ISSN 0798 1015

Vol. 40 (Number 01) Year 2019. Page 26

Entrepreneurial ecosystem: A geographical upliftment

Ecossistema empreendedor: uma elevação geográfica

Madhuchhanda BEHERA 1; Manoranjan DASH 2; Ayasa Kanta MOHANTY 3; Subhankar DAS 4

Received: 02/08/2018 • Approved: 14/11/2018 • Published 14/01/2019

Contents

1. Introduction

2. Review of Literature

3. Objectives & research methodology

4. Results & its Analysis

5. Conclusion

Bibliographic references

1. Introduction

We have analysed that not every individual are equally entrepreneurial. A few entrepreneurs have the identity, foundation, and associations ­ the know-how, what and who ­ that make beginning of another organization a more appealing choice. We additionally are aware that it is not same and conceivable ­ for an entrepreneur to make a new start-up in all locations. The diversity in entrepreneurial potential is unresolved till date (e.g., Bosma and Harding, 2007; World Bank, 2007). The World Bank's information propose that the time and cost of beginning a business, troubles in procuring and terminating specialists, arranging funds, and different results identified with social standards and strategies, shift from nation to nation. This national-scale information give vital standards concerning how much entrepreneurs react to circumstances or feel `pushed' into enterprise by need. In the meantime, the observation about to what extent casual entrepreneurial exercises are incorporated into such research is not known. As a rule, business is an indication of neediness as opposed to of development (Tambunan, 1994). Most research is apprehensive about the amount as opposed to the nature of entrepreneurship.

The Micro, Small and Medium Enterprises (MSMEs) is considered as an vital segment in monetary and social improvement of the nation and assumed as a initial phase of entrepreneurship. As, Entrepreneurship is viewed as the way toward recognizing, creating, and presenting new imaginative methods for getting things done for the misuse of business openings. (Joseph Schumpeter (1934)). Indeed, Baumol (1968: 66) contends that:

“If we seek to explain the success of those economies which have managed to grow significantly with those that have remained relatively stagnant, we find it difficult to do so without taking into consideration differences in the availability of entrepreneurial talent and in the motivational mechanism which drives them.”

For that a conducive environment is needed. In this manner, the idea of an entrepreneurial ecosystem alludes to the group and foundational nature of enterprise. New firms rise and become not just on the grounds that chivalrous, skilled and visionary people (entrepreneurs) made them and create them. New pursuits rise likewise in light of the fact that they are situated in a domain or "ecosystem" made of private and open players, which support and manage them, making the activity of entrepreneurs less demanding. As indicated by D. Isenberg , an entrepreneurial ecosystem comprises of components that can be assembled into six spaces: “a conducive culture (e.g. tolerance of risk and mistakes, positive social status of entrepreneur); facilitating policies and leadership (e.g. regulatory framework incentives, existence of public research institutes); availability of dedicated finance (e.g. business angels, venture capital, micro loans); relevant human capital (e.g. skilled and unskilled labour, serial entrepreneurs, entrepreneurship training programmes); venture-friendly markets for products (e.g. early adopters for prototypes, reference customers), and a wide set of institutional and infrastructural supports (e.g. legal and accounting advisers, telecommunications and transportation infrastructure, entrepreneurship promoting associations)”.

 Subsequently, the entrepreneurs are assumed as a vital part in the advancement of the economy with their successful, effective, adjustable and creative entrepreneurial attitude. The MSME contributes fundamentally to the nation’s yield, business and sends out and is attributed with creating a noteworthy work development and in addition representing a noteworthy offer of modern generation and fares. MSMEs have been universally considered as a motor of financial development and as key instruments for advancing even-handed improvement. The significant preferred standpoint of the area is its business potential at low capital cost. The work power of the MSME area is considerably higher than that of substantial ventures. MSMEs constitute over 90% of aggregate ventures in the vast majority of the economies and are credited with creating the most astounding rates of work development and record for a noteworthy offer of modern generation and fares.

