Dr B K Mukhopadhyay
(The author is a Professor of
Management and Economics, formerly at IIBM (RBI) Guwahati. He can be contacted at m.bibhas@gmail.com)
If you want to shine like a sun, first burn like a sun – Dr APJ Abdul Kalam
The development of backward regions essentially calls for exploring existing and potential resources. Human resource management, backed by marketing strategies, always stays at the top of the agenda on this score. While the availability of resources is not that difficult under the ongoing business environment scenario, more often than not, appropriate utilization itself remains a laggard. As a result, the results achieved in the next period remain suboptimal in spite of the creation of institutional facilities. The time has come to see that the latent resources—human, technological, and physical—are bolstered over time so that the markets [domestic and overseas] offer excellent opportunities to forge ahead by recognizing the competitive skills. The creation of facilities over time and space is the starting point, since a lot depends on how the same is absorbed, as business is a continuous and spontaneous process. In this paper, an analysis is made mainly focusing on the North East Region of India, which continues to struggle against a number of odds that have been holding back the overall development process.
Entrepreneurship Management has been a very big area in as much as it speaks of the capacity and willingness to develop, organize and manage a business venture, along with any of its risks, in order to make a profit. As such, entrepreneurial spirit is characterized by innovation and risk-taking and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive international marketplace. Establishing the core principles of “entrepreneurial management” within an organization calls for a certain strategic choice that affects a company in multiple dimensions. The aim is to empirically measure entrepreneurial management (its existence and degree) and to link this measured strategic choice (for or against) entrepreneurial management with firm performance. On this score, it is clear that companies that follow the core principles of entrepreneurial management should outperform other more administrative firms in certain measures of strategic performance. Naturally, the linkage is very strong, linking the measured degree of “entrepreneurial management” with firm performance.
Successful entrepreneurs recognize that change is a catalyst for innovation. So, the need is to develop the entrepreneurial mindset needed to energize existing and new companies, with insights and analytical frameworks to assess market opportunities, as well as pragmatic leadership skills to launch and nurture new business ventures within a larger organization.
Traditions Remain Alive, But With a Difference
They may come from families in business, from generation to generation, or may have taken direct entry. No doubt, in today’s global marketplace, family businesses are a major force and are among the most vibrant competitors in most industries. While family-owned companies often have enviable strengths—long-term relationships, a reputation for quality work, aggressive reinvestment, and high stakeholder loyalty—they can also be hindered by traditional practices, internal politics, and family conflicts. In a marketplace characterized by new players and intensified competition, leading a family business has become increasingly complex. To prevail, a family-owned company must address special challenges, such as nurturing effective family work and shareholder relationships, passing the business from one generation to the next, and maintaining ownership control. These tasks require sensitive leadership from the business and the family.
A family can contribute greatly to the success of its business—and vice versa—only if the family follows a discipline mapped out by successful family-owned companies from around the globe. This discipline is at the heart of Harvard Business School’s Families in Business: From Generation to Generation programme.
Success Must Not Take
a Back Seat!
Success in today’s turbulent business environment demands smart innovators who possess the unique set of skills required to identify a business opportunity and transform it into a successful company or to launch a new line of business for an existing small-to-midsize company. The entrepreneurs are to essentially improve their analytical skills, make sound investment and management decisions, manage growth, and develop essential leadership capabilities. In today’s fast-changing environment, the situation has turned into a complex process of exploiting disruptive opportunities to build successful new businesses. New business initiatives, selling the concept to investors, partners, and other parties, attracting resources, and evolving key strategies as the business grows have been intricately involved in the process.
Reflecting the Reality: A Look at the NE: Yesterday and Today
New initiatives are on, of course. It is good that the government as well as non-government agencies have been encouraging youths to take up projects in non-traditional fields as well. A recent development in Tripura may be referred to on this score. To tap the full potential of bamboo-based products, the government has been encouraging people to go in for bamboo plantations. Those who have land pattas under the Forest Dwellers’ Rights Act have been given necessary help to raise bamboo cultivation in areas like Jirania, Mandwai, and Lefunga. One Bamboo Park, the first in the country, is expected to come up early next year, and a Rs. 50 crore investment project is under process.
