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ENTREPRENEURSHIP

The Concept Of Entrepreneurship


By definition, entrepreneurship is the practise of starting a new business/venture or
reviving an existing organisation. Entrepreneurial actions vary depending on the nature
of business. Entrepreneurs seek funding from venture capitalists and NGOs. Usually,
such investors expect higher returns on their investments. The very reason they invested
in the venture of a greenhorn is because they intend to make as much as possible out of
the venture.
It is being increasingly recognized that entrepreneurship is the key to building and
sustaining the growth of any economy. The success of Silicon Valley is a case in point. It
demonstrates the success of start up ventures. Many entrepreneurs have chased their
dreams and with innovative ideas, succeeded in the face of adversities. The local
economy and the national economy have benefited from their ventures both in the short
term and long term.
In the recent times, we have seen the emergence of entrepreneurs from developing
countries such as China, Ireland, Israel and India daring to pursue their innovative ideas
and dreams to logical conclusion. In many cases, they succeeded in their ventures. They
have created business opportunities for many others such as financiers, accountants,
lawyers and restaurateurs, among others.
The success of a few entrepreneurs should not blind us to the fact that for every
success there are three failures. Lack of experience and direction has been the major
undoing of young entrepreneurs. But, that should not hinder either the entrepreneur or
the financier from starting new ventures. If they focus on the core requirements of the
business, the chances of failure can be greatly reduced. We must remember that what we
see today in the world of technology is the result of such entrepreneurship.
Below are some of the quotes from all time famous entrepreneurs destined for people
who are ready to pursue their dreams.
Henry Ford (Ford Motor Company): Whether you think you can or think you cant
youre right.
1.

Gabrielle (Coco) Chanel (House of Chanel): Synthesize to success by attacking

weakness.
2.
Jean Paul Getty(Oil Tycoon): Test the Limits- Big Wins demand Big Risks

3.
4.
5.
6.
7.

Buckminster Fuller(Dymaxion): Chase a Vision, Never Money


Sam Moore Walton(Wal-Mart): If it Arent Broke, Break it
Huge Marston Hefner(Playboy): Start with the Answer-Reality or Fantasy
Henry Ray(Ross) Perot(EDS): Believe and the world will follow you-Anywhere
Martha Kostyra Stewart(Living Omnimedia): Passionate perfection is the path to

power
8.
Donald Trump: To be Big, Think Big-Real Big
9.
Jeffrey Bezos(Amazon.com): Avoid Instant Gratification

Entrepreneurship And Economy


Entrepreneurs contribution to the economy is of immense value. He or she is
indispensable to the economic growth of the country. His or her products are valuable to
the overall development of the society. People need their products. They simply cannot
do without them. Ours is a consumer society now. Even in the developing countries
consumerism is gaining ground. Developed countries anyway thrive on consumerism.
Naturally, the role of an entrepreneur is of much significance in generating products
valuable for the comforts and luxurious living of the people of a particular country.
An economy is much dependent upon the performance level of its entrepreneur. He or
she plays a vital role in the growth of the national income as well as raising the per capita
income of the people.

How does an entrepreneur stimulate the economy?


1.

Investment-

Then entrepreneur has to invest in what is required for the

economy. Economic progress will much depend upon his or her contributions. Any
entrepreneur will invest in products and services which the people need. His or her invest
will ensure a better life for the people. More goods and services will be at their disposal.
2.
EmploymentAn entrepreneur by setting up various businesses and
establishments is generating employment in the country. People need jobs. This is a
major contribution that an employer can make to provide income to an employee who
can meet his or her needs.
3.

Diversity in products and services- An entrepreneur can provide various types


of goods and services to the consumer. The latter has much to choose from. A consumer
after all would like to have a good bargain, and if his or her choices are more than he or
she can get these products or services at reasonable rates. Also personal desires are met if
there are products and services to choose from. A person may like a particular type of tie
and he can perhaps locate it in his local market. His desire to purchase a tie of his choice
is thus met.
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4.

International trade- An entrepreneur promotes international trade by selling his


or her products abroad. Any entrepreneur would like a wider market. If there are more

consumers to purchase his or her products, the higher his profits.


5.
Contributes to gross national product- An entrepreneur makes much
contribution to the national exchequer and to the national economy as a whole. The GNP
of the country is calculated based upon the total number of products and services
available in a respective country. The more products and services available the higher the
GNP. It indicates the economy prosperity of the country.

The Entrepreneurial Process


This section examines two broad dimension of the entrepreneurial process:
opportunity recognition and information search, and resource acquisition and business
strategies.

Opportunity Recognition and Information Search


While opportunity recognition (Kirzner, 1973) and information search are often
considered to be the first critical steps in the entrepreneurial process (Christensen,
Madsen and Peterson, 1994; Shane and Venkataraman, 2000), limited empirical research
has been conducted surrounding this process. Venkataraman (1997) argues that one of
the most neglected questions in entrepreneurship research is where opportunities come
from. Why, When and How certain individuals exploit opportunities appears to be a
function of the joint characteristics of the opportunity and the nature of the individual
(Shane and Venkataraman, 2000). Venkataraman (1997) highlighted three main areas of
different between individuals that may help us understand why certain individuals
recognize opportunities while do not: knowledge (and information) differences;
cognitive differences; and behavioural differences.
The ability to make the connection between specific knowledge and a commercial
opportunity requires a set of skills, aptitudes, insights and circumstances that are neither
uniformly nor widely distributed (Venkataraman, 1997). The extent to which individuals
recognize opportunities and search for relevant information can depend on the make -up
of the various dimensions / aspects of an individuals human capital. Kirzner (1973)
asserted that the entrepreneur identifies opportunities by being alert to and noticing
opportunities that the market presents. The process of search and opportunity recognition
can be influenced by the cognitive behaviours of entrepreneurs. Search behaviour can be

bounded by the decision-makers knowledge of how to process information as well as the


ability to gather an appropriate amount of information (Woo, Folta, and Cooper, 1992).
Entrepreneurs with limited experience may use simplified decision models to guide their
search, while the opposite may be the case with experienced entrepreneur (Gaglio, 1997).
Experience may not Strictly enhance opportunity recognition ability. Habitual
entrepreneurs associated with liabilities (e.g., over-confidence, subject to blind spots,
illusion of control, etc.), resulting from their prior business ownership experience, may
also exhibit limited and narrow information search. Cooper, Folta and Woo (1995) found,
however, that novice entrepreneurs sought more information than entrepreneurs with
more entrepreneurial experience, but they searched less in unfamiliar surroundings.
Some people habitually activate their mental schema for processing information and
can notice it in the midst of an otherwise overwhelming amount of stimuli (Gaglio,
1997). This may explain why the pursuit of one set of ideas and opportunities invariably
leads entrepreneurs to additional innovative opportunities that had not been previously
recognized (Ronstadt, 1988). McGrath (1999) has argued that entrepreneurs have access
to numerous shadow options (i.e., opportunities that have not been recognized). Over
time, valuable information regarding the real option can be made available or suitable
venture opportunities emerge. Although McGrath focused on the ability to learn from
entrepreneurial failure, shadow options may also arise with more successful
entrepreneurs.
However it is not clear how effective these sponsored networks

are in

quipping entrepreneurs and firms with the ability to select effective strategies to secure
scarce resources outside a sponsored environment. Additional research is therefore
warranted focusing upon this theme (Flynn,!993; Westhead and Storey, 1995 ; westhead
and Bats tone,1999). Once the opportunity has been identified and information relevant
to the venture has been obtained, the next step for the entrepreneurs(or the team of
entrepreneurs) is to acquire new resources or effectively manage existing resources, in
order to exploit the opportunity. Research developments in these aspects of the
entrepreneurial processes are discussed in the following section.

