ENTREPRENEURIAL MIND

MODULE 1

What is Entrepreneurial mind?

• Entrepreneurial mind refers to a specific state of mind which orientates human conduct towards
entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn
to opportunities, innovation and new value creation.
• Entrepreneurial mind frame allows the entrepreneur to see things in a very positive and
optimistic light in the midst of crisis or difficult situations.
In fact, in Chinese writing, the word crisis is composed of two characters. The first character
means danger while the second character means opportunity. Passion is the great desire to attain
a vision or fulfill a mission. It is about wanting something so much that a person would be willing to
totally devote oneself to the quest.
• The Entrepreneurial heart flame is also about emotional intelligence or EQ, which is often
manifested in the entrepreneur’s efforts to nurture relationships with customers, employees, and
suppliers. The entrepreneur also looks after the interests of his or her people by motivating and
encouraging them to be the best that they can be.
• This creates caring culture within the organization that brings about synergy among the people
working toward a common vision.
• The Entrepreneurial gut game refers to the ability of the entrepreneur to sense without using five
senses. This is also known as intuition.
• The gut game also connotes courage or, in the local dialect, "lakas ng loob” (strong intestinal
fortitude).

• New Product Development

Successful new products spring from the convergence of:
(1) the creative mind; (2) the technical mind; and (3) the business mind.
• The creative mind conceptualizes and designs a product that consumers find some use for. It
likewise produces a product that is pleasing to see, touch, smell, hear, and taste.
• The technical mind is the technology originator. The entrepreneur may not necessarily possess the
technical mind but this is what drives him or her to convert new knowledge into something highly
functional and operational.
• The business mind harnesses the potentials of new products by creating the market space for
them. It also organizes sufficient forces and resources to develop, launch, and commercialize the new
product in order to maximize its market value.
• 5 Essential Characteristics of The Entrepreneurial Mind
1. Creativity
The seed of entrepreneurship is the ability to see things differently. Whether it's with new products or
new processes, entrepreneurs are driven by the uncanny knack to see holes in the marketplace and
devise innovations to fill them.
2. Suspicion of predictors
Entrepreneurs tend not to labor under the assumption that data is the sole predictor of an outcome.
Especially in new markets and with new products where data is largely interpretive or extrapolated,
entrepreneurs are undaunted by the typical predictors that may put off fainter hearts.
 3. Comfort with uncertainty.
Similarly, a distrust of prediction and analysis creates an atmosphere where uncertainty rules.
Indeed, uncertainty is the very essence of entrepreneurship.
4. Openness to experimentation
A comfort with experimentation goes beyond educated trial and error. The ability to experiment with
products, processes and outcomes, no matter where the results may lead, is the key element of this
quality.
5. Functional humility
Egos can destroy the very best ideas. Entrepreneurs who are committed to solving a business problem
or reinventing a product or service display a functional humility.

So can everyone have an entrepreneurial mind? Probably not. But with time and practice, you can
begin to think more like entrepreneurs. You can start to make subtle shifts in old, reflexive thinking
that keeps us from exploring a new idea or taking the leap and launching your own business.
Entrepreneurial thinking may be less of destination and more of a journey as you push your own
boundaries and explore exactly what you ‘re capable of.
• Entrepreneur is a word borrowed from the French word entreprendre, “one who undertakes” –
that is, a “manager.” In fact, the word entrepreneur was shaped probably from celui qui entreprend,
which is loosely translated as “those who get things done”

• A person behind entrepreneurship is the entrepreneur possessing certain characteristics and

different traits which make him unique. In order to have a better understanding of who the
entrepreneur is, we must identify the roles, tasks, characteristics and approaches that allowed him to
create a new wealth and generate value.

• What Is an entrepreneur?
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying
most of the rewards. The process of setting up a business is known as entrepreneurship. The
entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and
business/or procedures.

• 10 Important personal characteristics of entrepreneurs

1. Entrepreneurs are goal-oriented
 Entrepreneurs are all about setting goals and putting everything they have into achieving
them. They’re determined to make their business succeed and will remove any obstacles
that stand in their way. They also tend to be strategic in their game plans and have a clear
idea of what they want to achieve and how they plan to do it. 

• How to become goal-oriented: 

 Create short- and long-term goals for your business. Short-term goals are those you can
complete in an hour, a day, or as long as a week. Long-term goals might take you a year or
longer. 

 Whenever you have a choice to make about what to focus on, choose the thing that will help
you make the most progress toward one of your goals.

2. Entrepreneurs are committed to their business

 Entrepreneurs are not easily defeated. In fact, they view failure as an opportunity for
 future success. If they don’t succeed the first time, they’ll continue to try until they do.
Most entrepreneurs don’t take ‘no’ for an answer.

How to remain committed: 

 Each time you run up against an obstacle, rather than thinking that your idea won’t work or
that you’ve failed, think about what you can learn from the experience. 

 Figure out another way to reach your goal from where you are. 

 Remember that many successful entrepreneurs fail several times before they succeed.

3. Entrepreneurs are hands-on

 Entrepreneurs are inherently proactive and know that if something needs to get done,
they should do it themselves. They are ‘doers’ and tend to have very exacting standards.
They view their business as an extension of themselves and like to be present in day-to-
day operations – even when they don’t have to be.

How to stay hands-on: Having a business that grows to the point where you can’t do everything
yourself is a good problem to have. But it’s still important to know how things are being done.
Consider:

 Spending some time with each of your key people at least once a month to make sure you know
how they’re doing their work. 

 Filling in for people when they go on vacation just to keep your hand in it.

4. Entrepreneurs thrive on uncertainty

 Not only do entrepreneurs thrive on facing a new challenge, they remain calm in the face
of those challenges. Sometimes things go wrong in business, and when they do, it’s your
job as the head of the company to keep your cool. Successful entrepreneurs know this and
flourish in the wake of a challenge.

How to thrive on uncertainty: Manage uncertainty in three steps. 

 When the unexpected happens, stop and take a deep breath. 

 Think about how you can solve the problem, and how you can learn from it. 

 Remember your goals. How can you continue to move toward them despite this uncertainty?

5. Entrepreneurs continuously look for opportunities to improve

 Entrepreneurs view every event or situation as a business opportunity, and they’re
constantly generating new and innovative ideas. They have the ability to look at
everything around them through the lens of their goals, seeing opportunity everywhere.  

How to continuously improve: Outside-the-box thinking doesn’t come naturally to everyone, but

you can practice it. 

 Each time you do something – whether it’s ordering supplies, making a sales call, or creating a
new product – ask yourself if there’s a way you could do it better. 

 If you have employees, reward them for making suggestions that lead to improvement.
 6. Entrepreneurs are willing to take risks
 Most entrepreneurs don’t ask themselves whether or not they will succeed – they believe
they will. This innate confidence allows them to take risks because they firmly believe
those risks will pay off.

