An Entrepreneurial Mindset Report - Final

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Karan Negi

Tim Fuller

Abhishek Chitale

Mohammad Faruq

Sherry Fang Fang Li Mohit Gupta

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AN ENTREPRENEURIAL MINDSET BY RISKY BUSINESS

EXECUTIVE SUMMARY Scholars debate over whether entrepreneurial skills can be taught or are an innate ability. McGrath and MacMillan (2000) take the former view and encourage potential entrepreneurs to develop an entrepreneurial mindset to sense and act swiftly in uncertain conditions. Research was conducted among six different successful successful entrepreneurs entrepreneurs and intrapreneu intrapreneurs rs from Australia, Australia, India and Bangladesh Bangladesh to identify identify traits and practices unique to an entrepreneurial mindset and to compare them with the theory. Intr Intrap apre rene neur urss are a subs subset et of entr entrep epre rene neur urss and and oper operate ate with within in the the orga organi nisa satio tion. n. The The sign signss of an entrep entrepren reneur eurial ial mindse mindsett includ includee seekin seeking g out new profit profitabl ablee opport opportun unitie ities, s, focusi focusing ng on execut execution ion and motivating others to work towards that goal. Habitual entrepreneurs can swiftly adapt to changes and predict unknown territory. For newcomers, an entrepreneurial strategy consisting of a goal oriented frame, keeping inventory of ideas, focusing on the best opportunities, promoting adaptive execution, and entrepreneurial leadership, are all factors contributing to success. The group surveyed six entrepreneurs locally and abroad from a range of industries and from small, medium and large organisations. Face to face, telephone and email was used, but one of the limitations was that the sample size was small. Clear objectives, leadership, recognizing and pursuing opportunities in a disciplined manner were on the top of the list, followed by risk-taking and finally creativity receiving a very low score. The team concluded that this may be due to the differences in size since larger organisations tended to be more creative, and hence more creativity meant more growth in business. Findings indicate that positive thinking, confidence, risk-taking, passionately seeking opportunities and continuous improvement are essential to success. Good business ideas, always keeping a look out for opportunities, right attitude, a more cautious risk-taking, and breeding innovation through good employee relations were recommended. Risky Business compared the learning from the survey, and reassessed their business plan. They confirmed that Easy Park was a good business opportunity, with a well defined level of profit, strong leadership and an open team culture was already already present and action will be taken to continue continue this, and finally, finally, since it seems that entrepreneurs are more averse to risk than initially anticipated by the team, it was decided that an exit














TABLE OF CONTENTS Executive Executi ve summary ............ ....................... ....................... ........................ ....................... ....................... ........................ .................... ............. .......... ......... .... 2 Table of Conten Contents ts............ ........................ ....................... ....................... ........................ ....................... .................... .............. .......... .......... .......... .......... ........ ... 3 Introduction Introdu ction ........... ....................... ........................ ....................... ....................... ........................ ....................... ....................... .................. ........... .......... .......... .......5 Aim............ ....................... ....................... ........................ ....................... ....................... ........................ ....................... ....................... .................. ........... .......... ......... ........ .... 5 ....................... ............ ....................... ........................ ....................... ....................... ........................ ....................... ....................... ................... ............ .......... .......... .......... ....... .. 5 Understanding entrepreneurship & different unique entrepreneurial mindset ..............6 .............. 6 Essentials ofentrepreneurial strategy ............. ......................... ........................ ......................... ......................... .......................... .............. 7 establishing establi shing the entrepreneurial entreprene urial frame ............ ....................... ....................... ........................ ................... ............ .......... ......... .... 7 Creating a well-stocked opportunity register ...................................................... .......................................................... ....7 Focus on the best opportu opportunitie nities s.......... ...................... ........................ ....................... ....................... ................... ............ .......... .......... ..... 7 Promoting adaptive execution by discovery-driven planning .................................. .................................. 8 entrepreneu entre preneurial rial leade leadership rship ............ ....................... ....................... ........................ ....................... ....................... ................. .......... .......... ....... .. 8 METHODS ............ ....................... ....................... ........................ ....................... ....................... ........................ ...................... ............... .......... .......... ......... ......... ........ ... 8 Key finding findings s and learni learning ng ........... ....................... ........................ ....................... ....................... ........................ ................... ............ .......... .......... ....... .. 9 Conclusion Conclu sion........... ....................... ....................... ....................... ........................ ....................... ....................... ........................ ................... ........... ......... .......... ....... .. 10 Recommendation Recommen dations s........... ...................... ....................... ........................ ....................... ....................... ........................ ....................... ................. ........... .......10 IMplications IMplic ations for risky business........... ...................... ....................... ........................ ....................... ....................... ................. .......... .......... ....... .. 11 References Refere nces.......... ...................... ........................ ....................... ....................... ........................ ....................... ....................... ........................ ....................... .............11 Appendices Append ices ............ ........................ ....................... ....................... ........................ ....................... ....................... ........................ .................... ............. .......... ........ ... 13 Interview Intervi ew Appendix 1.......... ...................... ........................ ....................... ....................... ........................ ....................... ....................... ................. ..... 13 Interview with MR George varughese (Karan Negi)............ ........................ .................................... ........................ 13 (GENERAL manager Melbourne Melbo urne Marriott Marrio tt hotel)............ ....................... ................ .......... .......... .......... .......... .......... .......13 Interview Intervi ew Appendix 2.......... ...................... ........................ ....................... ....................... ........................ ....................... ....................... ................. ..... 15 Interview Intervi ew with Michael Northwood (TIM FULLER) ............ ....................... ....................... ........................ ................. ..... 15 ((EX)cEO Super Supe r Alloy Pty Ltd, Property Developer) Devel oper) ............ ....................... ................ .......... .......... .......... .......... ..... 15 Interview Intervi ew Append Appendix ix 3

