Entrepreneurship: Bolstering the growth process

Nowadays, it is a recognised fact that entrepreneurship management has become a colossal concept. It speaks of the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make a profit. Therefore, entrepreneurial spirit is characterised by innovation and risk-taking. It is also an essential part of a nation's ability to thrive in the increasingly competitive and unpredictable realm of an international market.
Establishment of the core principles of "entrepreneurial management" within an organisation calls for a strategic choice that affects a company in multiple dimensions. Empirically, the aim is to measure the existence and degree of entrepreneurial management and to link this strategic measurement for or against the entrepreneurial management with firm performance.
Apparently, the companies that follow core principles of entrepreneurial management should surpass their counterparts in certain measures of strategic performance. Obviously, the linkage is very strong - linking the measured degree of entrepreneurial management with firm performance.
Likewise, successful entrepreneurs recognise that 'change' is a catalyst for 'innovation'. Therefore, the entrepreneurial mindset is required to energise existing or new companies, form insights and analytical frameworks for assessing market opportunities, as well as build pragmatic skills of leadership to accelerate new business ventures within a larger organisation.
 Nevertheless, success in today's turbulent business environments demands smart innovators who possess the unique set of skills required to identify a business opportunity and transform it into a successful company or to launch a new line of business for an existing company.
Moreover, it is essential for the entrepreneurs to improve their analytical skills, make sound investment and management decisions, manage growth, and develop essential leadership capabilities in today's fast changing environment. The situation has become a complex process since the entrepreneurs are exploiting disruptive opportunities to successfully build new businesses.
LAUNCHING NEW VENTURES: Economic growth creates opportunities for talented entrepreneurs who know how to build a successful business - to identify the right opportunity, sustain organisation, attract resources, plan and execute a strategy, and navigate complex business environment for driving sustainable success of the company.
PRODUCT INNOVATION: Executing product innovation calls for the exploration of the core challenges of product development in a competitive and unpredictable marketplace. Through advanced concepts and pragmatic frameworks, these aspects provide new insight into product development issues, such as the alignment of product innovation with corporate strategy, the impact of disruptive technologies, and the management of risk. Product innovation helps managers to acquire project responsibility for products and services in diverse business entities.
LEADERSHIP AND STRATEGY: Leaders of scientific organisations often face the challenge of turning a scientific innovation into a business opportunity - develop the leadership and management skills required to identify breakthroughs with the greatest market potential, structure an optimal research organisation, find sources of capital, and ultimately develop an executive team with a deep understanding of both science, technology and business.
NEED FOR IMPARTING REALISTIC TRAINING: Intense focus on running a business leaves little time to learn about the latest resources, techniques, and solutions. Business owners often feel alone, not knowing where to turn for advice and answers. Moreover, they lack the perspective to assess the performance and potential of their companies - as well as their own!
A strong need is there to impart updated training so that participants can expand their knowledge, gain valuable new insights from realistic case studies, as well as share and develop decision-making techniques with an influential group of peers. Conceptually, such programme should be simple and the impact extensive - to gather a group of dynamic business leaders, create an environment that fuels their passions and something powerful happens.
EQUITY AND VENTURE CAPITAL: Since more money has flowed into private equity, competition for deals is accelerating while valuation of mergers and acquisitions is on the rise. Amid today's complex private equity environment, players across the industry can benefit from the expertise that such institutions bring to the table as the realities of equity and venture capital dimensions, in turn, deepen their knowledge of the inner workings of private equity investments.
THE STEPS ARE NOT DIFFICULT TO LOCATE: The process of entrepreneurship is to understand the processes of entrepreneurial activity in new or established firms by examining the antecedents and consequences of various forms of identification of the entrepreneurial opportunities and the pursuit of opportunities from individuals, organisations and industries. It has been examined that experimentation and innovation in products, services, processes and business models are preconditions to a healthy entrepreneurial activity.
The finance of entrepreneurship is to understand the financing of entrepreneurial ventures by studying the antecedents and consequences of entrepreneurial funding decisions in both domestic and international scales.
The context of entrepreneurship is to understand the ways in which entrepreneurs both respond to and shape the context in which they operate. Likewise, they study the history of entrepreneurship across time and national borders and analyse the legal and cultural contexts for managerial actions.
THE PATH TO SUCCESS: The issue is a burning one since it shapes liquidity, profitability and equity of individual company, as well as the national economy by freezing the supply link. Conversely, this manipulates the process of capital formation.
The path to success is an elaborate one. A long journey before one comes out of the tunnel indeed! The tasks are incessant - to build the credibility, decide on what to do, identify the competitive edge, locate what makes service successful, and understand what makes the service fail. The process becomes viable only if we know the customers and their prospects - Who need us at the market? In order of significance, whom do they want to be their customers? Whom do they refuse? Where are they? How do they get to them? When is the best time to get to them? What turns them on or off?
This goodwill ladder should be ascended and a good impression should be made. However, the fact remains - the world wants to see only the results. What good is there if you do not get paid?

Dr B K Mukhopadhyay, a management economist, is attached to West Bengal State University.
[email protected]