The Role Of An Entrepreneur In Enterprise Business Essay

The Role Of An Entrepreneur In Enterprise Business Essay An entrepreneur is a person who is the owner of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome. To put it in simple words an entrepreneur is someone who seeks the opportunity, organizes resources needed for working out on that opportunity and exploits it. Computers, Television, Mobile phones, washing machines, ATMs, Credit Cards, Courier Service, and Ready to eat Foods are all examples of entrepreneurial ideas that got changed into products or services. Some of the definitions of entrepreneur have been given below: Joseph. A .Scum peter defines an entrepreneur as a person who innovates, raises money, assembles inputs, chooses managers and sets the organization going with his ability to identify opportunities which others are not able to identify and is able to make use of them. Peter Drucker defines an entrepreneur as one who always searches for a change responds to it and exploits it as an opportunity. An entrepreneur innovates. Innovation is a specific instrument of success available to entrepreneur Source: Drucker, P. F. (1985). Innovation and Entrepreneurship. Characteristics of an Entrepreneur: Mental Ability Entrepreneur must have creative thinking and is able to analyze problems and situations. He should be able to foresee changes. Business Secrecy He should hide and protect his business secrets from his competitors. Clear Objectives The objectives has to be clear in his mind regarding the nature of business and goods to be produced. Human Relations The relationship between the entrepreneur, customers and employees e.t.c. has to be good. It is important to maintain personal relations, tactfulness, stability in emotions and consideration with customers, employees, etc. Communication Ability Good communication skill is the asset for any entrepreneur as it eases the understanding between anyone working or dealing within or outside the company. Source: Desai, V (2001). Dynamics of entrepreneurial development Management. Himalaya Publishing House. So we can say that an ENTREPRENEUR: à ¢Ã¢â€š ¬Ã‚ ¢ Is a person who develops and owns his own enterprise. à ¢Ã¢â€š ¬Ã‚ ¢ Is a moderate risk taker and works under uncertainty for achieving the goal. à ¢Ã¢â€š ¬Ã‚ ¢ Is innovative à ¢Ã¢â€š ¬Ã‚ ¢ Reflects strong urge to be independent. à ¢Ã¢â€š ¬Ã‚ ¢ Persistently tries to do something better. à ¢Ã¢â€š ¬Ã‚ ¢ Dissatisfied with routine activities. à ¢Ã¢â€š ¬Ã‚ ¢ Prepared to withstand the hard life. à ¢Ã¢â€š ¬Ã‚ ¢ Determined but patient à ¢Ã¢â€š ¬Ã‚ ¢ Exhibits sense of leadership à ¢Ã¢â€š ¬Ã‚ ¢ Also exhibits sense of competitiveness à ¢Ã¢â€š ¬Ã‚ ¢ Takes personals responsibility à ¢Ã¢â€š ¬Ã‚ ¢ Is Oriented towards the future. à ¢Ã¢â€š ¬Ã‚ ¢ Tends to persist in the face to adversity à ¢Ã¢â€š ¬Ã‚ ¢ Converts a situation into opportunity. Entrepreneurship:- The word entrepreneurship is derived from the French verb Enterprendre. The French men who organised and led military expeditions in the early 16th century referred to as Entrepreneurs. Entrepreneurship is the act of being an entrepreneur, which can be defined as one who undertakes innovations, finance and business insight in an effort to change innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most understandable form of entrepreneurship is that of starting a new business (referred as Startup Company); however, in recent years, the term has been extended to incorporate social and political forms of entrepreneurial activity. According to A.H. Cole Entrepreneurship is the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods or services. According to Peter. P. Drucker Entrepreneurship is neither a science nor an art. It is a practice. It is knowledge base. Knowledge in entrepreneurship is a means to an end, that is, by the practice. Source: Cole A.H. (1959), Business enterprise in its social setting. Cambridge: Harvard University press. Types of Entrepreneur and their features: Business Entrepreneurs It is refers to the individuals who conceive an idea for the product or service and makes the business around it. For example Pen production and marketing. The establishment of the business can be of big and small in size. Trading Entrepreneurs It refers to the person who is not considered with manufacturing but only undertakes trading activities. He is the one who identifies market, stimulates demand for product line among buyers. Industrial Entrepreneurs Essentially a manufacturer, a person who identifies the need of a customer and tailors a product. They are the one who converts economic resources and technological resources in to profitable ventures. for example electronic industry and textile units. Corporate Entrepreneurs A person who demonstrates his innovative skill in organising and managing corporate undertaking. Agriculture Entrepreneur It refers to the person who undertakes agricultural activities as raising and marketing of crops, fertilizers etc. Example agricultural tourism and manufacturing and marketing of fertilizers. Technical Entrepreneurs Its can be considered as a craftsman. They concentrate more on production and less or negligible on sales. Source: Scott, S. (2003). A General Theory of Entrepreneurship: the Individual-Opportunity Nexus, Edward Elgar STEVE JOBS Steve Jobs is an American inventor and the CEO and co-founder of Apple Inc., a primary manufacturer of electronic devices including the Macintosh Computer (MAC), iPod, iPhone, and the music and video software iTunes. He was CEO of Pixar Animation Studios until it was acquired by Disney in2006. Although he is known as a business and sales tycoon, Steve Jobs is credited with many of the electronic inventions now patented by Apple. Steven Paul Jobs was born in San Francisco on 24th February 1955 to Joanne Carole Schieble and Syrian Abdulfattah John Jandali and adopted by Paul and Clara Jobs. He attended the Cupertino Middle School followed by high school at Homestead H.S. in the same town of Cupertino. He spent his childhood in the South Bay area, a region that would later become known as Silicon Valley. During high school Jobs held a summer job at the Hewlett-Packard Company in Palo Alto prior to attending college. His original association with Steven Wozniakbegan was a result of attending lectures and working at HP. Although he attended Reed College in Portland, Oregon, Steve Jobs never graduated, having only spent about six months at college. He returned to California in 1974 and began attending meetings of the Homebrew Computer Club with his friend Wozniak. At the same time he took a job at Atari to save money for a spiritual retreat to India. While working there he discovered that a popular whistle recreated the tones needed to make long distance phone calls with ATT. Jobs convinced Wozniak to go into business with him to create blue boxes and sell them to people wishing