Entrepreneurship Mgmt.

A Presentation on ENTREPRENEURSHIP, INTRAPRENEURSHIP, ULTRAPRENEURSHIP, CYBERPRENEURSHIP AND CORPORATE SOCIAL ENTREPRENEURSHIP

Submitted to PROF. VIJU NAVARE

ENTREPRENEURSHIP MANAGEMENT
Atharva Institute of Management Studies MMS-IV

Presented By: Viral Mayani Nikunj Shah Jayesh Surve Sanil Tharwal Ankita Trivedi Alok Tungare 11 24 43 45 48 50

Atharva Institute of Management Studies

Entrepreneurship Mgmt.

Alok Tungare

Entrepreneurship

The spirit of entrepreneurship includes imagination, inventiveness and openness to the new. This spirit of creative response aligns with the capacity to exercise moral imagination and to see ethical problems in a new light. To be sure, our most fundamental ethical values -- values such as honesty, avoiding doing harm, keeping commitments -- are grounded in timeless traditions and are not likely to be soon abandoned. But it is in the application of these ethical values to emerging, unique situations, where moral imagination and the entrepreneurial spirit can make a decisive difference. Entrepreneurship is the art of taking Risk. It is all about taking the first step and implementing them. Take Risks, evaluate and learn. Earning is necessary for a living. A teacher teaches in a school, a worker works in a factory, doctor practices in a government hospital, a clerk serves in a bank, a manager works in a business concern to earn their living. These are the examples of people who are employees and earn money through salary or wages given by their employers. This is known as wage-employment. On the other hand, a shopkeeper, a factory owner, a businessman, a doctor having his own clinic, earn money by running their own concerns. These are the examples of people who are self-employed. However, there are several self-employed individuals who not only create jobs for themselves but also generate jobs for many others. For example, Tatas, Birlas, etc. who are innovators and job generators. They may be termed as Entrepreneurs. Five Most Important Characteristics of an Entrepreneur How many times have we heard a success story about someone who started in his or her garage and is now running a business empire? That's what separates entrepreneurs from business people. So, what exactly is it that makes a strong and successful entrepreneur? An entrepreneur is not just someone who deals with dollars and cents. In fact, many entrepreneurs do the exact opposite. They are better at delegating responsibility and recognizing talent, as opposed to performing every action. No. 1 -- Visionary Characteristics of an Entrepreneur Business is not just about making a profit. Of course, it's the reason for business, but profit is the hopeful result rather than the actual means. A successful business leader has to be something like a successful politician -- inspiring large groups of people to action. Having a vision is a major component of inspiring both employees and colleagues. The important component is dreaming big. However, dreaming big has some limits. It needs to be tempered by pragmatism or no one is going to take the vision seriously.

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No. 2 -- Self-Awareness Being able to inspire other people to action requires knowledge of self. Too many budding entrepreneurs despise admitting their own weaknesses. They believe that part of success is putting on a false bravado. Often, people can see through the facade. More importantly, though, is the idea that a successful entrepreneur is only as strong as the people working for him. An entrepreneur needs to be honest about his own faults and strengths, so that he can hire people who will best meet the needs of the business. No. 3 -- Entrepreneurial Characteristics and Intelligence The entrepreneur exhibits intelligence through intellectual curiosity. An entrepreneur can't just sit back on his heels and wait to find business opportunities. He always needs to be investigating new modes of business and making new contacts. In addition, an entrepreneur has to be a long and short-term planner, gauging the current climate versus what can be accomplished long term. An entrepreneur always has to be looking for new ways to accomplish his vision. No. 4 -- Extroversion and Important Characteristics of an Entrepreneur An entrepreneur has to be a people person. Remember, an entrepreneur isn't necessarily going to be limited to one industry. This means attending a variety of business meetings in different business sectors, in which the entrepreneur needs to be active in asking questions of colleagues, as well as conveying his passion and vision about current projects. An entrepreneur must be outgoing. He should exude confidence without arrogance -- though some cockiness can be effective as well. No. 5 -- Ambition Ambition ties it all together. If an entrepreneur doesn't believe that he can do something better than what has come before, he's not going be very effective or successful. A sense of urgency typically accompanies the ambitious feelings of an entrepreneur. A strong desire to get things done will rub off on employees and business associates What is Entrepreneurship? Entrepreneurship is universal in any human activity be it economic, political or social. Entrepreneurship has been defined as a creative human act involving the mobilization of resources from one level of productive use to a higher level. Or, as "combining together factors of production" and the supply of entrepreneurship has been identified as critical in determining the wealth and growth of a nation's economy. Entrepreneurship involves a willingness to take responsibility and the ability to put the mind to a task and see it through. An ingredient of entrepreneurship is sensing opportunities and serving as a change agent.

