The incubation and encouragement of “Entrepreneurship” is heralded as a means of creating gainful employment, breaking the glass ceiling, and innovating profitable solutions to economic problems across the world. This is particularly true in emerging market economies such as India. Across the world, a rapidly growing segment of the population is now self-employed or working for a small-to-medium sized enterprise. The statistics are particularly impressive in India. But what explains the history and dominance of entrepreneurial activity in India? What does it mean to work as, or for, an entrepreneur in India? More importantly, how does one act as an entrepreneur and work for a small to medium sized enterprise? What lessons can be learned from the experiences of MSMEs and entrepreneurs both in the for-profit in non-profit sectors in India?
Further, socially-minded entrepreneurship has emerged as an important pillar in India, with prominent political and business leaders calling for more focus and funding to be provided to this area. Socially-minded entrepreneurship is about finding innovative, market-oriented approaches aimed at transformational systems change that tackle the root causes of poverty, marginalization, environmental deterioration and accompanying loss of human dignity. Note that being “socially-minded” does not necessitate a nonprofit solution. Under the umbrella of socially-driven solutions, we will investigate the nuances of for-profit and non-profit entrepreneurship. In India, as the social sector has been coming in touch with the private sector both have begun to realize that just one approach either pure philanthropic or pure capitalist is inadequate to build sustainable institutions.
Through a combination of lectures, discussions, hands-on experience, and guest speakers, students learn the steps entrepreneurs take to create, sustain, and grow their own business. A variety of industries are discussed with particular emphasis on a comparative analysis of for-profit and non-profit entrepreneurial activity. In this course, students will learn how to work in an intercultural environment while cultivating their leadership skills and core competencies conducive to entrepreneurial success.
Learning outcomes:
The course is designed to give students an in-depth, experiential understanding of the structure and complexities of entrepreneurial and social entrepreneurial business ventures in India. Upon completing this course, students will:
Develop new professional skills and intercultural competency necessary for the Indian workplace.
Proactively plan for and gain working knowledge of how to manage a small business.
Analyze the business culture and work environments of Indian socially-minded entrepreneurs.
Method of presentation:
Seminar and internship. There will be one weekly class meeting for a total of 2 hours. The first hour of each class will be a lecture or presentation as outlined below. The last hour will be devoted to group work and group discussion to give students an opportunity to reflect on what they have learnt as well as to discuss their own internship experiences. Additionally, students will be expected to complete 120 hours of time at their internship placement.
Required work and form of assessment:
40% - Internship
The internships vary depending upon the nature of the organization as well as the department in which the intern will work. Each placement will have a host supervisor responsible for overseeing student progress on-site. The individual internship programs are to be agreed upon by the intern, the IES course facilitator and the host supervisor at the beginning of the semester. Students are expected to complete a minimum of 120 hours over the course of the semester at their internship placement. The host supervisor will report regularly to the seminar facilitator and is responsible for a final evaluation of the student’s participation and progress.
35% - Final Paper
Based on their internship experiences, students will identify a problem or opportunity facing their host organization and generate a sustainable solution in the form of a written business model. This document should range between 8,000-10,000 words: the structure of the paper is akin to that of the business plans and models we will study in class.
Leading in with a constructive analysis of their internship venture, students will identify a problem or opportunity facing the venture or its customer segment and then proceed to develop a plan for the proposed solution. Required elements include: an analysis of the opportunity and concept; customer segmentation; market research; sales and marketing plan; operations plan; identification of uncertainties and inclusion of a risk management table. A constructive analysis of your internship experience should underpin the reasoning and justification for all steps and sections of your final project.
5% of this grade is determined by the quality of an oral report and brief presentation delivered on the last day of class. Students should aim to deliver a 15 minute overview of their experiences, emphasizing the connection between observations and analysis performed during their internship and their resulting business model project.
