Entrepreneurship 5 Marks Question

The origin of the term cloud computing is obscure, but it appears to derive from the practice of using drawings of stylized clouds to denote networks in diagrams of computing and communications systems. The word cloud is used as a metaphor for the internet, based on the standardized use of a cloud-like shape to denote a network.
Earlier when large-scale computer became available in academia and corporations; it was costly to buy a mainframe. As computers became more prevalent, scientists an technologists explored ways to make large-scale computing power available to more users through time sharing, experimenting with algorithms to provide the optimal use of the infrastructure, platform and applications with prioritized access to the CPU and efficiency for the end users. So effectively cloud computing helps an organisation to upload all its data on to a cloud and then they can use it remotely wherever it is required.

Humble beginning of KFC
In 1930, the then 40 year old Sanders was operating a service station in Corby, Kentucky, USA and he encountered a lot of hungry travellers who stopped for gas. He saw that the travellers wanted to eat something as there was nothing available in that area. He saw and understood the problem. As a child, he used to cook for his siblings and so he knew how to cook, which instigated him to cook for the travellers. He did not even have a restaurant to serve food but his secret blend of 11 herbs and spices made his chicken recipe such a super hit among travellers that he started getting regular customers for his food, which prompted him to start a restaurant. This is the humble beginning of the world famous fast food chain “KFC - Kentucky Fried Chicken”.

There are many factors which are responsible for business risks. Broadly, they can be classified as follows:

1. Internal Factors: These are those factors, which arise from the events taking place within the business itself. Since these arise from within a business, therefore, these can be controlled by the entrepreneur to a certain extent.

The various internal factors which give rise to risks are as follows:

1. Human factors: These factors are an important cause of internal risks. A business may face risk in the form of strikes, lock-out by the trade unions, negligence and dishonesty of an employee, accident or death of a key person in the company, incompetence of managers or of other key persons in the organisation, etc.

Also, failure of suppliers to supply the materials or goods on time or default in payment by debtors are also human factors which are a risk for a business and can adversely affect the business enterprise.

2. Technological factors: Risk in technological factors can arise in the form of unforeseen changes in the techniques of production or distribution leading to technological obsolescence. e.g. if there are some technological advancements which result in products of higher quality, then a firm which is using the traditional technique of production might face the risk of losing the market for its inferior quality product. So, with the advent of flat screen high definition TV, the coloured box TVs are losing their market.
3. Physical factors: These are the factors which result in loss or damage to the property of the firm. They include the failure of machine and equipment used in business, fire or theft in the industry, damages in transit of goods, etc. They also include losses to the firm arising from the compensation paid by the firm to the third parties on account of intentional or unintentional damages caused to them.

2. External Factors: These are those factors which arise due to the events occurring outside the business organisation. Such factors are generally beyond the control of an entrepreneur.

The various external factors which give rise to risks are as follows:

1. Economic factors: These factors are the most important cause of external risks. They result from the change in the prevailing market conditions.

The changes may be in the form of:

• Change in demand for the product.
• Price fluctuations.
• Change in tastes and preferences of the consumers.
• Change in the income of the consumer.
• Change in output of competing firms.
• Change in trade cycle.
• Increase in competition for the product.
• Inflationary tendency in the economy.
• Rising unemployment in the country.
• Fluctuations in the world economy.

2. Natural factors: These are the unforeseen natural calamities over which an entrepreneur has very little or no control. They result from natural calamities such as earthquakes, floods, famines, cyclones, lightening, tornadoes, etc. Such calamities may cause loss of life and property to the firm or may damage its products, e.g. the Gujarat earthquake caused irreparable damage not only to business enterprises, but also adversely affected the whole economy of the state.
3. Political factors: These factors influence the functioning of the business, both in the long, as well as, in the short-term. These factors result from political changes in a country, such as:

• Fall or change in the government.
• Communal violence or riots in the country.
• Civil war.
• Hostilities with the neighbouring countries.
• Changes in government policies and regulations.