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In India, you have examples of Tatas, Birlas, Ambanis, etc. who have made valuable contribution to the industrial development of the country. An entrepreneur is a creative thinker. He is an innovator, who volunteers to take risk and invest money. In the process he generates jobs, solves problems, adds values and seeks excellence. This is what Mr. Ambani did and therefore he is called an Entrepreneur. Thus we find, entrepreneurship consists of practices and skills of a person constantly trying for growth and excellence. This is being done by innovating an idea, object, product or service and put it to social use. To be an entrepreneur you need to possess some qualities. However, entrepreneurship is also referred as a career oriented purposeful task that can be learnt. It may be noted here that, in the context of countrys economic development, entrepreneurship is not always confined to big business. It is equally important to have small enterprises. As a matter of fact the economic growth and prosperity of many developed and developing countries is because of emergence of small enterprises. In summary, (i) Entrepreneurship is viewed as a function involving identification and use of opportunities which exist in the market. (ii) Entrepreneurs bear risks in converting the ideas into action and pursuing opportunities. (iii) Entrepreneurship involves creative and innovative action (iv) Entrepreneurs undertake managerial activities as part of their work. (v) An entrepreneur constantly strives for excellence in his/her field of work. In entrepreneurship the individual is the most important element. Entrepreneurship is not limited to any class, community, gender or religion. There is no age bar. Any person who possesses certain traits and attitudes can become an entrepreneur.

Changing Face of Entrepreneurship Economic liberalization has changed the rules of the entrepreneurial game. The competencies required to thrive in the protected era may no longer be good enough. The role of entrepreneurship in the economic development and growth of a country or region is often overlooked. In any case, it is not given the importance that it deserves, particularly in economic literature. In fact, until recently, economists were reluctant to rely on entrepreneurship as a possible determinant of economic outcome. First-generation entrepreneurs quite often start small firms with small investments and then, once established, some of them grow to larger firms. With shorter technology life cycles, the survival rate of these new small firms is expected to be low.

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India's accelerated growth, post-liberalization, has not been accompanied by a commensurate expansion in employment. This suggests a restructuring in many sectors of the economy and also highlights the importance of entrepreneurship and new units in creating employment. Sociology of Entrepreneurship A new trend that has been observed the last 10-15 years is that the Generation Next of the traditional entrepreneurial communities is going for higher/professional education. This has spawned a new breed of young entrepreneurs, particularly in the new sectors. The units are world class, able to survive and prosper in competitive market. The key input provided by these new entrepreneurs in many cases is knowledge capital rather than only finance. Although the economic environment and markets have changed, the traits required of an entrepreneur have remained the same. Economic liberalization has changed the rules of the entrepreneurial game. The skills and competencies required to thrive in the earlier protected environment may not ensure survival in the open, liberalized milieu of today. No longer do business culture and traditions matter for entrepreneurship. The new-age entrepreneurs and candidates can learn it by experience and training relating to risk-taking behavior. If such things are available, one can spring a surprise. Today there's a huge transformation. This is an era for young entrepreneurs and India is a very different country today, since we have a huge sense of confidence and there are enormous opportunities for entrepreneurs Today people want to take risks and want to take up new business models. Venture capitalists are ready to bank on innovative and interesting business models and young people here are living at a time where they could never have it better. Entrepreneurship today can be defined as a mindset. An ideal entrepreneur is one who looks for an opportunity in every problem and by that sense entrepreneurship is not merely limited to starting a new business, but is to be applied by every individual in their jobs and other activities. Entrepreneurship is about freedom, creating, a chance to build a brand, an institution, showing the world a new way of doing something, being your own boss, creating a legacy that will outlive you, identity, making a difference, obsession, ego, having a shot at something big, doing what you love, innovating, doing things your way The common qualities in all this entrepreneurs are risk taking ability, confidence, knowledge, right attitude and most importantly never say die spirit. We have many great entrepreneurs in our country since ages like, Jamshedji Tata, Dhirubhai Ambani, Rahul Bajaj, Narayan Murthy, Azim Premji and many more. So lets see as a budding entrepreneur what lessons we can learn from such great peoples life as an entrepreneur.

