Startup and Innovation Management

Entrepreneurial Process (Recall)

Impact Entrepreneurship

The term Impact Entrepreneurship refers to enterprises that are
ethical, transparent and make a measurable impact at scale in the

social or environmental problems they aim to tackle.

Case Study – Ventureship Proces

• Azim Hashim Premji is an Indian business tycoon, investor,
engineer, and philanthropist, who is the chairman of Wipro
Limited. He is informally known as the Czar of the Indian IT
Industry

• As Wipro founder



The journey of
an
entrepreneur

Azim Hasham Premji, (born July 24,
1945

Idea – First

Generation

• In the year that Premji was born, his father founded
Western Indian Vegetable Products Ltd., which
produced vanaspati, a widely used hydrogenated
shortening. Three years later colonial India was
partitioned into mainly Hindu India and Muslim
Pakistan, but the Premjis, a Muslim family, chose to
remain in India. His father was a noted businessman
and was known as Rice King of Burma.

• This Indian billionaire's father declined the offer to
become Pakistan's first Finance Minister

Discovery:

• In 1966, just before Premji was to complete his
degree in engineering at Stanford University, his
father died unexpectedly. Postponing his
graduation, he returned to India to take the reins
of the family business and immediately began to
diversify, delving into consumer products such as
soap, shoes, and lightbulbs, as well as hydraulic
cylinders.

Developing a • Premji renamed the company Wipro in 1977, and
Business Plan in 1979, when the Indian government asked IBM
Western India to leave the country, he began to steer the
company toward the computer business.
Vegetable
Products Ltd.

Resourcing

• Wipro established a number of successful
international partnerships in the 1980s to help it
build computer hardware for sale in India. It was
software development, however, that made the
firm so lucrative. Premji built a reputation for
hiring the best people and providing them with
unparalleled training, and he took advantage of
India’s large pool of well-educated software
developers who were willing to work for much
less money than their American counterparts.
Wipro concentrated on developing custom
software for export, primarily to the United
States.

Managing the
company:

• Wipro into an information technology
powerhouse with a solid footing in
foreign markets at a time when most
fortunes in India were based on
ownership of land and factories used to
produce domestically consumed goods.
In 1999 Premji officially completed his
degree from Stanford through a
distance-learning arrangement.

Harvesting • In 2001 he established the nonprofit Azim Premji Foundation, through
which he aimed to improve the quality of elementary education in rural
regions throughout India. By the end of the first decade of the 21st
century, the foundation had extended computer-aided education to more
than 16,000 schools, with child-friendly content increasingly available in
local languages.

Transformation • He was named by Fortune in August 2003 as one
of the 25 most powerful business leaders outside
the US. Also in 2003 listed him as one of the ten
people globally who have the “power to effect
change” .Business Week in October 2003 featured
him on their cover with the sobriquet “India's
Tech King”

Rewarding • In 2005, the Government of India honoured him
with the title of Padma Bhushan for his
outstanding work in trade and commerce.

• Forbes magazine named him the Bill Gates of
India for his Charity work

Azim premji “MY LESSONS IN LIFE”

• The first thing I have learnt is that we must always begin with our
strengths.

• The second lesson I have learnt is that a Rupee earned is of far more
value then five found.

• The third lesson I have learnt is that no one bats a hundred every time.
Life has many challenges. You win some and lose some. You must enjoy
winning.

• The fourth lesson I have learnt is the importance of humility.
• The fifth lesson I learnt is that we must always strive for excellence.
• The sixth lesson I have learnt is never give up in the face of adversity.
• The seven lesson I have learnt is that while you must be open to

change, & do not compromise on your values.
• And the final lesson learnt is that we must have faith in our own ideas

even if everyone tells us that we are wrong.

Venturing with Value

Contribution to Society



• in April 2020, as the coronavirus swept
across the world, but foundation has
also pledged $134 million towards
providing aid for the COVID-19
pandemic in India. Premji is known as
one among the world's most generous
billionaires after having given away $21
billion to his charitable foundation
earlier.