As, Odisha positions most noteworthy in the nation as far as aggregate estimation of mineral yield and extensive water potential. Odisha is the biggest maker of Chromite (98% offer), Bauxite (59% offer), Nickel (93% offer), Graphite, Dolomite and Manganese, fourth biggest maker of Coal and fifth biggest maker of iron-mineral in India. Odisha has extensive stores of 45,000 MT control review coal stores in Mahanadi Coal Field and Talcher Coal Field zone. Odisha is the home to a portion of the main open division undertakings like HAL, and privately owned businesses like Tata Steel, Vedanta Aluminum, Aditya Birla, Jindal Steel and so on. Odisha gets extraordinary interests in steel, aluminum, power, refineries and port. This open door an immaculate stage and introduces a gigantic open door for downstream and auxiliary ventures and for the MSME part

Pre-founding components' that, taken together, must be set up for another firm to be begun: family foundation (a business visionary parent), instruction, work understanding, and identity and inspiration (Roberts, 1991). The choice that it is practical to begin another organization depends vigorously on the help base, or what is generally called (in the asset based hypothesis of the firm) the assets in the outer condition. To be sure, these assets are vital toward the start-up organize, as well as persistently amid the early development of a firm (Garnsey, 1998).

A French baker Cantilon distinguished the primary meaning of entrepreneur in the mid-eighteenth century to mean, a man who is "vulnerability bearer “the same term showed up in Adam Smith's works however not very unmistakably. J.B Say respected business visionary to be a coordinator who joins different variables of production to deliver a viable venture. The well-known financial specialist Joseph Schumpeter characterized the hypothesis of entrepreneurship with another point of view and viewed the entrepreneurs as a trend-setter who has the capability of getting things done recently. Entrepreneurship was characterized by Cole (1959) "a determined action of an individual or group of related persons who initiates, or organize a profit oriented business unit for the production or distribution of economic goods or services”.

The entrepreneurship was assumed as a very crucial part in the little and medium measured ventures. The new developments, strength to confront the danger of vulnerabilities and characteristics of entrepreneur to go about as a pioneer offered ascend to in excess of 70% of new advancements and new blend of abilities like Microsoft, Yahoo, and Linux and so forth. The real advancements in the PC business, bio-informatics, solution, gadgets, broadcast communications and several different things are the after effect of such enterprises in the medium and little modern division.

MSMEs constitute 99% of the trade and utilize over 80% of aggregate employees in the nation (Aharoni ,1994) It expresses that 12 million or around 63.2% of aggregate work compel in the United States (US) work in 350,000 firms utilizing under 500 representatives, which considered as MSMEs,In the Netherlands, for instance, these endeavors represent at least 95% of aggregate business foundations (Bijmolt and Zwart, 1994). As in the US, likewise in other industrialized/OECD nations, for example, Japan, Australia, Germany, French and Canada, MSMEs, and especially little and medium undertakings (SMEs), are a critical motor of financial development and mechanical advance (Thornburg, 1993).

Financial structure changes are frequently executed with the notion that such changes would prompt money related improvement, which thusly would advance development and improvement. Late exact research on money related improvement and development incorporates, among others. Numerous observational examinations archive that money related advancement causes development. Nonetheless, a few others demonstrate that the proof is either non-existent or powerless, or that there is switch causality (Mina Baliamoune-Lutz* ,2009). The rate of entrepreneurship can be estimated statically as the independent work rate or powerfully as the start-up rate of business firms The start-up rate is progressively observed as essential, if not more along these lines, as the development of surviving organizations. They will probably develop, to make new employments, and to advance new and adaptable hierarchical structures. In numerous progress nations, where there were no huge private areas to begin with, new firms regularly reinforced changes by enhancing economic conditions (Thomas and Wim,2008)

Objectives of this paper are as follows;

