Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamshedji Tata, G.D.Birla or Kiran Mazumdar Shaw etc. Prepare a list of common traits of these people and discuss them in your class. Can you imbibe some of these qualities and start some enterprise later on in life?
Answers
and Training (NCERT) Book for Class XII
Subject: Business Studies
Chapter: Chapter 13 – Entrepreneurship Development
Class XII NCERT Business Studies Text Book Chapter 13 Entrepreneurship Development is given below
SEEDS OF VIRCHOW
Until 1981 Narayan Reddy, M.Sc. Organic Chemistry, had been working for a pharmaceutical company where he had developed a molecule. He was contemplating commercial utilisation of that molecule by setting up a small-scale unit – much smaller than what he actually started. Actually, he met two medicos, who had just returned from a Gulf country and were looking for some productive avenue for investment of their savings (remember the Gulf crisis?), Reddy’s idea appealed to them. Thus, the willing entrepreneurs met– where there is a will there is a way– and the seeds for the venture were sown. After a detailed study of the technical, economic, commercial and financial feasibility of the idea of manufacturing a bulk drug from the molecule, ‘Virchow Laboratories’ was started in 1982 as a SSI with an initial investment of Rs. 28 lakhs – Rs. 8 lakh in the form of equal contribution by the three promoters and Rs. 20 lakh funding from the Andhra Pradesh State Finance Corporation (APSFC). Project implementation was even more challenging as he set out to acquire land, construct factory, purchase equipment, negotiate with suppliers, potential customers and obtain environmental, drug control and other clearances. Initially, it was he who acted as the pivot of the enterprise wheel. In the course of time, a strong managerial team was put in place and thanks to persistent emphasis on good management practices, Virchow emerged as the world’s largest and the best producer of the basic drug from the chosen molecule. In fact, web search on ‘Virchow Laboratories’ takes you to the home page saying “Welcome to Virchow Group of Companies”, the group comprising 4 companies with Virchow Laboratories being the flagship company.
INTRODUCTION
Entrepreneurship is the process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practising some profession. The person who set-up his business is called an entrepreneur. The output of the process, that is, the business unit is called an enterprise. You may invoke ‘subject- verb-object (SVO)’ relationship in English grammar to clearly understand these terms. (See Figure on SVO Analogy)
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Answer:
Bill Gates. Bill Gates is one of the most famous entrepreneurs of our era. The richest man in the world, Gates has a net worth estimated to be over $79 billion.
Explanation:
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