Refer to the Caselets below and answer the questions.Limit your answer to information/ data given therein:

Caselet 1

Please read excerpts of an article below, which was published in The Times of India on. Feb 5^th, 2017, written by Vinod Shastri -

I have long since unshackled entrepreneurship from its default association with business. I am nomorea purist. What'smore, I even dissociated entrepreneurship from creating one's own organisation; a virtual sacrilege!

While starting a newstudentclub on campus, I felt as much like anentrepreneurs I did while setting-up a paints factory at Coimbatore. I felt as much like anentrepreneurwhen I launched a new academic programme as I did when I established arestaurantat Pune. To me, entrepreneurship is not an activity; it's a mindset coupled with a skillset.

The moment I started approaching it as a mindset, I started seeing entrepreneurship in all spheres of life; including but not restricted to business. Despite being an employee most of my working life, I acquired and applied the entrepreneurial mindset (and skillset) somewhere along the way. I had intently listened to entrepreneurs sharing exciting stories of their ventures; my own stories of jobs didn't sound different anymore. There was the same spotting of problems or opportunities, there was the same selling of ideas to multiple stakeholders, there was the same mobilisation of resources, there were the same proverbial setbacks along the way and then there were the same definite rewards in the form of fulfilment.

All the super-humanness attached to entrepreneurs and entrepreneurship was actually becoming a hurdle in its spread. The huge amount of romanticism around entrepreneurship was making it sound improbable rather than doable. Heroes were being glorified rather than role models being offered. The whole thing served no purpose. It was time to take a fresh look at the approach. Unshackling the concept worked beautifully for me. Now there was no need to be a superhuman to be an entrepreneur; it was enough to feel like one. There was no need to start an enterprise to be an entrepreneur; it was enough to act like one in any organisation. Simply put, there was no need to be an entrepreneur to be entrepreneurial.

As Stewart Thornhill once said, "The difference between an entrepreneur and a non-entrepreneur is the simple act of starting." I have very conveniently inferred it as starting anything!

Question 1a: How do you relate the above article to Effectuation Theoretic Perspective central to Entrepreneurs? How are they different from non-entrepreneurs, therefore?

Question 1b: Why is the author not satisfied with the romanticism associated with entrepreneurship? What do you think is the central premise of entrepreneurship?

Question 1c: How do you associate your class learning of the Entrepreneurship Process Model with the Processes laid out in the given article?

Question 2:Some of the research findings indicate that ventures started by a small group of founders have better chances of success than those ventures founded by a single individual. However, building a founding team is not an easy task and mistakes made while selecting team members could have a detrimental effect on the start-up firm or the entrepreneur. Discuss the challenges associated with the team building process that Lew Cirne faced while building Wiley Technology Team. What went wrong and where in dealing with those challenges? In hindsight, suggest ways to overcome those challenges that you would have adopted, had you been the protagonist. ................................................. (10)

Question 3:Imagine you are a Venture Capitalist. Also, imagine that Bob Reiss of R&R approached you for a funding $1 Mn (or Euro Equivalent) for launching his Trivia Inc. Simultaneously, you are approached by Dickon Addis (the INSEAD scholar and Finance wizard), for funding his start-up Beautiful Legs by Post for same amount. Given the details in the cases discussed in the class, which one you would choose to fund and why? (Assume that you can fund only one of these).................................................