How to practice taking risks: 

 When deciding whether or not to take a risk, ask yourself, “What is the worst thing that could
happen?” and then, “How likely is it that the worst thing will happen?” The answers to these
two questions can inform your decision. 

 If the worst possible outcome is not really that bad, or is extremely unlikely, it’s probably a risk
worth taking.

7. Entrepreneurs are willing to listen and learn

 The most important part of learning is listening – and a good entrepreneur will do this in
abundance. They also know that they can learn something new from just about everyone
they meet, so they don’t hesitate to ask questions.

How to listen and learn: 

 When talking to people about your business, make sure you’re asking more questions than
you’re answering. 

 You should be trying to learn something from every interaction, whether it’s with a customer, a
supplier, an employee, or someone you just met.

8. Entrepreneurs have great people skills

 Entrepreneurs tend to have strong communication skills, and this strength, combined
with their passion for their product or service, helps them to talk to anyone and everyone
about their business. They’re also natural leaders who can motivate, inspire, and influence
those around them.

How to develop people skills: This is another skill that many people think you need to be born
with, but it can be learned. 

 Start by making an effort to strike up a conversation with someone you don’t know. 

 Ask open-ended questions. 

 Continue the discussion based on their answers to your questions. 

 As long as you’re asking more questions than you’re answering, you’ll likely keep their interest. 

9. Entrepreneurs are inherently creative

 This is one trait that, due to their nature, entrepreneurs tend to have in abundance. They
can come up with ingenious ideas and also have the ability to turn those ideas into profits.

How to harness your creativity: People who don’t consider themselves creative can sometimes
be intimidated by those whose creativity is apparent. But this trait can also be built by practice.  

 When faced with a problem, start by writing down every possible solution. 
  Make it a point to include solutions you think will never work – the more outlandish the better. 

 The one you settle on probably won’t be one of these, but it will get you into the habit of
considering every possible scenario. 

10.Entrepreneurs are passionate and positive

 Passion may be the most important trait of the successful entrepreneur. They genuinely
love what they do and are willing to put in the extra hours to make their business grow.
They get a sense of satisfaction from their work that goes beyond making money.

How to be passionate and positive: 

 Choose a product or service that you’re genuinely interested in. 

 You must be convinced that your business solves a real need in a way that will improve people’s
lives. 

 Once you are sure about that, it’s easy to be passionate and positive about what you do.

TYPES OF ENTREPRENEURS
• Based on the Type of Business:
1. Trading Entrepreneur:
As the name itself suggests, the trading entrepreneur undertake the trading activities. They procure
the finished products from the manufacturers and sell these to the customers directly or through a
retailer. These serve as the middlemen as wholesalers, dealers, and retailers between the
manufacturers and customers.
2. Manufacturing Entrepreneur:
The manufacturing entrepreneurs manufacture products. They identify the needs of the customers
and, then, explore the resources and technology to be used to manufacture the products to satisfy the
customers’ needs. In other words, the manufacturing entrepreneurs convert raw materials into
finished products.
3. Agricultural Entrepreneur:
The entrepreneurs who undertake agricultural pursuits are called agricultural entrepreneurs. They
cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce,
irrigation, mechanization, and technology.

• Based on the Use of Technology:

1. Technical Entrepreneur:
The entrepreneurs who establish and run science and technology-based industries are called
‘technical entrepreneurs.’ Speaking alternatively, these are the entrepreneurs who make use of science
and technology in their enterprises. Expectedly, they use new and innovative methods of production in
their enterprises.
2. Non-Technical Entrepreneur:
Based on the use of technology, the entrepreneurs who are not technical entrepreneurs are non-
technical entrepreneurs. The forte of their enterprises is not science and technology. They are
concerned with the use of alternative and imitative methods of marketing and distribution strategies
to make their business survive and thrive in the competitive market.
• Based on Ownership:
1. Private Entrepreneur:
A private entrepreneur is one who as an individual sets up a business enterprise. He / she it’s the sole
owner of the enterprise and bears the entire risk involved in it.
2. State Entrepreneur:
When the trading or industrial venture is undertaken by the State or the Government, it is called ‘state
entrepreneur.’
3. Joint Entrepreneurs:
When a private entrepreneur and the Government jointly run a business enterprise, it is called ‘joint
entrepreneurs.’

• Based on Gender:
1. Men Entrepreneurs:
When business enterprises are owned, managed, and controlled by men, these are called ‘men
entrepreneurs.’
2. Women Entrepreneurs:
Women entrepreneurs are defined as the enterprises owned and controlled by a woman or women
having a minimum financial interest of 51 per cent of the capital and giving at least 51 per cent of
employment generated in the enterprises to women.
Based on the Size (assets) of

Based on the Size (assets) of Enterprise:

Based on Clarence Danhof (book author) Classification:
Clarence Danhof (1949), on the basis of his study of the American Agriculture, classified
entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs have
less initiative and drive and as economic development proceeds, they become more innovating and
enthusiastic.
1. Innovating Entrepreneurs:
Innovating entrepreneurs are one who introduce new goods, inaugurate new method of production,
discover new market and reorganize the enterprise. It is important to note that such entrepreneurs
can work only when a certain level of development is already achieved, and people look forward to
change and improvement.
2. Imitative Entrepreneurs:
These are characterized by readiness to adopt successful innovations inaugurated by innovating
entrepreneurs. Imitative entrepreneurs do not innovate the changes themselves; they only imitate
techniques and technology innovated by others. Such types of entrepreneurs are particularly suitable
for the underdeveloped regions for bringing a mushroom drive of imitation of new combinations of
factors of production already available in developed regions.
3. Fabian Entrepreneurs:
Fabian entrepreneurs are characterized by very great caution and skepticism in experimenting any
change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so
would result in a loss of the relative position in the enterprise.
4. Drone Entrepreneurs:
These are characterized by a refusal to adopt opportunities to make changes in production formulae
even at the cost of severely reduced returns relative to other like producers. Such entrepreneurs may
even suffer from losses but they are not ready to make changes in their existing production methods.
What is Entrepreneurial Management?
The adjective “entrepreneurial” is used in a host of varying contexts and embodies a wide variety of
meanings and implications. For instance, “entrepreneurial knowledge,” as J.J. Kao points out in The
Entrepreneurial Organization, can be referred to the concepts, skills, and mindset associated with
operating large corporations with greater flexibility, innovation, and responsiveness.