25% - Seminar Participation
Engagement in class as well as with peers during small group discussions, case study activities, and presentations. 10% of this grade is dependent upon the performance of their student group in 2 case study presentations- one profiling a successful young Indian entrepreneur (under 50 years old) and the other analyzing a failed venture or product. Students collaborate on and complete these projects during discussion sections, delivering their presentation the following week.
content:
Session 1: Overview & Introduction to Entrepreneurship
During Session One, students receive a general course overview along with information about entrepreneurship (in general) and entrepreneurial activity specifically in India. Through a combination of readings and case studies, we will learn what a “traditional” (for-profit) entrepreneur does. Establishing this, we compare the entrepreneurial typology to that of the nonprofit of socially-motivated entrepreneur.
Required Reading:
Khanna, Tarun. Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours. Boston, MA: Harvard Business Review, 2011. Chapter Two: “Statecraft” (31-52; esp. 45-52).
Cappelli, Peter Harbir Singh, Jitendra Singh, and Michael Useem. “The India Way: Lessons for the U.S.” Academy of Management Perspectives (May 2010):6 -24.
Scofield, Rupert. The Social Entrepreneur's Handbook: How to Start, Build, and Run a Business That Improves the World. New York: McGraw-Hill, 2011. Chapters 1-2.
Session 2: What Do Entrepreneurs Do? The Constituent Traits for Effective Leadership and Operations Management
At this stage, we study entrepreneurial icons both in India and beyond. By identifying predominant personality traits, leadership styles, managerial philosophies, and behavioral patterns, we are able to render a detailed sketch of a successful entrepreneur. In the early stages of an enterprise a founder’s vision, commitment, and command of the company are paramount to their ultimate success. Here, we begin to understand why this is the case.
Using the Myers Briggs test, each student will analyze their personality type and then engage in a discussion identifying personality factors conducive to entrepreneurial success. Armed with such information, students will learn how and why entrepreneurial skills are important to have even if one does not intend to launch his or her own business.
Required Reading:
Scofield, Rupert. The Social Entrepreneur's Handbook: How to Start, Build, and Run a Business That Improves the World. New York: McGraw-Hill, 2011. Chapter 8.
Cappelli, Peter, Harbir Singh, Jitendra V. Singh and Michael Useem. “Leadership Lessons from India.” Harvard Business Review. (March 2010): 90-97.
Session 3: Entrepreneurial Explosion in Emerging Markets
During this class, students will be introduced to a survey of the current status of entrepreneurship in the world, and explanations for why it is so prominent in emerging market economies, such as India. The globalization of business at every level (including SMEs) is discussed, paying particular attention to BRIC countries and the lessons leading BRIC companies can teach European and American firms.
Required Reading:
Khanna, Tarun and Krishna G. Palepu et al. “Strategies That Fit Emerging Markets.” Harvard Business Review (June 2005): 63-76.
Ready, Douglas A., Linda A. Hill et al. “Winning the Race for Talent in Emerging Markets.” Harvard Business Review (November 2008): 62-70.
Government of India, National Knowledge Commission: Entrepreneurship in India (2008). Prepared by- Amlanjyoti Goswami et al. Read: Pages 1-28.
Session 4: Context of Indian Entrepreneurship- India’s Economic History
Students will exclusively focus on India in order to better understand the historical context for India’s economic liberalization and rapid economic ascent. Building from a discussion on entrepreneurship in emerging markets, the class turns to focus on India specifically. With the information gathered in Session #3, students learn how history has shaped and provided the necessary roots for a fortuitous entrepreneurial climate in India.
Required Reading:
Khanna, Tarun. Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours. Boston, MA: Harvard Business Review, 2011. Chapter Three: “Bias & Noise” (53-68), Chapter Four: “Fiat & Fairness” (69-90).
Session 5: Consequence of India’s Economic Liberalization- Big Problems & Big Opportunities
During this class, we consider the impact that liberalization had on the creation of big problems (i.e. lack of healthcare, clean drinking water, extreme wealth gap) as well as big opportunities (i.e. ample, low-cost labor source). From here, we discuss how India’s leading entrepreneurs have innovated solutions for the most pressing problems and fortuitous opportunities.