20














Interview Intervi ew Appendix 4.......... ...................... ........................ ....................... ....................... ........................ ....................... ....................... ................. ..... 23 Interview with Manmohan Gupta owner of textile firm in India (Mohit Gupta) ...... 24 Interview Intervi ew Appendix 5.......... ...................... ........................ ....................... ....................... ........................ ....................... ....................... ................. ..... 27 INterview INtervie w with Tony Newport (Sherry (Sher ry Fang Fang LI)........... ................... ............. .......... .......... .......... .......... ....... .. 27 Owner, newport and wildman, tasmania ............ ........................ ........................ ....................................... ...........................27 Interview Intervi ew Appendix 6.......... ...................... ........................ ....................... ....................... ........................ ....................... ....................... ................. ..... 28 Interview Intervi ew with Mr Justin Forrester (abhishek (abhish ek chitale) chitale )............ ................. .......... .......... .......... .......... .......... ........ ... 28 (Partnerr in Liberty Catering Concepts (Partne Conce pts Australia) ........... ...................... ...................... ................ .......... .......... ......... .... 28














INTRODUCTION For decades different authors, academicians and business students have tried to identify the factors leading to a successful entrepreneurship. There is a general agreement that the role of the entrepreneur is the most import important ant of all the factor factors. s. Howeve Howeverr academ academici icians ans and entrep entrepren reneur eurss have have debated debated over over whethe whetherr entrepreneurship is something that can be taught. Some argue that entrepreneurs are born and not made, and that trying to teach someone to become an entrepreneur is a waste of time. Others argue that academicians can introduce aspiring entrepreneurs to concepts that may positively affect entrepreneurial success. Rita Gunther McGrath and Ian MacMillan (2000) represent the latter view in The Entrepreneurial Mindset. According to the McGrath and Macmillan (2000), an entrepreneurial mindset is "a way of thinking about your business that captures the benefits of uncertainty." They also stated that uncertainties gives rise to new businesses, and only someone with an entrepreneurial mindset will be able to seize these opportunities and use them to increase profitability. Scholars describe an ‘entrepreneurial mindset’ as the ability to sense, act, and mobilize under uncertain conditions. (Ireland et al 2003). In order to understand and possibly learn more about this concept, The Risky Business team has generated a questionnaire and interviewed six local and international entrepreneurs.