Motivational:

1. Certain shortcomings in the motivational aspect act as barriers to entrepreneurship.
2. Many entrepreneurs after starting a new venture faces obstacles in the initial stages, they tend to lose their commitment and consequently their level of motivation dips.
3. Lack of tolerance, toughness and perseverance often quit.
4. Lack of sustained motivation.

Perceptional:
There are certain perception barriers that can hamper the progress of an entrepreneur.

1. Lack of a clear vision and misunderstanding a situation can result in faulty perception.
2. All entrepreneurial venture involves some amount of risk taking, however not analysing perception of the risk and the strategy to manage could hamper the growth of an entrepreneur.
3. If the entrepreneur demands everything to be clear and well-defined in order to develop a perception, it will lead to disappointment.
4. An entrepreneur's world is basically disorderly and ambiguous, and the entrepreneur should learn to cope with inevitable uncertainties that crop up.
5. People who excessively depend on order will find it a barrier to entrepreneurship.

They should have a high level of intolerance for ambiguity and chaos because they are breakers of status-quo.

The origin of the term 'cloud computing appears to be derived from the practice of using drawings of stylized clouds to denote networks in diagrams of computing and communications systems. The word cloud is used as a metaphor for the internet, based on the standardized use of a cloud-like shape to denote a network.
Cloud computing helps the firms to upload all its data on to a cloud and then it can be used it remotely wherever it is required.
By 2016, Gartner-a consultancy firm, expects all Forbes' Global 2000 companies to use public cloud services, transforming much of the current IT hardware, software and database markets into infinitely flexible utilities.

Following are the Environmental Barriers:

1. Economic: The factors of production land, labour, capital, material, etc. contribute equally towards the development of entrepreneurship in any country. If all the factors are readily available to the entrepreneurs, then entrepreneurship is naturally promoted and developed. But if any of the factor of production are not available or not readily available or available in inadequate quality and quantity, they can become barriers to entrepreneurship.
2. Social: Sociological factors such as religion, caste structure, age groups, standard of living, mobility of labour, cultural heritage, respect for senior citizens, values, etc. have a deep impact on business. In India, attitudes have changed with respect to food and clothing, due to changes in educational pattern, rise in standard of living, increase in literacy rate among men and women, employment of women in factories and offices, etc. Due to it there is growth of food processing and garment manufacturing units.
3. Cultural: Every society has its own culture, cultural values, customs, beliefs and norms. If the culture of a society is encouraging creativity and risk-taking, entrepreneurship gets encouragement leading to development.
4. Political: Political factor provides the legal framework for the functioning of the enterprises in the economy. Political environment poses challenge in front of entrepreneurs. Political environment is affected by political parties, stability of the government, government's interference in business world, taxation and subsidies policies etc.

Social entrepreneurs have following characteristics:

1. Social Catalysts: Social entrepreneurs are the visionaries who create fundamental, social changes by reforming social systems and creating sustainable improvements. Their efforts and actions have the potential to bring global improvements in various fields like education, healthcare, economic development, the environment, the arts etc.
2. Socially aware: Social improvement, is the ultimate goal of the social entrepreneurs. The success of their efforts is measured by their social changes and impact on various social groups of the society.
3. Opportunity-seeking: Social entrepreneurs view every obstacle as an opportunity. They develop their business on the same grounds.
4. Innovative: Social entrepreneurs are creative, willing to think differently and ready to apply ideas to new situations. They see failures as learning opportunities.
5. Resourceful: Social entrepreneurs' visions are not limited by the resources which they acquire or have but they actively expand their resource pool through positive collaboration with others.
6. Accountable: Social entrepreneurs are accountable to their beneficiaries like customers, investors, etc. and they often take measures to keep themselves on the right track by asking themselves-Am I creating value for the people I am serving? Do I understand their needs?