Required Reading:
Goswami, Amlanjyoti et al. “Entrepreneurship in India. National Knowledge Commission 2008.” Government of India.
Khanna, Tarun. Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours. Boston, MA: Harvard Business Review, 2011. Chapter Five: “Manna & Miasma” (91-118; esp. 91-110), Chapter Thirteen: “Buddha & Software” (277-294).
Session 6: Socio-Cultural Influences on Indian Entrepreneurship
Here, we consider how socio-cultural forces have shaped the face of modern Indian entrepreneurship. In discussing common business values and managerial culture in India, students are able to come to a better understanding of the market and the environment where they will be working as interns.
Required Reading:
Iyer, Lakshmi, Tarun Khanna and Ashutosh Varshney. Caste and Entrepreneurship in India. Harvard Business School Working Paper 12-028 (2011).
Khanna, Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours. Boston, MA: Harvard Business Review, 2011. Chapter 9: “Village Engineering & Reengineering” (189-212)
Session 7: From Idea to Enterprise
After identifying a promising opportunity, how does an entrepreneur manage the implementation and development of his or her venture? What is needed to launch the venture? How does it grow from a concept on paper to a business model serving customers? This class focuses on the planning involved for the launch as well as the business operations and processes themselves.
Required Reading:
Sahlman, William A. "How to Write a Great Business Plan." Harvard Business Review July-August (1997): 98-108.
Eyring, Matthew J., Mark W. Johnson et al. "New Business Models in Emerging Markets." Harvard Business Review (January-February 2011): 88-95.
Session 8: Launching & Managing a Start-Up Venture
After crafting a solid business plan, entrepreneurs embark upon the actual stages of venture creation. These include registering as a business, naming the venture, hiring staff members, advertising products/services to customers, and securing capital for these activities. Here, we discuss these activities, namely advertising, organizational / firm leadership plans and operations management.
Scofield, Rupert. The Social Entrepreneur's Handbook: How to Start, Build, and Run a Business That Improves the World. New York: McGraw-Hill, 2011. Chapters: 6, 8, 13, 14.
Session 9: Surviving as a Venture (Year One of Operations)
Here, we discover how new ventures navigate the time between launch and growth. After the venture is launched, more tasks arise: chiefly, the daily management and operations of the venture. These processes must be conducted in a cost-effective way, without compromising quality or other key values for the customer. This session focuses in large part on acquiring the human capital and investment resources, with a focus on the specific challenges faced in India, needed to survive the first year of operations.
Required Reading:
Scofield, Rupert. The Social Entrepreneur's Handbook: How to Start, Build, and Run a Business That Improves the World. New York: McGraw-Hill, 2011. Chapters 13-15.
Coyne, Kevin P., Shawn T. Coyne and Edward J. Sr. Coyne “When You've Got to Cut Costs Now.” Harvard Business Review 88.5: (May2010): 74-82.
Dossani, Rafiq and Martin Kenney, “Creating an Environment for Venture Capital in India.” World Development 30.2 (2002): 227–253.
Singh, Kuldeen, “Strategic HR Orientation and Firm Performance in India.” International Journal of Human Resource Management 14.2 (2003): 530-543.
Hewlett, Sylvia Ann and Ripa Rashid, “The Globe: The Battle for Female Talent in Emerging Markets.” Harvard Business Review 88.5 (2010): 101-106.
Session 10: Sustaining the Venture
After surviving the first months of sales, businesses focus on growing their competitive advantages into sustainable competitive advantages. Likewise, they refine their strategy and realign their business model, if need be. During this session, we discuss the adolescence of a venture (12 months post-launch to 24 months post-launch), connecting your personal experiences and observations from your internship experience to related theories. We evaluate the applicability of these theories to the context of Indian entrepreneurship using a series of case studies. Overall, the focus here is on growing a sustainable competitive advantage.