AIM The aim of this survey was to find out what is unique, different and special about “the entrepreneurial mindset”. Interviews were conducted with various successful entrepreneurs and intrapreneurs from different nationalities to learn about their practices














UNDERSTANDING ENTREPRENEURSHIP & DIFFERENT UNIQUE ENTREPRENEURIAL MINDSET A few definitions on the key terms of entrepreneurship and findings from prior research will help to have a deeper understanding of the entrepreneurial mindset. Entrepreneurs

An entrepreneur entrepreneur is someone with a vision vision who spots a new opportunity opportunity and is minded to act on it and start something, willing to take risk in order to make a profit (John L. Thompson, 1999). An entrepreneur is a great strategist and a master at getting other people involved and excited about their business. They are open to uncertainty and view it as a competitive advantage to look into new markets, while at the same time making the most of every opportunity (Janis, 2005). Intrapreneurs

Intrapreneu Intrapreneurs rs are, in very simple words, words, entrepreneu entrepreneurs rs operating operating within an organization organization.. Antoncic Antoncic and Hisrich (2001, cited in Saetre 2001) identify four qualities of an intrapreneur – new business venturing, innovativeness, self-renewal and pro-activeness. The authors reassert that it is critical for intrapreneurs to be even more skilled at putting together and leading a team, since they must operate wit hin the constraints of the politi political cal enviro environme nment nt of an organi organizat zation ion.. Althoug Although h one of the respon responden dents ts was an intrap intrapren reneur eur,, since since intrapreneurs are a subset of entrepreneurs, for the purposes of this report, both types will be referred to as the broader category of entrepreneurs. Entrepreneurial mindset:

In order to develop the concept of “entrepreneurial mindset” McGrath & Macmillan (2000) based their research on “habitual entrepreneurs” and defined 5 basic characteristics of an entrepreneurial mindset. 

Passionately seek new opportunities



Pursue opportunities with great enormous discipline



Pursue only very best opportunities



Focus on execution



Engage the energies of everyone in their domain
















analytical process that is basically an entrepreneurial mindset checklist. This is critical because a successful entrepreneur is the one who can quickly adapt to changes and predict the unknown territory. Having an entrepreneurial strategy will assist entrepreneurs to assess a situation quickly, and in an organized manner.

ESSENTIALS OFENTREPRENEURIAL STRATEGY

McGrath and MacMillan (2000) recommend four different stages of developing an entrepreneurial strategy, and stress the importance of having entrepreneurial leadership in all these stages. These concepts are discussed below:

ESTABLISHING THE ENTREPRENEURIAL FRAME The entrepren entrepreneur eurial ial frame frame define definess goals, goals, and serves serves as a lens lens for entrep entrepren reneur eurss to view view a situat situation ion.. Entrepreneurs must set criteria about which opportunities they will pursue based on the level of value addition to the business. The idea is to weed out initiatives that take up resources and add very little value or do not go beyond mere incremental improvement to rea lly make a difference.

CREATING A WELL-STOCKED OPPORTUNITY REGISTER Within Within this this framew framework ork,, it is crucia cruciall to build build an invent inventory ory of entrep entrepren reneur eurial ial ideas ideas by develo developin ping g an opportunity register. McGrath and MacMillan believe that this register of opportunities can be developed in many different ways. For example, analyzing every step of the consumption chain can redifferentiate products products and services. services. In another another scenario, scenario, the market market can be shaped shaped by resegmenting resegmenting existing markets or totally reconfiguring markets to create new markets. Also, entrepreneurs can attempt to develop break thro throug ugh h comp compete etenc ncie iess that that sign signif ific ican antl tly y buil build d comp compet etiti itive ve stre streng ngth thss relati relative ve to the the comp compet etiti ition on..














consists of formulating and implementing a business strategy by using discovery driven planning that provide direction in a highly uncertain environment and redirect strategy as reality unfolds. To effectively develop an entrepreneurial mindset within an organization, the entrepreneur must continue to play a very visible hands-on leadership role from beginning to end.

PROMOTING ADAPTIVE EXECUTION BY DISCOVERY-DRIVEN PLANNING Discovery-driven planning allows real options reasoning by recommending an adaptive methodology (versus conventional planning under more certain environments) for use in uncertain environments.

ENTREPRENEURIAL LEADERSHIP Although uncertainty might cause many to freeze, good entrepreneurs use it to their benefit. Uncertain situations are full of new opportunities. Our findings from accumulated individual interview shows that successful businessman continuously identify high-potential business opportunities and exploit these opportunities with speed and confidence. Thus, uncertainty can become ally, not enemy. Entrepreneurial leaders are distinguished from other managers by their personal practices. These fall into three categories: setting the work climate, orchestrating opportunity-seeking and moving particular ventures forward personally. 