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Ratan Naval Tata (28 December 1937) Ratan Naval Tata was born on December 28, 1937, in Surat. He is the present Chairman of the Tata Group, India's largest conglomerate founded by Jamshedji Tata and consolidated and expanded by later generations of his family. Ratan Tata holds a B.Sc. (Architecture) degree with structural engineering from Cornell University, USA and has completed the Advanced Management Program at Harvard Business School, USA. Ratan joined the Tata Group in December 1962, after turning down a job with IBM on the advice of JRD Tata. Traits of Mr. Tata: Simple living, High thinking The Strategist Mr. Dependable Philanthropist Perseverance & Commitment Giver and not a Taker Change Agent Determined Persona RAHUL BAJAJ (June 10, 1938) The battle is first fought and won in the mind. One may fight and still lose, but the very process of fighting creates its own opportunities. Rahul was born on June 10, 1938, in Calcutta to Savitri and Kamalnayan (1915-1972) Bajaj, a Marwari businessman. The family was comfortably well off and it was in the process of moving from trade into industry. He was schooled at Bombay's elite Cathedral and John Connon School, and graduated from Delhi's St.Stephen College with BA (Hons) in Economics in 1958. Back in Bombay, Bajaj did a two-year stint at Bajaj Electricais, clocking in after morning lectures at the Government Law College. During 1961-62 he was a junior purchase officer at Mukand. And with some work experience under his belt, he left for Harvard. He completed his MBA in the 1964. In between (December 1961), he married Rupa Golap, a Maharashtrian beauty queen and an up-and-coming model. They have three children, Rajiv (b.1966), Sanjiv (b.1969) and Sunaina Kejriwal (b.1971). Bajaj has earned himself a rare reputation as one of Indias most successful industrialists. Successful people tend to be highly entrepreneurial but oddly enough Bajaj doesn't quite fit the bill. Compared to his peers in this book, Bajaj appears colorless rather than dynamic. Squeaky clean, he has never been involved in shady takeovers. He has never engaged in street fights with other industrial magnates, nor has he ever hijacked someone else's project. He hasnt burnt tires during a hard drive for meteoric growth. On the contrary, he is something of a plodder, routinely burning the midnight oil, and devoted to the virtues of hard work.

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Traits of Mr. Bajaj: Simple Outspoken straight forward Change with the change Global Indian Live in present Delegated but not abdicated

Dhirajlal Hirachand Ambani (28 December 1932 - 6 July 2002) Think big, think fast, think ahead. Ideas are no ones monopoly

Dhirajlal Ambani was born to Hirachand Gordhanbhai Ambani and Jamnaben in a Modh Bania family of modest means. He was the second son of a school teacher. Dhirajlal Hirachand Ambani, also known as Dhirubhai, was an Indian rags-to-riches business tycoon who founded Reliance Industries in Mumbai with his cousin. Ambani took his company (Reliance) public in 1977, and by 2007 the combined fortune of the family (sons Anil & Mukesh) was 6 billion dollars, making the Ambanis one of the richest families in the world the various traits that can be seen in the entire lifespan of Dhirubhai are as follows: World Class Visionary An Eye for Opportunity Analyst to the Core Stick to your Roots Born Fighter Never Say Die Walk the Extra Mile In conclusion .. Entrepreneurship is one of the hardest yet most rewarding personal journeys one can take. It gives you the right to legitimately claim I made this, and to control your destiny. All you need to do is to stay true to yourself and trust your instincts and be prepared for challenges you cannot imagine. After all, you have to answer yourself. So the mantra is, be honest and ethical and never lose your head. Therefore, its time to explore, take calculated risks and opportunities are a plenty all it needs, is an idea. Many individuals are venturing out and all it takes is perseverance, creativity and innovation.