Required Reading:
Bharadwaj, Sundar G., P. Rajan Varadarajan, and John Fahy. "Sustainable Competitive Advantage in Service Industries: A Conceptual Model and Research Proposition." Journal of Marketing 57 (1993): 83-99.
Heskett, James L. et al, "Putting the Service-Profit Chain to Work." Harvard Business Review (July/August 2008): 118-129.
Khanna, Tarun and Krishna G. Palepu. “Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry.” Journal of International Business Studies 35.6 (2004): 484-507.
Session 11: Growing the Venture
In Session 11, we explore the processes employed by entrepreneurs as they scale their operations. Students learn about the various avenues entrepreneurs use to grow their business, including targeting a new customer segment, adding revenue stream(s) and modifying the revenue model, and expanding the product line. In discussing the expansion of operations, we also discuss how an entrepreneur funds these new activities.
Required Reading:
Scofield, Rupert. The Social Entrepreneur's Handbook: How to Start, Build, and Run a Business That Improves the World. New York: McGraw-Hill, 2011. Chapters 16 & 17.
Mair, Johanna and Shuchi Sharma, "Performance Measurement and Social Entrepreneurship." In Social Entrepreneurship and Social Business: An Introduction and Discussion with Case Studies. Ed. C.K. Volkmann. N.p.: Springer Gabler, 2012. 175-189.
Session 12: Managing the Venture to Mitigate Risk
Through a PEST (Political, Economic, Social and Technological) Analysis and discussion of the socioeconomic and political transitions in India, we analyze, measure, and plan to mitigate types of risk specific to India. India’s regulatory environment, political transitions, changing intellectual property law framework, and the difficulties in filing civil lawsuits against business partners or suppliers are all considered.
Required Reading:
Black, J. Stewart and Allen J. Morrison. “A Cautionary Tale for Emerging Market Giants.” Harvard Business Review (September 2010): 99-103.
Grossman, Allen S. and Robert S. Kaplan “The Emerging Capital Market for Nonprofits.” Harvard Business Review (October 2010): 111-118.
Session 13: Ensuring Profitability, Breaking Event, & “Harvesting” the Venture
Return on Investment, Break-even Point, Principles of Entrepreneurial Accounting
After the entrepreneur has built a financially-sustainable solution, how does he or she begin to return a profit? What are the limitations and terms of agreement for repaying investors and paying off debt? In session #13 we investigate the best practices of investment planning and “harvesting” profit, in India. Particular emphasis is paid to the management of debtor/creditor relations- how does the entrepreneur negotiate a mutually beneficial set of investment terms?
Required Reading:
Smolarski, Jan Hira Verick et al. “Risk Management in Indian Venture Capital and Private Equity Firms: A Comparative Study.” Thunderbird International Business Review 47.4 (2005): 469–488.
Session 14: The Future of Entrepreneurship in India and Beyond
As students complete their final papers and plan their presentations, we reevaluate the current business and entrepreneurial environment in India. Through the use of government publications forecasting future growth, PEST-related transitions, and demographic changes, we explore how India will change in the coming years. This data is mechanized as a tool for students to evaluate the long-term viability of their proposed business model- based on current estimates.
To plan for an uncertain future, students are taught how to act as a learning organization and an adaptive enterprise. Through risk-management techniques, proactive planning, and knowledge management tools, students will exit the final lecture prepared to build a sustainable competitive advantage for years to come.
Required Reading:
Scofield, Rupert. The Social Entrepreneur's Handbook: How to Start, Build, and Run a Business That Improves the World. New York: McGraw-Hill, 2011. Chapter 18.
Khanna, Tarun. Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours. Boston, MA: Harvard Business Review, 2011. Chapter Eleven: “Old & New Roads to Mandalay” (237-256; esp. 45-52).
Session 15: Final Presentations and Class Wrap-Up
Required readings:
Bharadwaj, Sundar G., P. Rajan Varadarajan, and John Fahy. "Sustainable Competitive Advantage in Service Industries: A Conceptual Model and Research Proposition." Journal of Marketing 57 (1993): 83-99.