1. To study the present entrepreneurial eco-system in Odisha.

2. To find out why new firm formation is not equal everywhere.

3. To study the improvements in local entrepreneurship in the state of Odisha.

3.1. Entrepreneurial Eco System in Odisha

The prospects that odisha presents and its tremendous potential for business age in the MSME area go up against a few difficulties. They confront issues at each stage either at start-up of their activity, regardless of whether it is acquirement of crude materials, produce of procedures, showcasing of products or raising of fund, High cost of credit, restricted access to value capital ,issues in getting clearances in government divisions (upwards of 36 clearances according to our fundamental investigations), acquisition of crude materials at an aggressive cost, low innovation levels and absence of access to current innovation, services, marketing, etc. Even though, as of late authorized the Odisha Entrepreneurship Policy, 2015, Government has taken activities to address generally confronted issues and activity to make a culture of business enterprise in the territory of Odisha: a) Motivate the young, coach, prepare and give handholding backing to encourage formation of new undertakings and realize an attitudinal change by dispensing with the negative inclinations related with entrepreneurship b) Imbibe the contemplations of entrepreneurship, by conferring entrepreneurship education in schools, universities and professional training organizations, alongside giving monetary, tutoring and institutional help to innovators at region level for changing over creative thoughts into ventures so that more odia entrepreneurs can step ahead for Odisha. But, it is very clear that the attitude and the aspirations of most of the students are not towards entrepreneurship. Although, they are very much aware that the entrepreneurs are the backbone of any developed society but at this point of time they do not have any inclination towards it as in the case of entrepreneurship in a factor driven economy. They feel that it does not give them social status and there is not much of support from the state. Hence, they do not want to become entrepreneurs. They are also aware of the hurdles faced by the entrepreneurs and have opinion about how to overcome these hurdles in Odisha. It is quite shocking that the majority of the students’ attitude and aspiration are towards job seeking rather than job creation, knowing fully well that the state is full of natural and human resources(Dash & Digal,2013). Qualities of liberal situations Strong nearness of privately-run companies and good examples A broadened economy as far as size of organizations and enterprises spoke to A rich framework and the accessibility of talented assets A strong budgetary network Presence of government motivators to begin another business Characteristics of scanty conditions Lack of an entrepreneurial culture and qualities, systems, uncommon associations or exercises went for new organizations Lack of a convention of enterprise and privately-owned companies in the territory Absence of imaginative ventures Weak foundations, capital markets, couple of viable government impetuses to begin another business Source,Dubini (1989).The mix of a culture of nearby cooperation joined with what are presently called `pipelines' to learning sources somewhere else can create an imaginative situation and keep up its intensity (Bathelt et al., 2004; Biggiero, 2006). `Supportive social capital' in certainty covers numerous highlights, hard and delicate, for example, systems, good examples and specialized adequacy. Obviously arranges are vital to accomplishment in little firms (Johannisson, 2000; Malecki, 1997). Good examples ­ or positive territorial entrepreneurial cases, as Fornahl (2003) calls them ­ are key to considering a procedure of business enterprise as aggregate causation or an ethical circle. Some good examples are serial business people or ongoing authors (Westhead and Wright, 1999). Good examples not just fill in as illustrations; they may all the more effectively give guidance to growing and late business visionaries . Cooke et al. (2002) center around the rise of private frameworks of advancement, found in places where open research assets and private commercialisation subsidizing are integral to the effective improvement of new economy bunches in impossible spots, for example, less supported areas. The `local specificities' of funding speculation are attached to national (and territorial) frameworks of development (Petit and Quéré, 2006). Therefore, the nearness or nonattendance of investment is the aftereffect of a mind boggling set of social and modern components (Martin et al., 2002). Holy messengers are an especially provincial ­ or nearby ­ set of players in the entrepreneurial condition.