The various internal factors giving rise to such risks are:

1. Human factors: These are mainly due to human behaviour and various related aspects. Like strikes lock-outs by trade unions; negligence, dishonesty of an employee; accidents, deaths, failure of suppliers to supply raw materials, default in payment, etc.
2. Technological factors: These are unforeseen changes in the techniques of production or distribution and may result in technological obsolescence. For example: The packaging industry has increased the shelf-life of various products like chips, milk, etc. so small producers of these products are affected.
3. Physical factors: These factors result in loss or damage to the property of the firm. These may be due to failure of machinery and equipment used in business; fire, theft, damages in transportation, etc. They also include losses to the firm arising from.

1. Vinoba Bhave: He was the founder of the Bhudaan Andolan, which resulted in redistribution of more than 7,000,000 acres of land to aid India's untouchables and landless.
2. Ela Bhatt: She founded Self-Employed Women's Association (SEWA) in 1972 is a trade union of poor, unorganised, self-employed women who work as vendors, hawkers and labourers.
3. Dr. Varghese Kurien: He is the founder of the AMUL Dairy Project.
4. Bunker Roy: He is the founder of Barefoot College, which promotes rural development using new and innovative education programs.
5. Nand Kishore Chaudhary: He is the founder of Jaipur rugs, which promotes rural development through capacity building in rural area.
6. Harish Hande: He is the founder of Selco India, a solar electric light company in 1995, which emerged as India's leading solar technology firm.

The various external factors which may give rise to such risks are as follows:

1. Economic factors: These arise due to prevalent economic condition and changes in the prevailing market conditions. These can be of the following types,

• Changes in demand,
• Price fluctuations
• Changes in tastes and preferences of the consumers;
• Changes in income, output or trade cycles,
• Increased competition for the product,
• Inflationary tendency in the economy;
• Rising unemployment,
• Fluctuations in world economy.

For example: Audio cassette player to CD player.

2. Natural factors: These are the unforeseen natural calamities like earthquake, flood, famine, cyclone, lightening, etc. These may cause loss and damage to life and property. Entrepreneurs have very little or no control. For example, the land slide in Uttarakhand damaged the business and have adversely affected the whole economy of the state.
3. Political factors: These are due to political changes in a country like:

• Fall or change in the Government,
• Communal violence,
• Civil war,
• Hostilities with the neighbouring countries;
• Changes in Government policies and regulations.

4. Change in taste and preference: Tastes change with the change of time and factors.

For example: Earlier home made food was preferred and fast food was considered as luxury. In the present scenario, there has been an increase for the liking towards fast food.

Economic Environment: All entrepreneur need some important prerequisites to start an enterprise, they are capital, labour, raw material and market. If all these factors of production are easily available to an entrepreneur in an environment, then it will give a natural support to him and easily he can promote entrepreneurship and contribute to economic growth of the country. But, if any of these or all of these factors are either not available or any of them are of inadequate quality or less in quantity, they can become barriers to entrepreneurship.
For instance:

1. If a prospective entrepreneur does not have access to capital for setting up his/ her new enterprise, he or she will feel discouraged to proceed further.
2. If capital is available but at an exorbitant rate of interest, it will also discourage entrepreneurship. In olden days it was only due to greedy money-lenders that many people were not able to start their own business.
3. Another problem is the availability of labour. However, if the labour is not productive, it will in itself become a barrier.
4. If labour of high productivity is not available at reasonable cost, it will inhibit entrepreneurial activities.
5. In the labour market, if labour climate is unreliable and is fraught with indiscipline and selfishness then definitely it can discourage entrepreneurs.
6. Cut-throat competition in the market.
7. Lack of availability of raw materials in desired quantity and quality and availability of raw-materials at high prices.
8. Problem of infrastructure to transport raw-materials to the factory.
9. Inaccessible market for the finished goods can become a serious barrier to entrepreneurship.