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CORPORATE ENTREPRENEURSHIP& INTRAPRENEURSHIP

What is Intrapreneurship?: Intrapreneurship is the practice of entrepreneurship by employees within an organization. In corporate organisation it is known as corporate entrepreneurship. "Intrapreneurship refers to employee initiatives in organizations to undertake something new, without being asked to do so". This Intrapreneur focuses on innovation and creativity and who transforms a dream or an idea into a profitable venture, by operating within the organizational environment. Thus, Intrapreneurs are Inside entrepreneurs who follow the goal of the organization. Intrapreneur is a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation. The Intrapreneur acts within the confines of an existing organization. The dictates of most organizations would be that the Intrapreneur should ask for permission before attempting to create a desired future in practice, the Intrapreneur is more inclined to act first and ask for forgiveness than to ask for permission before acting. The Intrapreneur is also typically the intra-organizational revolutionary challenging the status quo and fighting to change the system from within. This ordinarily creates a certain amount of organizational friction. A healthy dose of mutual respect is required in order to ensure that such friction can be positively channeled. One advantage of Intrapreneurship over Entrepreneurship is that Intrapreneur typically finds a ready source of "free" resources within the organisation which can be applied to the opportunity being exploited. Intrapreneurs seek out the organisational slack or fat, and co-opt it into Intrapreneurial ventures. So conclusion to the meaning of an intrapreneur can either be someone who operates like a entrepreneur, but he has the backing of an organization or is an entrepreneur with his business maturing into a better organization. Examples of intrapreneurship: 1. A classic case of intrapreneurs is that of the founders of Adobe, John Warnock and Charles Geschke. They both were employees of Xerox. As employees of Xerox, they were frustrated because their new product ideas were not encouraged. They quit Xerox in the early 1980s to begin their own business. Currently, Adobe has an annual turnover of over $3 billion.

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Entrepreneurship Mgmt.

2. Vijay Gaikwad , who heads Zensar Technologies Technology Innovation Group, has built Solution BluePrint, a tool which automates the software engineering process.

Intrapreneurship Characteristics:
Visionary: Intrapreneur should be visionary and flexible. He should possess the ability to visualize the steps from idea to actualization. Understands the environment: Intrapreneurs must understand all the aspects of the environment. They should be creative and have a broad understanding of the internal and external environment of the cooperation. Action oriented : Intrapreneurs should be action oriented. They shouldnt only focus on planning but also look for incremental achievements by taking moderate risks. Risk-takers : Intrapreneurs are moderate risk takers. Because of their self confidence they are more willing to accept risks that depend directly on their skills. Encourages teamwork: Intrapreneur should have the ability to encourage teamwork and use multidisciplined approach. Also he should encourage open discussion in order to develop a good team. The degree of openness among the team depends on the degree of openness of the intrapreneur. Establish coalitions: Intrapreneurs can realize their goals by forming coalitions to support their innovations. Coalitions involve both supportive co-workers and managers or executives.

Organizational Characteristics That Encourage Intrapreneurship: The single most important factor in establishing an "intrapreneur-friendly" organization is making sure that your employees are placed in an innovative working environment. Rigid and conservative organizational structures often have a stifling effect on intrapreneurial efforts. Conservative firms are capable of operating at a high level of efficiency and profitability, but they generally do not provide an environment that is conducive to intrapreneurial activity (and organizations that do not encourage creativity and leadership often alienate talented employees).

Atharva Institute of Management Studies

Entrepreneurship Mgmt.

But as Erik Rule and Donald Irwin stated in Journal of Business Strategy, companies that establish a culture of innovation through: 1) formation of intrapreneurial teams and task forces; 2) recruitment of new staff with new ideas; 3) application of strategic plans that focus on achieving innovation; and 4) establishment of internal research and development programs are likely to see tangible results. Other keys to instilling an intrepreneurial environment in your business include the following: 1. Support from ownership and top management: This support should not simply consist of passive approval of innovative ways of thinking. Ideally, it should also take the form of active support, such as can be seen in mentoring relationships. Indeed, the small business owner's own entrepreneurial experiences can be valuable to his firm's intrapreneurial employees if he makes himself available to them. 2. Training: Corporates must conduct training for employees at different levels on how to behave in accordance with Intrapreneurial values and motivational factors. Developing their creative and innovative skills through brainstorming sessions and other means, is a certain way to bring results. 3. Communication systems: Communication systems within the company should be strong so that intrapreneurs who have new ideas for products or processes can share their ideas easily. 4. Intelligent allocation of resources to pursue intrapreneurial ideas. 5. Reward intrapreneurs: All in all, intrapreneurs tend to be creative, dedicated, and talented in a variety of areas. They are thus of significant value even to companies that do not feature particularly innovative environments. Their importance is heightened, then, to firms that do rely on intrapreneurial initiatives for growth. Since they are such important resources, they should be rewarded accordingly (both in financial and emotional terms). Corporates should have a well defined and transparent reward system to encourage Intrapreneurial ideas. For while intrapreneurs may not want to go into business for themselves, they still have a hunger to make use of their talents and a wish to be compensated for their contributions. If your small business is unable or unwilling to provide sufficient rewards, then it should be prepared to lose that intrapreneur to another organization that can meet his/her desires for professional fulfilment. 6. Toleration of failure: Some innovations fail to give results, then companies must accept failure as part of the innovation process in order to keep intrapreneurs free from the fear of failure. 7. Collaboration and teamwork: the company should encourage teamwork and collaborative innovation. For example, Google as a company is an innovators paradise. It actually encourages its employees to take holidays for innovations. The employees are encouraged to report any new innovations.