Climate setting practices create a pervasive sense of urgency for everyone to work on new business initiatives. Successful Entrepreneur dedicates a disproportionate share of their time, attention and discretionary resources to finding and supporting new business models.



Orchestrating opportunity seeking involves removing uncertainty from peers or workers by clearly specifying what type of entrepreneurial opportunities is wanted














The group decided to interview entrepreneurs and intrepreneurs in Australia and abroad to get the better insight of the entrepreneurial mindset around the world. We used various forms of interviewing methods such as face to face, e-mail & telephonic. Our questions were based on the findings of an entrepreneurial mindset by McGrath & Macmillan (2000). We have explored to what extent the entrepreneurs of today have characteristics that are similar to the entrepreneurial mindset proposed by McGrath and Macmillan (2000). One of the limitations of the research was the small sample size of only six organisations. Howeve However, r, in order order to get a more more repres represent entati ative ve sample sample we have have covere covered d small, small, medium medium and large large organizations from a variety of business sectors (eg. manufacturing, media, hospitality and finance).

KEY FINDINGS AND LEARNING Responses from the interviews were grouped into the six different categories recommended by McGrath and Macmillan Macmillan (2000). (2000). Table 1 summarizes summarizes agreement/disa agreement/disagreem greement ent with the theoretical theoretical construct for each respondent. Interview Number

1

2

3

4

5

6

Total (%)

Entrepreneurial Mindset (McGrath and MacMillan, 2000) Opportunity

Yes

Yes

No

Yes

Yes

No

67

Yes

Yes

No

Yes

No

Yes

67

Yes

Yes

Yes

Yes

Yes

Yes

100

Orientation Discipline to pursue opportunities Clear objective and Best opportunities














forward. Four out of six respondents reported that they were able to recognize opportunities, and to pursue them in a discliplined manner. However, the most surprising finding of all was that more than half of the respondents (four out of six) admitted they did not practice adaptive execution. This was compared with another set of data on key personality traits of the entrepreneurs. The data revealed that while while ambiti ambition on and plannin planning, g, follow followed ed by leader leadershi ship p qualiti qualities, es, receiv received ed higher higher attenti attention on from from the entrepreneurs, risk taking (67%) and creativity (only 33%) are areas that seemed weak in comparison. It is possible that the lack of creativity is a result of an inability or unwillingness to practice an adaptive execution strategy. Although the sample size is small, the data indicate that small to medium enterprise face more problems with adaptive execution.

CONCLUSION Different academic theories confirm that mindset plays a very important role in the success of business people. They also assert that successful entrepreneurs are positive thinkers and do not shy away from uncertainty. Instead they embrace risk and try to turn risk into a profitable business initiative. Entrepreneurs always seek opportunities with passion and discipline, are continuously trying to improve their situation and have an almost insatiable hunger for success. Confidence is a trait that is essential for an entrepreneur.

RECOMMENDATIONS In summary, in order to be a successful entrepreneur one must 

Have a great business idea and research if the business idea is feasible.



Always strive to seek for opportunities and make the full use of it














IMPLICATIONS IMPLICATION S FOR RISKY BUSINESS Research into existing entrepreneurial ventures has helped the team at Risky Business to identify possible pitfalls in starting and running a new business, and to start to understand and cultivate an entrepreneurial mindset among team members. The team used the recommendations as a checklist to reassess their decision to go ahead with Easy Park. Discussions among team members confirm that: 

Easy Park is a good business opportunity, with a satisfactory level of profitability



The team has strong leadership, is goal oriented and open discussions are encouraged to foster creativity and innovation to achieve a higher degree of customer satisfaction. If necessary more will be done to continue this culture



Risk taking had received a lower score in the survey than initially assumed. Hence, although an exit strategy had not been proposed earlier, the team decided to include this as part of their business plan
















1.

Irelan Ireland, d, M.A. M.A. Hitt Hitt and D.G. D.G. Sirmon Sirmon,, A model model of strate strategic gic entrep entrepren reneur eurshi ship: p: the

construct and its dimensions, Journal of Management (2003), pp. 963–990

2.