to make free long distance phone calls. Jobs ended up backpacking through India but returned to work with Atari. He continued to work with Wozniak on other projects and finally convinced him to market a computer Wozniak had built for himself. On April 1, 1976, Apple Inc. was born. Although the business started with printed circuit boards, Steve Wozniak and Steve Jobs eventually created their first personal computer, the Apple I, and sold it for $666.66. They later followed it with the Apple II, a large success for their business. Apple Inc. began selling shares in December of 1980. As the company grew, so did its merchandise and the hugely successful Macintosh was introduced to the public in 1984 and became the first personal computer with a graphical user interface (GUI) through which individuals could interact with the items on the screen. Steve Jobs was the founder and inspiration for the Apple Company, but he was slowly pushed out for aggressive and underhanded tactics Employees said he had a temper, and was usually stubborn After an internal power struggle, he was eventually kicked off the board of directors Jobs protested and resigned, even though he stayed the chairmen for some time. He was so upset, he sold all but one of his Apple shares During this time, Jobs bought what became Pixar from Lucas film for $5 million He also started the computer company NeXT Computer Though it never went very mainstream, due to high costs, it was responsible for many important innovations, including NeXTMail, Jobs email program that supported embedded graphics and sounds and the original World Wide Web system (www). As Apple grew even more, Jobs experienced tension with the board and the struggles led to Jobs leaving Apple in May of 1985.Steve Jobs went on to create the company called NeXT in 1986. Although it began as a company designed around aesthetic interpersonal computing, it later focused more on software development. NeXT ended up playing a major role in the development of email and the worldwide web. In 1986, Jobs bought The Graphics Group (later renamed Pixar) from Lucas films computer graphics division for the price of $10 million, $5 million of which was given to the company as capital. In 1996, Apple announced that it would buy NeXT for $429 million. The deal was finalized in late 1996 bringing Jobs back to the company he co-founded. He soon became Apples interim CEO after the directors lost confidence in and ousted then-CEO Apple bought NeXT in 1996 and reinstated Jobs as the Chief Executive Officer. His current annual salary is $1, but he receives executive gifts from the board that give better tax advantages than does his salary. He is well known for his work ethic as well as his bad temper, but has consistently helped to grow Apple from a company bordering on bankruptcy in the 1990s to a very successful company today. Steve Jobs has helped establish the new electronic divisions and personally helped to create the iPod, iphone, and other personal devices. Source: Steve Jobs, (2011). Long Bio [Online] Available at: http://www.allaboutstevejobs.com/bio/long/01.html ( Accessed: 23 March 2011) Achievements:- He was awarded the National Medal of Technology from President Ronald Reagan in1984 with Steve Wozniak (among the first people to ever receive the honour) and a Jefferson Award for Public Service in the category Greatest Public Service by an Individual 35 Years or Under (aka the Samuel S. Beard Award) in 1987. On November 27, 2007, Jobs was named the most powerful person in business by Fortune Magazine. On December 5, 2007, California Governor Arnold Schwarzenegger and First Lady Maria Shriver inducted Jobs into the California Hall of Fame, located at The California Museum for History, Women and the Arts. In August 2009, Jobs was selected the most admired entrepreneur among teenagers on a survey by Junior Achievement. On November 5, 2009, Jobs was named the CEO of the decade by Fortune Magazine. In November 2009 Jobs was ranked #57 on Forbes: The Worlds Most Powerful People. In December 2010, the Financial Times named Jobs its person of the year for 2010. Steve is in the Guinness Book of World Records as the Lowest Paid Chief Executive Officer, with a salary of just $1. Source: Pena, M. (2005). Steve Jobs to 2005 graduates: Stay Hungry, stay foolish [online]. Available at: http://news.stanford.edu/news/2005/june15/grad-061505.html (Accessed: 24th March 2011) Steve Jobs as an entrepreneur:- It is evident that most of the entrepreneurs come from the various age levels, income levels, genders and race and from different ethical backgrounds. They have their own set of personal attributes which includes: Creativity, dedication, determination, flexibility, leadership style, passion, self- confidence and smart these all attributes makes them stand out of the crowd. Creativity:- In todays fast paced world competitive business environment requires companies to implement the process of innovation- It is a process of generating a new idea leading to start or make, a new or existing business firm or idea to reach a new successful level. Dedication: Success in any business can be achieved by the conscious effort and dedication. Any entrepreneur always does the things on right time with right planning and ideas adjoined with the hard work, this leads business to a successful venture. Dedication towards work encourages them to work hard. For them money is not the priority, its the rewards which plays the vital role. Flexibility:- It is very important for business because sometimes situation demands changes in plans and strategy, entrepreneur should use flexibility in order to correct mistakes, errors and in efficiencies. It is a way of handling a business with authority to change when the system demands. A Successful entrepreneur always has to be ready to make any changes according to the customers demand. Example:- Apple first comes up with the IPod in the market but when they realize that there is a market demand for Phone incorporated with the media player, they introduced their new invention Iphone . Leadership: According to Steve Jobs, Focus is critical for effective leadership, with so many options choosing the right one can be extremely difficult. Small changes can have big results, if you focus on the key issues and execute relentlessly on those key issues. To focus on the most important issues means you have to say not to a whole range of alternative opportunities. As a leader you have to be ready for setbacks. Setbacks are the part of life and whether you become successful or not often depend on your ability not to give up. It is a attribute to show that Never-say-die team. Source: HGIC (2011). Steve Jobs, Entrepreneur(Reed College) [Online]. Available at: http://geekornot.com/corporate/steve-jobs-entrepreneur-reed-college/ (Accessed 26th march 2011) Leadership Style:- Autocratic style: Steve jobs admit that