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Genesis Grant offers $85,000 to these innovators to carry forward their

projects.

Robbie Bach, J. Allard and team's XBOX might not have been feasible
without Microsoft's money and infrastructure. The project required hun-
dreds of millions and quality talent to make the product.

Google, a wildly successful search company, reportedly encourages engi-

neers to spend 20 per cent of their time on any project they are passion-
ate about. This freedom of time and resources has led to the creation of
some well-known Google products, including Gmail and Google News.

Steve Jobs, the co-founder of Apple Inc., was present at the creation of the
personal computer in the late 1970s and was later a member of the inter-
nal team of self-described ‘pirates’ who developed the groundbreaking
Macintosh computer. Apple is still at it today with internal development
teams producing innovative products and designs such as the iPhone.

W. L. Gore, maker of Gore-Tex rain gear, has a ‘dabble time’ policy that
lets workers devote time to personal projects. Back in 1997, an employee's
experiments with PTFE coatings on cables intended for use in animatron-
ics led the employee to wonder if the coating would make guitar strings
more comfortable to play. The answer was YES, and, even more impor-
tant, the coated strings sounded better. Thus, ELIXAR Strings, one of the
top-selling guitar string brands, was born.

2.3 WHY DOES ONE BECOME AN ENTREPRENEUR?

There are various reasons for one becoming an entrepreneur, which

ranges from conscious decision to become an entrepreneur to acciden-
tally becoming an entrepreneur as one does not have any other alterna-
tive in hand. There could be reasons such as not liking a job or getting
frustrated with the job role provided, chances of getting laid off, not get-
ting promotions in the early phase of their career in time or getting su-
perseded by younger colleagues, cut in salary as the company is not doing
well, chances of company becoming bankrupt, and mismatch between ex-
isting business and the skill profile of an individual. On the other hand,

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some individuals are averse to the idea of working for someone else or
where they have to adhere to well-defined corporate culture.

Some of the key reasons for an individual taking up entrepreneurship as

a career option are described in Figure 2.2.

2.3.1 To Have Freedom and Independence

The desire to be one's own boss is the most important reason for turning
out to be an entrepreneur. Around 40 per cent of individuals look for en-
trepreneurial opportunities because of their desire to be independent and
act as their own boss. However, it may not be easy in reality to fulfill this
instinct or desire in them because of varied factors such as inadequate fi-
nancing, inadequate and poor planning, lack of uniqueness in the idea
and intense competition. As a result, a large number of business start-ups
fail within the first few years called death valley. The chances of success
increase precipitously for those businesses that are effectively able to re-
spond to the initial phase of challenges so as to keep running longer. It is
established entrepreneurs who achieve a well-earned independence and
enjoy the prestige and pride of being the person in charge.

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Figure 2.2 Why Does One Become an Entrepreneur?

2.3.2 To Earn Lots of Money

Successful ventures have many options at their disposal to grow and di-
versify. As such, one of the greatest challenges that lie before successful
entrepreneurs is to strategically respond to the growth phase. Successful
entrepreneurs keep reinvesting their profits in the business and avail
themselves of opportunities to pump in more money through banks, ven-
ture capitalists, and angel funders to accelerate the growth of their busi-
ness and, in turn, make more and more money. As against salaried em-
ployees, entrepreneurs have a great potential to keep multiplying their
personal wealth beyond bounds. Earning lots of money has been identi-
fied as the second major reason for becoming entrepreneurs.

2.3.3 To Use Creativity and Personal Skills

Entrepreneurial ventures provide a much needed opportunity to individ-

uals to deploy and make use of their unique personalities and skill sets
for the good of the venture. Such an opportunity usually does not exist for
employees serving in corporate and other organizations. Ventures allow
them to be innovative in establishing, strengthening and building busi-
nesses of their own. Individuals who are more creative find a good outlet
to try out their new ideas in their venture, the possibility of which does

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not spontaneously exist while working for others. This has been identi-
fied as the third major reason for taking up entrepreneurial venture.
Thus, to unfold one's deep-rooted inner strengths, there cannot be any op-
tion other than to move on the path of entrepreneurship.