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CORPORATE ENTREPRENEURSHIP& INTRAPRENEURSHIP

What is Intrapreneurship?: Intrapreneurship is the practice of entrepreneurship by employees within an organization. In corporate organisation it is known as corporate entrepreneurship. "Intrapreneurship refers to employee initiatives in organizations to undertake something new, without being asked to do so". This Intrapreneur focuses on innovation and creativity and who transforms a dream or an idea into a profitable venture, by operating within the organizational environment. Thus, Intrapreneurs are Inside entrepreneurs who follow the goal of the organization. Intrapreneur is a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation. The Intrapreneur acts within the confines of an existing organization. The dictates of most organizations would be that the Intrapreneur should ask for permission before attempting to create a desired future in practice, the Intrapreneur is more inclined to act first and ask for forgiveness than to ask for permission before acting. The Intrapreneur is also typically the intra-organizational revolutionary challenging the status quo and fighting to change the system from within. This ordinarily creates a certain amount of organizational friction. A healthy dose of mutual respect is required in order to ensure that such friction can be positively channeled. One advantage of Intrapreneurship over Entrepreneurship is that Intrapreneur typically finds a ready source of "free" resources within the organisation which can be applied to the opportunity being exploited. Intrapreneurs seek out the organisational slack or fat, and co-opt it into Intrapreneurial ventures. So conclusion to the meaning of an intrapreneur can either be someone who operates like a entrepreneur, but he has the backing of an organization or is an entrepreneur with his business maturing into a better organization. Examples of intrapreneurship: 3. A classic case of intrapreneurs is that of the founders of Adobe, John Warnock and Charles Geschke. They both were employees of Xerox. As employees of Xerox, they were frustrated because their new product ideas were not encouraged. They quit Xerox in the early 1980s to begin their own business. Currently, Adobe has an annual turnover of over $3 billion.

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4. Vijay Gaikwad , who heads Zensar Technologies Technology Innovation Group, has built Solution BluePrint, a tool which automates the software engineering process.

Intrapreneurship Characteristics:
Visionary: Intrapreneur should be visionary and flexible. He should possess the ability to visualize the steps from idea to actualization. Understands the environment: Intrapreneurs must understand all the aspects of the environment. They should be creative and have a broad understanding of the internal and external environment of the corporation. Action oriented: Intrapreneurs should be action oriented. They shouldnt only focus on planning but also look for incremental achievements by taking moderate risks. Risk-takers: Intrapreneurs are moderate risk takers. Because of their self confidence they are more willing to accept risks that depend directly on their skills. Encourages teamwork: Intrapreneur should have the ability to encourage teamwork and use multidisciplined approach. Also he should encourage open discussion in order to develop a good team. The degree of openness among the team depends on the degree of openness of the intrapreneur. Establish coalitions: Intrapreneurs can realize their goals by forming coalitions to support their innovations. Coalitions involve both supportive co-workers and managers or executives.

Organizational Characteristics That Encourage Intrapreneurship: The single most important factor in establishing an "intrapreneur-friendly" organization is making sure that your employees are placed in an innovative working environment. Rigid and conservative organizational structures often have a stifling effect on intrapreneurial efforts. Conservative firms are capable of operating at a high level of efficiency and profitability, but they generally do not provide an environment that is conducive to intrapreneurial activity (and organizations that do not encourage creativity and leadership often alienate talented employees). But as Erik Rule and Donald Irwin stated in Journal of Business Strategy, companies that establish a culture of innovation through: 1) formation of intrapreneurial teams and task forces;