When the government had to resort to lockdown to Seeks fairer
stall the march of the global pandemic, thousands treatment of the
of stranded migrant workers began walking back to underprivileged
their home states by taking to the highways and
some followed the silent train tracks. In one such
humongous tragedy, 16 of them were mowed down
by an oncoming train as they slept on tracks that
they trusted will see no train traffic. Premji had
been deeply moved by the incident. In a long piece
he wrote for the Economic Times, he writes:
"Those sixteen young men died because we have
almost no social security and too little protection -
not because we have too much of it. Which is also
why the lives of hundreds of millions have been
torn asunder in the tsunami of the pandemic, not
only because of structural poverty and inequality..."





The persons created the Global Business



Classification 1. Business 2. Trading 3. Industrial
of
Entrepreneurs Entrepreneurs Entrepreneurs Entrepreneurs
according to
the type of 4. Corporate 5. Agricultural 6. Retail
Business
Entrepreneur Entrepreneur Entrepreneurs

7. Service 8. Social

Entrepreneur Entrepreneur

Classification of Entrepreneur according to the Stages of Development

 1. First Generation Entrepreneur
 2. Modern Entrepreneurs or Innovative Entrepreneurs
 3. Classical Entrepreneur
 4. Inherited Entrepreneurs

1. PURE 2. INDUCED 3. MOTIVATED 4. SPONTANEOUS
ENTREPRENEUR ENTREPRENEUR ENTREPRENEUR ENTREPRENEUR

Classification of Entrepreneurs according to Motivational Aspects

Classification 1. Technical Entrepreneur
of 2. Non-Technical Entrepreneur
Entrepreneurs 3. Professional Entrepreneur
according to
Technological
Aspects

Classification 1. INNOVATIVE 2. ADAPTIVE 3. FABIAN
of
Entrepreneurs ENTREPRENEUR ENTREPRENEUR ENTREPRENEUR
According to
Clarence
Danhof

4. DRONE
ENTREPRENEURS

 A fabian entrepreneur is one who
responds to changes only when
he is very clear that failure to
respond to changes would result
in losses. Such entrepreneurs do
not introduce new changes. They
also do not desire to adopt new
methods. They are very shy and
stick to old customs. They are
very cautious.

Drone Entrepreneurs

 These entrepreneurs do not make any changes. They
refuse to utilize the opportunities and may also suffer
losses. They are very conventional. They refuse to
introduce changes. They even make losses but avoid
changes. Sometimes they may be pushed out of the
market.

The skeptical
entrepreneur

 This entrepreneur sees the
success of others and
immediately starts to question
it. They examine that person's
business and looks for the
“lucky” breaks, or inheritance
they think that successful
entrepreneur received.

 This is the scariest type of
entrepreneur.

The copycat
entrepreneur

 This entrepreneur sees the
success of others and tries to
copy them exactly. Their
website is the same, their
business cards are the same,
and the way they present
themself is the carbon copy of
a leader in their industry.

The research entrepreneur

 This entrepreneur loves to learn.
They research every possible
scenario and outcome for
strategies to start or grow a
business. There is nothing wrong
with learning, but when that’s all
you do, it becomes a problem. The
research ends up becoming an
excuse for not taking action.

The determined
entrepreneur

 This entrepreneur hasn’t “made it”
but they will, no matter what. They
see the value in entrepreneurship,
they see that success is possible
without copying, and they do
everything they can to start or
grow their business.

 To get there, you need change
your mindset from focusing on
what too many people consider
“reality” to what you know your
reality can be. Successful
entrepreneurs have determination
as their backstory.

The accomplished entrepreneur

 This entrepreneur has gone through all the stages
of entrepreneurship and building a business, and
has reached success. They are now focused on
scaling their business and leaving a legacy that
extends beyond their lifetime.

 The accomplished entrepreneur has figured out the
things that will help you reach success. They have
figured out how to connect with their customer and
how to solve their biggest struggles.



Tesla founderElon Musk
Age 24
Year: 1995
Musk and his brother, Kimbal,
foundedZip2 (originallyGlobal
Link InformationNetwork), a
companythat provided online city
guides to newspapers like the
NewYorkTimes andChicago
Tribune.The companywas
bought four years later by the

computer company Compaq.

Dell founder Michael Dell —Age 21
Year: 1984
Michael Dell started DellTechnologies
from his dorm room as a freshmanat
theUniversity ofTexas inAustin.What
started as a side hustle of re-vamping
computers fora profit turned into a full-
time gig that allowed him to convince
his parents he could drop out of college.

