Abstract
The entrepreneurship is facing many challenges through internal and external factors. The Telangana entrepreneurs are lagging behind comparing with the other states in the country. The present study has been emphasized on the measures to strengthen the functional development area of entrepreneurship of Telangana. The stratified sampling methodology has been applied to collect the data and applied the Phi and Cramer's V to ascertain the strength of association between the entrepreneurs' demographic factors with the measures to improve in the functional development. The factor analysis has been applied and through principle component analysis methodology 4 components have been extracted. The study depicted that the government timely support, labour problems, managerial and production plan factors have been extracted. The industrial associations and governments should organize the exhibitions, trade fairs and training sessions to encourage the entrepreneurs to perform better.
Keywords: Competitive advantage, Entrepreneurship challenges, Training session, Perception and Trade fairs
1.0
Introduction
Past activities related to promoting entrepreneurship, both internal and individual, were foremost implemented partially and not at the national level. This also dictates the measures by which we will include the largest possible proportion of people in Telangana state, in the sense of promoting innovations, entrepreneurial spirit and internal entrepreneurship as well as sole proprietorship. Measures for promoting entrepreneurship are therefore aimed at all citizens of the Republic of Slovenia. An important element is also promotion of the supporting environment within the framework of offering miscellaneous services and financial resources.
Activities related to education of the young regarding entrepreneurship as well as introduction of methods of entrepreneurial culture are implemented on certain university schools and secondary schools, however they are not aimed at solving the issue at the national level with inclusion of the entire potential of young people. As a part of this measure, the Ministry of the Economy will co-operate with
* Research Scholar, PP MAN: 171Rayalaseema University, Kurnool, Andhra Pradesh Guide Name :. Dr. G. Chandrasekhar, Prof. and HOD Joginpally B. R. Engineering College
Measures to Improve in Functional Development
Area of Entrepreneurship - A Study
the Ministry of Education and Sport and the Ministry of Higher Education, Science and Technology as well as with other institutions at the national and local level. Education is one of the key areas in promoting entrepreneurship and is as such an essential development task.
Review of Literature
1. Becattini, Giacomo (2002): The study analyzed the traditional and modern concepts of industrial sectors on basis of theoretical and empirical grounds. Many diversified concepts such as inadequacy, technological tacit with confined knowledge some practical rules for empirical research have advocated.
2. Avila, Stephen M; Ramon A. Avila; and Douglas W. Naffziger(May2003): The study compares difference between business succession plans & the business which don't have plans. The study analysis that many successful plans have more benefitted effect on business transition, tax planning and the ownership structure than the unsuccessful business successions.
3. Ardichvili, Alexander Richard Cardozo and Sourav Ray (2003): The study focused on entrepreneur's personality traits, social networks & prior knowledge as to alert business opportunities. It is necessary to identify as to attain successful opportunities, recognition, development & evaluation and the study concluded a theoretical model, laws of interaction, a set of propositions& suggestions.
4. Goldenberg, Jacob; Roni Horowitz; AmnonLevav; and David Mazursky (2003): The study highlighted that new product development ideas are either uninspired or impractical. The analysis was based on five innovation patterns that specifies' ideas which would be suitable.
Objectives of the Study
1. To study the strength of association of demographic factors with the measures to improve the entrepreneurship.
2. To study the measure to strengthen the functional development of entrepreneurship in Telanagana.
Hypothesis of the Study
Null Hypothesis - H0: There is no strength of association of demographic factors with the measures to improve the entrepreneurship.
Null Hypothesis - H0: There is no significant impact of the functional development measures on the entrepreneurship.
The statistical Tools: The present study has considered the Phi and Cramer's V for the strength of association. The factor analysis has been applied to extract the load factors and on loaded factors T test has been applied to test the mean difference.