Resources Acquisition and Business Strategies


Recent studies have attempted to examine entrepreneurs with respect to their
resources endowments and resource acquisition strategies. The owner(s) of a business is

likely to be its key resource (Storey, 1994; Westhead, 1995; Bate, 1998). Further, the
owner(s) may be the key constraint on resource acquisition (Brown and Kirchhoff,
1997). Resources and assets (both tangible and intangible) are accumulated throughout
entrepreneurial careers (Katz, 1994; Teece, Pisano and Shuen, 1997) , foe example,
human, social, physical, financial and organizational capital (Cooper, Gimeno-Gascon
and Woo,
Although resources are crucial to the performance of a venture, resources alone are not
sufficient to achieve a sustainable competitive advantage. It follows that entrepreneurs
must develop skills and select competitive strategies to make better use of the resources
that are accessible to them. Based on the resource-based theory of the firm, Chandler and
Hanks (1994) suggested that business should select their strategies to generate rents
based upon resource capabilities. They argue that when there is a fit between the
available resources and the ventures competitive strategies, firm performance should be
enhanced. Additional firm level studies are required to explore the relationship between
entrepreneurship resources (and their acquisition and management) and the competitive
strategies pursued by organisations (Zahra, Jennings and Kuratko, 1999).

ENTREPRENEURSHIP AND INNOVATION


Entrepreneurship is the practice of starting new organizations or revitalization mature
organizations, particularly new business generally in response to identified opportunities.
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Entrepreneurial activities are substantially different depending on the type of


organization that is being started. Entrepreneurship ranges in scale from solo projects
(even involving the entrepreneur only part-time) to major undertaking creating many job
opportunities. Lately more holistic conceptualizations of entrepreneurship as a specific
mindset (see also entrepreneurial mindset) resulting in entrepreneurial initiatives e.g. in
the form of social entrepreneurship, political entrepreneurship, or knowledge
entrepreneurship emerged.
A convenient definition of innovation from an organization perspective is given by
Luecke and Katz (2003), who wrote: Innovation... is generally understood as the
successful introduction of knowledge in original, relevant, valued new products,
processes, or services. Innovation typically involves creativity, but is not identical to it:
innovation involves acting on the creative ideas to make some specific and tangible
difference in the domain in which the innovation occurs. For example, Amabile et al.
(1996) propose: All innovation begins with creative ideas... We define innovation as the
successful implementation of creative ideas within an organization. In this view,
creativity by individuals and teams is a starting point for innovation; the first is necessary
but not sufficient condition for the second. For innovation to occur, something more than
the generation of a creative idea or insight is required: the insight must be put into action
to make a genuine difference, resulting for example in new or altered business processes
within the organization, or changes in the products and services provided. A further
characterization of innovation is as an organizational or management process. For
example, Davila et al. (2006), write: Innovation. Like many business functions, is a
management process that requires specific tools, rules, and discipline From this point of
view the emphasis is moved from the introduction of specific novel and useful ideas to
the general organizational processes and procedures for generating, considering, and
acting on such insights leading to significant organizational improvements in terms of
improved or new
business products, services, or internal processes. Through these varieties of viewpoints,
creativity is typically seen as the basis for innovation, and innovation as the successful
implementation of creative ideas within an organization (c.f. Amabile et al. 1996
p.1155). From this point of view, creativity may be displayed by individuals, but
innovation occurs in the organization context only.

The conceptual relationship between entrepreneurship and innovation has been


discussed in the literature for many years. The economics of innovation, in particular,
have attracted increased attention in recent years (Grupp, 2001; Arora, Fosfuri, &
Gambardella, 2002; Stoneman, 1995). Sundbo (1998) summarised the basic theories of
the economics of innovation: (i) the entrepreneur paradigm; (ii) the technologyeconomics paradigm; and (iii) the strategic paradigm. According to this paradigm, only a
person who founds a new company on the basis of a new idea can be called an
entrepreneur. Entrepreneurship is viewed as a creative act and an innovation.
Entrepreneurship is about creating something that did not previously exist. The
creation adds value to the individual and the community, and is based upon perceiving
and capturing an opportunity (Johnson, 2001). Bygrave and Hofer (in Legge & Hindle,
1997) regarded entrepreneurship as a change of state, a dynamic process, and a unique
event, Legge and Hindle (1997) believed that people who lead teams and organization to
introduce innovations are entrepreneurs. Entrepreneurs seek opportunities, and
innovations provide the instrument by which they might succeed. Corporate
entrepreneurship often refers to the introduction of a new idea, new products, a new
organizational structure, a new production process, or the establishment of a new
organization by (or within) an existing organization.

SamWalton

FounderofWalMartStoresInc.
Founded:1962

"Thereisonlyonebossthecustomer.Andhecanfireeverybodyinthecompanyfrom
thechairmanondown,simplybyspendinghismoneysomewhereelse."SamWalton

IntroductionEarlyLife
SamWaltonwasbornonMarch29,1918inKingfisher,Oklahoma.Helivedwithhis
familyonafarmuntil1923,whentheymovedouttoMissouriinShelbina.Thisis
whereSamhadbecometheyoungestEagleScoutinthestateshistory,leadinghimto
receivetheEagleScoutAwardfromtheBoyScoutsofAmericalateron.Duringhigh
schoolSamwasveryathleticandplayedbothbasketballandfootball.HewasVice
Presidentduringhisjunioryearofhighschoolandthroughouthissenioryearhe
became

President.

SamhadgrownupduringtheGreatDepressionthatallowedhimtolearnthevalueof
adollarearlyinlife.Hehadtoworkmanyjobsthroughouthischildhoodinorderto

helphisparentsoutfinancially.Afterhighschool,SamattendedtheUniversityof
Missouriwithamajorineconomics.Aftergraduatingcollege,Waltonworkedasa
managementtraineeatJCPenneyinDesMoines,Iowa.Hequithisjobthereand
worked at a DuPont munitions plant in Oklahoma. Helater joined the US Army
IntelligenceCorps,butleftin1945whereheopenedadepartmentstorewithhiswife
Helen.SamhadboughtdifferentdepartmentstoresbeforeactuallystartingWalMart.
Whileowningthesestoreshemadethetoughdecisiontomovethecheckoutcounter
tothefrontofthestoretomakeitmoreconvenientforhiscustomerstopayforallof
theiritemsatoncebeforeleaving.

PartP.T.Barnum,partBillyGraham,SamWaltonsinglehandedlybuiltWalMart
intothebiggestretailerintheworld,transformingthewayAmericashoppedand
makinghimselfoneoftheworld'srichestmenintheprocess.Thankstohis"aw,
shucks"demeanorandhisstrategyoftargetingruralareas,retailinggiantslikeKmart,
SearsandWoolworth'sneversawthescrappy,pickupdrivingcountryboycoming.
Andwhentheydid,itwastoolatetostophim.
Waltonbeganwhatwouldbealifelongcareerintheretailbusinessin1940,whenhe
tookajobasasalestraineeataJ.C.PenneystoreinDesMoines,Iowa.Waltonwas
enthusiastic about his job, but he was never one of Penney's most thorough
employees.Hehatedtomakecustomerswaitwhilehefussedwithpaperwork,sohis
bookswereamess.Hisbosseventhreatenedtofirehim,sayinghewasnotcutoutfor
retailwork.Waltonwassavedbyhisabilityasasalesman,andheaddedabout$25
permonthincommissionstohisbeginner'ssalary.
Drafted into the United States Army in 1942, Walton served stateside as a
communicationsofficerintheArmyIntelligenceCorpsforthedurationofWorldWar
II.Bythetimehewasreleasedfromthemilitaryin1945,Waltonhadawifeandchild
tosupport,sohedecidedtostrikeoutonhisown.Puttingup$5,000ofhisown
moneyand$20,000thatheborrowedfromhisfatherinlaw,attheageof27,Walton
purchasedaBenFranklinvarietystoreinNewport,Arkansas.

