Reasons for Successful Innovation and Entrepreneurship

Table of Contents

Topics                                                                                                                 Page Numbers

a)     Executive Summary                                                                                  3

b)     Concepts and Theories                                                                              3

1)     Innovation                                                                                             3

2)     Degree of Innovation                                                                            3

3)     Innovation Process                                                                             3-4

4)     Strategy                                                                                                 4

5)     Entrepreneurship                                                                                 4

6)     Theories of Entrepreneurship                                                             4

7)     Entrepreneurial Creativity                                                                  5

8)     Business Model                                                                                     5

c)      About the Entrepreneur                                                                            6

d)     Application and critical analysis of entrepreneurship theory                6

e)      About the idea                                                                                             7

f)       Key stages of entrepreneur                                                                        7

g)     Key stages of innovation process                                                             7-8

h)     Business Strategy                                                                                      9-10

i)       Business Model                                                                                         11-13

j)       Conclusion                                                                                                   14

k)     References                                                                                                15-18

l)       Appendix                                                                                                  19-20

Executive Summary

The essay highlights an entrepreneur and the reasons for the success of his idea. A detailed understanding of how he used the innovation process is done. A critical analysis of how he identified the gaps in the economy and spotted the opportunity, developed his services through testing and how the complete analysis of the internal and external environment helped him before he successfully implemented the idea. The finding shows his current market position, financial position and how he achieved it. A detailed description of the business model used by the entrepreneur is explained in detail and also the changes made by him are highlighted. The report concludes by showing how the entrepreneur identified the problem and used it as an opportunity to successfully implement his idea.

1)  Concepts and Theories

1.1)    Innovation: – The term is derived from the Latin word “Innovare” which means to make something new. It is a process used widely to grab an opportunity and turn it into an idea (Tidd, et al., 2005).

1.2)Degree of Innovation

a)    Incremental Innovation: – Step by step improvement in an existing service is incremental innovation, there are improvements and additions in the existing features. Makes the existing service more competitive (Gross, 2016).

1.3) Innovation Process  (Tidd & Bassent, 2016)

Figure 1

Figure 2

1.4)            Strategy: – As per Michael Porter, it is a big picture stating how the organization is going to win in it its environment.

Figure 3

1.5)            Entrepreneurship: – “Entrepreneurship is what entrepreneurs do” (Matthews, 2007). Entrepreneurship is a process, where there is a wish to start a business or pursue a business idea until the time either fails it or is successfully achieved (Matthews, 2007). Cognitive and behavioural steps are taken to do so.

1.6)            Theories of Entrepreneurs: –

Figure 4

1.7)            Entrepreneurial Creativity: – Creativity is a part and parcel of entrepreneurial skills (Yang, 2013). Creativity is a source of innovation that enables an entrepreneur to put his business forward with some uniqueness and also helps while making strategic decisions. Creativity helps a business to stand out in a competitive environment (Matthews, 2007).

1.8)            Business Model: – A term of art planned to make money by design or foresight that includes all the activities associated with making something and lays out assumptions on value proposition, key resources, key activities, customer relationships, customer segments, channels, cost structures and revenue streams (Ovans, 2015).

2)     About the Entrepreneur

Vijay Shekhar Sharma, Awarded Dataquest IT Person of the Year at the Dataquest Digital Economy Conclave on 2017 (Sachedava, 2017).  Owner of  “Paytm”, the first digital platform that allows you to transfer money through online banking, debit card, credit card or by depositing directly to selected places (K.P, 2018). The company was started in August 2010 and initially only focused on mobile recharge services and payment of utility bills but now with no time, it has extended its service portfolio (K.P, 2018). Its parent is company One97. Vijay Shekhar Sharma was awarded as the “Entrepreneur of the year” for his innovative idea and its successful execution (One97, 2018).

2.1) Application and Critical Analysis of Entrepreneurship Theory 

Vijay Shekhar Sharma has all the characteristics specified by Kirzner, Sharma identified the GAP in the market and was ALERT to the opportunity, navigated the environment and with creativity implemented his idea and was a calculative risk taker.

The key characteristic of a Kirzner’s entrepreneur is that it focuses on the inefficiencies and corrects it to ensure that equilibrium is attained (Chiles, et al., 2007), focuses on the equilibrium results. Whereas  Schumpeter’s  entrepreneurs are ‘Heroic’ figures who destroy the existing equilibrium “ creative destruction” (Chiles, et al., 2007), Vijay Shekhar Sharma identified the gap in the market and took steps to correct it. His idea did not destroy an existing market rather made improvements in the existing market, which is a trait of Kirzner’s entrepreneur and not Schumpeter’s. 

Schumpeter believed that entrepreneurs are unique and have the will and the ability to produce new products, they are innovators who just come up with ideas. Whereas Kirzner believed that entrepreneurs are alert to opportunities, they don’t create them rather identify them before others do (Chiles, et al., 2007). Vijay Shekhar Sharma has been alert to opportunities and has identified them by making a first mover advantage, which is again a trait of Kirzner’s entrepreneur.