2.3.4 To Overcome Challenges

There are individuals who look at problems as challenges and would like
to overcome them against all odds. It is this instinct in them that differen-
tiates entrepreneurs from other individuals. The positive attitude in them
makes them solution focused rather than problem focused. Scientific re-
search has also shown that people who have a positive attitude and
strong will power are able to overcome challenges of life—personal or
professional—in a much easier way than others. Thinking positively en-
ables them to find creative solutions to challenges that are looked at as
hurdles and obstacles by others. The approach that an entrepreneur uses
is similar to the flow of river water, which keeps weakening or destroying
big blocks on the way during its journey to merge with the sea but never
stops.

2.3.5 To Become a Community Booster/Job Provider

Entrepreneurs are usually concerned about the welfare of the community

around them. They usually get integrated with the community around for
their well-being. One of the ways in which this is done is job openings for
local people, which acts as a booster to the local economy. Further, they
take up varied activities that help communities in prospering. This gives
them a great source of satisfaction of having left an impact on the well-
being of local people and on society at large. Their main desire is to leave
a mark in the minds of people around through their entrepreneurial ven-
ture. Thus, by becoming an entrepreneur, one acquires the power of mak-
ing a difference in the life of one's employees, friends, customers and
community at large.

2.3.6 To Strengthen Resume

Earlier, a failure in an entrepreneurial venture was looked upon as a

stigma or blot on the personality. Socially, people used to consider them

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as unsuccessful and even boycott them. However, of late, the importance

of even entrepreneurs who have failed is emerging, as they acquire extra-
ordinary expertise while handling their business operations from top to
bottom. Entrepreneurs manage everything from finances to marketing
campaigns to customer relations. This provides them with the knack of
managing different facets of the business and building relationships.
Thus, entrepreneurs acquire indispensable knowledge and understand-
ing of different facets of a business such as cost of operations, govern-
ment regulations, tax and statutory compliances, production planning
and control to customer satisfaction. Their experience in varied aspects
and expertise strengthen their career resumes. As a result, in the present
corporate world, even unsuccessful entrepreneurs are looked at as a pre-
cious lot for providing high-level jobs.

2.3.7 To Become a Network Builder

There are individuals who have the knack of networking and building re-
lations. This quality in them goes a long way in successfully running a
business of their own. As entrepreneurs have to necessarily encounter in-
dividuals of a variety of professions and from different walks of life, the
networking skill comes handy in working well in liaison with them.
Networking with a diverse set of people not only helps in supporting and
growing businesses but also complements entrepreneurs’ personal lives
with friendships and good will.

2.3.8 To Be an Inspiration and Example for Others

Successful entrepreneurs act as great role models for youth to traverse on

the path of entrepreneurship. The motivation to leave a mark in life and
act as an example worth emulating by others leads some people to take
up entrepreneurship.

2.3.9 To Create Wealth for Family and Society

Besides all the reasons stated earlier that lead to taking up entrepreneur-
ship, which gives rise to great satisfaction to an individual as they do
what they love and enjoy, they become an instrument in creating wealth

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for their family and society at large. This provides them with an opportu-
nity to contribute directly to the process of growth and development.

2.4 ENTREPRENEURSHIP AS A CAREER OPTION

Every year, millions of graduates and postgraduates come out of univer-

sity portals to join a professional workforce with a view to taking up wage
employment. Some get good placements on campus, while others slog for
a long time to get a job of their choice. Still many continue doing jobs they
do not like for their livelihood (Fig. 2.3). Thus, the majority of pass outs
from universities look for job opportunities to earn a living, generate
wealth and improve their standard of living. However, a new breed of
university graduates is emerging who do not give up their entrepreneur-
ial zeal and enter into an incubator to further fine-tune their ideas; or
start a venture; or continue with their jobs along with their ventures. A
few even forgo their six-figure salary packages in favour of joining a
start-up to gain a different experience. It is this group of young minds
that were provided with due support by the entrepreneurship cells on the
campuses by the institutes that created a fire in their belly to drive these
young minds to pursue their dreams. For these students, ‘career’ means a
continuous process of learning, an ever-evolving, ever-growing opportu-
nity for personal as well as business growth and development. For these
individuals, entrepreneurship as a career option means being one's own
boss by owning one's own enterprise. These individuals are clear-headed
to pursue their goals and have a clear vision. Fundamentally, they love to
do what they love and enjoy to contribute to society at large and leave a
mark in whatever they do. They do not want to work for others but would
like to be their own boss.