Entrepreneurial Management vs. Corporate Management

In their book, Entrepreneurship, Robert Hisrich and Michael Peters say that managing a new venture
differs from managing an existing operation along five key management issues:

 strategic orientation
 commitment to opportunity
 commitment of resources
 control of resources
 management structure

The entrepreneurs born with these management skills come from a rare breed of people with
intelligence, great heart, and creative skills. They are visionary and self-confident, good
communicators with unlimited energy, and have a strong passion for what they do.

Fortunately for those of you who were not born blessed with these skills running through your blood,
we know that the most critical skills in launching and running a new venture can be learned. We will
teach you some of the most important ones.

Entrepreneurs are directly involved in the dynamic, and very complex, interrelationship between
financial management and business strategy. This is the significant difference that sets entrepreneurial
management apart from all business management practices. In almost all cases, the person making the
decisions has personal risk at stake.

The worst-case scenario for folks “at work” is getting fired. The worst case for entrepreneurs is losing
their home, personal credit, and lifestyle, as well as the destruction of family relationships.

Defining Entrepreneurial Management: Peter Drucker remarked that for the existing large
company, the controlling word in the phrase “entrepreneurial management” is “entrepreneurial.” In
any new business venture, the controlling word is “management.” Therefore, for the purposes of our
discussions we lean toward “management” as a discipline for entrepreneurs. We define
entrepreneurial management as the practice of taking entrepreneurial knowledge and utilizing it for
increasing the effectiveness of new business venturing as well as small- and medium-sized businesses.

The heart of entrepreneurial management is continually juggling these vital management

issues:

1. What is this venture about? (mission and values statement)

2. Where should it go? (goals and objectives)
3. How will it get there? (growth strategy)
4. What does it need to get there? (people and resources)
5. What structure is best? (organizational capabilities)
6. How much money does it need and when? (financing strategy)
 7. How will it recognize the final destination? (vision of success)

Key Differences Between Entrepreneur and Manager

The difference between entrepreneur and manager can be drawn clearly on the following grounds:

1. A person who creates an enterprise, by taking a financial risk in order to get profit, is called an
entrepreneur. An individual who takes the responsibility of controlling and administering the
organization is known as a manager.
2. An entrepreneur focuses on business startup whereas the main focus of a manager is to
manage ongoing operations.
3. Achievements work as a motivation for entrepreneurs. On the other hand, the primary
motivation is the power.
4. The manager’s approach to the task is formal which is just opposite of an entrepreneur.
5. An entrepreneur is the owner of the enterprise while a manager is just an employee of the
company.
6. A manager gets salary as remuneration for the work performed by him. Conversely, profit is the
reward for the entrepreneur.
7. An entrepreneur’s decisions are driven by inductive logic, courage, and determination; that is
why the decision making is intuitive. On the contrary, the decision making of a manager is
calculative, as they are driven by deductive logic, the collection of information and advice.
8. The major driving force of an entrepreneur is creativity and innovation. As against this, a
manager maintains the existing state of affairs.
9. While entrepreneur is a risk taker, the manager is risk averse.

Definition of Entrepreneur

The term ‘entrepreneur’ is a French origin which means ‘go between’ or ‘between-takers’. An
entrepreneur is a person who creates a new enterprise by assembling inputs (i.e. land, labor and
capital) for production purposes. He assumes all risk and uncertainty, in order to achieve profit and
growth of the business venture by identifying new opportunities and combining resources for the
purpose of capitalizing them. He innovates new ideas and business processes.

They are classified as an innovative entrepreneur, imitating entrepreneur, Fabian entrepreneur,

drone entrepreneur. Further, they can be classified on the basis of business, technology, motivation,
area, stages of development, etc. The characteristics of a successful entrepreneur are given below:

 Commitment and Conviction

 Capacity to analyze
 Initiative and Independence
 High personal efficiency
 High need for achievement
 Risk Taker

Definition of Manager

By the term ‘manager’ we mean a person who gets the things done through his subordinates, with the
aim of accomplishing business objectives efficiently and effectively. The five primary functions of a
manager are planning, organizing, directing and motivating, coordination and control.
The manager is in charge of the particular division, unit or department of the company. He may
directly command to workers, or he may direct the supervisors, who will command workers.
Therefore, he is the one under whose supervision, his subordinates work and report to him. Managers
can be top level managers, middle-level managers, low-level managers.

ª 10 steps to start your business

Starting a business involves planning, making key financial decisions, and completing a series of legal activities
1. Conduct market research
Market research will tell you if there’s an opportunity to turn
your idea into a successful business. It’s a way to gather
information about potential customers and businesses already
operating in your area. Use that information to find a competitive
advantage for your business.
2. Write your business plan
Your business plan is the foundation of your business. It’s a roadmap for how
to structure, run, and grow your new business. You’ll use it to convince people
that working with you — or investing in your company — is a smart choice.
3. Fund your business
Your business plan will help you figure out how much
money you’ll need to start your business. If you don’t
have that amount on hand, you’ll need to either raise or borrow the capital.
Fortunately, there are more ways than ever to find the capital you need.
4. Pick your business location
Your business location is one of the most important decisions you’ll make.
Whether you’re setting up a brick-and-mortar business or launching an
online store, the choices you make could affect your taxes, legal
requirements, and revenue.
5. Choose a business structure
The legal structure you choose for your business will impact your business
registration requirements, how much you pay in taxes, and your personal liability.

6. Choose your business name

It’s not easy to pick the perfect name. You’ll want one that reflects your
brand and captures your spirit. You’ll also want to make sure your
business name isn’t already being used by someone else.
7. Register your business
Once you’ve picked the
perfect business name, it’s time to make it legal and protect your
brand. If you’re doing business under a name different than your
own, you’ll need to register with the federal government, and maybe
your state government, too.
8. Get federal and state tax
IDs
You’ll use
your employer identification number
(EIN) for important steps to start and grow
your business, like opening a bank account and paying taxes. It’s like a social security number for your
business. Some — but not all — states require you to get a tax ID as well.
9. Apply for licenses and permits
Keep your business running smoothly by staying legally compliant. The licenses and permits you need for
your business will vary by industry, state, location, and other factors.
10.Open a business bank account
A small business checking account can help you handle legal, tax, and day-to-day
issues. The good news is it’s easy to set one up if you have the right registrations
and paperwork ready.

• What is FRANCHISING?
Franchising is based on a marketing concept which can be adopted by an
organization as a strategy for business expansion. Where implemented, a
franchisor licenses its know-how, procedures, intellectual property, use of its business model, brand,
and rights to sell its branded products and services to a franchisee. In return the franchisee pays
certain fees and agrees to comply with certain obligations, typically set out in a Franchise Agreement.
 Franchise Basics and Regulations
Franchise contracts are complex and vary for each franchisor. Typically, a franchise agreement
includes three categories of payment to the franchisor. First, the franchisee must purchase the
controlled rights, or trademark, from the franchisor in the form of an upfront fee. Second, the
franchisor often receives payment for providing training, equipment or business advisory services.
Finally, the franchisor receives ongoing royalties or a percentage of the operation's sales.