Schumpeter’s theory is justified and focuses more on understanding the psychological profile of entrepreneurs as well as the concept of  creative destruction (Chiles, et al., 2007). Kirzner’s theory is justified and focuses more on understanding the role of entrepreneurs in the real word (Chiles, et al., 2007). Hence it is correct to say that Vijay Shekhar Sharma has all the characterises of Kirzner’s entrepreneur. 

2.2) About the idea 

Paytm is a service that makes the cashless transaction possible, launched in the year 2010.

The name “Paytm” means pay through mobile (Yadav, 2016), The security features and the simple  interface made Paytm the most favoured digital payment platform in India, Paytm can handle 5000 transactions per second (Forer, 2018), its simplicity has made it even more popular as the person can make the payment by just simply scanning the “QR” code of the shop or by just entering the mobile number of the recipient (Forer, 2018). The wallet provider the users with an option where they can either park a certain amount of money in the application  and then can use it to make payment or they can make payments through their bank accounts (Forer, 2018)

The degree of innovation was incremental in this case as there were step by step improvements in service that Vijay Shekhar Sharma was providing such as the addition of new features, improving the existing features and existing technology was used differently.

3)     Key Stages of Entrepreneur

3.1) Difficulties Faced

In his journey, Vijay Shekhar Sharma faced two major problems before ‘Paytm’ was launched which were:-

a)    Bankruptcy:-  In order to start his first company ‘One97’, Vijay Shekhar Sharma took a loan of eight lakhs at a principal amount of 24% (Patel, 2018). Due to certain situations, he was unable to return the loan amount yet he never gave up and managed to successfully start One97, the parent company of Paytm.

b)    Initial Investment: – Vijay Shekhar Sharma faced some problems in receiving initial investments, when he proposed the idea of Paytm to the board of One97 the investors did not see any clarity in his idea and that is when Vijay Shekhar Sharma himself invested two million dollars in his project and then there was no looking back (Patel, 2018)

4)     Key Stages of Innovation Process

4.1) Search

Vijay Shekhar Sharma identified the problem that was the unavailability of smaller denominations of money in India (Change). In a country like India where the middle class and the lower middle class has to deal with riksha  wala’s ( a mode of transport in India) and kirana shops (small grocery shops) on a daily bases where people do not return smaller denominations of money (Hector, 2015).

4.2) Select

After looking at the current trends and having a complete understanding of the Indian market Vijay realized that the use of the smartphone’s in India is rising and to tackle the issue of ‘small denominations’, he decided to do something in the field of online payments (cashless transactions). He noticed this change in trend and identified the gaps in the market and then converted this into an opportunity and decided to solve the problem that was identified  (Problem of small denomination), which gave rise to the idea of ‘Paytm’ (Hector, 2015).

4.3) Implementation

Paytm was launched in the year 2010 with its first website that provided simple services like recharge of mobile phones and payment of utility bills (K.P, 2018). With the growing popularity, the next service was immediately launched which was the ‘E-Wallet”, in the year 2014, “Pivoting” from a website to an application after understanding the market trends and what customer want and prefer. The application was tested within the employees of Paytm before its launch. Getting an RBI certification also strengthened the security aspect which further increased the popularity of the e-wallet application (One97, 2018). The announcement of demonetization in the year 2016 was a turning point for Paytm, where the  Prime Minister of India had announced a countrywide ban on old currency notes of rupees  500 and 1000. Sharma immediately grabbed this opportunity that is made the first mover advantage and decided that if anyone could resolve this nation-wide chaos, it was the Paytm’s ‘e-wallet’ that allows cashless transactions. Here Sharma sensed the signals of change and immediately converted those signals into an opportunity by launching an aggressive campaign with the slogan “Paytm Karo” without wasting any time (Layak, 2017). March 2017 Paytm took the first step towards internationalization by stepping into Canada (BusinessToday, 2017).

4.4) Capture

Figure 5

5)     Business Strategy

5.1)            Strategies :- Successful strategies can only be made when a complete understanding of the internal and external environment is done by a firm.

Below are the Strategies of Paytm (N & Bhaskaran, 2017):-

a)      Focusing on retailers in a big way, such as Croma, Yepme and many more .

b)     Strongly focusing on order flow of payment and customer care where the merchant is responsible for pricing the item.

c)      Focused on increasing the customer base.

d)     Increasing customer loyalty.

e)      Work with bigger brands to increase its reach.

f)       To double Paytm users by 2020.

5.2)            SWOT Analysis

 A swot analysis  of Paytm is done below in order to understand its internal analysis

 (N & Bhaskaran, 2017).

Figure 6

5.3)            Porter’s Five Forces

Figure 7

6)     Business Model

Originally when Paytm was launched in the year 2010, a website that was used for mobile recharges and payment of utility bills. It changed its original business model to Marketplace and virtual bank model and are pioneers to the cashback business models(Phawa, 2018).One of the leading Indian giants in mobile payments, banking services, marketplace, gold, recharge and bill payments (Phawa, 2018).