Why are some places not so entrepreneurial

The human capital is routinely said as a reason for more elevated amounts of new firm development. "Human capital is of outstanding importance as a resource for the innovation process" in SMEs (Kaufmann and Tödtling, 2003, p.112). A larger amount of training, for instance, opens ways to occupations that give administrative and information related experience that can be a road to business. Similarly, bring down levels of human capital prompt low levels of firm arrangement and survival (Acs et al., 2007). White et al. (1988, p.107) about 20 years back recorded a few variables which `may prompt a superior supply of business people's in a single  area over another:" These incorporate more elevated amounts of capabilities and ability (bolstered by net internal movement and higher section to advance instruction); larger amounts of home possession, giving an imperative wellspring of start-up capital; and a higher extent of little firms, bearing more chances to increase pertinent business experience." Kim et al. (2006), in an investigation of the US Panel Study of Entrepreneurial Dynamics, found that neither monetary nor social capital assets are fundamental conditions for entrepreneurial section. It is human capital, particularly propelled training and administrative experience, that are essentially decidedly connected with entrepreneurial section. Stam (2007) has contemplated this most altogether, concentrating on the organizations' areas, which won't not be steady i.e., they won't not stay in the locale where they started. Some portion of the inconvenience is that every new firm are not alike. Similarly as some firm organizers have no craving or aim for the firm to develop, others are `born worldwide', serving far off business sectors on the double. A few organizations request moderately little training, however maybe an awesome amount of `people abilities', for progress; others require a college instruction as well as a propelled degree. Whenever Acs and Armington (2004) recognized new organizations by the level of instruction requested of its author, they found that these organizations are established where instructive fulfilment is higher. Provincial locales appear to be weakest in the components of an entrepreneurial ecosystem. They once in a while have a great thickness of firms of any sort, so there are less chances to secure involvement in private venture or visualize entrepreneurial good examples in real life. Newcomers can veer from the neighbourhood social standards, following particular courses in their new business, and depending on more extensive, regularly global systems of data (Kalantaridis and Bika, 2006).

How can local environments be improved

 New pursuits, and a subset of officeholder firms, can change new learning to financially helpful information, to a great extent through implicit information exchange inside generally short separations (Acs and Plummer, 2005).New firm development is improved by assorted variety, for example, the nearness of individuals in imaginative and creative employments (Lee et al., 2004; Low et al., 2005). A strategic route for zones with minimal human cash-flow to increase is by being responsive to new thoughts from new sources. Much consideration centers around universities, from which cutting edge ventures and new innovation based firms every now and again stream. Be that as it may, the improvement of an information area from  a college is a long way from guaranteed. Reichert trusts that intermediate institutes should be set up and bolstered to produce new connections amongst colleges and learning based organizations. `The significance of these intermediary institutions establishments can't be overestimated.' They "recognize promising zones of collaboration" and "make the atmosphere and shared comprehension on which maintainable associations can be fabricated" . The main individuals in this part are the `knowledge dealers' who fill in as extensions between the scholastic world and the business world. Fruitful learning agents are half and half experts who are established in a scholastic or logical train and subsequently comprehend development and they relate to information makers or trailblazers. Information dealers are important individuals in nearby systems, as Huggins (2000) has found. All the more vitally, they are a kind of network business visionary, who interface diverse systems for the advantage of a network, distinguished by Cromie et al. (1993) and Johannisson and Nilsson (1989).

3.2. Research Methodology

Present research is conducted in Odisha and mostly based on the primary data. For primary source, 135 CEO’s were randomly selected from the different districts of  the state and were interviewed personally(face to   face ) with the help of a structured questionnaire (English) . Various articles published in journals, working papers, Govt. portals etc. were followed for secondary source. Collected data were suitably classified and analysed.

4.1. Distribution of Type of Enterprises.

Figure 1 presents the frequency distribution regarding the type of enterprise the entrepreneur wants to start. It reveals that most of the MSME enterprises of Odisha are manufacturing type followed by trading and service type of enterprise. This shows that are entrepreneurs were more oriented towards tangible products but the distribution also clarifies that the entrepreneurs of Odisha are with an equal pace with country trend as the entrepreneurs are now more coming-up with service and trading enterprises (as service sector has increased from 39.09% from 2011-12 to 43.53% in 2016-17 in Odisha as against 54.15% in India).

Figure 1

Source: Primary Data

4.2. Distribution of Sample Entrepreneurs on the Basis of Their Education

Figure 2 presents the frequency distribution regarding their educational attainment prior to starting of their enterprise. According to the survey it reveals that the entrepreneurs are graduate and there are many who post graduate are. That means we are having a good knowledge tank for starting an enterprise.