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2) recruitment of new staff with new ideas; 3) application of strategic plans that focus on achieving innovation; and 4) establishment of internal research and development programs are likely to see tangible results. Other keys to instilling an intrepreneurial environment in your business include the following: 8. Support from ownership and top management: This support should not simply consist of passive approval of innovative ways of thinking. Ideally, it should also take the form of active support, such as can be seen in mentoring relationships. Indeed, the small business owner's own entrepreneurial experiences can be valuable to his firm's intrapreneurial employees if he makes himself available to them. 9. Training: Corporates must conduct training for employees at different levels on how to behave in accordance with Intrapreneurial values and motivational factors. Developing their creative and innovative skills through brainstorming sessions and other means, is a certain way to bring results. 10. Communication systems: Communication systems within the company should be strong so that intrapreneurs who have new ideas for products or processes can share their ideas easily. 11. Intelligent allocation of resources to pursue intrapreneurial ideas. 12. Reward intrapreneurs: All in all, intrapreneurs tend to be creative, dedicated, and talented in a variety of areas. They are thus of significant value even to companies that do not feature particularly innovative environments. Their importance is heightened, then, to firms that do rely on intrapreneurial initiatives for growth. Since they are such important resources, they should be rewarded accordingly (both in financial and emotional terms). Corporates should have a well defined and transparent reward system to encourage Intrapreneurial ideas. For while intrapreneurs may not want to go into business for themselves, they still have a hunger to make use of their talents and a wish to be compensated for their contributions. If your small business is unable or unwilling to provide sufficient rewards, then it should be prepared to lose that intrapreneur to another organization that can meet his/her desires for professional fulfilment. 13. Toleration of failure: Some innovations fail to give results, then companies must accept failure as part of the innovation process in order to keep intrapreneurs free from the fear of failure. 14. Collaboration and teamwork: the company should encourage teamwork and collaborative innovation. For example, 3M, in which they encourage many projects within the company. They give certain freedom to employees to create their own projects and they even give them funds to use for these projects.

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Entrepreneurship Mgmt.

ULTRAPRENEURSHIP

ULTRAPRENEURSHIP

Entrepreneurs no longer have the luxury of long development and product proving time spans. Windows of market opportunity open and close rapidly. Todays entrepreneur needs a new mindset, what we term ultrapreneuring. Gone are those days of developing a company to die with-no more cradle to grave thinking. Ultra growth companies arent made to be passed on to the next generation. Ultrapreneurs create them and sell out, merge or combine. Their lifelong challenge is to do it again and again. Many people have established successful businesses and then suddenly sold them off to managers at good valuations and move on to a new venture. Such people are called as serial entrepreneurs. The watch word is harvest. The sole intent is to build a company, then sell out in three years or less. The challenge is to leverage the investment dollars, the management team, and the product or service niche to attract a predetermined, designated purchaser Ultrapreneur is about taking enterprise beyond the paradigm of shareholder value, quarterly results and human resources to incorporate a new vision, a new ethics and a new way of working. If entrepreneurship meant to take in hand, to manage (in its original, literal sense), from the Old French entreprendre to take between (the hands), then ultrapreneurship is about taking (organizations) beyond the paradigm of late 20C capitalism that is now threatening our very existence on this planet. Ultrapreneur is for everyone who is looking for fresh thinking in the wake of climate change, globalisation and the growing unrest of the worlds underemployed and undervalued populations and who wants to change the world. But who also seeks the knowledge, skills and experience and the wisdom to make that change positively and effectively. . Ultrapreneurs make it happen by being prepared for constant change by continually adapting their business plans for the changes that are dictated by the realities of their market place, customers and team. Making it happen, ultrapreneurial style, can be summarised by addressing two primary pressures, those from outside and those from within the organisation. The ultrapreneurial key is to maintain realistic goals, delegate, put effort, into a balanced life, and be around to really enjoy the rewards.

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What It Takes To Be An Ultrapreneur?

Achievement Commitment Communications Energy Goal Setting Growth Orientation Honesty Innovation Intelligence Leadership Risk Tolerance Self-Confidence Action Orientation

Examples of Successful Ultrapreneurs:

a) In 1983, Mallya took over as Chairman of the United Breweries Group. Under his leadership the group has expanded significantly to turn into a multi billion dollar conglomerate. His group is engaged in several business activities like alcoholic beverages, life sciences, engineering, agriculture, chemicals, information technology, aviation and leisure. Vijay Mallya formed Kingfisher Airlines in the year 2005. Mallya`s Kingfisher airlines acquired Air Deccan, a low cost Indian airline which was subsequently integrated into his Kingfisher fleet. And also he owns an IPL team, Banglore Royal Challengers. b) Shivraman Duggal established Wigan and Leigh college, the first ever international affiliated college and then moved on to establish ICRI pioneering clinical research education in India.

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CYBERPRENEUR
It is a combination of the words 'cyber' and 'entrepreneur' and loosely means many things but generally regarded as meaning an entrepreneur who has an online based business on the Internet that targets international consumers. These cyberpreneurs do not need offices or extensive support staff all over the world. They just need an idea, a great idea, and a cable to the Internet.