he used to handle incredible amount of workforce, at a time up to 100 individuals reports directly to him. The fact that there are so many individuals reports to him directly represents his will and eagerness to hold the command in his hands. Total control is the certainly the basis of leadership. Transformational style: Steve jobs has transformed many companies in to a success stories. He brings major positive changes in the company. For example he has transformed Pixar in to a success story. In transformation he enabled others to look out for each other, to be encouraging and harmonious, and to look out company as a whole. Passion: Steve jobs is very much passionate about whatever he is working on. This is very evident with his cocky attitude and lack of humane quality of a transformational leader. He enhances the motivation, morale and performance of his follower group. Some people characterize him as a charismatic leader because of his passion for work. Source: David Kramer. DK (2010). Leadership behaviour and attitude of Steve jobs. WordPress 15th February [Online]. Available at: http://davidkramer.wordpress.com/2010/02/15/leadership-behaviours-and-attitudes-of-steve-jobs/ (Accessed: 1st April 2011) Management Strategy of Steve Jobs:- In an interview with Fortune, Steve jobs opened up his management style, The things which he said is illustrated below:- SWOT analysis you should know about your strengths and weaknesses as soon as u start a company. Spotting opportunities We need to spot the opportunities for improvement. You have to spot them and then create an environment to leverage that opportunity and to make it happen. Improve Productivity as an entrepreneur we should know what customers want and how to improve our own productivity. Look for the ideas which can improve your team and customers. Competitive advantage taking help with the IT or making their platform i.e. hardware or software systems closed can create a competitive advantage. Succession planning planning includes working together for a common goal. It is important to have succession planning so that business can run even at the time of unfortunate event. Focus focus on the most important issues which are relevant to the business and avoid issues and projects which not add value to the business. Talent acquisition Steve jobs always look for the talent who are strategically fit for the business and can be a good fit in the culture of the company. Always welcome open hands for the new talent so that the new hiring will not feel difficult to adjust. Handling barriers and roadblocks In many cases that could mean stopping projects altogether to take stock of current situations or to change the direction. There is no shame in that as the project has to deliver the projects core objective. Customer conversion It refers to utilisation of companys resources and potential in such a way which can create opportunities in attracting additional customers. Source:- CNN (2008). Americas most admired companies: Steve Jobs speaks out [online] Available at: http://money.cnn.com/galleries/2008/fortune/0803/gallery.jobsqna.fortune/ (Accessed: 3rd April 2011) Comparison with Bill Gates It is obvious that Bill Gates and Steve Jobs have very different personalities. There are however, interesting parallels. For example, they both started with one business partner each who shared a common vision. To me though, the most important thing they both share is that they positioned themselves at the right time to take advantage of a massive growth surge in personal computing. Steve jobs and bill gates have both worked very hard to fulfil their vision to develop personal computers, but the way they choose things and makes decisions are somewhat different. Steve Jobs invented the Apple computer, which was one of the earliest personal computers, he also invented the Mac Book and of course the ever popular iPhone. While Bill Gates invented the Microsoft Windows operating system as well as the first mass produced personal computers. Both of these business tycoons are extremely rich, however, Bill Gates wealth is by far the biggest. Hes estimated to have assets over $50 billion dollars. However, a Steve Jobs only has $5 billion dollars worth of assets. Steve Jobs leadership is autocratic style, because he centralizes the authority, he never given a chance to subordinate to involving decision making. He thinks that whatever he do is right. Sometimes he acts as anti Gates, and sometimes request Microsoft to develop software for his computer. His cocky attitude and lack of management skills became a threat of APPLES success. On the other hand Bill Gates leadership is participative style because he involves his subordinate in decision making. He is a flexible person and he recognized his role was to be visionary of the company. Gates is a strong and energizing person his enthusiasm, hard working nature, judgment skills reflect his personality. His motivating power and involving his friends to working with him became the success of Microsoft. Source: Recomparison. (No date) Steve Jobs vs. Bill gates [Online] Available at: http://recomparison.com/comparisons/100295/steve-jobs-vs-bill-gates/ (Accessed: 8th April 2011) Task 2 The criterias used by Steve Jobs for selecting and implementing new business ventures:- No business comes in to existence without any purpose. The main primary common purpose for any business is making profits. To satisfy that need and the needs of customers companies put more emphasize on providing high quality products, goods and services. It would be not correct to say that the main priority for a business is to make money. Definitely a company needs profits to continue, but profits are not what business is for. No business sticks to the same strategy that what it adapted initially. Most of the business changes their policies and strategies according to the change in a business environment. Do what you love to do Do things which you really like to do. Put your heart and soul in it. Be different Stand out from the crowd by making different things and working differently. Do your best Always give your best whenever you indulge in a work. Hard work gives success and success generates more success. Be hungry for success and hire people with passion for excellence. Make SWOT Analysis Perform SWOT analysis of the work. Make list of strengths and weaknesses of your company. Dont hesitate to fire people who are not good for the company. Start small, think big Dont go for everything in one go, start by small and gradually stride towards the main big goal. Dont think about the today only Aim at the future. Strive to become market leader Make efforts to grab things which can give your business a competitive advantage over competitors. For example use the better technology available in the market. Focus on the outcome people judge you by performance. So focus on giving