Figure 2

Source: Primary Data

4.3. Distribution of Sample Entrepreneurs on the Basis of Their Focused Business.

Figure 3 presents the frequency distribution of entrepreneurs on the basis of their focused business. The distribution reveals that almost 58% of the entrepreneurs focus on community business followed by 33% on social business. The entrepreneurs mainly focus on their community for the business.

Figure 3

Source: Primary Data

The entrepreneurs are more lean towards manufacturing industry and mainly focus on the community business whereas there is a good human capital resource as most of the entrepreneurs of Odisha are graduates and above.Therefore, universities and  instructive foundation are viewed as a motor of development, where new advances are made . Universities are center foundations inside information based areas, since colleges are "midway engaged with learning exchange, planned and unintended, formal and casual" (Howells, 2002, p.877). There is no certification, nonetheless, that new learning will be changed into new pursuits and new enterprises. The nonappearance of any of the fixings, especially funding and the administration guidance that commonly accompanies it, consequently smothers business. The accomplishment of Silicon Valley likewise made the paradigm of an imaginative locale where science, innovation and business make an entrepreneurial biological community (Bahrami and Evans, 1995; Lee et al., 2000). Making other silicon valleys has been the journey of numerous districts, normally fixing to science parks and different strategies proposed to encourage correspondence between college scientists and industry, with the expectation that Technology-Based New Firms (TBNFs) will rise (Anttiroiko, 2004; Autio, 2000). What's more, without turn off business enterprise, in no way like a Silicon Valley or Cambridge impact can rise (Garnsey and Heffernan, 2005). Learning exchange is neither unsurprising nor programmed, and it must depend on individuals with the capacity to fill in as extensions crosswise over limits. Learning specialists who have expert and comprehension in both scholarly and business societies are enter impetuses in information areas . Learning based provincial improvement and advancing locales rely upon inquire about colleges. "The key occasion is the making of an entrepreneurial college, regardless of whether from a current scholarly base or another establishment, which takes activities together with government and industry to make a help structure for firm arrangement and provincial development" (Etzkowitz and Klofsten, 2005, p.243). Business constructs a nearby culture that backings a self-managing bunch. Once a group frames, numerous attributes advantage old and new firms: particular work, specific information sources, access to capital, learning overflows, closeness to clients, and mental help (Cooper and Folta, 2000). New innovation based firms contribute `technological dynamism' to their area, breaking with the inactivity regular in existing associations, and a more drawn out term part of innovation exchange, filling in as a wellspring of new advancements and associations with the world outside the district (Fontes and Coombs, 2001). New firms make a `densification of the territorial techno-financial system' and make the provincial condition more liberal (Benneworth and Charles, 2005).

Through this analysis the researcher finds out that Communities and the entrepreneurs get advantage if they have knowledge how to make the network links. And above all business as often as possible requires the aptitudes and information of individuals outside the business world. These social or community entrepreneurs are vital part of the geographical environment for entrepreneurship. Universities are guards, who fill in as extensions crosswise over orders and, maybe above all, over the scholarly business separate. There is a dire need to comprehend about the real individuals who make conducive environment i.e., the entrepreneurs, with the goal that we can better identify what should be possible in scarce situations. Keeping in mind the end goal to incorporate the casual associations a thorough research on the general population and systems in nearby conditions the local environments are needed to be qualitative.

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1. Research Scholar. Siksha ‘O’ Anusandhan University (Deemed to be University) Bhubaneswar, India. madhuchhandabehera@gmail.com

2. Ph.D. Associate Professor. Dept of Humanities and Social Sciences. Siksha O Anusandhan (Deemed to be University), Bhubaneswar, India. manoranjanibcs@gmail.com

3. Ph.D. Professor. Siksha O Anusandhan (Deemed to be University), Bhubaneswar, India. ayasakantamohanty@soa.ac.in  ayasamohanty@rediff.com

4. Research Scholar in Faculty of Management Studies, IBCS. SoA (Siksha ‘O’ Anusandhan University), Bhubaneswar, India. info.subhankardas@gmail.com