A franchise contract is temporary, akin to a lease or rental of a business. It does not signify business
ownership by the franchisee. Depending on the contract, franchise agreements typically last between
five and 30 years, with serious penalties if a franchisee violates or prematurely terminates the
contract.

In the U.S., franchises are regulated at the state level. However, the Federal Trade Commission
(FTC) established one federal regulation in 1979. The Franchise Rule is a legal disclosure a franchisor
must give to prospective buyers. The franchisor must fully disclosure any risks, benefits or limits to a
franchise investment. This information covers fees and expenses, litigation history, approved business
vendors or suppliers, estimated financial performance expectations, and other key details. This
disclosure requirement was previously known as the Uniform Franchise Offering Circular before it
was renamed the Franchise Disclosure Document in 2007.

 Pros and Cons of Franchises

There are many advantages to investing in a franchise, and also drawbacks. Widely recognized
benefits include a ready-made business formula to follow. A franchise comes with market-tested
products and services, and in many cases established brand recognition. If you're a McDonald's
franchisee, decisions about what products to sell, how to layout your store, or even how to design your
employee uniforms have already been made. Some franchisors offer training and financial planning, or
lists of approved suppliers. But while franchises come with a formula and track record, success is
never guaranteed.

Disadvantages include heavy start-up costs as well as ongoing royalty costs. To take the McDonald’s
example further, the estimated total amount of money it costs to start a McDonald’s franchise ranges
from $1 million to $2.25 million. By definition, franchises have ongoing fees that must be paid to the
franchisor in the form of a percentage of sales or revenue. This percentage can range between 4.6%
and 12.5%, depending on the industry.

For uprising brands, there are those who publicize inaccurate information and boast about rating,
rankings and awards that are not required to be proven. So, franchisees might pay high dollar amounts
for no or low franchise value. Franchisees also lack control of over territory or creativity with their
business. Financing from the franchisor or elsewhere may be difficult to come by. Other factors that
impact all businesses, such as poor location or management, are also possibilities.

 Franchise vs. Startup

If you don't want to run a business based on someone else's idea, you can start your own. But starting
your own company is risky, though it offers rewards both monetary and personal. When you start your
own business, you're on your own. Much is unknown. Will my product sell? Will customers like what I
have to offer? Will I make enough money to survive?

The failure rate for new businesses is high. Roughly 20% of startups don't survive the first year. About
50% last until year five, while just 30% are still in business after 10 years. 8 If your business is going to
beat the odds, you alone can make that happen. To turn your dream into reality, expect to work long
and hard hours with no support or expert training. If you venture out solo with little or no experience,
the deck is stacked against you. If this sounds like too big a burden, the franchise route may be a wiser
choice.

People typically purchase a franchise because they see other franchisees' success stories. Franchises
offer careful entrepreneurs a stable, tested model for running a successful business. On the other
hand, for entrepreneurs with a big idea and a solid understanding of how to run a business, launching
your own startup presents an opportunity for personal and financial freedom. Deciding which model
is right for you is a choice only you can make.

What Factors Determine the Success or Failure of a Business?

1. Empowering Leadership
2. Well-Defined Vision
3. Relevant Knowledge of the Business Market
4. Detailed Business Plan
5. Assessment of the Direct and Indirect Competition
6. Availability of Financing
7. Solid Customer Relations Management
8. Well-Managed Supply Chain
9. Proper Timing
10. Well-Devised Decision-Making System
11. Government Regulatory Measures

1. Empowering Leadership

The first factor for business success is empowering leadership. This type of business management
style has also been called transformational leadership. Transformational leadership is the type of
motivational style that draws others in and inspires them to achieve something greater than
themselves. However, the employees and staff members do not merely do the work; they also become
better people in the process.

More and more enlightened employers are learning that employee satisfaction has a direct impact on
the quality and sustainability of the enterprise. In fact, companies like Google have paved a new road
of follower-centered leadership by offering services that help employees feel wanted and make their
lives more efficient and effective. Such services can include company buses to pick up employees, in-
house fry cleaning, and in-house daycare services. When employees are able to worry less about day to
day issues outside of work, then they feel empowered to think creatively about their work.

2. Well-Defined Vision

The second factor of business success is a well-defined vision. A corporate vision is a scripted
understanding of what a company wants to do and how they want to accomplish it. A well-defined
vision allows members of an organization to unite for a common cause with singular aim and all
energy focused in one direction. No matter which leadership theory one espouses, all leadership
theories identified with positive outcomes include vision as part of the makeup of a successful
company. Organizations that actively scan the horizon and tweak and sometimes redefine their visions
will more likely maintain a sustainable competitive advantage.

3. Relevant Knowledge of the Business Market

A third factor for business success is relevant knowledge of the business market. In order to do
anything well, a person or company must do their homework to gain a deep understanding of the
factors that are essential for success. These days as the World Wide Web continues to expand, there is
no excuse for a would-be entrepreneur to lack knowledge of whatever business they feel led to pursue.
Sadly, many businesses are dead out of the gate because they do not take the time to gain a proper
perspective on the industry.

4. Detailed Business Plan

Another factor for business success is the formulation of a comprehensive business plan. Knowing
about an industry and sketching out a vision is only the beginning of a successful enterprise. The next
step is to take what you know and what you want to accomplish and write a detailed strategy for how
to make it happen. A business plan covers all the related factors that are essential for a winning
enterprise including vision, description of the market, projected financials, employee relationships,
and customer relations management (CRM).

5. Assessment of the Direct and Indirect Competition

When getting ready to implement a new business, another important factor for success or failure is
the nature of the direct and indirect competition for the same product or service. For instance, a
person or group wishing to open an online outlet for used furniture should take adequate time to
research how many other competitors are trying to do the same thing. When doing the research, the
group should ask: Who is the competition? What products and services do they offer? What is their
pricing structure? What kind of shipping do they offer? And the like. Gaining a firm grasp of the
competition can definitely make the difference between staying alive long-term or filing for
bankruptcy.

6. Availability of Financing

A sixth factor important to the success or failure of a business is available financing. The current
economic crisis in America has made venture capital difficult to find. Of course, if a company can
manage to avoid using credit altogether, then this is not a problem. Still, most new businesses need
some kind of seed money to get them up to speed, and thus the ability to secure working capital is
critical to keeping the doors open.

7. Solid Customer Relations Management

A seventh reason for business success or failure is how a company relates to its customers. This seems
like a no-brainer, but the better an organization handles its client base, the more apt it will be to stay in
business. Enterprises that take time to think out common and uncommon situations before they
encounter them will be more likely to keep customers coming back. Those groups that merely define
their customer relationships on the fly or in the heat of the moment are doomed to fail.