Of late, to ensure the value addition of raw bamboo, Mutha Industry Pvt. Ltd., a Mumbai-based company, has come up with an ambitious plan to produce bamboo-made tiles in Tripura. Growing demand for bamboo made tiles has been there. Initially, the bamboo-based industrial unit would be set up on 9.65-acre land in the proposed Bamboo Park at Bodhjungnagar Industrial Estate, with an estimated cost of Rs. 50 crore. Different types of tiles made of raw bamboo will be produced in the industrial unit using China-made equipment. The industrial unit is expected to employ at least 100 youth. Experts from China will come down here to impart training on how to handle the machines in order to make bamboo made tiles.
Another very important sector is tourism in the NER. Tourism is one of the leading income-generating industries for the rural public. If the tourism industry is boosted in the state, like in Meghalaya, particularly in the rural areas, the people will greatly benefit socially, economically, and environmentally. The Forest Eco Park, the DRDA Water Park, the Amphitheatre, the Kala Kendra, the Eco Lodges, the beautiful environment, particularly the sacred grove, the panoramic view of the Pynthorwah Valley, and the River Myntdu, to name only a few, have the ability to attract tourists. Entrepreneurs in this sector can be trained up further, which, in turn, could help seize the latent potentialities, apart from fresh job creations.
Here also, the government’s efforts are on. The Ialong Rural Tourism Project was initiated in 2006 by the district administration jointly with the Ialong village authority. In 2006, the district administration under the then Deputy Commissioner, FR Kharkongor, moved the Union Ministry of Tourism under its Endogenous Tourism Project relating to rural schemes, partnered with the United Nations Development Programme (UNDP) Country Project, for promotion of Ialong village as a tourist destination. In 2007, the Ministry of Tourism approved the project, and a total sanctioned amount of Rs. 64.8 lakh was released. This is the first Rural Tourism Project in Meghalaya and the third in north-east India. The project consists of two major components: the hardware component, which includes the creation of a Kala Kendra for performing cultural programmes, etc.; Vishram Sthals or Eco Lodges; construction of parking facilities; and lighting, among others; and the software component, which includes training local residents in hospitality, lodging, and cuisine and making the experience for tourists culturally expressive and environmentally sustainable; besides organizing awareness programmes on health and sanitation; and arranging tour programmes for the project. It also includes training for women on how to maintain tea stalls.
Again, the ICAR is carrying out horticulture research in the region through the NEH Research Complex, Barapani (Meghalaya); the National Research Centre for Orchids, Gangtok (Sikkim); the Central Potato Research Station, Upper Shillong (Meghalaya); and the Central Plantation Crops Research Institute Regional Station, Kahikuchi (Assam). In addition, Assam Agricultural University, Jorhat, and its research stations are contributing to horticulture research and development in Assam. Further, 11 research centres of All India Coordinated Research Projects on vegetables, potato, tuber crops, palms, and betelvine located at AAU, Jorhat, Tinsukia, and Kahikuchi are conducting multi-locational trials to identify promising cultivators for the region. Twelve Krishi Vigyan Kendras (KVKs) in the region and one Trainers Training Centre (TTC) in Meghalaya are providing research and back-up support towards popularization of improved technology and the development of skilled manpower for various horticultural programmes.
Towards the Rosy Days
Growth in Bharat is creating opportunities for talented entrepreneurs who know how to build a successful business, identify the right opportunity, build an organization, attract resources, plan and execute strategy, and navigate complex business environments to drive sustainable success for the company.
The crucial need here is to examine the core challenges of managing product development in a competitive, unpredictable marketplace, and train up the entrepreneurs to take innovation to a new level, backed by cutting-edge concepts and pragmatic frameworks, providing new insight into product development issues such as the alignment of product innovation with corporate strategy, the impact of disruptive technologies, and the management of risk. To develop leadership and management skills, the need is to identify breakthroughs with the greatest market potential, find sources of capital, and develop a team with a deep understanding of both science and business.
It has been a fact that constant and intense focus on running a business leaves little time to learn about the latest resources, techniques, and solutions. Business owners often feel alone, not knowing where to turn for advice and answers. Often, they lack the perspective to assess their company’s performance and potential, as well as their own. This gap calls for immediate, adequate attention.
Gaining valuable new insights, sharing and developing decision-making techniques, and creating an environment that fuels their passions could, in turn, bring in far-reaching changes, and something powerful could surely happen in the coming days, provided a planned approach is adapted.
(To be concluded)