Table 2.2 Difference Between Working for Others and Working for
Oneself

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Working for Others Working for Oneself

Dependent on others Independent

Following boss Following self
Fixed and secured earning Variable earning that is not
Has a choice for alternative jobs assured
in private, government or pub- Has a choice of alternative self-
lic sector owned businesses—industry,
Risk is borne by the organiza- trade and services
tion and not self Risk to be faced by self
Little scope to unfold creativity Plenty of scope to be creative
Job seeker and innovative
Contributes indirectly to wealth Job provider
creation Contributes directly to wealth
creation

Figure 2.3 Entrepreneurship as a Career Option

The fundamental differences between working for others in a govern-

ment, private or public job and taking up entrepreneurship as a career
option are given in Table 2.2.

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What It Takes to Pursue Entrepreneurship as a Career Option

It is a common question what it takes to pursue entrepreneurship as a career

option? There could be different reasons such as displacement from a job,
frustration in the present job, not getting a job of one's choice and the
present job not allowing deployment of potential and talent. At times, a
person may also get a signal in advance that their job is at risk as the
company is moving towards closure. At times when a deserving employee
gets superseded in promotion, they may be compelled to leave the job
and may think of taking up something on their own. Some people, espe-
cially the talented youth, may object to a system wherein promotions are
often linked to seniority rather than merit.

Gilad and Levine (1986) have analysed this aspect and have proposed two
closely related explanations of entrepreneurial motivation or taking up
entrepreneurship as a career option. These have been comprehended in
their ‘push’ and ‘pull’ theories. The ‘push’ theory suggests that individuals
are pushed into entrepreneurship by external negative forces, such as job
dissatisfaction, difficulty in finding employment, inadequate salary and
inflexible work schedule. On the other hand, the ‘pull’ theory subscribes
to the fact that individuals are attracted into entrepreneurial career op-
tions mainly in their urge for seeking independence, self-fulfilment,
wealth, self-respect, freedom to do what they love and other desirable
outcomes. Research studies by Keeble et al. (1992) and Orhan and Scott
(2001) have shown that individuals become entrepreneurs mainly be-
cause of ‘pull’ factors rather than ‘push’ factors.5

Some of the prominent ‘pull’ factors that attract individuals towards en-
trepreneurship as a career option are as follows:

1. High Need for Independence—There are personalities who would

like to have freedom about things such as with whom to work, when
to work and with whom to do business at what terms. It is this instinct
in them that pushes such personalities to start something of their own.
2. To Satisfy the Dream of Having High Financial Rewards—The urge
to satisfy the need to derive high financial rewards as an outcome of
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efforts leads some to start a business of their own. The fundamental

difference between a job and one's own venture lies in the degree of
financial rewards for the efforts put in to achieve organizational goals.
3. Opportunity to Deal with All Aspects of a Business—No job can pro-
vide an opportunity to learn and deal effectively with a wide spectrum
of business activities such as idea generation, conceptualization, de-
sign, creation, marketing, customer response and customer
satisfaction.
4. Vision to Leave a Long-lasting Mark—Entrepreneurship creates an
opportunity to make definite contribution to society by lifting the peo-
ple in and around the venture. A continuous zeal to innovate helps in
touching the heads and hearts of people at large. A strong urge from
within to start a business, combined with workable innovative ideas,
careful planning and hard work, can lead to a very engaging, self-satis-
fying, enjoyable and profitable endeavour. The greatest contributory
factor to entrepreneurship is an intention, that is, a strong purpose in
life coupled with determination to produce desired results.

Age is not a bar to entrepreneurship, but the youth are certainly more
suited to take up an entrepreneurial venture, because they are technolog-
ically precocious, do not fear change and challenges, and have greater
ability to see things differently.

Thus, leaving aside the pull and push factors leading to entrepreneurship,
the fundamental decision to take up entrepreneurship as a career option
is guided by a three-part process in which an individual weighs the desir-
ability of self-employment against the desirability of working for others,
possession of competencies and capabilities to undertake an entrepre-
neurial venture. The fact remains that the present environment provides
great entrepreneurial opportunities, and more and more youth are con-
sciously opting for it as a career option.

Entrepreneurship as a Career Option

Amruth B. R. completed his MSc (Hons) in Physics at Birla Institute of

Technology & Science (BITS), Pilani, India, with an overall cumulative
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