DOCTOR OF PHILOSOPHY IN BUSINESS MANAGEMENT. Submitted by : PRAVEEN KUMAR SRIVASTAVA (Enrollment No. DYP-PhD )

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1 Evolution of Entrepreneurs in the Indian aviation industry and factors affecting their sustenance : A study of entrepreneurs in Aviation maintenance and Air Charter business. Dissertation Submitted to the Padmashree Dr. D. Y. Patil University s, Department of Business Management in partial fulfillment of requirements for the award of the Degree of DOCTOR OF PHILOSOPHY IN BUSINESS MANAGEMENT Submitted by : PRAVEEN KUMAR SRIVASTAVA (Enrollment No. DYP-PhD ) Research Guide Dr. PRADIP MANJREKAR PROFESSOR PADMASHREE DR. D.Y. PATIL UNIVERSITY s, DEPARTMENT OF BUSINESS MANAGEMENT, Sector 4, Plot No. 10, CBD Belapur, Navi Mumbai December 2010 i

2 Evolution of Entrepreneurs in the Indian aviation industry and factors affecting their sustenance : A study of entrepreneurs in Independent Aviation maintenance and Air Charter business. ii

3 DECLARATION I hereby declare that the dissertation entitled Evolution of Entrepreneurs in the Indian aviation industry and factors affecting their sustenance : A study of entrepreneurs in Aviation maintenance and Air Charter business. submitted for the Award of the Degree of Doctor of Philosophy in Business Management at the Padmashree Dr. D.Y. Patil University Department of Business Management is my original work and the dissertation has not formed the basis for the award of any degree, associate ship, fellowship or any other similar titles. Place: Navi Mumbai. Date: (Praveen Kumar Srivastava) Signature of the Candidate iii

4 CERTIFICATE This is to certify that the dissertation entitled Evolution of Entrepreneurs in the Indian aviation industry and factors affecting their sustenance : A study of entrepreneurs in Aviation maintenance and Air Charter business. is a bona fide research research work carried out by Mr. Praveen Kumar Srivastava, student of Doctorate in Philosophy (Business Management), at Padmashree Dr. D. Y. Patil University s Department of Business Management during the year , in partial fulfillment of the requirements for the award of the Degree of Doctor of Philosophy in Business Management and that the dissertation has not formed the basis for the award previously of any degree, diploma, associate ship, fellowship or any other similar title of any University or Institution. Prof. Dr. Pradip Manjrekar Signature of the Research guide Prof. Dr. R. Gopal Director Dept. of Business Mgmt. Padamshree Dr. D.Y. Patil University Place: Navi Mumbai Date: iv

5 Acknowledgement I am indebted to the Padmashree Dr. D.Y.Patil University Department of Business Management, which has accepted me for Doctorate program and provided me with an excellent opportunity to carry out the present research project. Regardless of the extent of a researcher s effort, the accomplishment of a dissertion of this nature is greatly dependent upon the expert guidance, understanding and patience of the guide. My guide Dr. Pradip Manjrekar deserves considerable credit for the academic quality of this study. I am thankful to Dr. Pradip Manjrekar who has been my primary advisor, guide and mentor; and has inspired and encouraged me to write this dissertation. Special recognition must be made to Prof. Dr. R. Gopal, Director, Dean and Head of the Department, Padmashree Dr. D.Y. Patil University, Department of Business Management, whose expert guidance was clearly beyond expectations and indicative of his high level of knowledge and professionalism. Most of all my gratitude is extended to my family, specially my wife Mrs. Neelika P. Srivastava, without whose support, I could not have undertaken this endeavor. (Praveen Kumar Srivastava) Signature of the Candidate v

6 TABLE OF CONTENTS Page No. List of abbreviations viii List of figures ix List of tables.. x Executive Summary..... xvi CHAPTER I : INTRODUCTION 1.1 General Introduction Entrepreneurship A journey full of challenges The common challenges faced by entrepreneurs Aviation industry in India An overview Aviation maintenance in India Industry overview Air charter business in India Industry overview 40 CHAPTER II : LITERATURE REVIEW 2.1 Literature review Entrepreneurial success and failures in aviation industry Charter Airlines Have they the future Entrepreneurial policies and strategies First generation entrepreneurs build the Chinese market Entrepreneurial opportunity identification The Indian Aviation industry Research Gap. 61 CHAPTER III : OBJECTIVES OF RESEARCH 3.1 Research problem Statement of research objectives Hypothesis Importance of the research 70 CHAPTER IV : RESEARCH METHODOLOGY 4.1 Instrument development and measures Pilot test vi