a good outcome. If the users dont know about your product or its feature then advertise it. Show them how it works. Ask for feedback Ask customers first. They can give you a proper feedback that what they like about your product and what they dislikes. Use feedbacks for future developments. Innovate Concentrate on the things which are better and are really useful to the business. Avoid things which can put you on the wrong track. Try to hire and make things which nobody have thought of. Learn from failures Innovations sometimes leads to mistakes. So admit it quickly and use measures to avoid it resulting in improved innovations. Source: Young, Jeffery S. (1988). Steve Jobs, the Journey Is the Reward. Lynx Books Important aspects to look before venturing a new market:- Need for the product or service Whether youre starting a new product, service or organization, there needs to be a strong market for it. One should always check and verify needs in the market for the particular product or service. Youll have to have enough evidence to convince an investor or funder or to yourself that yes there is really a need in the market. The nature of the product, who are the competitors and what makes your product different or more needed by the customer. For example increasing demand for palmtops leads Steve jobs to introduce I Pad in the market. The basic purpose of the business if you are starting a new business then you have to state the purpose of your business, mission statement has to be there. All the goals and objectives have to be pre-defined. Risk involvement What are the risks to the business if the product didnt work in market as expected. Risk from existing competitors in the market. Insurance cover has to be there to curb up the losses incurred. Steve jobs did took the risk of competing with Microsoft. Financial status for business planning Analyse the balance sheets, cash flow statements and income statements. It will help in knowing that where the business stands in financial terms. Are there sufficient finances available for making new moves. This will give the clear picture of the performance of business. Human resource- Look for the individuals who are best in that very field. Avoid those who can do what everybody is doing. Try those individuals who do things better, can work effectively and efficiently, generate innovative ideas. Steve Jobs has also performed talent scout to reach those people who are highly skilled and can work better than others. Market Trend Entrepreneur should know the trends going on in the market. This can leads a business in to profit maximization. For example when Steve Jobs found that there is a need and trend for a phone with built-in media player, he then comes up with the innovative idea of Iphone. Source: Chavez, J. (No Date). Apple CEO Steve Jobs demonstrates the Millionaire Mindset [Online]. Available at: http://ezinearticles.com/?Apple-CEO-Steve-Jobs-Demonstrates-the-Millionaire-MindsetHYPERLINK http://ezinearticles.com/?Apple-CEO-Steve-Jobs-Demonstrates-the-Millionaire-Mindsetid=1682475HYPERLINK http://ezinearticles.com/?Apple-CEO-Steve-Jobs-Demonstrates-the-Millionaire-Mindsetid=1682475id=1682475 (Accessed: 4th April 2011). Conclusion:- Steve Jobs is unquestionably an extraordinary man by any standard. He has left his mark on no less than five industries: personal computers with Apple II and Macintosh, music with iPod and iTunes, phone with iPhone, and animation with Pixar. The middle-class hippie kid who left his education in between and built a computer empire and became a multi-millionaire in a few years, was fired from his own company before coming back a decade later to save it and turn it into one of the worlds most influential corporations, with millions of fans around the world. He has also contributed to the creation of the new leader in animated movies for decades to come. He has been called a fluke for years, but is now widely acknowledged as one the worlds most eminent business executives and an unrivalled visionary. He has changed millions of lives by making technology easy-to-use, exciting and beautiful.à ¢Ã¢â€š ¬Ã‚ ¦ And you know what the best part is? Hes not done yet. Source: The Business Library (No Date). Great Entrepreneurs: Steve Jobs Apple Founder [Online] Available at: http://www.thebusinesslibrary.co.uk/great-entrepreneurs/steve-jobs (Accessed 5th April 2011)

How does Steinbeck make use of the natural setting in of mice and men Essay

The Brush by the Salinas River is one of the most important locations in the entire novel. Steinbeck creates a beautiful and natural setting by his use of figurative language. â€Å"Willows fresh and green with every spring† and â€Å"leaves lie deep and so crisp† create an image in the mind of the reader that evokes a calm and peaceful mood. Steinbeck then uses the setting to introduce the two main protagonists. The arrival of the protagonists interrupts the harmony of the river bank, but before any sign of them is visible or within earshot, the birds fly away, the rabbits scatter, and all the other animals flee the area. This lets us know that something or someone is coming. Steinbeck introduces to the two main protagonists. They are the described identically but it is not until Steinbeck describes their different features that we learn their differences .We don’t know their names until the dialogue starts. Through their dialogue we learn that the larger man is Lennie and the smaller man is George. Both physically and character wise, George and Lennie are completely different, almost exact opposites. Lennie is not very bright, and acts like a big baby. He likes to pet soft things, he throws tantrums once in a while, and when he senses his advantage in an argument he takes that opportunity and is whiny, immature, and unrealistic about the situation. â€Å"If you don’ want me I can go off in the hills an’ find a cave. I can go away any time.† George, on the other hand, is very mature, and although he gets angry and frustrated with Lennie sometimes, he always ends up feeling sorry that he was mean, and apologizes sadly. â€Å"I been mean, ain’t I?† George and Lennie are very close friends, they travel together, they stick together, and they look after each other. George and Lennie have a dream, one that they’ve had for apparently quite some time. George and Lennie want to own and live in a little house of their own, with animals and vegetables and fires for the winter. They want to have their dream house, a place where they can live on their own, without worrying about anyone or anything. Steinbeck creates a setting of this dream which is used as motivation for George and Lennie but more specifically for George to keep Lennie safe. The dream links with the American Dream, what they aspire is only a microcosm of the American Dream. The whole setting of the dream is so minimal that is really nothing like the American Dream.