Saetre, A. S 2001, Entrepreneurship: An exploratory study of select Norwegian

industries, NTNU Senter for Entreprenorskap, viewed 13 September 2010, http://www.nec.ntnu.no/dokumenter/Intrapreneurship.pdf

3.

McGrath, R.G. and MacMillan, I. 2000, The Entrepreneurial Mindset , Harvard Business School Press, Boston, Ma.

4.

The Mindset of Entrepreneurs 2010, Entrepreneur , viewed on 13 September 2010 April 2010 http://www. youngentrepreneur.co.za/entrepreneu youngentrepreneur.co.za/entrepreneur. r.

5.

Osborne, RL 1995, ‘The essence of entrepreneurial success’, Management Decision, vol. 33, no. 7, pp. 4-9, viewed 01 August 2010.

6.

Bhide, A 1994, ‘How Employers craft strategies that work’, Harvard Business Review, mar/apr 94 vol.72, no.2, pp. 150-161, Vi ewed on 11 September 2010, Business Source Premier.














APPENDICES INTERVIEW APPENDIX 1 INTERVIEW WITH MR GEORGE VARUGHESE (KARAN NEGI) (GENERAL MANAGER MELBOURNE MARRIOTT HOTEL) WHAT MADE U WORK IN THIS BUSINESS & WHY?

As tourism & hospitality was one of the booming industries at that time. I am a kind of person who likes meeting new people & going to new places & being in t his profession has helped me to achieve all that.

WHAT KEEPS YOU MOTIVATED WHILE MAKING NEW PLANS?

Motivation comes from giving our customers best service while keeping the standards as high as possible but also by achieving our goals & targets .success is one of the key motivators.

WHEN IT COMES TO MAKING DECISIONS ARE YOU A GUT PLAYER OR A CAUTIOUS PLANNER?

I think we need a bit of both while making decisions keeping our feelings & facts in mind. Take calculated risks.













AN ENTREPRENEURIAL MINDSET BY RISKY BUSINESS HOW YOU PREVENT MISTAKES OR DO DAMAGE CONTROL?

In any business mistakes will happen but u can do is learn from them which will broaden your skills to work around those situations if they occur again. The best way is to acknowledge the problem while being open, transparent & look for the best possible solution.

WHAT IS THE MOST SUCCESSFUL FORM OF MARKETING FOR YOUR BUSINESS?

As one of the biggest name in hospitality as a company Marriott like to engage its customer make a relationship so the customers just don’t like the brand they love it & brings customer loyalty.

WHAT IS YOUR GREATEST ACHIEVEMENT?

My greatest would be help people around me grow in their respective fields & develop future leaders within the company.

WHO IS YOUR GREATEST INSPIRATION?

Ken Blanchard. He is one of the most influential leadership experts in the world

WHICH COMPETING BUSINESS DO U ADMIRE THE MOST & WHY?

In my mind Ritz Carlton for developing a philosophy or culture of service around business.














INTERVIEW APPENDIX 2 INTERVIEW WITH MICHAEL NORTHWOOD (TIM FULLER) ((EX)CEO SUPER ALLOY PTY LTD, PROPERTY DEVELOPER) INTRODUCTION QUESTIONS WHAT IGNITED THE SPARK IN YOU TO START A NEW BUSINESS VENTURE OR TO MAKE S IG IG NI NI FI FI CA CA NT NT C HA HA NG NG ES ES I N A N E XI XI ST ST IN IN G B US US IN IN ES ES S ? H OW OW D ID ID T HE HE I DE DE A F OR OR Y OU OU R BUSINESS COME ABOUT?

My youngest son (Chris Northwood) was employed as a small business adviser with one of the top three merchant banks in Australia and was looking for a new challenge in his business career. With Chris’s interest in extreme sports such as kite surfing, surfing and snow boarding and being exposed to world known Australian brands such as Bill Billab abon ong, g, Quic Quicks ksilv ilver er,, Glob Globee and and other other bran brands ds he felt felt there there was was an oppo opportu rtuni nity ty to build build a bran brand d management company directed at the skate boarding. Chris came to me a we discussed the opportunity and agreed to support the Business plan. WHAT MOTIVATED YOU TO GO AHEAD WITH THESE PLANS?

We felt it was an opportune time to develop new te chnology into the skate board market place by introducing titanium material to the skate board truck (the truck is the part of the skate board that the wheels are attached to.)