Values,Attitudes,andBehaviors
SamWaltongrewupduringtheGreatDepressionandsawhismomanddadstruggle
tomakeendsmeet.Hisdadwasaveryhardworkerwhoputinlongdaysdoing
anythinghecouldtokeepthefamilyafloatduringtheDepression.Waltonhadtohelp
the family out financially at a very young age. He started selling magazine
subscriptionsatsevenyearsold.Healsoraisedandsoldrabbitsandpigeonsoutinthe
country in Missouri. In addition to that, he helped his mom with her small milk
businessbymilkingcowsearlyinthemorning.Waltonlearnedataveryyoungage
thatitwasimportantforkidstohelpoutaroundthehouseandberesponsibleand
contributetothefamilyratherthanjustexpectingthingstobegiventothem.Hegrew
upduringatimewhereearningmoneywasahugechallengeandinordertoearnthat
money,hardworkwouldbenecessary.Asaresultofthis,Waltonlearnedthevalueof
adollaratayoungage.BecauseWaltonhaddirectexperiencewiththesestruggles
andseeinghismomanddadworksohard,hisattitudesweremuchstrongerregarding
hardwork,ambition,andresponsibility.Heacquiredattitudesregardingthesevalues
through modeling by observing his mom and dad and how hard they worked.
WhenWaltongrewupandgraduatedfromcollege,hehadthevaluesofhardwork,
ambition,andresponsibilitydeeplyingrainedinhimbasedoffofhowhegrewupand
theexamplehismomanddadhadsetforhimwhichcreatedthefoundationforhis
attitudesandhowhefeltaboutthesethings.Hehadtremendousrespectforthevalue
ofadollarandcarriedthatrespectashestartedhisbusiness.Evenasa$50billion
pluscompany,WalMartstillremainsacheapoptiontogetfood,clothes,andmuch
more.Waltonbelievesinthevalueofadollarandstrivestoprovidevaluetohis
customersbecauseheknowswhatitsliketostrugglefinancially.Itwouldgoagainst
everythinghestoodfortohaveabusinessthatchargedhighpricespurelyforthe
benefitofmakinglotsofmoneyoffofhiscustomers.ThatneverwasWaltonsgoal.
WaltonhasadmittedtobeingcheapandthisisclearlyreflectedinthepricesWal
Mart

charges

at

their

stores.

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NotonlywasWaltonaveryhardworker,buthewasalsoextremelycompetitive.
WhenhewasinBoyScouts,hemadeabetwiththeotherscoutsaboutwhichoneof
themcouldmakeittoEagleScoutfirst.Sureenough,Waltonwasthefirstoneatthe
ageof13,theyoungestEagleScoutinthehistoryofMissouriatthetime.Inhigh
school,Waltonwasinvolvedinbasketballandfootballwhereheneverlostagame.
Becauseofhisincredibleathleticcareer,itcreatedanattitudeofneverlosingfor
Walton. When his business was facing challenges or fierce competitors, such as
Kmart,heknewthathecouldwin.Heclaimsthatitneverevenoccurredtohimthat
hemightlose.Asaresultofhisathleticcareer,Waltonalsolearnedthatteamworkis
essentialinachievinggoalsandbeingsuccessful.Waltonknowsthateverythingthat
theyhavedoneatWalMarthasbeenaresultofpeopleworkingtogethertowardone
commongoal.Heappreciatedandvaluedallofhisemployeesandevengavethem
stockoptionsbecauseherealizedhowimportantteamworkisinbeingsuccessful.
Waltonlearnedthevaluesofresponsibility,hardwork,andambitionataveryyoung
agebasedonhowhegrewupandtheexamplehisparentssetforhim.Thesevalues
ledtohisattitudes,likehowhefeltaboutthevalueofadollarandhowhefeltabout
workinghardandbeingresponsibleafterseeingandobservinghisparentswhenhe
was young. These attitudes led to his behaviors and actions he exhibited while
runningWalMartandexplainswhyhisstoreissocheap,andwhyhegavestock
options to his employees. The values he learned at a young age through sports,
examplessetbyhismomanddad,andexperienceswereinstrumentalinshapinghim
intoanextremelysuccessfulbusinessleader.

MotivationalTheories
SamWaltonbelievedinthehumanfactorofacompany;thattheemployeesthatare
incontactwiththecustomerthemostneedtofeelempoweredandpartownershipof
Walmart.Asamanagerandleader,heimplementedmanymotivationalstrategiesin
ordertoexciteandincreasetheefficiencyofemployees.Oneofthesetheoriesis
MaslowsNeedHiearchy.AccordingtoMichaelBergdahlsbookTheTenRulesof
SamWaltonSuccessSecretsforRemarkableResults,employeeswanttoprovide
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excellentcustomerservicebecauseitisaselfactualizedbehaviorandinorderto
completethisselfactualizedbehavior,theemployeesneedshavetobemetfirst.The
companyprovidedpaytomeetphysiologicalneeds,althoughthisportionofhiscareer
took longer to develop. Through the influence of his wife and top managers, he
increased pay and offered various incentives and rewards for high performing
employees(JRank).SamWaltonthenmettheemployeessecurityandsafetyneeds
bycreatingapositiveworkingenvironment.InBergdahlsbookhestatedthat,Mr.
Sambelievedthatifyouactenthusiastic,youllbeenthusiasticandthosearoundyou
willbecomeenergized.Emotionalcontagion,thedynamicprocessthroughwhich
emotions are transferred from one person to another, either consciously or
unconsciously through nonverbal channels, is usually associated with negative
energy.However,SamWaltonuseditinapositivewaytomotivatehisemployees.
Emotional and social needs were met with customer centered relationships and
positive relationships between managers and employees. These relationships then
transfertomeetselfesteemneedsbylettingtheemployeesknowhowmuchyou
valuetheircontributions.onebyone.Afteralloftheseneedshavebeenmet,this
willbringtheselfactualizationthatisneededtoprovidethesuperiorcustomerservice
that Sam Walton wants all of his employees to strive for.
Moreover,SamWaltonexhibitedmanymotivationalfactors similartoHerzbergs
twofactor theory of motivation.ORGBexplains Herzbergs theory as having two
parts: one based on avoiding pain and one stemming from the desire for
psychological growth. In looking at Sam Walton, the only applicable part of
Herzbergstheoryisthepartbasedonmotivationfactorswhichareworkconditions
that satisfy the need for psychological growth (80). Some factors that Herzberg
identified as motivational factors were responsibility, achievement, recognition,
advancement,andworkitself(80).OneparticularinstancethatspeakstoWaltons
abilitytomotivatebasedonrecognitionwashowhevisitedeverystoreonceayear
until WalMart became too big (Rao). During these visits he would bring a tape
recorderandmakesureeveryworkerknewhewaslisteningtotheiropinionsofthe
company.Duringthesevisitshewouldalsopraiseworkersandinoneinstancehe
showedtherecognitionmotivationalfactorbyspeakingintohisrecorderstating:Im

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hereinMemphisatstore950,andGeorgehasdonearealfinethingwiththisendcap
display of Equate Baby Oil. Id like to try this everywhere (Rao). George, the
commonworker,feltrecognizedforhisgreatworkbyhisCEO.Waltonunderstood
theimportanceofrecognition.Additionally,Waltontypifiedtheresponsibilityand
achievement factors by always addressing his workers as associates rather than
employees(Rao).Bycallingthemassociates,Waltonestablishedresponsibilityinhis
workersanddrovehisworkerstoachievehigherlevels.ByvisitingeachWalMart
store,Waltonwasabletoidentifywithhisworkersandtheworkitselfthattheydid,
ultimately showing his commitment to recognition, responsibility, achievement,
advancement

and

work.