Fdi- Boon or Bane

FDI IN INDIAN RETAIL SECTOR ABSTRACT: The research paper aims to understand whether the FDI policy introduced in the Retail sector in India is a Boon or a Bane. The paper gives an outlook of the Indian Retail Sector, its growth trajectories and its contribution to the national GDP. It also entails in detail the policy of FDI in this sector and its various clauses. The paper, in the end, talks about the benefits of implementing the FDI policy, and also what disadvantages it possess. 1. OVERVIEW OF INDIAN RETAIL SECTORIndian retail sector is the most booming sector in the Indian economy and largest sources of employment after agriculture. Trade or retailing is the single largest component of the services sector in terms of contribution to GDP. Its massive share of 14% is double the figure of the next largest broad economic activity in the sector. India is the second most attractive retail destination ‘globally from among thirty emergent markets. It has made India the cause of a g ood deal of excitement and the cynosure of many foreign eyes.With a contribution of 14% to the national GDP and employing 7% of the total workforce (only agriculture employs more) in the country, the retail industry is definitely one of the pillars of the Indian economy. It is undergoing a transitional phase to usher organized retail. The attitudinal shifts of the Indian consumers were in terms of â€Å"Choice Preference†, â€Å"Value for money’ and the emergence of organized retail format. The overall Indian retail sector is expected to rise to US $ 833 billion by 2013 and to US $ 1. 3 trillion by 2018.In line with the global developments in the retail industry, Indian retail is largely dominated by the unorganized retailers. It has witnessed a massive transition in the last decade. Of the total retail sales, the food and grocery segment constitute the major chunk. Growing in tandem with the economy is the Indian retail sector. The sector is on a high growth trajecto ry and is expected to grow by more than 27 per cent over the next 5 to 6 years. Initially it was predominately fragmented through the owner- run â€Å"Mom and PopOutlets†. The change in lifestyle, education, travel and disposable income has changed the pattern of consumption. Customers are aware of their surroundings and developments. The awareness was created through the advent of technology such as television, cable and satellite channels. They are accustomed to the organized retail format. Understanding the pulse or trend of the market the large corporate groups like ITC, Reliance, Tata, Rahejia and others are infusing staggering amounts of capital into organized retail sector.The Cardiovascular SystemSome of the leading Indian retailers who had tapped this market were Bata India Ltd, Big Bazaar, Crossword, Ebony Retail Holdings Ltd. , Food Bazaar, Globus Stores Pvt. Ltd. , Liberty shoes Ltd. , Music World Entertainment Ltd. , Pantaloon Retail India Ltd. , Shoppers Stop, S ubhiksha, Titan Industries, Trent, Benetton, Addidas, Reebok, Levis, Diary Farm, KFC, Metro, WalMart, Marks & Spencer’s etc are some of the popular global retail brands that have set up retail business in India.The organized retail sector comes with the concept of malls, supermarkets and department stores. Like Subhiksha, Marks & Spencer’s, Oberon etc it gives a different feeling and the environment of pick and choose from a variety of products. The modern retail formats are encouraging development of well-established and efficient supply chains in each segment ensuring efficient movement of goods from farms to kitchens, which will result in huge savings for the farmers as well as for the nation. The Government also stands to gain through more efficient collection of tax revenues.In the coming years it can be said that the hypermarket route will emerge as the most preferred format for international retailers stepping into the country. At present, there are 50 hypermark ets operated by four to five large retailers spread across 67 cities catering to a population of half-a-million or more. Estimates indicate that this sector will have the potential to absorb many more hypermarkets in the next four to five years. According to World Bank report, it is suggested to have an organized retail sector so that it is easy to have a direct control on the price mechanism and to control on the macro economic variables.Strengths 1. India attracted US$16. 9bn in foreign direct investment (FDI) inflows in 2006, according to the UN Conference on Trade and Development – a 153% year-on year increase. 2. A cheap, skilled, English-speaking workforce can do the jobs of Western workers for a fraction of the wages paid in North America or Europe. 3. Average annual GDP growth of 7. 7% is predicted by BMI through to 2016. With the population expected to increase from 1. 26bn in 2012 to 1. 32bn by 2016, GDP per capita is forecast to rise 77. % by the end of the forecas t period, reaching US$2,980. 4. The value of the retail segment is expected to grow from an estimated INR22. 53trn (US$489. 80bn) in 2012 to INR27. 73trn (US$739. 56bn) by 2016. Weaknesses 1. The competitiveness of local firms is undermined by official red tape, from foreign investment restrictions to inflexible labor laws. 2. Intellectual property rights are poorly protected in India, one of 12 countries on the 2009 priority watch list compiled by the US Trade Representative. 3.The rural population of India represents more than 70% of the total, while almost 37% is classified as not economically active by the UN. This is a major obstacle for retailers seeking to rapidly expand their customer base. Opportunities 1. India could enhance the competitiveness of the local industry through further liberalization and deregulation. 2. Prime Minister Manmohan Singh is eager to reform the banking sector to increase the availability of long-term financing, particularly for large infrastructure projects. 3.The value of the OTC drug sector is forecast to grow by more than 94% by 2016, when it will be worth an estimated US$6. 58bn. Threats: 1. The arrival of Western players, including management consultancy Accenture and technology company IBM, is raising local wages in the outsourcing sector. 2. China remains a major competitor for FDI flows into India. India has excessive bureaucracy and poor infrastructure in comparison with China, which attracted US$60. 6bn of FDI in 2005. 3. International retailers are restricted by India’s strict FDI regulations.Single-brand retailers are able to own a 51% majority stake in a joint venture with a local partner, but multi-brand retailers must operate through a franchise or cash-and-carry wholesale model. 