Opening doors to closed ventures: an entrepreneur’s vision

Abstract

The case study is about Vel, supervisor at a yarn factory in south India, when his company retrenched employees and closed down due to a loss in business. His previous experience and skill in the yarn industry, enabled to open up a small entrepreneurial venture in manufacturing yarn. His successful business led others to start similar and allied industries in the area. He then diversified the business into related areas in dyeing yarn; manufacturing innovative Indian clothes and doing ‘Finishing processes’ in ready-mades. The case explains how entrepreneurs exploit business opportunities, regardless of the resources they have to make profit. It shows how they use creativity to exploit business opportunities and manage resources to achieve profit and competitive advantage in creating wealth. It emphasises on complementary skills; prior experience; marketing skills, and managerial abilities as responsible factors for a successful business. It further teaches how entrepreneurial activities promote economic growth in a given society, where a successful business promotes the growth of several similar and related businesses in the area that perpetuate economic growth. The importance of innovation; raw material; and social and human capital is highlighted to show that they are the drivers of economic growth in entrepreneurial ventures.