Black, J. Stewart and Allen J. Morrison. “A Cautionary Tale for Emerging Market Giants.” Harvard Business Review (September 2010): 99-103.
Cappelli, Peter, Harbir Singh, Jitendra V. Singh and Michael Useem. “Leadership Lessons from India.” Harvard Business Review. (March 2010): 90-97.
Cappelli, Peter Harbir Singh, Jitendra Singh, and Michael Useem. “The India Way: Lessons for the U.S.” Academy of Management Perspectives (May 2010).
Coyne, Kevin P., Shawn T. Coyne and Edward J. Sr. Coyne “When You've Got to Cut Costs Now.” Harvard Business Review 88.5: (May2010): 74-82.
Dossani, Rafiq and Martin Kenney, “Creating an Environment for Venture Capital in India.” World Development 30.2 (2002): 227–253.
Eyring, Matthew J., Mark W. Johnson et al. "New Business Models in Emerging Markets." Harvard Business Review (January-February 2011): 88-95.
Goswami, Amlanjyoti et al. “Entrepreneurship in India. National Knowledge Commission 2008.” Government of India.
Government of India, National Knowledge Commission: Entrepreneurship in India (2008). Prepared by- Amlanjyoti Goswami et al. Read: Pages 1-28.
Grossman, Allen S. and Robert S. Kaplan “The Emerging Capital Market for Nonprofits.” Harvard Business Review (October 2010): 111-118.
Heskett, James L. et al, "Putting the Service-Profit Chain to Work." Harvard Business Review (July/August 2008): 118-129.
Hewlett, Sylvia Ann and Ripa Rashid, “The Globe: The Battle for Female Talent in Emerging Markets.” Harvard Business Review 88.5 (2010): 101-106.
Iyer, Lakshmi, Tarun Khanna and Ashutosh Varshney. Caste and Entrepreneurship in India. Harvard Business School Working Paper 12-028 (2011).
Khanna, Tarun. Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours. Boston, MA: Harvard Business Review, 2011.
Khanna, Tarun and Krishna G. Palepu. “Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry.” Journal of International Business Studies 35.6 (2004): 484-507.
Khanna, Tarun and Krishna G. Palepu et al. “Strategies That Fit Emerging Markets.” Harvard Business Review (June 2005): 63-76.
Mair, Johanna and Shuchi Sharma, "Performance Measurement and Social Entrepreneurship." In Social Entrepreneurship and Social Business: An Introduction and Discussion with Case Studies. Ed. C.K. Volkmann. N.p.: Springer Gabler, 2012. 175-189.
Ready, Douglas A., Linda A. Hill et al. “Winning the Race for Talent in Emerging Markets.” Harvard Business Review (November 2008): 62-70.
Sahlman, William A. "How to Write a Great Business Plan." Harvard Business Review July-August (1997): 98-108.
Scofield, Rupert. The Social Entrepreneur's Handbook: How to Start, Build, and Run a Business That Improves the World. New York: McGraw-Hill, 2011.
Singh, Kuldeen, “Strategic HR Orientation and Firm Performance in India.” International Journal of Human Resource Management 14.2 (2003): 530-543.
Smolarski, Jan Hira Verick et al. “Risk Management in Indian Venture Capital and Private Equity Firms: A Comparative Study.” Thunderbird International Business Review 47.4 (2005): 469–488.
Kavita Singh is the CEO of FutureWorks, which provides one on one undergraduate and postgraduate admissions counseling, as well as programs to build key skills that are required in today's world. Kavita has worked for leading companies such as Mars, Colgate-Palmolive and WebMD. Her last corporate role was as Executive Director, Strategic Partnerships and Sales at WebMD Health in New York and is a certified Myers Briggs Practitioner. Throughout her career, Kavita has focused on entrepreneurship, intrapreunership and innovation: identifying, developing, implementing and selling new opportunities - in new markets, new segments or within current businesses. She has been involved in developing and leading training programs since 2000, writes regularly for major publications and holds workshops at leading Indian schools and colleges.