WaltonalsodisplayedmotivationcharacteristicsfoundinMcClellandsneedtheory,
whichhighlightsthreeimportantneeds.McClellandbelievedmotivationwasbrought
aboutfromthreeneeds:theneedforachievement,powerandaffiliation(ORGB).
Waltontypifiedtheneedforaffiliation.Theneedforaffiliationisamanifestneedto
establish and maintain warm, close, intimate relationships with other people
(ORGB).Waltonunderstoodwhattheneedforaffiliationwasbecausehefrequently
visitedhisstores.Byvisitinghisstores,hewasabletomaintainrelationshipswith
eventhelowestlevelworkerssuchastheshelverestockers.Inthisway,workers
wereabletorelatetoWaltonandWaltonwasabletorelatetohisworkers.Theclose
relationshipsthatheformedduringhisfrequentstorevisitsspeaksvolumesabout
Walton,theneedforaffiliationandMcClellandsoverallneedtheory.

PersonalitytraitsofSamWalton
Sam Waltons distinct and successful style of leadership is derived from his
personality.Accordingtotraittheory,thecombinationsofpersonaltraitsarewhat
defineanindividualspersonality.AccordingtotheBigFivetraittheorythereare
five definite traits that define a persons personality: extraversion, agreeableness,
conscientiousness, emotional stability, and openness to experience. With further
examinationofSamWalton,hisleadershipstyle,hislife,hisbusinesstactics,andhis
successHeprocessedallofthesetraits.FromaveryyoungageSamdemonstrated
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extraversionandconscientiousnessthroughhisentrepreneurialspirit.Hecreatedhis
ownjobsasachild,andlaterboughtdepartmentstorestofeedhisdesireofownership
andsuccess.ManyofhisemployeeshavecallSamWaltonapowerfulandfairleader;
thisdemonstrateshistraitofagreeableness.SamWaltonsaidMostmanagersleadby
fearandintimidation.Theythinkthatbeingtoughisbeingaleader;nothingisfurther
fromthetruth.Goodleadersaddthehumanfactortoallaspectsoftheirbusiness.
SamsopennesswasexpressedinhisinnovativeideasatWalMart.Samhadtheidea
tomovethemultipleregisterslocatedthroughouthisdepartmentstorestothefrontof
thestore.Thatwaypeoplewouldntneedtocheckoutinindividualdepartments,they
could check out at the end of their shopping experience as they exited.
SamWaltonslocusofcontrolalsohelpedhisleadershipstyle.SamWalton,like
manygoodmanagersandworkers,possessedaninternallocusofcontrol.Thismeans
that Sam believed that he controlled what happened to his business, and held
responsibility for its performance. This trait makes a good manager and leader
because instead of blaming employees, or circumstances the managers accepts
responsibilityforafailureandchangesthemselvesforthebetter.SamWaltonhad
whatiscalledhighselfefficiency.ThisisSamsoverallviewofhiseffectivenessina
multitudeofactivities.Hewasconfidentishissuccesswithanytypeofchallenge.As
asuccessfulleaderSamWaltonwasahighselfmonitor.ThismeansthatSamwould
take in hints and ideas from his surroundings to change his behavior.
SamWaltonwasknownasanESTJontheMyersBriggsTypeIndicatorInstrument.
Thisstyleofpersonalitytesterusesaseriousofquestionstodecideonfourmajor
areashowyoubehave.Thefourareasareextraversion/introversion,sensing/intuition,
thinking/feeling,andjudging/perceiving.Throughthecombinationofthesefourtraits
apersonalityprofilecanbebuilt,andusedtodescribeSamWaltonsbehavior.Asan
ESTJ,SamwasanExtravert,hemadedecisionsbasedoffofhissenses,hetrusted
thoughtmorethanfeeling,andhejudgedsituations.Allofthesequalitieshelpto
makeaneffectiveleadersbecausetheycreateasocialleaderwhoworkshardtogain
knowledgeandfactstorunthebusiness,whichisexactlywhatSamdid.

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Sam's10Beliefs

SamWaltonbelievedrunningasuccessfulbusinessboilsdownto10simplerules.
TheseruleshelpedWalmartbecomethegloballeaderitistoday.Wecontinueto
applythemtoeverypartofourbusiness.Youcanreadtherulesbelow,excerpted
fromhisbook,SamWalton,MadeinAmerica:MyStory.

1.Committoyourbusiness.
Believeinitmorethananybodyelse.Ifyouloveyourwork,you'llbeoutthereevery
daytryingtodoitthebestyoupossiblycan,andprettysooneverybodyaroundwill
catchthepassionfromyoulikeafever.
2.Shareyourprofitswithallyourassociates,andtreatthemaspartners.
Inturn,theywilltreatyouasapartner,andtogetheryouwillallperformbeyondyour
wildestexpectations.
3.Motivateyourpartners.
Moneyandownershipalonearen'tenough.Sethighgoals,encouragecompetition,
andthenkeepscore.Don'tbecometoopredictable.

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4.Communicateeverythingyoupossiblycantoyourpartners.
Themoretheyknow,themorethey'llunderstand.Themoretheyunderstand,the
morethey'llcare.Oncetheycare,there'snostoppingthem.
5.Appreciateeverythingyourassociatesdoforthebusiness.
Nothingelsecanquitesubstituteforafewwellchosen,welltimed,sincerewordsof
praise.They'reabsolutelyfreeandworthafortune.
6.Celebrateyoursuccess.
Don'ttakeyourselfsoseriously.Loosenup,andeverybodyaroundyouwillloosen
up.Havefun.Showenthusiasmalways.Allofthisismoreimportant,andmorefun,
thanyouthink,anditreallyfoolscompetition.
7.Listentoeveryoneinyourcompany.
And figure out ways to get them talking. To push responsibility down in your
organization,andtoforcegoodideastobubbleupwithinit,youmustlistentowhat
yourassociatesaretryingtotellyou.
8.Exceedyourcustomersexpectations.
Givethemwhattheywantandalittlemore.Makegoodonallyourmistakes,and
don'tmakeexcusesapologize.Standbehindeverythingyoudo.
9.Controlyourexpensesbetterthanyourcompetition.
Thisiswhereyoucanalwaysfindthecompetitiveadvantage.Youcanmakealotof
differentmistakesandstillrecoverifyourunanefficientoperation.Oryoucanbe
brilliantandstillgooutofbusinessifyou'retooinefficient.

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10.Swimupstream.
Gotheotherway.Ignoretheconventionalwisdom.Ifeverybodyelseisdoingitone
way,there'sagoodchanceyoucanfindyournichebygoinginexactlytheopposite
direction.

OprahWinfrey
Producer:TheOprahWinfreyShow

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Introduction
BornOrpahGailWinfrey,OprahisanAmericanentrepreneurandphilanthropist
knownforhermultiawardwinningshowTheOprahWinfreyShow(19862011).
SheisthetwentiethcenturysrichestAfricanAmericanwithanetworthof2.7billion
dollars.
Thisselfmadebillionairewasbornon29thJanuary1954inKosciusko,Mississippi.
Oprahbattledadespondentchildhoodthatincludedpoverty,sexualabuse,unwanted
pregnancyandthedeathofthechild.At13whenshefinallylefthometostaywith
herfatherinNashvillewhoprovidedherwithasecurelifeandeducation.Oprah
flourished andpublicspeaking andoratoryskills werehermostprominent skills.
After winningthebeautypageantMiss Black Tennesseeat 17,Oprah caught the
attentionofWVOL,aradiostationinNashville,whoofferedherajob.Duringthis
timeshewonafullscholarshiptoTennesseeStateUniversitywhereshegraduated
majoringinPerformingArtsandSpeechCommunications.
OprahlandedajobasananchoratalocalTVstation.Thisledtoanotherjobin
BaltimorewhereshewascoanchoratWJZTVNews.HerfirsttalkshowPeople
Are Talking became quite popular. Her outgoing and ardent personality started