SUCCESS QUESTIONS

HOW DO YOU DEFINE SUCCESS?

Introducing a new technology to a market category and changing the direction of manufacturing a skate board truck and becoming a major supplier of trucks internationally. Growing the business opportunity to sell it at a trade sale or public listing on t he Australian Stock Exchange.

W HA HA T W OU OU LD LD Y OU OU S AY AY A RE RE T HE HE T OP OP THREE SKILLS SKILLS NEEDED NEEDED TO BE A SUCCES SUCCESSFU SFUL L ENTREPRENEUR?

(a) Perception of an opportunity (b) Persistence (c) Identify and employ people with the correct skills.

TO WHAT DO YOU MOST ATTRIBUTE YOUR SUCCESS? WHAT WOULD YOU SAY ARE THE FIVE KEY ELEMENTS FOR STARTING AND RUNNING A SUCCESSFUL BUSINESS?

My success is having an idea/product that is needed in the market segment. The five key elements for me are: (a) Confidence in you ability to succeed. (b) An achievable business plan















AN ENTREPRENEURIAL MINDSET BY RISKY BUSINESS WHAT IS THE BEST WAY TO ACHIEVE LONG-TERM SUCCESS?

Long term success! Well a strong balance sheet and business plan tight financial controls and a group of young enthusiastic employees. I have had the notion that 60% of employees should be between 30 and 40 years old. Like a successful Football team, always introduce youth to the team.

WHAT HAS BEEN YOUR MOST SATISFYING MOMENT IN BUSINESS?

What has been your most satisfying moment!!!!! Being successful.

CHANGES TO THE PAST QUESTIONS

IF YOU HAD THE CHANCE TO START YOUR CAREER OVER AGAIN, WHAT WOULD YOU DO DIFFERENTLY?

Nothing.













AN ENTREPRENEURIAL MINDSET BY RISKY BUSINESS HOW HAS BEING AN ENTREPRENEUR AFFECTED YOUR FAMILY LIFE?

Being an entrepreneur hasn’t affected my family life at all. It’s made it more interesting for the family. They have enjoyed the new challenges and the successes.

WHAT IS YOUR GREATEST FEAR, AND HOW DO YOU MANAGE FEAR?

My greatest fear is poor health. OPERATIONAL QUESTIONS

WHERE DID YOUR ORGANIZATIONS FUNDING/CAPITAL COME FROM AND HOW DID YOU GO ABOUT GETTING IT? HOW DID YOU OBTAIN INVESTORS FOR YOUR VENTURE?

The funding of this business from myself, family and friends of the family. Additional funding came from a merchant bank that provided venture capital that took equity in the














IF YOU COULD TALK TO ONE PERSON FROM HISTORY, WHO WOULD IT BE AND WHY?

Richard Branson, of Virgin. A person that is exciting and done the lot in life.

WHO HAS BEEN YOUR GREATEST INSPIRATION?

Bob Ansett, who said 5% of a successful business, is far better that 100 % of a failed company.

EXCLUDING YOURS, WHAT COMPANY OR BUSINESS DO YOU ADMIRE THE MOST?

Porsche AG. (for the t echnology advancements in the automotive industry)

WHAT IS YOUR FAVOURITE ASPECT OF BEING AN ENTREPRENEUR?

The challenge and excitement.














INTERVIEW APPENDIX 3 INTERVIEW WITH MISHU RAHMAN (MOHAMMAD FARUQ) (EDITOR OF PURPLE MAGAZINE) Mishu Mishu Rahman Rahman,, editor editor of Purple Purple Magazine Magazine and also also the CEO of Media Media Arts Arts and Technolo Technology gy Ltd, Ltd, a communication research firm, has been selected as one of the 100 inspiring young entrepreneurs and social change makers from 10 countries in Asia Pacific. She is also a popular Television Anchor in Bangladesh. I am extremely lucky to know her since 2004, when I was working in Adcomm Ltd (A Leading Advertising Agency in Bangladesh). Here is an email interview to look in to her success success story as a young entrepreneur entrepreneur and how she has rolled rolled out Purple Purple Magazine Magazine that attract attracted ed local local audien audience ce as well well as Non Reside Residence nce Bangladeshi. 1. WHAT IS THE VISION OF PURPLE MAGAZINE? WHY DO YOU THINK PURPLE IS DIFFERENT?