2. WHAT IS FDI Foreign Direct Investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest (10 percent or more or voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum of equity capital of the long term capital, and short-term capital as shown in the balance of parameters.It usually involves participation in management joint-venture, transfer technology, and expertise. There are two types of FDI: inward foreign direct investment and outward foreign direct investment resulting in a net FDI inflow (positive or negative) and â€Å"stock of foreign direct investment† and outward foreign direct investment, which is the cumulative number for a given period. Direct investment excludes investment through purchase of shares. FDI is one example of international factor movement. 3. FDI IN RETAIL: IT ALL BEGAN IN 2006In 2006 the Indian government took the first step to promote organized retail in India by opening up single brand retailing to FDI. There are five entry routes through which the international players enter into the market, such as franchising, cash and carry wholesale trading, joint venture, m anufacturing and distribution. Government of India permitted 100 per cent FDI in cash and carry wholesale formats through automatic route and up to 51 per cent FDI in single brand retail through Foreign Investment Promotion Board (FIPB).This rule made the international brand much easier to enter into the Indian retail market. Through this agreement Reebok, Nokia and Adidas entered the Indian market. However the franchising is one of the way through which small retailers embrace organized retailing through brand association where there’s a scope for leveraging business operations. The 100 per cent FDI permits for cash and carry has paved the way for retail giants like German Based Metro and US based Wal-Mart to set up their shops in India.Reliance Retail had made a tie up with UK based Marks & Spencer to float an equal joint venture and this would scale up 1400 stores by the end of the next fiscal year. The benefits of FDI investment in the retail sector were: 1. It improves t he quality in products and services because of higher competition 2. Improved the lifestyle 3. Economies of scale would help lower consumer prices and increase the purchasing power of the consumer 4. The technology upgraded the system in terms of logistics, production and distribution channels. It adds as a driver in the Supply Chain Management. . The FDI investment will help in flourishing and developing the retail segment. 6. It not only promotes tourism and would develop skills and manpower. 4. FDI NOW IN RETAIL India's retailing industry is essentially owner manned small shops. In 2010, larger format convenience stores and supermarkets accounted for about 4 percent of the industry, and these were present only in large urban centers Until 2011, Indian central government denied foreign direct investment (FDI) in multi-brand retail, forbidding foreign groups from any ownership in supermarkets, convenience stores or any retail outlets.Even single-brand retail was limited to 51% owne rship and a bureaucratic process. In November 2011, India's central government announced retail reforms for both multi-brand stores and single-brand stores. These market reforms paved the way for retail innovation and competition with multi-brand retailers such as  Walmart,  Carrefour  and  Tesco, as well single brand majors such as  IKEA, Nike, and  Apple.In January 2012, India approved reforms for single-brand stores welcoming anyone in the world to innovate in Indian retail market with 100% ownership, but imposed the requirement that the single brand retailer source 30 percent of its goods from India. Indian government continues the hold on retail reforms for multi-brand stores. On 14 September 2012, the government of India announced the opening of FDI in multi-brand retail, subject to approvals by individual states.This decision has been welcomed by economists and the markets, however has caused protests and an upheaval in India's central government's political coali tion structure. On 20 September 2012, the Government of India formally notified the FDI reforms for single and multi brand retail, thereby making it effective under Indian law. On 7 December 2012, the Federal Government of India allowed 51% FDI in multi-brand retail in India. The Feds managed to get the approval of multi-brand retail in the parliament despite heavy uproar from the opposition.The government of Manmohan Singh, prime minister, announced on 24 November 2011 the following: * India will allow foreign groups to own up to 51 per cent in â€Å"multi-brand retailers†, as supermarkets are known in India, in the most radical pro-liberalisation reform passed by an Indian cabinet in years; * Single brand retailers, such as Apple and IKEA, can own 100 percent of their Indian stores, up from the previous cap of 51 percent; * Both multi-brand and single brand stores in India will have to source nearly a third of their goods from small and medium-sized Indian suppliers; * All multi-brand and single brand stores in India must confine their operations to 53-odd cities with a population over one million, out of some 7935 towns and cities in India.It is expected that these stores will now have full access to over 200 million urban consumers in India; * Multi-brand retailers must have a minimum investment of US$100 million with at least half of the amount invested in back end infrastructure, including cold chains, refrigeration, transportation, packing, sorting and processing to considerably reduce the post harvest losses and bring remunerative prices to farmers; * The opening of retail competition will be within India's federal structure of government. In other words, the policy is an enabling legal framework for India. The states of India have the prerogative to accept it and implement it, or they can decide to not implement it if they so choose. Actual implementation of policy will be within the parameters of state laws and regulations. The opening of reta il industry to global competition is expected to spur a retail rush to India.It has the potential to transform not only the retailing landscape but also the nation's ailing infrastructure. A Wall Street Journal article claims that fresh investments in Indian organized retail will generate 10 million new jobs between 2012–2014, and about five to six million of them in logistics alone; even though the retail market is being opened to just 53 cities out of about 8000 towns and cities in India. It is expected to help tame stubbornly high inflation but is likely to be vehemently opposed by millions of small retailers, who see large foreign chains as a threat. The need to control food price inflation—averaging double-digit rises over several years—prompted the government to open the sector, analysts claim.Traders add huge mark-ups to farm prices, while offering little by way of technical support to help farmers boost their productivity, packaging technology, pushing u p retail prices significantly. Big foreign retailers would provide an impetus for them to set up modern supply chains, with refrigerated vans, cold storage and more efficient logistics. Foreign chains can also bring in humongous logistical benefits and capital; the biggest beneficiary would be the small farmers who will be able to improve their productivity by selling directly to large organized players. 