18

grabbing the publics attention. After devoting seven years to make this show
successful,shewasofferedtohostamorningshowintheWindyCity,Chicago.Inno
timeAMChicagowasoneofthemostacclaimedTVshows.RenamedinSeptember
1985asTheOprahWinfreyShowtheprogramstartedtobroadcastonanational
level.InthenextthreeyearsitwonseveralawardsincludingthreeDaytimeEmmy
Awardsin1987andanotherEmmythenextyear.Theshowtargetedvariousissues
suchaswomenempowermentandsignificanceandhumanrights,whichappealedto
peopleofallethnicities,gendersandsoonthewholeofAmericawasinlovewiththis
talentedandmagneticpersonalitywhorantheshowbrilliantly.
Herpassionforproducinghighstandardentertainmentprogramsencouragedherto
form her own production company that she called Harpo (which was her name
spelled backwards). Harpo Productions Inc. gained the ownership and production
rightstotheOprahWinfreyShowfrom1998onwards.Thecompanyproducedother
miniseriesincludingTheWomenofBrewsterPlaceandmovieslikeThereAreNo
ChildrenHere(1993)andBeforeWomenHadWings(1997).Oprahmadeherfilm
debut in the 1985 film The Color Purple. Her movies also include Charlottes
Web,BeemovieandThePrincessandtheFrog.
Oprah revolutionized the trash TV format to a more subtle, kinder and truly
informativestyleandbytheendofthe90scompletelyreformedthewaytelevision
wasrun.ShecofoundedasuccessfulcablestationcalledOxygenandchangedthe
Discovery Health Channel to OWN: Oprah Winfrey Network that launched in
January 2011. Oprah has authored five books and publishes a magazine O, The
OprahMagazine.HerwebsiteOprah.comhasanaverageof70millionviewsand6
millionuserseverymonth.Shesigneda55milliondollarscontractwithXMSatellite
RadiotolaunchanewchannelnamedOprahRadio.
RightfullycalledtheworldsmostpowerfulwomanbyTime.comandCNN,Oprah
hasinfluencedthelivesofmillionsofpeoplebybuildingaconsummateassociation
withthem.Herendeavorsasamedialeaderandphilanthropisthavemadeherasone
ofthemostadmiredpeopleofourtime.

19

TheMakingsOfABusinessTycoon:Oprah'sEarlyYears
OnJanuary29,1954,thewomanthatwouldmakeameteoricrisetobecomenotonly
therichestfemaleinAmerica,butalsothefirsteverAfricanAmericanbillionairewas
born.
Oprah Gail Winfreys beginnings were modest. Born on a small farm in
Kosciusko,Mississippitoahousemaidmotherandacoalminerfather,Oprahsearly
yearswerefilledwithmuchadversity.Livingherfirstsixyearswithherreligious
grandmotherHaiteeMaeLee,itwasherewhereOprahfirstlearnedtoreadandwrite
andwhereshedevelopedherlifelongloveofliterature.Hergrandmotherhassaidthat
eversinceOprahcouldtalk,shewasonstage.ShebeganrecitingBibleversesat
theirlocalchurch,displayingthefirstsignsofthefuturebroadcasterthattheworld
would

soon

know

all

too

well.

Whenshewassix,Oprahwouldembarkononeofthemoretraumaticphasesofher
life.AftermovingtoMilwaukeetolivewithherlesssupportivemother,Oprahwas
raped and sexually assaulted by members of her own family. With no system of
support,sheturnedtoalifeofrebellionanddrugs,windingupinnumerousjuvenile
detentioncentres.Afterdeliveringastillbornbaby,Oprahfinallyescapedthehorror
by moving in with her father in Nashville, Tennessee at the age of 14.
Imposing strict rules, Oprahs father attempted to regain control of his unruly
daughterslifebymakingeducationapriority.HeforcedOprahtosubmitaweekly
bookreporttohim,andtheeffortwouldeventuallypayoff.Oprahbecameanhonours
student and received a full scholarship to Tennessee State University, where she
majored in Speech Communications and Performing Arts. At atimewhen few
AfricanAmericanwomenevenattendedhighschool,Oprahsaccomplishmentwas
significant.Attheageof18,shealsowentontowintheMissBlackTennessee
beauty

pageant.

WhileOprahhadbegunhermediacareerworkingatherhighschoolradioshow,it

20

wasinherfreshmanyearwhenshegotherfirsttrueopportunitytoworkinlocal
media.Shebecomeboththeyoungestnewsanchorandthefirstblackfemalenews
anchoratNashvillesWTVFTV.In1976,OprahrelocatedtoBaltimoretocoanchor
WJZTVslocaleveningnews.Herpopularityledtoherbeingrecruitedascohostof
WJZs

local

talk

show,

People

are

Talking.

Oprahswarmsmilewasquicklygainingappealacrossawideraudience.In1984,she
relocatedtohercurrenthomeofChicago,IllinoistohostWLSTVsAMChicago.
FollowingamassivejumpinratingswithOprahstakeover,theshowwasrenamed
TheOprahWinfreyShow andextendedtoafullhour.Withherpowerfulscreen
presence and friendly demeanor, the show went national just two years later. It
becamethehighestratedtalkshowintelevisionhistoryandwouldretainitsleading
positionforthenexttwentyyears,withanestimated30millionsviewersintheUnited
Statesalone,andalargerfollowinginthe109countriesaroundtheworldinwhichit
isseen.

BUILDING AN EMPIRE: OPRAHS FORMATIVE YEARS


OprahsambitiondidnotdiminishwiththesuccessofTheOprahWinfreyShow.
After hersuccessfulactingdebut inThe ColourPurple(1985),Oprahs desireto
expand into the film and television industry was further fueled. In 1988, Oprah
becamethethirdwomanintheAmericanentertainmentindustrytoownherown
studiowhenshecreatedHarpoStudios.Oprahsnamereadbackwards,Harpoisa
televisionandfilmproduction,magazinepublishingandonlinemediacompanyin
one.IdidthistoreallyexpandintotheareasIwantedtoandtakeovertheshowto
create moretimefor me to do features and TV specials, she said.
Wantingtohaverelativecompletecontroloverthecompany,Oprahmadeherself
CEO,givingonlyherlongtimelawyerJeffJacobs5%ownership(hissharewould
rise to 10% when he became company president in 1989). After negotiating the
successfulsyndicationofTheOprahWinfreyShow,JacobshadgarneredOprahs
21

trustandwasthusbroughtinasapartner.Oprahbelievedshewouldneedamanager
asthecompanygrewsoastoallowhertimetofocusonthequalityanddeliveryof
her

own

show.

Immediatelyafterclosingthedeal,OprahboughtafilmproductionstudioinChicago,
whichwastobethenewhomeforherownshowaswellashosttootherprojects.
Covering88,000squarefeetandfeaturingthreeseparatesoundstages,Oprahspent
$20

million

in

renovating

the

space.

HarposlowlyexpandeditsactivitiesfromtheproductionofaTVmovie,TheWomen
ofBrewsterPlace,in1989,tosigningadealwithABCin1995fortheproductionof
sixmadeforTVmovies.ABChadbeeneagertoattachitsnametoOpraheversince
herrisingpopularityfromChicagoAM.Thecompanylaterdiversifieditsactivities,
producingfilmsfortheatrereleasesuchasBeloved,whichwasreleasedin1998by
theWaltDisneyCompany.Unpopularwiththepublic,Harpowentbacktoproducing
madeforTV

movies.

In1998,HarpoteamedupwithABCInternetGrouptolaunchOprah.com.Thatsame
year, Harpo joined with several partners to form Oxygen, a new cable channel
dedicated to womens issues. Harpo also entered the publishingbusinesswith
Oprahsownmagazine,O,TheOprahMagazine.Afterjustsevenissues,Ohadtwo
millionsubscribers,makingitthemostsuccessfulnewmagazineinAmericanhistory.
Oprah told Fortune that of all her accomplishments, she was most proud of her
magazine, because I didn't know what I was doing.
OprahhasrefusedtofollowinMarthaStewartsfootstepsbytakinghercompany
public.Shesaysthatsellinghernameoranypartofherbusinessisakintoselling
herself.IfIlostcontrolofthebusiness,shesays,I'dlosemyselforatleastthe
ability

to

be

myself.