7 4.3 Validity Reliability Sample design Sample size Data collection and measure to reduce sample bias Data processing and Analysis Limitations of research 89 CHAPTER V : EVOLUTION OF ENTREPRENEURS IN INDIA 5.1 Evolutionary phases Evolution of Entrepreneurs in Independent MRO Evolution of Entrepreneurs in Air Charter sector CHAPTER VI : DATA ANALYSIS AND HYPOTHESIS TESTING 6.1 Description of the sample Motivational factors of entrepreneurs Entry barriers faced by entrepreneurs Evolutionary factors Challenges faced in Sustenance Rewards Results of Hypothesis testing Summary of Hypothesis validation Major Findings CHAPTER VII : CONCLUSION 7.1 Conclusions Independent MRO Air Charter Scope of future research 223 APPENDICES 1 BIBLIOGRAPHY QUESTIONNAIRE SURVEY DATA SPSS OUT PUTS vii

8 LIST OF ABBREVIATIONS Sr. no Abbreviation Full Form 1 MRO Maintenance repair and overhaul facility 2 OEM Original Equipment manufacturer 3 TAT Turn around time 4 w.r.t With respect to 5 Forex Foreign exchange 6 DGCA Director general of civil aviation 7 LCC Low cost carrier 8 FBO Fixed base operator 9 AME Aircraft maintenance engineer 10 CMM Component maintenance manual 11 USP Unique selling proposition 12 PMA Part manufacturers approval 13 BCAS Bureau of Civil Aviation security 14 AAI Airport Authority of India 15 ROI Return on investment 16 BAAI Business Aviation Association of India 17 CAPA Center for Asia Pacific Aviation 18 ICAO International Civil Aviation organization 19 IATA The International Air Transport Association 20 FICCI Federation of Indian chamber of commerce viii

9 LIST OF FIGURES Figures Page No. Passenger traffic in India Domestic market share of Airlines 27 Number of Aircrafts in India.. 33 Maintenance contracts of Airlines. 36 Population of Independent MRO and Air charter entrepreneurs Evolution of Independent MRO sector in India 97 Region wise share of MRO market 99 Location & Category of respondents Age & Family background of respondents Personal background of respondents Initial capital and current capital of respondents Source of funding and break-even of respondents Current financial condition & Current ROI of respondents ix

10 LIST OF TABLES Table No. Name of the Tab Page No. Table 1.1 Fleet data for year Table 4.1 Research measures 74 Table 4.2 Summary of internal validation methods 83 Table 4.3 Population of MRO and Air Charter entrepreneurs 85 Table 6.1 Sample Description Facts 108 Table 6.2 Significance of motivational factors in evolution of 118 Entrepreneurs Table 6.3 Correlation analysis : Aviation as a hobby of any 120 family member or friend * Personal back ground Table 6.4 Chi-Square test for Aviation as a hobby of any 121 family member * Personal Background Table 6.5 Correlation analysis : Own interest in 121 Aviation * Personal back ground Table 6.6 Chi-Square test for Own interest in 122 Aviation * Personal Background Table 6.7 Correlation analysis : Adventurous / Craving to take 123 risk * Personal back ground Table 6.8 Chi-Square test for Adventurous / Craving to take 124 risk * Personal Background Table 6.9 Correlation analysis : Desire to take challenges in 125 life * Personal back ground Table 6.10 Correlation analysis : Passion towards Aircrafts / 126 Flying * Family background Table 6.11 Chi-Square test for Passion towards Aircrafts / 127 Flying * Family background Table 6.12 Correlation analysis : Being your own master * Family 128 Background Table 6.13 Correlation analysis : Being your own master * Personal 129 Background x