1. To study the strength of association of demographic factors with the measures to improve the entrepreneurship.
Strength of Association to entrepreneur’s demographics with entrepreneurs hip attri butes
Age Education Gender
Phi Cramer’s V
Phi Cramer’s V
Phi Cramer’s V
Type of industry /busi ness 0.624 0.652 0.672 0.725 0.632 0.573
Personal entrepreneuri al attit ude and tendencies
0.655 0.685 0.732 0.693 0.326 0.472
personal percept ion and opinion about your enterprise
0.483 0.517 0.644 0.598 0.285 0.365
competiti on and provides you competi tive advantage
0.673 0.606 0.785 0.725 0.225 0.351
assessment of the problem that have created the greatest di fficult ies
0.742 0.621 0.851 0.792 0.427 0.526
Average 0.635 0.616 0.736 0.706 0.391 0.457
The above table depicts the strength of association of the entrepreneurs' demographic factors with the entrepreneurship attributes. The Phi and Cramer's V analysis has been applied on the chi-square association and the results states that the entrepreneurs demographic factor Age (0.635 & 0.616), Education (0.736 & 0.706) observed to be strong and Gender (0.391 & 0.457) strength of association is found to be slight strength of association of demographic factors with the entrepreneurship improvement measures.
2. To study the measure to strengthen the functional development of entrepreneurship in Telanagana.
Components
1 2 3
Developing a business plan 0.825
Marketi ng plan 0.483
Startup operations 0.384
Employee skills 0.683
Finance management 0.525
Inventory control /purchasing 0.271
Accounting 0.483
general managerial skills 0.374
Production planning 0.624
Extracti on Method: Principal Component Analysis.
The above table reflects the principal component analysis of improvement in entrepreneur development's 9 variables, among which the three loading factors namely developing a business plan, Employee skills, Accounting variables are seemed to be highly affecting for the development of entrepreneur.
Above table shows after the extraction of the nine factors in which four core components are extracted with their eigen values. Component 1 with eigen value 2.237 can explain the total variance of 24.859 %, Component 2 has eigen values equal to 1.4979 which is able to explain the total variance of 16.433 %, Component 3 has eigne value with 1.174 which is able to explain the total variance of 13.045 %, Component 4 has eigen value equal to 1.026 that is able to explain the total variance of 11.404 %. The remaining factors are found to be non-significance.
Component Matrixa
Component
1 2 3 4
Developing a business plan -.155 .508 .464 .040
Marketi ng plan .465 .344 -.553 .001
Startup operations .240 .469 .047 -.712
Employee skills .258 .446 -.155 .695
Finance management .077 .381 .684 .144
Inventory control/purchasing .052 -.688 .325 .085
Accounting .861 -.165 .085 .042
general managerial ski lls .807 -.194 .106 -.073
Production planning .686 -.006 .188 .006
Extracti on Method: Principal Component Analysis. a. 4 components extracted.
Based on the results of factor rotation with Varimax method, as shown in Table,
Component -1: Accounting, General Managerial skills and Production planning is strongly correlated with 1-correlated.Other factors are found to be non- significance in 1st component.
Component - 2: Developing a business plan and Inventory control/Purchasing are seemed to be strongly correlation with 2-component. Other factors are found to be non-significance in 2nd component.
Component - 3: Marketing plan and finance management are found to be strongly correlated with 3rd component. Remaining factors are found to be non-significance in 3rd component.
On e-Sample Test
T est Value = 2 T Df Sig.
(2-tailed)
Mean Difference
95% Con fid ence Interval of the
Difference L ower Upper
Developing a business plan 51.351 36 .000 4.40337 4.3497 4.4570
Employee s kills 34.109 36 .000 4.08599 4.0235 4.1485
Finance management 35.190 36 .000 4.20124 4.1343 4.2682
Production planning 40.915 36 .000 4.17730 4.1208 4.2338
The above table reveals that the high load factors namely developing a business plan, Employee skills, Finance Management, Production Planning's calculated value of t test is seemed to be greater than critical value of t .Further it concluded that all the high load factors are found to be significance and resultant that H0- null hypothesis is rejected and HA- alternative hypothesis is accepted.