Thecompanyisnotwithoutitschallenges.WhileHarpoisknownforpayingits
employeeswell,theymustsignalifelongconfidentialityagreement,barringthem

22

fromtalkingorwritingaboutOprahspersonalorbusinessaffairsandthoseofher
companyfortherestoftheirlives.Thishasresultedinsomedisgruntledworkers,but
nolegalchallengeagainstHarpotodatehasbeensuccessful.Tobringameasureof
corporategovernancewhilestillmaintainingherpersonaltouch,Oprahbroughtin
television executive and one of her former bosses, Tim Bennett, as COO.
Today,Harpohas263fulltimeemployees,modestturnover(10%to15%ayear)and
earns$275millioninrevenues.Itisamediapowerhousethatcompeteswithgiants
likeLifetimeandAOLTimeWarner.And,Oprahremainsascommittedasever:"I
believeI'mjustgettingstarted.

HOWSHEDIDIT:OPRAHSSUCCESSFACTORS
WhatIknowforsureisthatifyouwanttohavesuccess,youcantmakesuccess
yourgoal,saysOprahWinfrey.Thekeyisnottoworryaboutbeingsuccessful,but
toinsteadworktowardbeingsignificantandthesuccesswillnaturallyfollow.
Oprahssuccesshasnotcomeeasily,butratherastheresultofanumberofcrucial
factors:
A GoalOriented Focus: You become what you believe, says Oprah. You are
whereyouaretodayinyourlifebasedoneverythingyouhavebelieved.Oprahs
unwaveringbeliefinherabilitiesiswhatdrovehertofocusallofherlifesenergyon
reachingherobjectives.Focusedonacareerinbroadcasting,Oprahignoredallother
diversionsuntilshehadachievedhergoals.Onceasuccessfultalkshowhost,she
continued to diversify in areas within broadcasting. Oprahs singleminded focus
allowedhertoconcentrateallofhertimeandenergyintoachievingthelifeofher
dreams.
TheAbilitytoOvercomeDiversity:Havingexperiencedmuchabuseandadversityas
ayoungchild,Oprahdevelopedthesurvivalinstinctatanearlyage.Shelearnedthe
23

lessonthatifyouwantedtonotonlystayalivebutalsomakesomethingofyourself
youhadtofight.Thiswouldwellprepareherfortheobstaclesshewouldlaterfacein
the

worlds

of

broadcasting

and

business.

The Ability to Recognize and Seize the Opportunity: I dont believe in


coincidences, says Oprah. From hosting a talk show, to acting, to utilizing the
Internet to bring her company online, Oprah has listened to her inner voice and
grabbedeveryopportunityshebelievedwasnecessarytoachievehergoals.Shewas
notafraidtoventureintotheunknownorreinventherselfthroughvariousmedia.Her
success also lies in the opportunities she has turned down, such as thousands of
dollarsworthofbrandendorsements,whichmighthaveputhercompanyinjeopardy.
Listening to her gut instinct has allowed Oprah to take advantage of numerous
opportunities, which otherwise might have gone unnoticed.
ASenseofResponsibilitytoOthers:Earlyoninhercareer,Oprahasked,HowcanI
beofservice?HowcanIusetelevisionasaservice?Oprahhassincedemonstrated
thatsocialconsciousnesscanmakegoodbusinesssense.Herdedicationtothecauses
inwhichshebelievesandthepassionwithwhichsheappealstoheraudiencefor
supporthassetherapartfromothertelevisionpersonalities.Herdesiretogiveback
not only to her own community, but also to communities around the world, has
endeared

Oprah

in

the

eyes

of

the

public.

TheCouragetoFollowherPassion:Iwascalledtotalk,tousemyvoiceinsome
way,saysOprah.FromtheverymomentthatOprahdiscoveredhernaturalflairand
passionforbroadcasting,shedirectedallherenergytowardfeedingthatpassion.It
was her passion for what she was doing that drew people in and made her so
appealing to audiences worldwide. Oprahs passion conveys authenticity, which
allowspeopletogetaninsideglimpseintohertrueselfandgarnersasenseoftrust
betweenherandheraudience.Equippedwiththisloveofcommunicatingwithpeople
and a staunch belief in her true calling, Oprah was propelled to new heights.
Idontthinkofmyselfasabusinesswoman,shesays,butOprahssuccessproves

24

otherwise. While these factors for success may not be unique to Oprah, their
combinationandthemannerinwhichtheywereembracedenabledhertoreachto
newheights.

Personalitytraits:
#1BeTruetoYourself
OprahoncesaidIhadnoideathatbeingyourauthenticselfcouldmakemeasrich
asIvebecome.IfIhad,Idhavedoneitalotearlier.
Oprahisjustasgraciousandcharmingbehindthescenesassheisoncamera.
Shehasbeencaptivatingaudiencessinceshewasthreeyearsold.Herlocalchurch
haddubbedOprahThePreacherforherabilitytoreciteBibleverses.
Interestingly,theAmericanentertainerhadaknackforinterviewingtoo.Backthen,
Oprahsfavouritegamewastoaskquestionofherdollandthecrowsonthefenceof
herfamilysproperty.Inotherwords,Winfreywasprettymuchborntobeatalk
showhost.
Ifyoufeellikeyourjobisaroundholeandyoureasquarepeg,itstimetomakea
change.
#2IfYouHaventFallen,YouHaventWalked
Oprah,likemostsuccessfulpeople,doesntbelieveinfailure.Whatmostpeoplethink
of as failure, Winfrey considers to be a new perspective, a new lesson, another
steppingstonetoherdestination.

25

Oprahisnotaquittereither.BelieveitornotOprahhasenduredhershareoffailure.
Shewasinherearlytwentiesfiredfromherpositionascoanchoroftheevening
newsatamajorBaltimoreTVstation.Andeventhoughshewentthroughhumiliating
experiencesdoinglesserjobsshepersevereduntilshefoundhertrueniche.Sheonce
said,Goahead.Falldown.Theworldlooksdifferentfromtheground.
#3Followyourguts
OprahbelievesthatYourgutisyourinnercompass.Wheneveryouhavetoconsult
withotherpeopleforananswer,youreheadedinthewrongdirection.
Oprahbelievesstronglyinherinstinctssayingtheyarewheretruewisdommanifests
itself.Shesmadeherbigdecisions(likedecidingtoretirefromTheOprahWinfrey
Show)justbasedonagutfeeling.
Instinctbaseddecisionmakingisfaster,lessstressful,andmoregenuine.Soifyouve
beenmakingallofyourdecisionsbasedonrationalanalysisbutyourenotentirely
happywiththeresults,tryfollowinggoingwithyourgutforachange.
#4MakeYourownLuck
Youcantearn$2.7billionwithoutgettingluckyatleastonce.Oprahrecognisesthat
shes been lucky, but she doesnt see luck as pure chance: I feel that luck is
preparationmeetingopportunity.
Everyentrepreneurhopestolandahugeclientorgetasuddenspikeintraffic,butif
theyve spent all their time hoping (and not preparing) then when that huge
opportunityfinallydoescomealong,theirbusinesswontbefullyequippedtomake
themostofit.
Insteadwishingforluck,thinkaboutwhatopportunityyouwouldmostliketoreceive
inyourlife.Areyoucompletelypreparedtomakethemostofit?

26

#5OwnEverythingYoudo
WinfreychosetotakeownershipofhershowwhenshefoundedHarpoProductions.
BeingCEOofHarpoempoweredhertohavecontrolovereveryaspectofhershow.It
alsoopenedthedoorforWinfreytoproducefilms,broadcastradioprograms,and
publishamagazine.
Oprahsrefusednumerousofferstoendorseothercompanysproducts.Everything
thatOprahsays,creates,orlendshernameto,sheowns.Andshesdoneitwith
literallynoexternalinvestment:Winfreyowns90%ofstockinHarpo.
Onthewhole,Oprahssuccessisnoaccident.Theseattributeshaveshapedtheperson
sheisbothasanindividualandanentrepreneur.Thesevaluesmadeheroneofthe
wealthiestandmostinfluentialpeopleintheworld.Whichoftheseattributesdoyou
identifywiththemost?Pleasecomment.