5. ADVANTAGES 1. Huge Market Size and a Fast Developing Economy India is the second largest country in the world just behind China in terms of population. Currently the total population is about 1. 2 billion.This huge population base automatically makes a huge market for the business operators to capture and also a major part of it is still can be considered as un-served or not yet been penetrated. Therefore FDI investors automatically get a huge market to capture and also ample opportunity to generate cash inflows at relatively quicker times. The economy of India is also moving at faster pace than most of the economy of the world and inhabitants of the country also obtaining purchasing power at the same rate. 2. Availability of Diversified Resources and Cheap Labor Force The huge advantage every company gets by investing in India is the availability of diversified resources. It is a country where different kinds of materials and technological resources are available.India is a huge country and has forest as well as mining and oil reserve as well. These are also coupled with availability of very cheap labor forces at almost every parts of the country. From Mumbai which is in the west to Bengal which is in the east there is ample opportunity to set up business venture and location and most importantly labor is available at low cost. 3. Increasing Improvement of Infrastructure A lot of research study in India finds out that historically the country fails to attract a significant amount of FDI mainly because of problems in infrastructure. But the scenario is chan ging. The Indian government has taken huge projects in transportation and energy sectors to improve the case.The projects for developing road transport is worth of $90 billion, for rail it has undertaken several projects each worth of $20 million and for ports and airports the value of development projects is around $ 80 billion. In addition the investment in energy development is worth of $ 167 billion and investment in nuclear energy development is outside that calculation. These huge investments are changing the investment climate in the country and investors will benefit hugely by that (Department of Industrial Policy and Promotion, 2005; Dua & Rasheed, 1998). 4. Public Private Partnerships Another significant advantage foreign investors experience in India today is the opportunities of PPP or Public private Partnership in different important sectors like energy, transportation, mining, oil industry etc.It is advantageous in several ways as it has eliminated the traditional tira de barriers and also joint venture with government is risk free up to the great extent (GOI, 2007; IMF, 2005; Nagaraj, 2003). 5. IT Revolution and English Literacy Today the modern India considered being one of the global leaders in IT. India has developed its IT sectors immensely in last few years and as of today many leading firms outsource their IT tasks in India. Because of IT advancement the firm which will invest in India will get cheap information access and IT capabilities as Indian firms are global leader. Along with that Indian youth are energetic and very capable in English language which is obligatory in modern business conduction.This capability gives India an edge over others. Foreign firms also find it profitable and worthy investment by recruiting Indian HR (GOI, 2006; GOI, 2007; IMF, 2005; Lall, 2002). 6. Openness towards FDI Recently the Government of India has liberalized their policies in certain sectors, like Increase in the FDI limits in different sectors and a lso made the approval system far easier and accessible. Unlike the historical tradition, today for investing in India government approval do not require in the special cases of investing in various important sectors like energy, transportation, telecommunications etc (Economic Department, 2005; GOI, 2007; Nagaraj, 2003). . Regulatory Framework and Investment Protection In the process of accelerating FDI in the country the government of India has make the regulatory framework lot more flexible. Now a day’s foreign investors get different advantages of tax holiday, tax exemptions, exemption of service and central taxes. The government also opened few special economic zones and investors of those zones also get a lot of befits by investing money. Apart from that there are number of laws has been passed and executed for making the investments safe and secure for the foreign investors (IMF, 2005; Nagaraj, 2003; Planning Commission of India, 2002; World Bank, 2004).FDI can be a pow erful catalyst to vigorous competition in the retail industry, due to the current scenario of low competition and poor productivity. FDI will help if farmers can bargain. Villages only know how to produce things. We have to tell them how to market their produce, how to do value addition. One of the things we have talked about a lot in the book is cooperative farming. In India, farmers have small holding but they form a cooperative, it becomes a large holding and then form a cooperative, it becomes a large holding and then the farmer has bargain power. FDI will accelerate retail market growth, providing more employment opportunities. It s a basic principle that creating competition in general is good for the market. But the doubt is that, since proper procurement and distribution system and the infrastructure is not fixed, how the rest will fall in place, when the giant retailers enter our market. Back-end procurement will still remain big problem. Sumita Kale, economist, in his stat ement says that â€Å"the debate that by-introducing 51 percent FDI, a lot of money will flow out of the country is an old school of thought. Lots of our Indian companies are operating abroad and have successfully contributed to our economy. The bigger issue is that with benefits we might end up paying a price hence we must work on a reasonable solution.As mentioned earlier the farmer will benefit from FDI as they will be able to get better prices for their produce. The elimination of the intermediate channels in that procurement process will lead to reduction of prices for consumers. Foreign brand will promote healthy completion in market. Every time the government brings up the subject of FDI, the domestic retailers with the support of some politician jump to lobby against the bill. As the government initializing the FDI, there is bound to be some problems, which can definitely be resolved. The government in near future can appoint a regulating body to monitor the retail sector j ust like other sectors.There will be lot of man power requirement when FDI starts, logistic demands will be more, and people to serve in these stores will get jobs. Managerial positions will open up. Technological requirements and software developments will increase based on the Indian market software