8. Well-Managed Supply Chain

Another reason for business success or failure is how a company manages its inventory. In order to
keep the right mix of products on the shelves, an enterprise needs to think through its supply chain
processes. Too much inventory can tie up working capital, but too little inventory can lead to shortages
and lower customer satisfaction. JIT (or just-in-time) inventory management is one supply chain
strategy that has benefited such large organizations like Wal-Mart, Dell Computers, and Toyota Motors.

9. Proper Timing

A ninth reason for business success or failure is timing. In 1998, when the latest housing boom began,
it was probably a good time to enter into the home mortgage industry; in 2006, when the housing
bubble began to burst, it was probably a poor time to set up a new mortgage outfit. Part of learning
about an industry is getting a good feel for its business cycle, although trying to time the market can
lead to indecision.

10. Well-Devised Decision-Making System

Decision-making is at the heart of any business, and the best organizations have outlined a step of
procedures involved in the decision-making process. Those entities that tend to practice participative
leadership allow representatives from all departments to be involved in the process and seem to gain
stronger employee buy-in. Most poorly led organizations do not encourage participation and often
lack a well-defined procedure for making decisions. One solid decision-making scheme is the nine-step
problem-solving model.
The steps in the model are:

 Describe the situation in detail

 Frame the "right" problem
 Describe the end-state goals from a broad perspective of values
 Identify the alternatives
 Evaluate the alternatives
 Identify and assess the risks
 Make the decision
 Develop and implement the solution
 Evaluate the results

11. Government Regulatory Measures

The final reason for business success or failure is how much the owners of an enterprise have a good
grasp on the rules and regulations governing their sector of the economy; this includes having a clear
understanding of the tax structure. Many would-be entrepreneurs charge into a good idea, not
knowing what restrictions apply to the execution of the idea.

MODULE 2
• What Is a Business Plan?
A business plan is a written document that describes in detail how a business—usually a startup—
defines its objectives and how it is to go about achieving its goals. A business plan lays out a written
roadmap for the firm from marketing, financial, and operational standpoints.
Business plans are important documents used for the external audience as well as the internal
audience of the company. For instance, a business plan is used to attract investment before a company
has established a proven track record or to secure lending. They are also a good way for companies
and executive teams to be on the same page about strategic action items and to keep themselves on
target towards the set goals. Although they’re especially useful for new businesses, every company
should have a business plan. Ideally, the plan is reviewed and updated periodically to see if goals have
been met or have changed and evolved. Sometimes, a new business plan is created for an established
business that has decided to move in a new direction.

Understanding Business Plans

A business plan is a fundamental document that any startup business needs to
have in place prior to beginning operations. Banks and venture capital firms
indeed often make writing a viable business plan a prerequisite before
considering providing capital to new businesses. Operating without a business plan is not usually a
good idea. In fact, very few companies are able to last very long without one. There are definitely more
benefits to creating and sticking to a good business plan—including being able to think through ideas
without putting too much money into them and,
ultimately, losing in the end.
A good business plan should outline all the projected costs and possible pitfalls of each decision a
company makes. Business plans, even among competitors in the same industry, are rarely identical.
But they all tend to have the same basic elements, including an executive summary of the business and
a detailed description of the business, its services, and its products. It also states how the business
intends to achieve its goals. The plan should include at least an overview of the industry of which the
business will be a part, and how it will distinguish itself from its potential competitors.

Types of Business Plans

Business plans help companies identify their objectives and remain on track. They can help
companies start and manage themselves, and to help grow after They’re up and running. They also act
as a means to get people to work with and invest in the business.
Although there are no right or wrong business plans, they can fall into two different categories—
traditional or lean startup. According to the Small Business Administration, the traditional business
plan is the most common. They are standard, with much more detail in each section. These tend to be
much longer and require a lot more work. Lean startup business plans, on the other hand, use an
abbreviated structure, highlighting key elements. These business plans aren’t as common in the
business world as they are short—as short as one page—and have very little detail. If a company uses
this kind of plan, they should expect to provide more
detail if an investor or lender requests it.

Special Considerations
Financial Projections
A complete business plan must include a set of financial projections for the business. These forward-
looking projected financial statements are often called pro-forma financial statements or simply the
‘pro-formas’ These statements include the overall budget, current and projected financing needs, a
market analysis, and the company’s marketing strategy.

Other Considerations for a Business Plan

The idea behind putting together a business plan is to enable owners to have a more defined picture of
potential costs and drawbacks to certain business decisions and to help them modify their structures
accordingly before implementing these ideas. It also allows owners to project what type of financing is
required to get their businesses up and running. If there are any especially interesting aspects of the
business, they should be highlighted and used to attract financing. For example, Tesla Motors electric
car business essentially began only as a business plan.
A business plan is not meant to be a static document. As the business grows and evolves, so too
should the business plan. An annual review of the plan allows an entrepreneur to update it when
taking markets into consideration. It also provides an opportunity to look back and see what has been
achieved and what has not. Think of it as a living document that grows and evolves with your business.

10 Components of a Good Business Plan

Whether you’re planning to open a shop that makes the best coffee or you want to sell eco-friendly
office supplies, you’ll need to explain why your business is necessary and how it’ll differ from its
competitors. That’s where your business plan comes in. It provides investors, lenders and potential
partners with an understanding of your company’s structure and goals. If you want to gain
thefinancial autonomy to run a business or become an entrepreneur, a financial advisor could help
align your finances to meet your business needs. Let’s break
down the 
• 10 key components of a business plan.
1. Executive Summary
Your executive summary should appear first in your business plan. It should summarize what you
expect your business to accomplish. Since it’s meant to highlight what you intend to discuss in the rest
of the plan, the Small Business Administration suggests that you write this section last. A good
executive summary is compelling. It reveals the company’s mission statement, along with a short
description of its products and services. It might also be a good idea to briefly explain why you’re
starting your company and include details about your experience in the industry that you’re entering.
2. Company Description
A company description includes key information about your business, goals and the target customers
that you want to serve. This is where you explain why your company stands out from other
competitors in the industry and break down its strengths, including how it offers solutions for
customers, and the competitive advantages that will give your business an edge to succeed.