Social Environment:

1. People are to a great extent bound by the norms, practices of the society in which they live. As a result, the society influences the thought pattern and mind-set of its members. As a matter of fact, the rules of social behaviour are learnt at a very early age.
2. If the social norms expect the people to value discipline and conformity over adventure, creativity and independence, it is likely to thwart entrepreneurial spirit. Similarly, if a society puts premium on safety and security in matters of securing a livelihood, such a value can become a strong social barrier to entrepreneurship.
3. In some societies it can be seen even now that business people do not command a high social status rather, business is considered a profession of lower hierarchy. They are to office-goers, engineers, doctors etc. Such a social response to entrepreneurs can be a big hurdle in developing and nurturing entrepreneurs.
4. An excessively protective attitude to children in their formative years, and discouragement to mobility can all thwart creativity, innovative spirit and a sense of adventure, the values that are essential for entrepreneurship.
5. Self-esteem is a very important motive for personality development and a society that denies access to it will be placing hurdles in the path of an entrepreneur.

In the entrepreneurial process the environment plays a vital role because all the opportunities exist in the environment and the entrepreneur is a part of it. A conducive environment throws up more entrepreneurs than an inhibiting environment. An environment where all these factors are available to the entrepreneurs will naturally support and promote entrepreneurship.

1. Self-esteem is a very important motive for personality development in the path of an entrepreneur.
2. All successful entrepreneurs are highly motivated and their drive to achieve becomes their engine of accomplishment.
3. Adequate quality or quantity all of these factors access to capital for setting up his/ her new enterprise.
4. Availability of cheap labour of high productivity promotes entrepreneurship. Labour includes skilled, unskilled and technical workforce.
5. Availability of raw materials in desired quantity and quality, infrastructure to transport them to the factories and an easily accessible market for the finished goods are some pre-requisites for economic development.
6. Every society has developed its own cultural value. If the culture of a society is conducive for creativity, risk-taking and adventurous spirit, in such a cultural milieu entrepreneurship will thrive.
7. A conducive political environment that encourages and rewards personal endeavour and hard work and that does not penalize the entrepreneur.
8. Toughness and perseverance are certain emotional qualities that are required to boost the level of motivation.
9. Sustained motivation is an important asset for an entrepreneur.
10. Some political policies can help the growth of entrepreneurial ventures in a country.
11. Counselling and support services.
12. Government procurement programs for small businesses.
13. Restrictions on imports and exports.
14. All successful entrepreneurs are highly motivated and their drive to achieve becomes their engine of accomplishment.
15. In some societies it can be seen even now that businessmen do not command a high social status. Rather, business is considered a profession of lower hierarchy.

All these above mentioned factors are interlinked and support entrepreneurship. An entrepreneur must understand and analyse social, cultural, economic technological, continuous change in demand of people, so that he can easily overcome the hurdles during the course of entrepreneurship.

Given below are some innovations that led to successful ventures: Penicillin: Inventor Sir Alexander Fleming, a scientist. What he was trying to make: Ironically, Fleming was searching for a 'wonder drug' that could cure diseases. However, it wasn't until Fleming threw away his experiments that he found what he was looking for. How it was created: Fleming noticed that a contaminated Petri dish, he had discarded, contained a mould that was dissolving all the bacteria around it. When he grew the mould by itself, he learned that it contained a powerful antibiotic, penicillin. Potato Chips: Inventor George Crum, a chef at the Carey Moon Lake House in Saratoga Springs. What he was trying to make: A plate of fried potato. How it was created: One day, a customer sent back his plate of potatoes many times and kept asking for them to be more fried and thinner. Crum lost his temper, sliced the potatoes insanely thin and fried them, until they were hard as a rock. To the chef's surprise, the customer loved them and wanted more and this is how potato chips came into existence. The Pacemaker:

• Inventor: John Hopps, an electrical engineer.
• What he was trying to make: Hopps was conducting research on hypothermia and was trying to use radio frequency heating to restore body temperature.
• How it was created: During his experiment, he realised that if a heart stopped beating due to cooling, it could be started again by artificial stimulation. This realisation led to the invention of pacemaker.