Kavita holds a Bachelor of Arts degree (Hons) in Politics, Philosophy and Economics from Oxford University and an MBA degree from Columbia Business School. At Columbia Business School, Kavita was on the Dean’s List and graduated as a member of the Beta Gamma Sigma Society, an International Honors Society, honoring high academic achievement in the study of business.
Contact Hours:
30 (in addition to 120 hours in internship placement)
The incubation and encouragement of “Entrepreneurship” is heralded as a means of creating gainful employment, breaking the glass ceiling, and innovating profitable solutions to economic problems across the world. This is particularly true in emerging market economies such as India. Across the world, a rapidly growing segment of the population is now self-employed or working for a small-to-medium sized enterprise. The statistics are particularly impressive in India. But what explains the history and dominance of entrepreneurial activity in India? What does it mean to work as, or for, an entrepreneur in India? More importantly, how does one act as an entrepreneur and work for a small to medium sized enterprise? What lessons can be learned from the experiences of MSMEs and entrepreneurs both in the for-profit in non-profit sectors in India?
Further, socially-minded entrepreneurship has emerged as an important pillar in India, with prominent political and business leaders calling for more focus and funding to be provided to this area. Socially-minded entrepreneurship is about finding innovative, market-oriented approaches aimed at transformational systems change that tackle the root causes of poverty, marginalization, environmental deterioration and accompanying loss of human dignity. Note that being “socially-minded” does not necessitate a nonprofit solution. Under the umbrella of socially-driven solutions, we will investigate the nuances of for-profit and non-profit entrepreneurship. In India, as the social sector has been coming in touch with the private sector both have begun to realize that just one approach either pure philanthropic or pure capitalist is inadequate to build sustainable institutions.
Through a combination of lectures, discussions, hands-on experience, and guest speakers, students learn the steps entrepreneurs take to create, sustain, and grow their own business. A variety of industries are discussed with particular emphasis on a comparative analysis of for-profit and non-profit entrepreneurial activity. In this course, students will learn how to work in an intercultural environment while cultivating their leadership skills and core competencies conducive to entrepreneurial success.
The course is designed to give students an in-depth, experiential understanding of the structure and complexities of entrepreneurial and social entrepreneurial business ventures in India. Upon completing this course, students will:
Seminar and internship. There will be one weekly class meeting for a total of 2 hours. The first hour of each class will be a lecture or presentation as outlined below. The last hour will be devoted to group work and group discussion to give students an opportunity to reflect on what they have learnt as well as to discuss their own internship experiences. Additionally, students will be expected to complete 120 hours of time at their internship placement.
40% - Internship
The internships vary depending upon the nature of the organization as well as the department in which the intern will work. Each placement will have a host supervisor responsible for overseeing student progress on-site. The individual internship programs are to be agreed upon by the intern, the IES course facilitator and the host supervisor at the beginning of the semester. Students are expected to complete a minimum of 120 hours over the course of the semester at their internship placement. The host supervisor will report regularly to the seminar facilitator and is responsible for a final evaluation of the student’s participation and progress.
35% - Final Paper
Based on their internship experiences, students will identify a problem or opportunity facing their host organization and generate a sustainable solution in the form of a written business model. This document should range between 8,000-10,000 words: the structure of the paper is akin to that of the business plans and models we will study in class.
Leading in with a constructive analysis of their internship venture, students will identify a problem or opportunity facing the venture or its customer segment and then proceed to develop a plan for the proposed solution. Required elements include: an analysis of the opportunity and concept; customer segmentation; market research; sales and marketing plan; operations plan; identification of uncertainties and inclusion of a risk management table. A constructive analysis of your internship experience should underpin the reasoning and justification for all steps and sections of your final project.
5% of this grade is determined by the quality of an oral report and brief presentation delivered on the last day of class. Students should aim to deliver a 15 minute overview of their experiences, emphasizing the connection between observations and analysis performed during their internship and their resulting business model project.