needs will be changed. Infrastructure and building constructions will take place. The living conditions will change, good roads will come up. There will be good flow of money that flows these are major benefits of FDI. 6. DISADVANTAGES Customers feel that retail stores offer better deals, but they don’t realize that they end up paying and buying more than what is required.If 51 percent FDI is allowed in multi brand, it will teach the local retailers about real competition and help in ensuring that they give better service to Indian consumers. It is obviously good for local completion and there are no consequences of our local kirana shops disappearing. The Kirana stores operate in a different environment catering to certain set of customers and they will continue to find new ways to retain them. Kirana stores are convinced that stores all big stores will be set up far away from the city and the travel time in India will not help us to go often and buy things from these large stores. Large store buying will help only in bulk purchases. So there is no need to fear about the FDI investment in this context.Investing in India definitely has some negative sides as well. Most noticeably India considered as a huge market but a major portion of that is a lower and middle class person who still suffers from budget shortage. The infrastructure of the country also needs to be improved a lot and already it is under huge strain. There are also problems exists in the power demand shortfall, port traffic capacity mismatch, poor road conditions deal with an inefficient and sometimes still slow-moving bureaucracy. The huge market in India is an advantage but it is also very diverse in nature. India has 17 official languages, 6 major religions, and ethnic diversity as wide as all of Europe.This makes the tasks difficult for the companies to make appropriate product or service portfolio. India is not a member of the International Centre for the Settlement of Investment Disputes also not of the New York Convention of 1958. That make life bit difficult for the foreign investors. India still has a heavy regulation burden among other countries, for example the time taken to start business or to register a property is higher in India. Similarly, indirect taxes, entry-exit barriers and import duties have been major disadvantages (Nagaraj, 2003; Planning Commission of India, 2002; USITC, 2007; World Bank, 2004). KEYWORDS: Retail, FDI, SME, Multi-brand, Single-brand REFERENCES: 1) Amanpreet Kang. (2012).Evaluating Effects of FDI In Developing Economies: The Curious Case of Pharmaceutical Companies. ABS, Amity University Rajasthan (ISSN 2230 7230) 2) Anonymous. (11 Feb, 2008;). FDI reforms. Business Asia. 3) Anu Antony. (July – December 2009). The Transitional Shift Of Indian Market Space And FDI In Retail. Globsyn Management Journal. 4) Dr Surender Kumar Gupta. (Feb 2012). FDI and Indian Retail Sector-The Path Ahead. International Journal of Marketing and Technology (ISSN: 2249 1058). 5) Prof. G. V. Bhavani Prasad, E. Hari Prasad Sharma (June 2012). Impact Of FDI on Economic Development of India. International Journal of Marketing and Technology (ISSN: 2249 1058). 6) H. S. Yadav, Sangeeta Jauhari. (2011-2012).Foreign Direct Investment and Retail Trade in India (The Consequences under Globalization). Skyline Business Journal. 7) M. Chackochen and Pon Ramalingam. (April – June, 2012). FDI Investment: Retail Franchising. SCMS Journal of Indian Management.. 8) Tarun Kanti Bose. (1 May, 2012). Advantages and Disadvantages of FDI in China and India. International Business Research. 9) Anonymous. (2012). India Retail Report. Busine ss Monitor International. 10) Seth, Smriti. (29 Nov 2011). FDI in retail to make consumers king? 122 mn consumers set to gain [Retailing]. The Economic Times. 11) Arati R Jerath. (04 Dec 2011). FDI in retail: Is it another nuclear deal moment?. The Economic Times. 12) Rai, Manmohan. (16 Sep 2012).FDI in retail is anti-farmer and anti-small retailers, says UP Chief Minister Akhilesh Yadav. The Economic Times. 13) Sen, Amiti. (26 Mar 2012). FDI in retail: Local sourcing seems to work well in multi-brand retail, but not in single brands. The Economic Times. 14) Anonymous. (11 July 2012). FDI in single-brand retail: No policy change, DIPP to put IKEA's concerns in FIPB court. The Economic Times. 15) Accord Fintech. (28 Jan 2012). SME's support FDI in multi brand retail: CII Survey. The Economic Times. 16) Ghosal, Sutanuka; Srinivas, Nidhi Nath. (02 Dec 2011). FDI in India: Farmer bodies throw their weight behind retail FDI. The Economic Times. 17) www. ebsco. com 18) www. proquest. com

Studies of Such Medical Anthropology Free Essay Example, 1500 words

The concept of self-definition varies from one culture to the other, and so this differentiates the way people engage in any type of self-activities, such as self-expression in that their psychological impacts do differ. The particular nature of the way people express themselves and how various forms of expression influence people tend to be distinct at a higher level determined by the assumptions on the self and it relates to a certain social-cultural context. The self can be defined by considering self-expression by the use of words, actions, or choices. The concept of self on biotechnology has also been discussed by Joralemon when he gives specific views using examples such as the stem cell debates and baby pictures. Rousseau believed to be the father of social contract stated that man is in his purest self when he is free of societal believes and rules. In this cultural tradition, a human being was meant to exist in this most natural condition. Nature exemplified the strength of an individual, his integrity, and freedom (Joralemon 121). Rousseau affirmed that the society corrupted this inborn freewill and goodness of persons and oppressed their self. We will write a custom essay sample on Studies of Such Medical Anthropology or any topic specifically for you Only $17.96 $11.86/pageorder now By being true and focusing on the self in the visage of societal pressures, people can move closer to the peaceful state of nature. Individuals strive to achieve freedom and happiness through self-reliance and self-integrity, yet self-expression empowers oneself. The idea of self is defined distinctively across cultures. For example, in individualist cultures, inclusive of US, the most popular sight of the self is the autonomous self that defines an individual as a unique entity, bounded and essentially separate from the social surrounding. Thus, the core principles of self are those from within him, like values, thoughts, feelings, preferences, and beliefs. In more general cultural contexts, for example, East Asia, the most shared view of self has always been independent self, which defines a person as a basically relational entity, essentially influenced and connected to its social surroundings. Social relationships defined the self in such cultur es.