As Peter Drucker said that business model is “assumptions about what a company gets paid for”, The way Paytm makes money can be divided into 7 parts which are explained in the table below (Phawa, 2018): –

Figure 8

6.1) Business Model Canvas of Paytm

Figure 9: (Oakley, 2018)

Marketplace Business Model: – It is used by an E-Commerce website or an application where all the products and services are organized, of a seller or company and then selling it on its own website. The firm using this website just acts as a mediator and the prices are fixed by the seller. The Marketplace only charges a commission for providing a platform to the seller (Phawa, 2018).

Cashback Business Model: – is a commission-based model, the cashback websites are tied up with several other companies to promote the sale of their products online. Refunds a certain amount to its customers as cashback, the best way to earn profit in affiliate marketing (Sheikh, 2017).

Figure 10: (Sheikh, 2017)

Paytm mall a new service of Paytm that is currently only providing e-commerce services to retailers in India has decided to step into B2B e-commerce market, as per the article by ‘THE TIMES OF INDIA’ by steeping in Paytm mall would have an upper hand over Flipkart and Amazon (Pymnts, 2018). If the new model of Paytm comes through it will not just sell to end consumers but will also be able to process bulk orders for small businesses that are not even online (Pymnts, 2018).

Paytm is now focussing on the ‘New Retail Model’, which will ensure instant delivery’s to customers. This would allow customers to place instant orders and get delivery’s instantly (Standard, 2018).

The perfect choice of the business models has taken the idea to greater heights. The company has been constantly changing and moulding the business Model as per its needs and the environment conditions. This hence proves that Vijay Shekhar Sharma has always been alert to the changing environment and also adaptable to the change.

Conclusion

‘Paytm’ one of the leading e-commerce digital payment companies of India, Vijay Shekhar Sharma who successfully navigated his way through the Indian market by understanding the market conditions and also identifying the gaps in the Indian market. With successfully identifying the problem in the Indian economy and then using creative problem-solving skills and finding an innovative solution to it is the USP for Vijay Shekhar Sharma as an entrepreneur. Giving the idea a strategic start and expanding its services with keeping in mind all the risks and a complete knowledge of the surrounding was one of the key reasons for the idea to be a great success in the Indian market. Vijay Shekhar Sharma an innovator, managed to attract investors from all around the world. For a business to survive it is very important that the firm is alert towards the environment and open to change, and yes Paytm proved to be one. Having a strong business model is a necessity while competing in a competitive market like India, Paytm not just proved to have a strong business model but also modified and moulded it in a way that served the best to the company. As “Kirzner” rightly said that an entrepreneur is creative, alert to opportunity’s and identifies the gaps in the market, most importantly has additional knowledge that helps them take advantage of a profitable opportunity, demonetisation in India created chaos in the country this is when Sharma with his additional knowledge identified the opportunity to be profitable for Paytm. He without wasting any time took the first mover advantage towards solving this problem and launched a nation-wide ‘aggressive campaign’ with a slogan “Paytm Karo”, a slogan that was simple and grabbed the attention of people from all the sections of the Indian society. This strategic and calculated move took Paytm to greater heights. The problem of demonetization was the reason for many businesses to fail or slow down, but Sharma used it as an opportunity to attribute to Paytm’s success.

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Appendix

Figure 1 

Tidd, J. & Bassent, J., 2016. Innovation as a Core Business Process. In: Managing Innovation. s.l.:Wiley, pp. 89-94.

Figure 2

Tidd, J. & Bassent, J., 2016. Innovation as a Core Business Process. In: Managing Innovation. s.l.:Wiley, pp. 89-94.

Figure 3

  Pakkanen, T.-M., 2012.  Internal and external analysis.

 [Online]
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Figure 4

Chiles, o. H., Bluedorn, A. C. & Gupta, V. K., 2007. ‘Beyond Creative Destruction and Entrepreneurial Discovery: A Radical Austrian Approach to Entrepreneurship’. Organization Studies , 28(4), pp. 467-493.

Figure 5

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Dhillon, D., 2018. ‘Paytm Mall completes $450 million funding round from Softbank and Alibaba’.

[Online]
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Figure 6

N, C. & Bhaskaran, S., 2017. ‘A STUDY ON PAY TM: OPPORTUNITIES AND CHALLENGES IN E-COMMERCE’. Asia Pacific Journal of Reserch, 1(4), pp. 259-262.

Simcon, 2014. ‘E-commerce Industry’. [Online]
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[Accessed Tuesday December 2018].

Figure 7

Simcon, 2014. E-Commerce Industry. [Online]
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[Accessed Tuesday December 2018].

Figure 8

Phawa, A., 2018. Paytm Business Model – How does Paytm Make Money?. [Online]
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Figure 9

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Figure 10

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