3. Market Analysis
This is where you show that you have a key understanding of the ins and outs of the industry and the
specific market you plan to enter. Here you will substantiate the strengths that you highlighted in your
company description with data and statistics that break down industry trends and themes. Show what
other businesses are doing and how they are succeeding or
failing. Your market analysis should also help visualize your target customers — how much money
they make, what their buying habits are, which services do they want and need, etc. Above all, the
numbers should help answer why your business can do it better.
4. Competitive Analysis
A good business plan will present a clear comparison of your business vs your direct and indirect
competitors. This is where you prove your knowledge of the industry by breaking down their
strengths and weaknesses. Your end goal is showing how your business will stack up. And if there are
any issues that could prevent you from jumping into the market, like high upfront costs, this is where
you will need to be forthcoming. Your competitive analysis will go in your market analysis section.
5. Description of Management and Organization
Your business must also outline how your organization is set up. Introduce your company managers
here and summarize their skills and primary job responsibilities. An effective way could be to create a
diagram that maps out your chain of command. Don’t forget to indicate whether your business will
operate as a partnership, a sole proprietorship or a business with a different ownership structure. If
you have a board of directors, you’ll need to identify the members.

6. Breakdown of Your Products and Services

While your company description is an overview, a detailed breakdown of your products and services is
intended to give a complementary but fuller description about the products that you are creating and
selling, how long they could last and how they will meet existing demand.
This is where you should mention your suppliers, as well as other key information about how much it
will cost to make your products and how much money you are hoping to bring in. You should also list
here all relevant information pertaining to patents and copyright concerns as well.
7. Marketing Plan
This is where you describe how you intend to get your products and services in front of your target
customers. Break down here the steps that you will take to promote your products and the budget that
you will need to implement your strategies. 
8. Sales Strategy
This section should answer how you will sell the products that you are building or carry out the
services that you intend to offer. Your sales strategy must be specific. Break down how many sales reps
you will need to hire and how you will recruit them and bring them on board. Make sure to include
your sales targets as well.
9. Request for Funding
If you need funding, this section focuses on the amount of money that you need to set up your business
and how you plan to use the capital that you are raising. You might want to include a timeline here for
additional funding that you may require to complete other important projects.
10. Financial Projections
This final section breaks down the financial goals and expectations that you’ve set based on
market research. You’ll report your anticipated revenue for the first 12 months and your annual
projected earnings for the second, third, fourth and fifth years of business. If you’re trying to apply for
a personal loan or a small business loan, you can always add an appendix or another section that
provides additional financial or background information.

The Six Styles of Leadership

The way in which management inspires a team and holds subordinates accountable can affect the
happiness, motivation and effectiveness of the organization and its people. Understanding your
leadership style and its effect on the team is an important step in finding ways to improve office
results. Managers usually lead based on one primary leadership style. Learning to use
other styles for different business situations helps leaders adapt.

• Visionary Leadership Style

Visionary leadership is highly successful when a corporate culture buys into the long-term vision laid
out by the manager. Managers need to be clear about the long-term goals and build up employee roles
in the success of the business. Successful visionary leaders create productive businesses that make
employees feel they are directly assisting the success of the company.
• Directive Leadership Style
The directive leadership style is also referred to as the authoritative style. Leaders give team members
a ‘my way or the highway’ ultimatum. Whether it is a sales goal or a customer service process, team
members are in constant fear of being one mistake or failure away from being fired. For example, a
sales representative with a goal of 30 sales per month might get one warning for failing to hit the goal
and then be fired even if he is only one sale short. This
style creates low team morale and is not an effective long-term style.
• Affiliative Leadership Style
The affiliative leader wants to be part of the team. In this style, the foundation of success is team
building and trust. Affiliative leadership often creates high morale, but it poses problems. When ‘the
boss’ needs to make difficult decisions such as disciplinary action, it becomes difficult because the
leader views the team member as a friend.
• Participative Leadership Style
The participative leadership style is also referred to as the democratic leadership style. These leaders
always ask for team member input. While team members might feel good about having a say in things,
confusion is often the result. A leader can lose his handle on a team when the team has too much
power and doesn’t buy into the leader’s vision. While employees may have
positive reactions to this style, companies often flounder under it.
• Pacesetting Leadership Style
The pacesetting leadership style is common in sales departments but not exclusive to them. This
leader truly leads by example and usually at a pace that no one else can maintain. While jumping into
the trenches with employees can be positive at times, pacesetters usually have high turnover rate.
Subordinates can’t keep up and often burn out.
• Coaching Leadership Style
Coaching leadership is a positive environment for the workplace. Employees feel coaching leaders are
investing in growth and taking the time to build individual skills for success. While this is a positive
environment, coaching leaders need to recognize when to draw the line between more training
andreplacing employees who aren't performing despite coaching.

The Nature of Doing Business Globally

 Refers to international trade whereas a “Global Business” is a company doing business across the
world. The exchange of goods and services over a distance goes back a long time… such trade.
 Refers to global competition of products and services.
 Expansion of business in other parts of the world.
Examples: Local Business Doing international trade
 Jollibee Corporation

• What Issues Arise When Doing Business Globally?

Doing business globally can provide your business with exciting new opportunities for growth and
profit. However, if global business were easy, everyone would do it, and there are significant risks and
challenges associated with going international. You’ll need to employ people you can trust to supervise
your global operations if you want your business to succeed
internationally.
• Legal Issues and Considerations
When you conduct trade in another country, you’ ll have to be familiar with that Country’s laws. You
may also have to pay additional taxes and import duties in the United States if you are importing
products from other countries. The legal complexities of international business can be challenging,
and without proper legal advice you might be subject to fines and penalties. Make sure you have
excellent international lawyers who have a firm grounding in the laws of their home countries.

• Language Issues and Barriers

Language barriers are an obvious downside to doing business internationally. You may need to rely on
translators when speaking to business contacts, and the intricacies of what your contacts say may be
lost in translation. If you are outsourcing customer service to another country, your customers may
struggle to understand people whose first language is different than your own.
• Cultural Barriers and Challenges
Different cultures have different values, and sometimes these differences can be stark. Gender, for
example, could prove problematic in countries where women are not given equal rights to men. You
may find yourself wondering if you can safely send female employees to certain countries. Marketing
styles in other countries may differ, and polite behavior in the United States may be impolite
elsewhere. Some cultures don’t take contracts as seriously as others, and many cultures view the
group as more important than the individual. It's important to learn the cultural intricacies of
the places you do business.
• Supervisory Oversight Requirements
Whether you’re opening a factory in another country or simply buying andselling property, distance
reduces your oversight. wise to employ people who can tell you about the status of your business in
other countries and who can warn you of any potential problems. Without proper oversight, you may
find you’;re paying for sweatshop labor or signing an unfair deal. There have been instances involving
unsafe products imported from other countries, and vital to ensure the products for which you are
paying don't put your customers in danger.

• Political Problems and Issues

Many people are strongly opposed to outsourcing, globalization and other international business
practices. You may lose some of your customer base if you begin trading in other countries,
particularly countries that have strained relationships with the United States like Russia and Iran.
Moreover, if your company is involved in human rights abuses in other countries – even if you had no
idea these abuses were occurring – you may be subject to an onslaught of bad publicity and lost
business. Even when trade occurs with nations that have favorable relationships with the United
States and workers are treated appropriately, your company can face backlash back home if your
decision to outsource caused an actual or
perceived loss of American jobs.