27

SumitGoyal
VicePresidentAkashGangaCouriers

28

Aboutthecompany:
Akash Ganga Courier (AGC) is one of the pioneer players in the Indian express
IndustryanditisawellestablishedBrand.AGCbeganitsjourneyfromthesmall
townofRajasthan,LoonkaransarinthedistrictofBikaner.Inthelast22yearsithas
spreadsitswingstoallpartofthecountry.AGCcoversmorethan4000Pincodes
through its own network and 1809 franchisees. To gain the foothold in the
Competitive market, AGC primarily focussed on the Textile segment. Textile
industryrequiresitsproductstoreacheverycornerofthecountryincludingsmall
towns.AGCsvisionaryBoardfoundbigopportunityinthissegmentandremained
focussedonit.ThishashelpedAGCtospreaditsnetworkalloverthecountryand
emergeasamarketleaderinthemostimportanttextileindustry.TodayAGCserveto
more than 40% textile units in India and has earned the Tag of reliability and
integrity.
Withchangingmarketscenarioandbusinessdynamics,AGCsuccessfullyenteredin
toBanking,finance,insurance,Automobile,educationandpharmaceuticalindustryas
well. Now AGC offered products and services on par with any leading courier
companiesinthecountry.AGCprovideonlinetrackingsystemtoitscustomerwith
excellentcustomerandoperationsupport.Weoffertheservicesandproductsthat
suitseverysegmentoftheindustryandourproductsincludes,
1. AkashGangaExpressservices
2. OLTRegular,Premium&ODA
3. AGCAirandSurfaceCargo
4. AGCInternational
AGChasgoneonestepaheadwiththelaunchofOLTproduct.Underthisweprovide
ourcustomerpremiumserviceswithmoneybackguaranteeoffer.AnOLTwillserve
theODAlocation(Outofareadelivery)atthesamespeedandassuranceasthatof
premium.TheODAserviceshavebeenintroducedkeepinginviewsthegrowthof
industriesintheruralandinteriorpartofthecountry.

29

AGCbelieveinIntegrityfirstandthatisafoundationofoursuccess.OurBoard
DirectorledbyDr.SubhashGoyalhasmaintainedtheCustomerFirstapproachand
weareproudtobeassociatedwithlargecustomerbase.
DOMESTIC SERVICES

COURIER MODE

Akash Ganga Express Services: Express Services designed to


cater services to documents & small parcels (up to 5 kilos) within
India.

CARGO MODE

Air Cargo: Air Cargo Services geared to handle the heavier


consignments, which need priority deliveries in the domestic
front with available flight schedule.

Surface Cargo: Our Surface Cargo Services to optimise your


transportation charges, whilst offering the benefit of door
delivery to your consignees across the country

PREMIUMSERVICES

Underthissegmentweofferthreeservicestoourcustomers

30

OLTRegular: Thisoffersourcustomersguaranteednextbusinessdaydeliveryto
directstationsand48hourservicestothetranshipmentstations.Weprovide100%
trackingofOLTshipments.
OLTPremium:Thisserviceisofferedtoselectlocationswithtimedefinitedelivery
schedule.Wealsooffermoneybackguaranteetothisproductincaseofnondelivery
withoutanyvalidreasons.
OLTODA:ThisservicehasbeenspeciallydesignedtoserveOutofDeliveryArea
locationswhichmostothercourierrefused.AGCofferthesespecialserviceswith
extrachargesbysendingspecialmessengerfromthelastpointofdelivery.

INTERNATIONALSERVICES
AGCInternationaloffersServicesthroughitsstrategictieupnetworkswithTNT,
DHL,andFedEx.Thisoffersourcustomersawiderangeofservicestochoosefrom.
AGCInternationalServicescompriseofDocument,ParcelandcommercialServices,
spanningvirtuallyallthecountriesacrosstheglobe.

AninterviewwithSumitGoyal:

Thecompanystartedoffin1989.WegotincorporatedasaPrivateLimitedcompany
in1991andbecamepubliclimitedin2005Iguess.IamnotsureaboutthePublic
Limitedkayear.

Thecompanyhas5cityofficesasCompanyBranchOffice[Mumbai,Delhi,Surat,
Jaipur,Banglore].Theseareselfofficeshavinglocalfranchiseesundertheminthe
respectivecities.

31

Forexample,MumbaiRegionalOfficehas3branchofficesvizAndheri,Ghatkopar
andKalbadevi[MarineLines]and30franchiseesacrossthecity.Delhihas2branch
officesvizkarolbaghandPunjabibaghand75franchisees.Andsoon.

Rest in over 250cities across the country we have ourfranchiseoffices that are
workingunderthesamebannerandexclusivelyforAkashGanga.Wecoverover850
destinationsacrossthecountryhavingpresenceinallmetroand2tiermetrocities.
Around4000pincodesservicedthroughtheseoffices.
Northisthestrongestregionwehave.

Wedeliveroveracroreshipmentsinayear.These5officeshaveacombinedannual
turnoverofRs.10crores.WepayaroundacrorejustinServiceTaxtothecentral
governmenteveryyear.Over10,000BlueCollarpeopleearntheirbreadandbutter
becauseofthecompany.Wehaveacleanrecordwithourcreditorsandemployeesfor
paymentsterms.

BeingamemberofregionalorlocalCourierAssociations,wehelp,support,promote
and

work

for

betterment

of

the

express

industry.

IamManagingCommitteememberofTheBombayCouriersAssociation.Mumbai
Branch has an average sale of 20 lakhs a month. 5000 shipments every day are
bookedinMumbaithroughthe3branchesand30franchisees.Wedeliveraround
4000shipmentseverydayinMumbai.

Chapter2EntrepreneurialCharacteristics
Although there is no fixed definition of what characteristics an entrepreneur must
exhibit, some personality traits bring out the entrepreneur in any human being.

2.1 Sam Walton

32

1. Creative: Sam Walton always knew he wanted to be an entrepreneur. Innovation


and creativity can push things forward for an entrepreneur. Sam lets his imagination
grow and has built the biggest multi-retail store.
2. Risk taker: He could have been laid back and continued his sales job, but he took
the risk to do something on his own when he had a wife and a kid to support.
3. Confident: When everyone was writing him off, he believed in himself and his
ideas. He even borrowed some money to start Walmart.
4. Perceptive: Sam was perceptive enough to understand the mindset of the
consumers and thus come up with retail outlets to suit these customers. He worked as
a sales guy in a retail store and he hated to make the customers wait. This is what
brought success to Walmart.
5. Determined: In spite of the criticism he received initially, he did not lose his
determination to work towards his goals.
6. Proactive: Instead of waiting around for things to happen, he takes tasks at hand
himself and makes sure they work his way.
7. Sense of ownership: The zeal to be your own boss is what Sam had and pushed
him to go ahead and start his venture.