The Internet
Most people alive today have probably heard of the Internet. In fact, if the propaganda is believed, most people have already surfed the Internet. At least most computer users have probably done so. It is becoming more and more common for firms and organizations everywhere to advertise and even sell their products and services via the Internet. Cyber Entrepreneurs is similar to Entrepreneur but the difference is where the conduct their business. Internet entrepreneurs combine creativity and marketing skills to sell goods and services on the World Wide Web. The Internet has shown spectacular growth over the past few years and will almost certainly continue to grow. On the other hand, the failure rate of Internet businesses is high, because the medium evolves in ways that are impossible to predict. Employment in Web-related business is volatile. Many large companies have invested heavily in developing Internet sites. Then, as those sites fail to produce revenue, companies alter their plans and "downsize" or abandon the sites, often laying off employees in the process. Like other new industries, the Internet offers high-risk opportunities. Individuals with the right idea and the skills necessary to capitalize on it can earn a fortune. At the same time, far more Internet-based businesses will fail rather than succeed.

Definition and Nature of the Work

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The Interneta worldwide network of computer networksoffers businesses and individuals a relatively inexpensive way to communicate with a global audience. The development of the Internet over the past forty years has opened an entirely new medium for communication and commerce. Creative individuals with something to say or something to sell and technical interests and abilities can use the Internet to reach vast numbers of people. Internet entrepreneurs are individuals who are familiar with the culture and technology of the Internet and are able to apply their knowledge to sell products or services via the Internet. In general, these entrepreneurs exploit the World Wide Web (the Web)the portion of the Internet where users post "pages" of text, images, audio, and video using the HTML programming language. On a basic level the Web provides individual entrepreneurs and business organizations with an inexpensive means to offer documents and software to a worldwide audience. Commercial Web sites fall into two basic types: pay sites and free sites. Pay sites offer subscribers proprietary information for a fee. The information can range from financial analysis to software applications to sports statistics. Free sites attract users with interesting content, and then make money through advertising or sales generated through the site. For example, "search engines" such as Yahoo and Google help users find Web pages for free while exposing the users to advertisements. Other free sites are essentially online catalogs selling products and offering feature articles and reviews. Home electronics, computer equipment, books, music, video games, and travel arrangements are among the most popular items sold over the Internet. Many Web sites are owned and maintained by huge corporations. Nearly all Fortune 500 companies have Web sites. On the other hand, there are also thousands of smaller businesses represented onlinemany owned and operated by individuals. Regardless of whether they work for a large corporation or a tiny business, Internet entrepreneurs must combine marketing skills with an aptitude for using new and evolving technology.

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CORPORATE SOCIAL ENTREPRENEURSHIP

Corporate Social entrepreneurship is someone who recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change. Whereas a business entrepreneur typically measures performance in profit and return, a social entrepreneur assesses success in terms of the impact s/he has on society as well as in profit and return. While social entrepreneurs often work through nonprofits and citizen groups, many now are working in the private and governmental sectors and making important impacts on society.The main aim of social entrepreneurship as well as a social enterprise is to further social and environmental goals for a good cause. Although social entrepreneurs often are associated with nonprofits, this need not be incompatible with making a profit. Social enterprises are for more-than-profit, using blended value business models that combine a revenue-generating business with a social-value-generating structure or component. A social entrepreneur in the twenty-first century will redefine entrepreneurship as we know it, due to their progressive business models. When Muhammad Yunus, 2006 Nobel Peace Prize awardee and founder of Grameen Bank, was contacted by the Nobel Foundation for the customary winner interview, he remarked, ...poverty is an artificial creation. It doesnt belong to human civilisation, and we can change that, we can make people come out of poverty (sic). The only thing we have to do is to redesign our institutions and policies. Thats what social entrepreneurship is about: creating business models revolving around lowcost products and services to resolve social inequities. And the realisation that social progress and profit arent mutually exclusive has led to many social ventures taking root in India as well. The CSE Concept CSE emerges from and builds on three other conceptual frameworks: entrepreneurship, corporate entrepreneurship, and social entrepreneurship. The fundamental purpose of CSE is to accelerate companies organizational transformation into more powerful generators of societal betterment.