Things to Do When Doing Business in Other Countries

Expanding your business to another country can help you open up new markets and even develop
country-specific products. If international business were easy, however, every small business would be
opening up international offices. When you do business overseas, you’ll need to consider the cultural
mandates of each country in which you do business, and you will also need to ensure you obey both
local and international laws.
1. Study the Market
A product that is a great success in the United States might be a bust in China
or Uganda, particularly if cultural norms don't provide a use for the product.
Before you invest money in overseas business, do market research to determine if your product is a
good fit. You might have to slightly alter your product by choosing different colors, advertising
differently or even marketing alternative uses. also important to check out the local economy. If you
open up shop in a country that's in dire financial straits, people might not be able to afford your
product even if they want it.
2. Know the Culture
Cultures vary widely from country to country, and what might seem polite in the United States can be
rude and unprofessional in another location. In some countries, for example, you’ll be expected to
dress very formally and be highly direct. In others, however, small talk, getting to know your client and
frequent informal business meetings are the norm. Read up on the culture in which You’re planning to
do business, and learn some basics of the language, local
religion and business traditions. wise to visit the country a few times before opening up shop so you
can decide if this is a place in which you can comfortably do business.
3. Establish Clear Communication
If you establish several offices in foreign countries, you’ll need strong channels of communication with
employees who are self-directed. Time zone challenges can make communication difficult, so establish
regular times for conference calls. You may want to get weekly or even daily reports from employees in
foreign countries, and establishing protocols for what information should be regularly communicated
can help you stay in the loop.
4. Choose Good People
Good employees can mean the difference between thriving international trade
and repeated miscommunication with clients. A local guide who can inform you
about the culture and business climate can be particularly helpful. Ensure that
employees speak the local language and that at least a few of your employees
are from the area.
5. Get Legal Help
International law is highly complex, and laws about trade, taxes, currency conversion and contracts
vary from locale to locale. Hire an attorney who specializes in international business, and ensure that
you’re following all of the necessary regulations for imports and exports in the United States. You may
also need help navigating local filing and paperwork requirements, so seek out attorneys who
specialize in business law in each country in which you're doing
business.

Advantages and Disadvantages of doing business globally:

Advantages:
 Firms can gain new customers for their products and services.
 Foreign operations can absorb excess capacity, reduce unit cost and
spread economic risks over a wider number of markets.
 Foreign operations can allow firms to establish low-cost production
facilities in locations close to raw materials or cheap labor.
 Competitors in foreign markets may not exist, or competition may be
less intense than in domestic markets.
 Foreign operations may result in reduced tariffs, lower taxes and
favorable political treatment.
 Joint ventures can enable firms to learn the technology, culture and
business practices of other people and to make contacts with potential
customers, suppliers, creditors, and distributors in foreign countries.
 Economics of scale can be achieved from operation in global rather than
solely domestic markets. Large scale production and better efficiencies
allow higher sales volumes and lower-price offerings.
 A firm’s power and prestige in domestic markets may be significantly
enhanced if the firm competes globally. Enhanced prestige can translate
into improved negotiating power among creditors, suppliers, distributors, and other important
groups.
Disadvantages:
 Foreign operations could seize by nationalistic factions.
 Firms confront different and often little-understand social, cultural, demographic, environmental,
political, governmental, legal, technological, economic and competitive force when doing business
internationally. These forces can make communication difficult in the
firm.
 Weaknesses of competitors in foreign lands are often overestimated, and strengths are often
underestimated. Keeping informed about the number and nature of competitors is more difficult when
doing business internationally.
 Language, culture and value systems differ among countries which can create barriers to
communication and problems managing people.
 Gaining an understating of regional organizations such as the European Economic Community, the
Latin American Free Trade area, the International Bank for reconstruction and development, and the
international finance corporation is difficult but is often required in
doing business internationally.
 Dealing with two or more monetary systems can complicate
international business operations.

The Global Challenge – refers to the different variables affecting a business organization, such as
economic, society, government, environment, political legal, and technological advancement which can
be an opportunities or threats to the firm’s objectives.

Examples of Global Challenge:

 Health Problems
 Women Empowerment
 Energy Source
 Science and Technology
 Climate Change
 Social Factions
Business Culture across Countries: Model or style of business operations within a company. The
business culture determines how different levels of staff communicate with one another as well as
how employees deal with clients and customers.
 Mexico’s Business Culture – In Mexico’s high-context culture, communication is much less direct as
many ideas are inferred through vague communication, and direct remarks such as “If you don’t sign I
will go with your competitors” can be taken as rude, over-aggressive
and insulting,” notes Mexico Business Associates. The takeaway for mobility teams and assignees on
the ground is to be patient and embrace the process of building relationships, which over time can
build business.
 Japan’s Business Culture – Japan’s unique culture has been shaped by trends and forces from within
and outside the country. An understanding of these and how they have shaped help you in your
dealings with Japanese people, businesses and society in general.
 China’s Business Culture – Chinese business people will expect you to be  well prepared for the
meeting. Make sure to have at least 20 copies of your proposal ready for handing out. Note that
presentation materials should be only in black and white, avoid colors.
– Small talk is considered particularly important at the beginning of a meeting.
– They prefer to establish a strong relationship before closing a deal, so you might have to meet up
several times to achieve your objectives.
– It is vital for you to maintain composure during meetings. Causing embarrassment or showing too
much emotion could have a negative effect for a business negotiation.
– Regarding decision-making, the Chinese tend to extend negotiations far beyond the agreed deadline
to gain some advantage. Be prepared for that: accept their delays and do not mention deadlines. Your
patience will be much appreciated!
– People in China usually enter the meeting room in hierarchical order. So be careful – they will
assume that the first of you walking in the room is the head of the delegation!
– Business hours are 8:00 am to 5:00 pm, Monday to Friday.
– Many Chinese workers take a break between 12:00 and 2:00 pm, during
which almost everything stops from working – from lifts to phone services.
– It is best to schedule an appointment during these periods: April to June and September to October.
 India’s Business Culture – Indians are strongly guided by their respective religions and their shared
values. Respect for elders and hierarchy are core values that permeate all aspects of Indian society.
Indians also place huge importance on family and community. And as in
many Asian cultures, the concept of saving face – avoiding blame or any type of shameful situation –
can influence decision-making processes and affect your business dealings in India. Building good
business relationships and trust are important in India, so you should expect to spend plenty of time
at meetings, dinners and social clubs with potential business partners. In a first meeting, let the Indian
host guide the initial stages of the conversation. As in some other Asian cultures, Indians like to
develop a personal connection first. So, expect to be asked – and prepare to ask your own questions –
about family.

