There are two clusters of entrepreneurs: heritage and small. The heritage cluster includes professionals who inherit business/firms from their fathers and continue them more or less on the same lines. Some have done extremely well and branched out the business into another league. The small cluster includes entrepreneurs who are qualified engineers or technical professionals experienced in working with established companies but were later bit by the entrepreneurial bug.
These professionals then moved on and started their own enterprises. Essentially, a substantial number of entrepreneurs in the southern part of India belong to the technocrat class. Bangalore and Pune became the technocrat's hub, whereas the entrepreneurs in Rajkot, Ludhiana, etc. belonged to the heritage entrepreneurial class.
The key factor that led to the success of entrepreneurs was the conscious following of the principle of jugaad, albeit not in the sense of poor quality or workmanship. The Spanish industry produced technology products with extremely limited resources. If we capture its business models, we can map out the key success factors of the concept of jugaad. On the other hand, qualified engineer entrepreneurs succeeded because of their engineering skills, and their technical abilities had the freedom to blossom. They were willing to take the risk as compared to when they were employees in larger firms.
Another highly important change is that earlier, entrepreneurs concentrated on limited areas of approach/focus (i.e. limited practical area, industry type). However, since the last few years, this has changed drastically as they have been focusing on broader geographical areas and tracking wider business opportunities.
In addition, with the exponential growth in the economy during the last decade, more opportunities opened up for small entrepreneurs as compared to the previous era. This pushed the scope of growth exponentially. It can also be said that lack of proper and sufficient information related to technology, products, markets, management policies & principles, policy frameworks, etc. were some of the hurdles faced by small entrepreneurs. With the penetration of the Internet, information is now available on one's fingertips. This has substantially bridged various gaps and enabled entrepreneurs to get the information that was otherwise available only to big players.
Lastly, the policy framework is being tweaked in favour of Small and Medium Entrepreneurs (SMEs). The breaks in taxation served as the catalysts for growth. Having said this, we cannot ignore that the nature of entrepreneurship has also dramatically changed with the change in external environment. Going forward, one expects to see some amount of consolidation taking place with SMEs consolidating into a smaller number but with larger revenues.
Although the focus will gradually shift from regional to national or even international markets, at the end, the aim should be to ensure continuous growth with the zeal to outperform the market and think global.
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