Key Elements of CSE CSE aims to produce a significant and comprehensive transformation of the way a company operates. The following elements are central to that process: creating an enabling environment, fostering corporate social intrapreneurs, amplifying corporate purpose and values, generating double value, building strategic alliances. Enabling Environment. For companies to move from their old approach to CSR to the CSE approach they must adopt an entrepreneurial mindset and cultivate an entrepreneurial environment that enables fundamental organizational transformation. This can only happen if top leadership champions the change. This requires a powerful vision of where the CSR

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revolution is taking the company and why it is vital to the organizations success. That vision and strategy must also be accompanied by changes in the companys structures and processes. There must be performance measurement indicators for the economic and social value generated and the incentive and reward system must be aligned with these indicators. The Corporate Social Intrapreneur. The CSE process is powered by multiple change agents or Intrapreneurs. Social and corporate entrepreneurship differentiate the roles of the social or corporate entrepreneur from the role of managers. They are internal champions, continuously advocating for the integration of social and business value as a central tenet for the company. They are good communicators, particularly articulate about the rationale and importance of the transformation. They are also active listeners to various stakeholders and are able to speak to these groups in ways that reveal how the social action is relevant to their needs and interests. They are creators of innovative solutions: new resource configurations, actions, and relationships. They are not managers of the status quo, but creators of a new, sometimes disruptive one. They are catalysts for change, who inspire and create synergies in the work of others. They are coordinators, able to effectively reach across internal and external boundaries, mobilizing, and aligning interests and incentives. They are perceived as useful contributors who support the success of others. Rather than being perceived as building a new power center, Corporate Social Intrapreneurs are team players who enable other groups. Finally, they are shrewd calculators; cognizant of the realities of the corporate environment, they are cost-conscious and mindful of the bottom line. Change is not framed in terms of ideals or intentions, but in terms of aligned incentives. Plus, as organizational change agents, they need to be able to assess how fast and far they can move the transformational process within the realities of the organization. Corporate Purpose: Values-based organizations. One of the key focal points of CSE is company values. Getting organizational values right is vital to advancing CSR. The CSIntrapreneurs need to ensure that social value generation fulfilling social responsibilities is seen as an essential component in companies mission and values statements. The CSE process aims to ensure that the words are translated into action. The values-based organizations see themselves as trustworthy, moral agents, capable of generating trust based on sustained ethical behavior and innovative solutions to social problems. Their goal is not just to comply with the law, or to be responsive to key stakeholders: they seek to lead through example, to exceed expectations, and to set new standards. In these organizations, social values are not viewed as a shiny patina meant to embellish the real company, but rather as a structural component, a cornerstone of their organizational identities.

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Value Creation and The Double Return. Entrepreneurship is all about finding innovative ways to create value. CSE aims to ensure that the very purpose of these corporations migrates from one of maximizing returns to investors to optimizing returns to stakeholders, with those being defined as groups who are significantly affected by company actions and who can in turn impact the company. The underlying premise is that serving such a broader constituency will make the company more sustainable. This amplified purpose means that the company is producing both economic and social value, which some have referred to as a double or triple (if one breaks out environmental value as a separate category) bottom line, or blended value Co-generating Value. A vital part of the value generating strategies is collaborating with other organizations businesses, civil society, or governmental. These alliances are the vehicles for achieving what the CSE definition referred to as extending the firms domain of competence and corresponding opportunity set through innovative leveraging of resources outside its direct control. Strategic alliances that combine complementary core competencies can create new resource constellations that enable innovative solutions to long-standing social and economic problems. This leveraging of distinct organizational capabilities and resources produces powerful co-generation of social and economic value. CS Intrapreneurs are also Entrepreneurs who are constantly reaching out to leverage these resources outside their direct control, building internal and external bridges. Externally, these companies leverage intensively their relationships with stakeholders for joint action through partnerships. The Challenges and Opportunities of Applying CSE: The penetration of the social realm into corporate strategy has gathered. By now, most well managed companies have adopted these practices. Managing the social and environmental footprint of economic activity is generally accepted as part of the cost of doing business. But much remains to be done. If companies are to move their CSR activities from satisfying behaviour and take their commitment to society and the environment to the next level, they will need to rethink their current approaches to CSR, tapping into the creativity of every individual. CSE, like all entrepreneurship, is not about managing existing operations or CSR programs; it is about creating disruptive change in the pursuit of new opportunities. It combines the willingness and desire to create joint economic and social value with the entrepreneurial redesign, systems development, and action necessary to carry it out. Accelerated organizational transformation faces a host of obstacles well-documented in the change management literature. Because CSE expands the core purpose of corporations and their organizational values, it constitutes fundamental change that can be particularly threatening and resisted.

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CONCLUSION:DONT RUN BEHIND SUCCESS FOCUS ON EXCELLENCE .AND SUCCESS WILL FOLLOW YOU
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