Microwave Ovens:

• Inventor: Percy Spencer, an engineer (with Raytheon Corporation).
• What he was trying to make: The engineer was conducting a radar-related research project with a new vacuum tube.
• How it was created: Spencer realised that the candy bar in his pocket began to melt during his experiment. He then put popcorn into the machine and when it started to pop, he knew he had a revolutionary device on his hands.

Inkjet Printers:

• Inventor: A Canon engineer.
• How it was created: After resting his hot iron on his pen by accident, ink was ejected from the pens point a few moments later. This principle led to the creation of the inkjet printers.

Every business organization contains various risk elements while doing the business. Business risks implies uncertainty in profits or danger of loss and the events that could pose a risk due to some unforseen events in fugure, which causes business to fail. The Business risk is classified into different 5 main types:

1. Strategic Risk: They are the risks associated with the operations of that particular industry. These kind of risks arise from

• Business Environment: Buyers and sellers interacting to buy and sell goods and services, changes in supply and demand, competitive structures and introduction of new technologies.
• Transaction: Assets relocation of mergers and acquisitions, spin-offs, alliances and joint ventures.
• Investor Relations: Strategy for communicating with individuals who have inverted in the business.

2. Financial Risk: These are the risks associated with the financial structure and transactions of the particular industry.
3. Operational Risk: These are the risks associated with the operational and administrative procedures of the particular industry.
4. Compliance Risk (Legal Risk): These are risks associated with the need to comply with the rules and regulations of the government.
5. Other Risks: There would be different risks like natural disaster(floods) and others depend upon the nature and scale of the industry.

The Characteristics of Social Entrepreneurs.

• Social Catalysts: Visionaries who create fundamental, social changes by reforming social systems and creating sustainable improvements. According to J. Gregory Dees, - though they may act locally, their actions have the potential to stimulate global improvements in their chosen arenas, whether that is education, health care, economic development, the environment, the arts, or any other social field.
• Socially aware: Social improvement, as opposed to the creation of profit, should be the ultimate goal of the social entrepreneurs. The success of their endeavours is measured by their social impact, not by the amount of profits generated.
• Opportunity: seeking: Relentless pursuit of their goals, seeing every obstacle as an opportunity to develop and fine-tune their business models
• Innovative: Creative, willing to think outside the box and ready to apply ideas to new situations. They understand that not every innovation will be a success, and they see failures as learning opportunities even as they strive for success.
• Resourceful: Their visions are not limited by the resources that they have. Besides optimizing the use of existing resources, they actively expand their resource pool through collaboration with others.
• Accountable: Social entrepreneurs are accountable to their beneficiaries, and they often ask themselves, -Am I creating value for the people I am serving? Do I understand their needs? This is because social entrepreneurs want to know how they are actually making an impact. They are also accountable to investors who want to know whether their contributions are indeed stimulating social improvements as promised by the social entrepreneurs.

The various external factors which may give rise to such risks:

1. Economic factors: are the most important causes of external risks. They result from the changes in the prevailing market conditions. They may be in the form of changes in demand for the product, price fluctuations, changes in tastes and preferences of the consumers and changes in income, output or trade cycles. The conditions like increased competition for the product, inflationary tendency in the economy, rising unemployment as well as the fluctuations in world economy may also adversely affect the business enterprise.

For example: Black and White TV to Flat screen, high definition TV.

2. Natural factors: are the unforeseen natural calamities over which an entrepreneur has very little or no control. They result from events like earthquake, flood, famine, cyclone, lightening, tornado, etc. Such events may cause loss of life and property to the firm or they may spoil its goods. For example, the Gujarat earthquake caused irreparable damage not only to the business enterprises, but also adversely affected the whole economy of the State.