25% - Seminar Participation
Engagement in class as well as with peers during small group discussions, case study activities, and presentations. 10% of this grade is dependent upon the performance of their student group in 2 case study presentations- one profiling a successful young Indian entrepreneur (under 50 years old) and the other analyzing a failed venture or product. Students collaborate on and complete these projects during discussion sections, delivering their presentation the following week.
Session 1: Overview & Introduction to Entrepreneurship
During Session One, students receive a general course overview along with information about entrepreneurship (in general) and entrepreneurial activity specifically in India. Through a combination of readings and case studies, we will learn what a “traditional” (for-profit) entrepreneur does. Establishing this, we compare the entrepreneurial typology to that of the nonprofit of socially-motivated entrepreneur.
Required Reading:
Session 2: What Do Entrepreneurs Do? The Constituent Traits for Effective Leadership and Operations Management
At this stage, we study entrepreneurial icons both in India and beyond. By identifying predominant personality traits, leadership styles, managerial philosophies, and behavioral patterns, we are able to render a detailed sketch of a successful entrepreneur. In the early stages of an enterprise a founder’s vision, commitment, and command of the company are paramount to their ultimate success. Here, we begin to understand why this is the case.
Using the Myers Briggs test, each student will analyze their personality type and then engage in a discussion identifying personality factors conducive to entrepreneurial success. Armed with such information, students will learn how and why entrepreneurial skills are important to have even if one does not intend to launch his or her own business.
Required Reading:
Session 3: Entrepreneurial Explosion in Emerging Markets
During this class, students will be introduced to a survey of the current status of entrepreneurship in the world, and explanations for why it is so prominent in emerging market economies, such as India. The globalization of business at every level (including SMEs) is discussed, paying particular attention to BRIC countries and the lessons leading BRIC companies can teach European and American firms.
Required Reading:
Session 4: Context of Indian Entrepreneurship- India’s Economic History
Students will exclusively focus on India in order to better understand the historical context for India’s economic liberalization and rapid economic ascent. Building from a discussion on entrepreneurship in emerging markets, the class turns to focus on India specifically. With the information gathered in Session #3, students learn how history has shaped and provided the necessary roots for a fortuitous entrepreneurial climate in India.
Required Reading:
Session 5: Consequence of India’s Economic Liberalization- Big Problems & Big Opportunities
During this class, we consider the impact that liberalization had on the creation of big problems (i.e. lack of healthcare, clean drinking water, extreme wealth gap) as well as big opportunities (i.e. ample, low-cost labor source). From here, we discuss how India’s leading entrepreneurs have innovated solutions for the most pressing problems and fortuitous opportunities.
Required Reading:
Session 6: Socio-Cultural Influences on Indian Entrepreneurship
Here, we consider how socio-cultural forces have shaped the face of modern Indian entrepreneurship. In discussing common business values and managerial culture in India, students are able to come to a better understanding of the market and the environment where they will be working as interns.
Required Reading:
Session 7: From Idea to Enterprise
After identifying a promising opportunity, how does an entrepreneur manage the implementation and development of his or her venture? What is needed to launch the venture? How does it grow from a concept on paper to a business model serving customers? This class focuses on the planning involved for the launch as well as the business operations and processes themselves.
Required Reading:
Session 8: Launching & Managing a Start-Up Venture
After crafting a solid business plan, entrepreneurs embark upon the actual stages of venture creation. These include registering as a business, naming the venture, hiring staff members, advertising products/services to customers, and securing capital for these activities. Here, we discuss these activities, namely advertising, organizational / firm leadership plans and operations management.
Required Reading:
Session 9: Surviving as a Venture (Year One of Operations)
Here, we discover how new ventures navigate the time between launch and growth. After the venture is launched, more tasks arise: chiefly, the daily management and operations of the venture. These processes must be conducted in a cost-effective way, without compromising quality or other key values for the customer. This session focuses in large part on acquiring the human capital and investment resources, with a focus on the specific challenges faced in India, needed to survive the first year of operations.