2 . H OW OW

D O Y OU OU

C LA LA SS SS IF IF Y Y OU OU RS RS EL EL F I .E .E . L IF IF ES ES TY TY LE LE

M AG AG AZ AZ IN IN E, E,

L EI EI SU SU RE RE ,

ENTERTAINMENT? PURPLE PURPLE’s ’s missio mission n is to enligh enlighten, ten, entert entertain ain,, enrich enrich inspir inspiree and intera interact ct and initiat initiate. e. It celebr celebrates ates the Bangladeshi Spirit. We call ourselves a Contemporary issues magazine and we have various segments catering to business, entertainment, lifestyle, culture and politics. 3. WHO IS YOUR TARGET AUDIENCE? WHY DO YOU TARGET THEM? HOW DO YOU TARGET THEM? Our target audience is anyone in Bangladesh who feel the need to be engaged with the times – and we believe everyone needs to be, so that we our cumulative contribution to the development of our country can be that much greater. We have seen t hat various cover stories of PURPLE appeal to different segments of the society. For example one cover two years ago on the brash lives of urban school and college students from wealthy backgrounds got a lot of urban parents writing to us asking for more details. On the other hand our issue on Agriculture generated interest of a lot researchers and analysts from across the region. Even Hugh
















On the brighter side, English publications with insightful articles and engaging presentations can attract a global conversation and has a wider appeal. PURPLE intends to lead in this arena over time. It has been in Publication only since July 2007, so this has been so far experimental learning. We are ready to take on bigger challenges in 2010. 5. DO YOU YOU MAKE MAKE USE USE OF INTE INTERN RNET ET,, MOBI MOBILE LE PHON PHONES ES,, AND AND SOCI SOCIAL AL MEDI MEDIA A TO PROMOTE, INFORM, COMMUNICATE AND MOBILIZE YOUR READERS? HOW?














8. IF YOU COULD GO BACK IN A TIME MACHINE TO THE TIME WHEN YOU WERE JUST G ET ET TI TI N G

S TA TA RT RT ED ED .

W H AT AT

B U SI SI NE NE S S

R E LA LA T ED ED

A DV DV IC IC E

W OU OU L D

Y OU OU

G IV IV E

YOURSELF?

Network like crazy. I didn’t realize at the time of our launch that our website and set of magazines were going to turn into an international platform for young professional networking. I’m sure it would have been helpful to already be networked with the media publishing community as well as various ethnic communities














INTERVIEW WITH MANMOHAN GUPTA OWNER OF TEXTILE FIRM IN INDIA (MOHIT GUPTA) QUESTIONS FOR INTERVIEW

1. H OW OW I S T HI HI S B US US IN IN ES ES S O RG RG AN AN IZ IZ ED ED ? ( SO SO LE LE P RO RO PR PR IE IE TO TO RS RS HI HI P, P, P AR AR TN TN ER ER SH SH IP IP , CORPORATION

Business is basically a Joint Hindu Hi ndu family business. (It is a form of commercial organization where a business is owned by the members of a Hindu Family living jointly. When the business continues from one generation to another in a Hindu family it becomes a Joint














6. HOW HAVE YOUR PRODUCTS/SERVICES CHANGED OVER THE PAST 5 YEARS? We always keep making some changing in designs and patterns as consumers taste and demand keeps on changing.

7. DO YOU ADVERTISE? IF SO, WHAT MEDIA DO YOU USE? We advertise mainly through posters and occasionally through newspapers













AN ENTREPRENEURIAL MINDSET BY RISKY BUSINESS 

I don’t take it personally



I ask customers what their problem is, and immediately agree with him that he has the right to feel upset for what happened. I give respect for his situation which calms the customer down.



I apologize for the inconvenience which would also appease the customer.



I just recognize the problem, and then offer solutions and alternatives. 16. HOW DO YOU MOTIVATE EMPLOYEES WITH ABSENTEEISM/TARDINESS? 

I ask the employees why they were late as soon as possible after they finally arrive at work. I don't





























7. HOW CAN YOU PREVENT MISTAKES AND HOW TO DO DAMAGE CONTROL?














Mr. Forrester: as I said before there is no substitute for hard work, once I find an opportunity I with my

An Entrepreneurial Mindset Report - Final

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