For example: The Tsunami.

3. Political factors: have an important influence on the functioning of a business, both in the long and short term. They result from political changes in a country like fall or change in the Government, communal violence or riots in the country, civil war as well as hostilities with the neighbouring countries. Besides, changes in Government policies and regulations may also affect the profitability and position of an enterprise. For instance, changes in industrial policy and trade policy annual announcement oft he budget amendments to various legislations, etc. may enhance or reduce the profits of a business enterprise.

For example: War tension between any two countries. In the year 1977 with the change in the political power in the country changed the policy for MNC‘S in the country.

4. Change in taste and preference: Tastes change with the change in the dynamics of the world.

For example: Earlier there was a preference to eat most of the time at home and fast food was unknown. But nowadays, there has been an upsurge of fast food outlets all over the country.

Barriers to Entrepreneurship, The factors which inhibit the growth of entrepreneurship may be classified under two categories.

	Environmental Barriers		Personal Barriers
1.	Economic	1.	Motivational
2.	Social	2.	Perceptual
3.	Cultural
4.	Political

1. Environmental: The Development of entrepreneurship is often influenced by environmental factors like economic, social, cultural and political. These conditions or factors may have both positive and negative influences on the emergence and growth of entrepreneurship.

• Economic: The factors which are responsible for economic development such as land, labour, capital, material, market etc., are equally responsible for the development of entrepreneurship. Thus, an environment, where all these factors are available to the entrepreneurs, will naturally support and promote entrepreneurship. On the other hand, if any of these factors are not available or of inadequate quality and quantity, they can become barriers to entrepreneurship. For example: Unavailability of cash deters an entrepreneur from starting a new venture.
• Social: Sociological factors such as caste structure, mobility of labour, customer needs, cultural heritage, respect for senior citizens, values etc. might have a far reaching impact on business. In India, attitudes have changed with respect to food and clothing as a result of industrialisation, employment of women in factories and offices, and the increased level of education. This has resulted in the growth of food processing and garment manufacturing units thus the emergence and growth of a new class of entrepreneurs. For example: Readymade shirts, instant food, vending machines for tea and eatables.
• Cultural: Every society has its own cultural values, beliefs and norms. If the culture of a society is conducive to creativity, risk-taking and adventurous spirit, in such a cultural milieu entrepreneurship will get encouragement. For example: An entrepreneur will have to keep in mind the cultural reference of the region that he/ she is going to cater to, this will enable him/her to get a quicker acceptance in that region.
• Political: It provides the legal framework within which business is to function. The viability of business depends upon the ability with which it can meet the challenges arising out of the political environment. This environment is influenced by political organisations, stability, government‘s intervention in business, constitutional provisions etc. For example: War tension between two countries can also stop the trade between these countries.

2. Personal: In a given society, a few people may take up the career of entrepreneurship. Even among the societies which are considered entrepreneurially progressive, only a selected few ventures to set-up their own enterprises.

• Perceptual: There are certain perceptual barriers that can hamper the progress of an entrepreneur. Lack of a clear vision and misunderstanding of a situation, can result in a faulty perception. Having preconceived notions and prejudices against a particular business activity will leave limited choices. For example: One should overcome the barriers of selecting a business venture according to one‘s gender. There is hardly a business left where both the genders have not explored and achieved equal success.
• Motivational: Sustained motivation is an essential input in any entrepreneurial venture. Lack of motivation is a strong barrier to entrepreneurship. Many entrepreneurs start with enthusiasm, but when they face some difficulties in the execution of their plans, they lose motivation. For example: Failure of a venture.