ANOVA
Sum of Squares
Df Mean Square
F
p-value
Developing a business pl an
Between Groups 6.823 4 1.706 2.032 .088
Withi n Groups 942.644 1123 .839
Total 949.467 1127
Employee ski lls
Between Groups 56.200 4 14.050 12.802 .000
Withi n Groups 1232.459 1123 1.097
Total 1288.659 1127
F inance management
Between Groups 77.568 4 19.392 15.514 .000
Withi n Groups 1403.750 1123 1.250
Total 1481.318 1127
P roduction planning
Between Groups 47.303 4 11.826 13.211 .000
Withi n Groups 1005.236 1123 .895
Inference 2: From the above table F calculated Value (12.802) is greater than (<) F Tabulated Value (6.3882) at 5% level significance. At the same time in this output, the p-value for this statistics is p< 0.001 (reported in the table as 0.000). This means that there is evidence that there is significant impact of Employee skills in the entrepreneur development improvement measurements. Hence we rejected H0- Null hypothesis.
Inference 3: From the above table F calculated Value (15.514) is greater than (<) F Tabulated Value (6.3882) at 5% level significance. At the same time in this output, the p-value for this statistics is p< 0.001 (reported in the table as 0.000). This means that there is evidence that there is significant impact of Finance management in the entrepreneur development improvement measurement. Hence we rejected H0- Null hypothesis.
Inference 4: From the above table F calculated Value (12.802) is greater than (<) F Tabulated Value (6.3882) at 5% level significance. At the same time in this output, the p-value for this statistics is p< 0.001 (reported in the table as 0.000). This means that there is evidence that there is significant impact of Production Planning in the entrepreneur development improvement measurement. Hence we rejected H0- Null hypothesis.
Findings of the Study
1. The study observed that the factor analysis has been applied and extracted the four load factors with the help of principle component analysis among the nine factors. It has been found that the entrepreneurs are not receiving the government support as per the expectation.
2. It has been observed that the entrepreneurs are facing the difficulty to get the skilled labours. The cost of the skilled labour is having the negative impact on the entrepreneurs' production activity. Large scale industries are able to get the skilled resources easily due to brand and other benefits.
3. The study found that the subsidy provided by the government is not reaching to the entrepreneurs timely. It has been observed that getting the entrepreneurial license, long term finance and other subsidies provided by the various govt. institutions are having lengthy process.
4. The factor analysis had extracted the four load factors out of nine. It has been observed that entrepreneurs are having the problem in designing the business plan. The improper business plan is having the impact on the development of the entrepreneurship in long run.
Conclusion of the Study
The present study concludes the titled "Measures to improve the functional development of entrepreneurship" in Telangana region. The study has considered the 8 different enterprises from 10 districts with the help of primary data. The factor analysis has been applied and the result reveals that the entrepreneurs are not getting the government support on time. The entrepreneurs are facing the problems at labour front. The study also found that the industries associations and government should train in managing the day to day operations along with the production plan. Hence there is a further scope of research in this area by considering the women entrepreneurship participation in national perspective, so that government can lay the structure national level considering the 29 states along with their regional strengths to strengthen the MSMEs to eradicate the unemployment.
References
1. Becattini, Giacomo Ethnography of the Fast Fashion Community: Chinese Entrepreneurs, https:// www.researchgate.net/... /313253043_ Ethnography_of_the_ Fast _ Fashion_Comm
2. Avila, Stephen M; Ramon A. Avila; and Douglas W. Naffziger: www.tandfonline.com/doi/abs/10.1080/ 14697010600876864 59 issue: 2, pp.135 - 154;
3. Ardichvili, Alexander Richard Cardozo and SouravRay Entrepreneurs: Architects of Innovation, Paradigm Pioneers Journal of Business Venturing | Vol 18, Iss 1, Pgs 1-144, (1 January .www.sciencedirect.com/science/journal/08839026/18/1