Business Climate across Countries: General economic environmentcomprising of the attitude of

the government and lending institutions toward
businesses and business activity, attitude of labor unions toward employers,
current taxation regimen, and inflation rate.
 Africa’s Business Climate – has remained generally stable, with some notable improvements by key
performers, according to the annual Doing Business report, but much more improvement is needed
across the board if the continent is to make a real impact. The World Bank’s
annual Doing Business report has revealed that while much progress is being made to improve the
climate for businesses across Africa, further improvement is needed, and at a faster pace, if the
continent is to close the gap.
 China’s Business Climate – China's business environment showed one of the strongest
improvements worldwide in the 12 months ending May 1 thanks to its robust reform agenda, the
World Bank Group said on Thursday.
China’s ranking in the World Bank Group's Doing Business 2020 study climbed to 31st place in
terms of ease of doing business, up from 46th a year earlier and 78th in 2017, the bank said. The
World Bank highlighted some key reforms in the report including implementing a preferential
corporate income tax rate for small enterprises, reducing the value-added tax rate for certain
industries and enhancing the electronic filing and payment system. Other key reforms included
simplifying import and export procedures by implementing advanced cargo declarations, upgrading
port infrastructure, optimizing customs administration and publishing fee schedules. Zhou Jin
contributed to this story
 Brazil’s Business Climate – Brazil’s consumer confidence is climbing, with households more
optimistic about inflation, unemployment, personal income, their own financial situation and debt.
And, following the impeachment of then-president Dilma Rousseff in August 2016,
President Michel Temer of the centrist Brazilian Democratic Movement Party set out to restructure the
economy. His government has formally applied for membership of the OECD.
After almost three years of economic recession, the Brazilian economy is now slowly heading towards
a recovery. IMF predictions had Brazil’s economy growing by 0.5% in 2017, and interest rates are
decreasing. Will the air of optimism last? However, the economy twists and turns, doing business in
Brazil remains notoriously complicated. In fact, Brazil was named
the second-most complex jurisdiction for accounting and tax in TMF Group’s 2017 Financial
Complexity Index. Here’s what to consider before making the leap to do business in Brazil.
Mexico’s Business Climate – Mexico was the sixth easiest country to do business in Latin America
according to the World Bank’s Ease of Doing Business 2012 report, ranking 53rd out of 183 countries.
The economic environment is stable and real GDP grew by 3.8% in 2011. However, following the
recession in 2009 Mexico is heavily reliant on the USA and Canada making it vulnerable to economic
concerns in these economies. In addition, corruption
and high crime levels raise security issues for businesses.
Top 20 Global Entrepreneurs [2022 Updated List]
1. Jeff Bezos - an American entrepreneur, the world’s richest investor, and also philanthropist who
graduated from Princeton University. On July 5, 1994, Jeff opened Amazon.com, named after the
meandering South American river where he initially sold books across the US and in 45 foreign
countries within 30 days. Later, he also started delivering CDs, videos, clothes,
electronics, toys, and more.
2. Bill Gates – Founder of Microsoft foundation. One of the world’s richest persons, from 1995 to
2017, Bill Gates held the Forbes title of the richest person in the world all but 4 of those years. He also
is known for his philanthropist activities such as Melinda Foundation and his current net
worth is over $120 billion dollars.
3. Mark Elliot Zuckerberg – Founder of Facebook. An American technology entrepreneur and
philanthropist who studied at Harvard University and he is one of the richest persons on the planet
right now who has an estimated net worth of over $101 billion dollars.
4. Larry Page And Sergey Brin – Founder and co-founder of Google. According
to them, Invention and marketing are the keys to success.
5. Richard Branson - best known as the founder of Virgin Group which comprises more than 400
companies worldwide.
6. Steve Jobs - was the chairman, CEO, and co-founder of Apple Inc which is now worth over $2 trillion
dollars (yes you heard it right) and it’s also considered as one of the Big Four of technology along with
Amazon, Google, and Facebook.
7. Lawrence Joseph Ellison (commonly known as Larry Ellison) - An American entrepreneur who
is the co-founder of Oracle Corporation.
8. Ritesh Agarwal - the founder of OYO Rooms which is India’s largest hospitality company that
mostly offers budget-friendly accommodation with all kinds of neatness and safety features it was
founded in 2013.
9. Vijay Shekhar Sharma - an Indian billionaire businessman. He is the founder and chief executive
officer of financial technology company Paytm. He was ranked as India's youngest billionaire in
2017 by Forbes with a net worth of $1.3 billion.
10. Elon Musk - an all-rounder entrepreneur who was the co-founder of the famous online payment
system PayPal. He is currently the founder, CEO, and lead designer of SpaceX, co-founder, CEO, and
product architect of Tesla, founder of The Boring Company.
11. Steve Ballmer - one of the most famous entrepreneurs today who’s graduated from Harvard
University in 1977 and currently the owner of the Los Angeles Clippers of the National Basketball
Association (NBA).
12. Mukesh Dhirubhai Ambani - the greatest businessman of all time who’s the chairman and
managing director of Reliance Industries which is a Fortune Global 500 company.
13. Oprah Winfrey - a billionaire philanthropist and an African-American woman who is best known
for hosting “The Oprah Winfrey Show” and it was the #1 talk show for 24 consecutive seasons since
1986.
14. Jack Patrick Dorsey - an American entrepreneur who is the co-founder and CEO of Twitter with a
net worth of over 12 billion dollars.
15. Raymond Thomas Dalio (popularly known as Ray Dalio) - an American billionaire hedge fund
manager and philanthropist who founded Bridgewater in 1975 and it is the world’s largest hedge
fund.
16. Jack Ma - one of the richest entrepreneurs in the world with a net worth of over $50 billion. Jack
Ma founded Alibaba in 1999 which is China’s biggest eCommerce company that sells billions of dollars’
worth of products each month.
17. Shiv Nadar - the founder and chairman of HCL Technologies Limited and the Shiv Nadar
Foundation. Over 153,000 professionals now work at HCL which is operating from 50 countries in the
world.
18. Adam D’Angelo - the co-founder and CEO of the world’s #1 Q & A platform Quora which he
co-founded with Charlie Cheever in 2009.
19. Ratan Tata - one of the most respected and successful entrepreneurs from
India who completed his education at Cornell University and returned to India to join the Tata Group
in 1961. In the year 1991, he became the chairman of the Tata Group which now operates in almost
every country.

20. Nithin Kamath - the best entrepreneur from India who founded Zerodha in 2010 which is India’s
leading discount brokerage company that is used by more than 4 million customers.