2.2 Oprah Winfrey

1.AGoalOriented:Youbecomewhatyoubelieve,saysOprah.Youarewhere
you are today in your life based on everything you have believed. Oprahs
unwaveringbeliefinherabilitiesiswhatdrovehertofocusallofherlifesenergyon

33

reachingherobjectives.Focusedonacareerinbroadcasting,Oprahignoredallother
diversionsuntilshehadachievedhergoals.
2.FocusedonGrowth:Onceasuccessfultalkshowhost,shecontinuedtodiversify
inareaswithinbroadcasting.Oprahssinglemindedfocusallowedhertoconcentrate
all of hertimeand energy into achieving the life of her dreams.
3. The Ability to Overcome Diversity: Having experienced much abuse and
adversityasayoungchild,Oprahdevelopedthesurvivalinstinctatanearlyage.She
learnedthelessonthatifyouwantedtonotonlystayalivebutalsomakesomethingof
yourselfyouhadtofight.Thiswouldwellprepareherfortheobstaclesshewould
laterfaceintheworldsofbroadcastingandbusiness.
4. Passionate: Oprah has always been inclined to have her own business, and thus she
is very passionate about what she does. She is motivated with her zeal and joy for her
own work.
5. Risk taker: No business is risk free. Risk is the cost for profit. Oprah risked by
diversifying into many different segments too fast. Shewasnotafraidtoventureinto
theunknownorreinventherselfthroughvariousmedia.
6.Opportunist: Idontbelieveincoincidences,saysOprah.Fromhostingatalk
show,to acting, toutilizing the Internet tobring her company online, Oprah has
listenedtoherinnervoiceandgrabbedeveryopportunityshebelievedwasnecessary
toachievehergoals.
7.Abilitytosayno:Hersuccessalsoliesintheopportunitiesshehasturneddown,
suchasthousandsofdollarsworthofbrandendorsements,whichmighthaveputher
company in jeopardy. Listening to her gut instinct has allowed Oprah to take
advantageofnumerousopportunities,whichotherwisemighthavegoneunnoticed.
8.ASenseofResponsibilitytoOthers:Earlyoninhercareer,Oprahasked,How
can I be of service? How can I use television as a service? Oprah has since
34

demonstratedthatsocialconsciousnesscanmakegoodbusinesssense.Herdedication
tothecausesinwhichshebelievesandthepassionwithwhichsheappealstoher
audienceforsupporthassetherapartfromothertelevisionpersonalities.Herdesireto
givebacknotonlytoherowncommunity,butalsotocommunitiesaroundtheworld,
has

endeared

Oprah

in

the

eyes

of

the

public.

9.Courageous: Iwascalledtotalk,tousemyvoiceinsomeway,saysOprah.
From the very moment that Oprah discovered her natural flair and passion for
broadcasting, she directed all her energy toward feeding that passion. It was her
passionforwhatshewasdoingthatdrewpeopleinandmadehersoappealingto
audiencesworldwide.

Idontthinkofmyselfasabusinesswoman,shesays,butOprahssuccessproves
otherwise. While these factors for success may not be unique to Oprah, their
combinationandthemannerinwhichtheywereembracedenabledhertoreachto
newheights.

2.3SumitGoyal
1.Passion
Assaidabove,manyifnotallgreatventuresarefoundoutofpassion.Ifyoudont
haveatleastafractionofthepassionofthefounder,itwillbehardtoconvinceyour
customers,employees,andotherstakeholderstostickaround.
2. Opportunist: A good entrepreneur always recognises his opportunity and acts on
it. SRK saw he had the finance he needed; he saw the opportunity to expand his brand
and took the leap with Red Chillies and his VFX special effects studio.

3. Resourceful: He is more resourceful in terms of technology than his father.


Strategyexecutionisalmostentirelydependentontheresourcestocarryon.

35

4.Knowledge:Hesaysitfeelslikehehasbeendoingitforyearsnow.Hehasalotof
knowledgeabouttheindustryandthecompany.Hewantsittogrowandwantsto
growwithit.
5. Network: The business founder knew all the customers, the employees, the
businessesintheneighborhood.Themayor,thechiefofpolice,andtheownerofthe
restaurant down the street. With a passion for the business he wanted to meet
everyonebecausetheyneverknewwherebusinessmaycomefrom. Overtimeit
becamequiteawonderfulnetwork.Hewishestodothesame.
6.Good Manager: Management is the art of getting things done through others. In
short delegating. He delegates well and understands where his presence can be better
matched with that of an expert. Thus the his team is very important to him.
7.Motivated:Perhapstheincomingownerisntlazyingeneralbutjustmotivatedto
workhardonthisbusiness.Wehaveallmetplentyofsecondgenerationbusiness
owners that can play golf and vacation like it is nobodys business. He is very
motivatedtochangethefaceofthecompany.
7.NotSelfish
Sumitcelebratesbirthdaysofallhisemployeesandtreatstheentireofficeoncea
quarter.Thereissomethingtobesaidforcharitystartingathome. Somesecond
generation owners take this a bit too far. As the business ebbs and flows their
lifestyleneverdoes.Theyproceedtoleadalifeoffancycars,vacationhomes,and
lifestyles whiletheemployees dontseebonusesorraises. Trustme,peopleare
takingnotice.Ifthefounderhaspassed,theyarerollingintheirgravebecauseevenif
theywereselfishtheyknewthatsuccessofthecompanywaskeytotheirownselfish
desires.
Thesecondgenerationisntdoomed,buttheydohavetoworkhardertofindthelove
andcarethatwasgiventothebusinessbythefounder.

36

ChangesbroughtbySumitGoyalinAGC:

1.Technologicaladvancement
Technologicalchangeisinlargepartresponsibleformanyoftheseculartrendsinsuch
basic parameters of the human condition asthe size of the world population, life
expectancy, education levels, material standards of living,and the nature of work,
communication, healthcare, war,and the effects of human activities onthe natural
environment.
Otheraspectsofsocietyandourindividuallivesarealsoinfluencedbytechnologyin
manydirectandindirectways,including
governance,entertainment,humanrelationships,andourviewsonmorality,mind,
matter,andourownhumannature.

2.Socialmedia

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Socialmediahasbecomeanintegralpartofmodernsociety.Therearegeneralsocial
networkswithuserbaseslargerthanthepopulationofmostcountries.Thereareniche
sitesforvirtuallyeveryspecialinterestoutthere.
Therearesitestosharephotos,videos,statusupdates,sitesformeetingnewpeople
andsitestoconnectwitholdfriends.Itseemstherearesocialsolutionstojustabout
everyneed.

3.Regionalmeetings
Sumitconductedregionalmeetingseveryquarterendwithhisfranciseeowners.He
startedthistrendintheorgnanisation.Also,thisinitiativeworkedfineforthemas
theydiscussedimplementationsofnewideas.

4.Franchiseevisits
Hevisitedfranchiseesalloverindia.Recently,hewasoutonvisitsfor3monthsata
stretch.

CommonCharacteristics:
1.Passion
Inbusiness,asinlife,allyouneedislove(well,andsomefinancing).Passionanda
loveforthecraftarewhatkeepsentrepreneursgoingalldayeveryday,andtheabove
3entrepreneursarenodifferent.SamWaltonandOprahWinfreynodoubthavewon
so much success only on their passion. This trait is common in all successful
entrepreneurs.

2.Selfdriven
All3entrepreneursareselfdriven.Theymadethingshappenforthemselves.The
presentgenerationentrepreneurslookthemupon.Infact,SumitGoyallooksuptoSam
Waltonashisinspiration.

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3.Networking
Well,SumitGoyalbeingthenewgenentrepreneurhasalreadylearnedtheartof
networkinganduseditwellforhisbenefit.Oprahbecamewhatsheistodayonly
becauseofhernetworkingskills.Samalsobecameclosewithallthetopgovernment
executivesintheearlystageofhiscareer.

4.Motivation
Thistraithasbroughtthemwheretheyare.OprahandSamhavestruggledmorethan
Sumit,ofcourse.Buttheyhavebeendrivenbythisstrongforcethathaskeptthem
going.

Biblography:
http://view.fdu.edu/default.aspx?id=2341
http://12most.com/2011/08/19/12mostsecondgenerationbusinessowners/
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/186994
/ChallengesFacedByFGEsinIndia.pdf
http://www.incomediary.com/ownit15inspiringbusinesslessonsfromoprah
winfrey
http://www.evancarmichael.com/Famous
Entrepreneurs/514/summary.php#authnoblog

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http://www.evancarmichael.com/FamousEntrepreneurs/514/BuildinganEmpire
OprahsFormativeYears.html
http://www.evancarmichael.com/FamousEntrepreneurs/514/TheMakingsofa
BusinessTycoonOprahsEarlyYears.html
http://www.leadervalues.com/leaders.php?lid=18
http://harvardleadership.wordpress.com/2011/01/25/tenrulesofsuccessfromsam
walton/

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