Lijjat Papad

• Started with a loan of ₹ 80. the cooperative now has annual sales exceeding? 301 crore.
• Lijjat was the brain child of seven Gujarati women from Bombay (now Mumbai).
• The women lived in Lohana Niwas, a group of five buildings in Girgaum. They wanted to start a venture to create a sustainable livelihood using the only skill they had i.e. cooking.
• The women borrowed ₹ 80. from Chhaganlal Karamsi Parekh, a member of the Servants of India Society and a social worker.
• They took over papad making venture which was running in loss owned by Laxmidas Bhai, and bought the necessary ingredients and the basic infrastructure required to manufacture papads.
• On March 15, 1959, they gathered on the terrace of their building and started with the production of 4 packets of papads. They started selling the papads to a known merchant in Bhuleshwar.
• Initially, the women were making two different qualities of papads, in order to sell the inferior one at a cheaper rate.
• Chaganbapa advised them to make a standard papad and asked them never to compromise on quality.
• Lijjat expanded as a cooperative system. Initially, even younger girls could join, but later eighteen was fixed as the minimum age of entry.
• Within three months there were about 25 women making papads.
• Soon the women bought some equipment for the business, like utensils, cupboards, stoves, etc. In the first year, the organization’s annual sales were ₹ 6196. The broken papads were distributed among neighbours.
• During the first year, the women had to stop production for four months during the rainy season as the rains would prevent the drying of the papads. The next year, they solved the problem by buying a cot and a stove. The papads were kept on the cot and the stove below the cot so that the process of drying could take place in spite of the rains. By the second year of its formation, 100 to 150 women had joined the group, and by the end of the third year it had more than 300 members. The members were called as Ben/ Sister.
• They have accountants in every branch and every centre has to maintain daily accounts.
• Profit (or loss, if any) is shared among all the members of that branch. They have a committee of 21, that decides how the profits are to be distributed.
• Each branch calculates its profit and divides it equally among all its members.
• Mumbai has 12,000 members, the rest of Maharashtra has 22,000, and Gujarat has between 5,000 to 7,000 members.

1. Information Collection: In this competitive world, in order to attract a customer, the entrepreneurs have to know the customer in detail so that they can assure that they are loyal to the company. Information which is collected, for example- age, regularity of customer to the shop, preference of purchase–all these factors enable a company to understand the taste and preference of the customer so that they can serve them better. Businesses will compete on analytics to differentiate themselves. The growing number of embedded sensors collecting information about the world, and the rise of social networks that store the data people share, will generate immense quantities of information. IDC, a market research firm, suggests that the amount of digital information created each year will increase to 35 trillion gigabytes by 2020, requiring 44 times more data storage than in 2009.

For example: Telemetric applications, similar to GPS (global positioning systems), will allow organizations to send, receive and store information via telecommunications devices while controlling remote objects. Although commonly associated with the automotive industry, telemetric applications are being developed for use in medical informatics, health care and other fields.

2. Business Intelligence: Business intelligence is the ability of an organization to collect, maintain, and organize data.

Example: Sales data during an off season discount. This data produces large amounts of information that can help develop new opportunities. Identifying these opportunities, and implementing an effective strategy, can provide a competitive market advantage and long-term stability. The real payback comes when business intelligence is applied to enable companies to make better strategic decisions. Business intelligence, which enables organizations to gather quantifiable data on each area of the organization and analyse it in a way that yields information they can act on, thereby helping them enhance decision making, improve performance, mitigate risk and sometimes even create new business models, is growing in importance.

3. Smart Mobility: Those devices which are mobile help in the growth of business. Smart mobility will change the way people interact. Increasingly, smart devices - portable tools that connect to the internet - have become a part of our lives. In the last quarter of 2010, sales of smart phones outpaced those of PCs for the first time, according to data from IDC. By 2014, more smart devices could be used to access the internet than traditional computers. The move to an increasingly mobile world will create new players and new opportunities for a variety of industries. We expect that new emerging market companies will be significant competitors, growing rapidly in part because a lack of legacy systems will enable them to profit more quickly from new technology as it becomes available.

For example: Smartphone‘s (with internet, high definition camera).