Facebook founder MarkZuckerberg —Age
19
Year: 2004Zuckerberg launched Facebook,
as "The facebook," from his dorm room in
2004 as a sophomore at HarvardUniversity.
He dropped out later that year in order to
devote his time fully to developing the
social network.

eBay founder PierreOmidyar —Age 23
Year: 1991
A few years after graduating fromTuftsUniversity,
Omidyar cofounded a pen-based computing
company called Ink Development with friends.The
company was later rebranded as an internet
shopping software company called eShop, which
Microsoft bought it in 1996 for $50 million. Before
that sale was even finalized,Omidyar launched
eBay in 1995.

Microsoft cofounder BillGates —Age 16
Year: 1972

In high school,Gates and a friend named PaulAllen
launched a business calledTraf-o-Data.The company
automated the process of analyzing traffic flow data for
roads inWashington.

The company continued to operate even after the two
finished high school, went to — and quit — college, and on
through when the pair launched Microsoft in 1975.Traf-O-
Data eventually failed because of whatAllen called a
"flawed business model," and the two focused their efforts
on Microsoft.

Yahoo cofounderJerryYang —Age 25

Year: 1994

Yang metYahoo cofounder David Filo in an class they
took together at Stanford as PhD candidates in
electrical engineering.They started working onYahoo
as a side project, in order to keep track of their
favorite links on the internet.The eventually launched
the online directory as "Jerry and David'sGuide to the
WorldWideWeb" in a campus trailer in January 1994.
The site got 1 million hits for the first time that year in
the fall.

SoftBankcofounderMasayoshiSon —Age 24

Year: 1981

Even before launchingSoftBankat age 24,Son was already a
millionaire. He made money as an undergraduate student atUC
Berkeley throughtwo separate ventures: leasing video game
consoles to local bars and restaurants, and developing a pocket-
sized electronic translator sold toSharp Electronics in 1979.

Upon returning toJapan,Son launchedSoftBankas a computer
parts and software distributor.The company has since invested
billions of dollars in massive tech startups likeUber, theWe
Company(akaWeWork), and DoorDash.

Alibaba cofounderJack Ma —Age 29
Year: 1994

Ma quit a job teaching English at local university to
launch a translation company called the Haibo
TranslationAgency ("haibo" translates to "vast like
the sea").While helping aChinese firm recover a
payment through his translation business, Ma
visited theUS in 1995 and encountered his first
internet-connected computer.

Google cofounders Larry Page &Sergey Brin —Age 25
Year: 1998
TheGoogle cofounders met in 1995, when Brin touredPage
aroundStanfordUniversity. Brin was a graduate student in
Stanford's computer science department, and Page was

considering attending the school. They reportedlyboth found

each other "obnoxious" at first, but they became classmates
when Page enrolled as a PhD student.

The two started working together on a research project about
cataloging every link on the internet, called "BackRub" at the
beginning.The two soondropped out ofStanford, and
foundedGoogle in 1998 out ofYouTubeCEOSusanWojcicki's

garage in Menlo Park,California.

Oracle cofounder Larry Ellison — Age 32
Year: 1977

After Ellison dropped out of college twice, he
worked a series of jobs in California where he
picked up computer and programming skills.
He landed at a tech company called Ampex,
where one of his responsibilities was to build
a database for the CIA

Apple cofounderSteve Jobs —Age 21

19/23
Year: 1976

Jobs andApple cofounderSteveWozniakfirst met through a
mutual friend in 1971, before either started college, and
became friends.They often worked together on small
technology projects, and together attended meetings held by
the HomebrewComputerClub in 1975.

Amazon founderJeff Bezos —Age 30

Year: 1994

Bezos left his job at hedge fund D.E. Shaw to
launchAmazon.com, which started as an online
bookseller. He drove across the country with his
wife at the time, MacKenzie, to foundAmazon in
Seattle.TheAmazonCEO spent to entire car ride
"tapping out a business plan on his computer
along the way" and "calling prospective investors
on a cell phone."

RiteshAgarwal -Age 24

The idea ofOravelStays struckhim when he was 18.
The basic idea was a budget hotel chain that
provides B&B. Realizing that no other service
offereda room for a budget traveller, Ritesh took
the idea fromOravel stays toOYO rooms and voila!
Agarwal startedOYO with 11 only rooms in a
Gurgaon hotel.