Required Reading:
Session 10: Sustaining the Venture
After surviving the first months of sales, businesses focus on growing their competitive advantages into sustainable competitive advantages. Likewise, they refine their strategy and realign their business model, if need be. During this session, we discuss the adolescence of a venture (12 months post-launch to 24 months post-launch), connecting your personal experiences and observations from your internship experience to related theories. We evaluate the applicability of these theories to the context of Indian entrepreneurship using a series of case studies. Overall, the focus here is on growing a sustainable competitive advantage.
Required Reading:
Session 11: Growing the Venture
In Session 11, we explore the processes employed by entrepreneurs as they scale their operations. Students learn about the various avenues entrepreneurs use to grow their business, including targeting a new customer segment, adding revenue stream(s) and modifying the revenue model, and expanding the product line. In discussing the expansion of operations, we also discuss how an entrepreneur funds these new activities.
Required Reading:
Session 12: Managing the Venture to Mitigate Risk
Through a PEST (Political, Economic, Social and Technological) Analysis and discussion of the socioeconomic and political transitions in India, we analyze, measure, and plan to mitigate types of risk specific to India. India’s regulatory environment, political transitions, changing intellectual property law framework, and the difficulties in filing civil lawsuits against business partners or suppliers are all considered.
Required Reading:
Black, J. Stewart and Allen J. Morrison. “A Cautionary Tale for Emerging Market Giants.” Harvard Business Review (September 2010): 99-103.
Grossman, Allen S. and Robert S. Kaplan “The Emerging Capital Market for Nonprofits.” Harvard Business Review (October 2010): 111-118.
Session 13: Ensuring Profitability, Breaking Event, & “Harvesting” the Venture
Return on Investment, Break-even Point, Principles of Entrepreneurial Accounting
After the entrepreneur has built a financially-sustainable solution, how does he or she begin to return a profit? What are the limitations and terms of agreement for repaying investors and paying off debt? In session #13 we investigate the best practices of investment planning and “harvesting” profit, in India. Particular emphasis is paid to the management of debtor/creditor relations- how does the entrepreneur negotiate a mutually beneficial set of investment terms?
Required Reading:
Session 14: The Future of Entrepreneurship in India and Beyond
As students complete their final papers and plan their presentations, we reevaluate the current business and entrepreneurial environment in India. Through the use of government publications forecasting future growth, PEST-related transitions, and demographic changes, we explore how India will change in the coming years. This data is mechanized as a tool for students to evaluate the long-term viability of their proposed business model- based on current estimates.
To plan for an uncertain future, students are taught how to act as a learning organization and an adaptive enterprise. Through risk-management techniques, proactive planning, and knowledge management tools, students will exit the final lecture prepared to build a sustainable competitive advantage for years to come.
Required Reading:
Session 15: Final Presentations and Class Wrap-Up
Kavita Singh is the CEO of FutureWorks, which provides one on one undergraduate and postgraduate admissions counseling, as well as programs to build key skills that are required in today's world. Kavita has worked for leading companies such as Mars, Colgate-Palmolive and WebMD. Her last corporate role was as Executive Director, Strategic Partnerships and Sales at WebMD Health in New York and is a certified Myers Briggs Practitioner. Throughout her career, Kavita has focused on entrepreneurship, intrapreunership and innovation: identifying, developing, implementing and selling new opportunities - in new markets, new segments or within current businesses. She has been involved in developing and leading training programs since 2000, writes regularly for major publications and holds workshops at leading Indian schools and colleges.
Kavita holds a Bachelor of Arts degree (Hons) in Politics, Philosophy and Economics from Oxford University and an MBA degree from Columbia Business School. At Columbia Business School, Kavita was on the Dean’s List and graduated as a member of the Beta Gamma Sigma Society, an International Honors Society, honoring high academic achievement in the study of business.