical conduct.
The author has championed entrepreneur's intentions to a large extent. According to him, 'entrepreneur' ideas and intentions shape the first strategic pattern of new organizations and are the underpinnings or a base or a solid framework of the development of a new venture. The author states the underlying psychological determinants of goal-chasing behavior which is nothing but derived from questioning of entrepreneurial endeavors. Subroto Bagchi suggests that the individuals deciding whether or not to shrink a new business venture should ask themselves certain sets of questions: "How beneficial will it be at the time I do?", "How do I feel if I subsequently succeed or fail?", "Do others weighty to me think I ought to pursue this goal?" and "How likely is that I will fail, and in what manner?"
This intrigued me to question myself the same set of questions and I realized in what manner far away I am from being an entrepreneur. An entrepreneur is ready when doubt is inexistent and rightly said. Further, issue and failure represent the future outcomes; that is, sole will either achieve success or encounter deficiency at come the future time, frequently after an advantageous bigness of goal-directed effort and activity. Thus, in adding to the attention of the futurity consequences of some ultimate success or failure, individuals also consider the various actions and efforts that are involved during the pursuit of a goal, as spring in the manner that the consequences of such endeavors. This suggests that individuals question themselves questions like: "what are the various measures and efforts that I will hold to perform as I strive because of the goal, and how do I feel about them? What perform others who are important to me think round my pursuing the goal?" Both individuals and groups are considered in the manner that individuals to answer his question.
I don't agree with the author on one aspect. He suggests the importance of pursuit-related consequences, because of example, he discusses the need for achievement that invokes a diligent work ethic, stressing the desire of entrepreneurs to work hard for the simple enjoyment of doing thus but it should be able to reflect positive job characteristics of entrepreneurial work - flexibility, autonomy and control be able to likewise generate a diligent work ethic. In the whole of aspects of the book entrepreneurism is never associated with a sense of excitement, challenge or simply having fun but associated with firm work, long hours, few guidelines and equivocal future.
While a good deal of endeavor has been directed towards the subject of entrepreneurship, the originator has provided no single definition or speculation of who the entrepreneur is, or that which the entrepreneur does. For example, entrepreneurs are seen as creating new value, either through the introduction of innovative goods and services, the development and use of technology or technology transfer, the identification and establishing of new sources of supply or new markets, or the creation of new organizations or reorganizations of the industry. It is weighty to memorandum that like endeavors perform not necessarily entail the creation or establishment of a new organization.
I do not think and I can give a hard-line perspective on personality-based characteristics which omits that individuals do not appear to demonstrate consistencies in their department across duration and in diverse situations, and have personality traits that are not very consistent predictors of whether a person will act in particular way in particular situation.
There are unquestionable assumptions that the author takes regarding entrepreneurs in general, on the other hand I personally disapprove them as they may not apply to every situation or every individual and most importantly across cultures. For example, the author mentions, entrepreneurs in general are soaring on the need for independence and sovereignty, the need for pleasant work, the desire to develop and use one's own capabilities, and the desire because of reputation and recognition. On the other hand, they are low on the sense of duty, the need for outside support, and the desire because of feedback, which I think does not apply to everyone. Another brave yet a failed attempt to describe entrepreneurship was to state that an entrepreneurship's desire because of autonomy and independence are non-satiable motives, but his desire for money and standing are satiable motives. The aforementioned statements should be treated n the manner that tentative inferences in the manner that there is an obvious necessity because of testing their empirical validity through larger samples spread over different types of entrepreneurs.
The inventor tries to underpin a profound and a wise observation which is valid today as at the time Plato made it over 2000 years ago. It is applicable to entrepreneurs, as it is to every human being, the reason existence that the being of any human organization is to sustain some 'good' and exist in accord with the 'highest excellence'.
Entrepreneurs need to gaze upon whether their policies and actions are likely to remote the moral conduct in terms of employees and the communities it affects. No single will contradict that entrepreneurs need to accomplish their business objectives, but the manner in which these are achieved ought to be compatible with the larger interests of society. In other words, entrepreneurs have a responsibility not only to gain a moderately spotless return to their investment, on the other hand they also hold a responsibility to other stakeholders in the enterprise- in particular, consumers, employees, suppliers, government and local communities. The role of morals in the entrepreneur's decision is key to long limit success of the organization.
The fear of failure as a result of doubt is expressed by Bagchi as a certain cause to failure of any venture, and the amount of stress and emotional trauma that an entrepreneur goes through can be described at best with the paragraphs as follows.
I know you're under pressure, the fear of losing is reflected on your face when you look down at your hand which cannot help shaking. You search for solutions, you try to think out of the box, but you don't realize the solution is obvious! Your instincts take over, which slowly gets corrupted with further beating of your ego, you are in a run to loose, loose everything as you go on. You try to think this should have not been happening in an ideal world. You force yourself to be on the defensive, even though your attack is your best defense. You are a dead duck, and damn confused of what is to be done. Trying to get sophisticated, as this u think would help, you change, u think as if you are a warrior cursed with poison of bad luck. The game ends, you are defeated, as it should happen.
You regret doing what you did, you regret to be more different, more thoughtful and considerate about your actions, then u get this sudden feel of attitude which says "let go". You think it's over, you decide it was just not your day; you throw out the weight off your shoulders. You breathe a new air; you talk, and try to get into friendlier crowds, you become yourself. Then someone reminds you of what you have done, what you could have done, but you think its waste to talk about it, you become a coach of yourself, then you get the answer what you wanted, you dispute with yourself of being so foolish!, the solution is, when you are down and out, you have to think as if you are student eager to learn about yourself, rather going coaching yourself, making you feel even more weak. The answer is as obvious as it can get, as a layman would prefer to be free rather than a slave, but your hurt ego makes you do the opposite, its funny how the mind play tricks with you, but its you who does it all! Isn't it?
The key mistakes that entrepreneurs make that become the reason for the failure of their organization are -
1. Vision is specific.
2. Failure to create and adhere to a detailed and realistic business plan.
3. Failure to revisit the business plan on a weekly, monthly, quarterly and annually.
4. Hiring the wrong people.
5. No further innovation.
In this stirring and intensely considerate book, Subroto Bagchi analyses the traits of a true 'professional'. His examples consist of modest failures as well as top business gurus, not so popular but committed nurses as well as attention seeking sport celebrities. The narrative he conveys are both helpful and insightful as they deal with regular events and with crisis situations that take place in various situations like offices, hospitals, banks, and airports. With the help of these vivid experiences, the author explains how to make a career map with taking into perspective two ingredients to successes that are intelligence and integrity.