11 Table 6.14 Correlation analysis : Follow your dream * Family 130 Background Table 6.15 Correlation analysis : Follow your dream * Personal 131 Background Table 6.16 Correlation analysis : Money * Family background 132 Table 6.17 Correlation analysis : Money * Personal background 133 Table 6.18 Correlation analysis : Glamour * Family background 134 Table 6.19 Correlation analysis : Glamour * Personal background 135 Table 6.20 Entry barriers in the evolution of entrepreneurs 136 Table 6.21 Correlation analysis : Difficulty in getting Permissions / 137 Approvals * Motivation Table 6.22 Correlation analysis : Difficulty in getting Permissions / 138 Approvals * Evolution Table 6.23 Correlation analysis : Infrastructural 139 constraints * Motivation Table 6.24 Correlation analysis : Infrastructural 140 constraints * Evolution Table 6.25 Correlation analysis : Capital intensive * Motivation 141 Table 6.26 Correlation analysis : Capital intensive * Evolution 141 Table 6.27 Correlation analysis : Control of OEM * Motivation 142 Table 6.28 Chi-Square tests : Control of OEM * Motivation 143 Table 6.29 Correlation analysis : Control of OEM * Evolution 144 Table 6.30 Chi-Square tests : Control of OEM * Evolution 144 Table 6.31 Correlation analysis : Unavailability of data * Evolution 145 Table 6.32 Chi-Square tests : Unavailability of data * Evolution 146 Table 6.33 Factors significant to the evolution of entrepreneurs 146 Table 6.34 Correlation analysis : Industry need based * Motivation 148 Table 6.35 Chi-Square tests : Industry need based * Motivation 149 xi

12 Table 6.36 Correlation analysis : Industry need based * Challenges 149 faced in sustenance Table 6.37 Chi-Square tests : Industry need based * Challenges 150 faced in sustenance Table 6.38 Correlation analysis : Opportunity based * Motivation 150 Table 6.39 Correlation analysis : Opportunity based * Challenges 151 faced in sustenance Table 6.40 Chi-Square tests : Opportunity based * Challenges 152 faced in sustenance Table 6.41 Correlation analysis : Idea based * Motivation 152 Table 6.42 Correlation analysis : Idea based * Challenges faced 153 in sustenance Table 6.43 Correlation analysis : Foresight / Vision * Motivation 154 Table 6.44 Chi-Square tests : Foresight / Vision * Motivation 155 Table 6.45 Correlation analysis : Foresight / Vision * Challenges 155 faced in sustenance Table 6.46 Significance of Challenges faced in sustenance 156 Table 6.47 Correlation analysis : Regulatory controls * Motivation 158 Table 6.48 Chi-Square tests : Regulatory controls * Motivation 159 Table 6.49 Correlation analysis : Regulatory controls * Rewards 159 Table 6.50 Chi-Square tests : Regulatory controls * Rewards 160 Table 6.51 Correlation analysis : High cost of operation * Motivation 161 Table 6.52 Chi-Square tests : High cost of operation * Motivation 162 Table 6.53 Correlation analysis : High cost of operation * Rewards 162 Table 6.54 Chi-Square tests : High cost of operation * Rewards 162 Table 6.55 Correlation analysis : Availability of spares * Motivation 163 Table 6.56 Chi-Square tests : Availability of spares * Motivation 164 Table 6.57 Correlation analysis : Availability of spares * Rewards 164 xii

13 Table 6.58 Chi-Square tests : Availability of spares * Rewards 165 Table 6.59 Correlation analysis : Difficulty retaining Skilled man 166 power * Motivation Table 6.60 Chi-Square tests : Difficulty retaining Skilled man 166 power * Motivation Table 6.61 Correlation analysis : Difficulty retaining Skilled man 167 power * Rewards Table 6.62 Chi-Square tests : Difficulty retaining Skilled man 168 power * Rewards Table 6.63 Correlation analysis : Control of OEM * Motivation 169 Table 6.64 Chi-Square tests : Control of OEM * Motivation 169 Table 6.65 Correlation analysis : Control of OEM * Reward 170 Table 6.66 Chi-Square tests : Control of OEM * Reward 171 Table 6.67 Correlation analysis : Effect of market 172 fluctuations * Motivation Table 6.68 Chi-Square tests : Effect of market 172 fluctuations * Motivation Table 6.69 Correlation analysis : Effect of market 173 fluctuations * Rewards Table 6.70 Chi-Square tests : Effect of market 173 fluctuations * Rewards Table 6.71 Correlation analysis : Problem managing cash 174 flow * Motivation Table 6.72 Chi-Square tests : Problem managing cash 175 flow * Motivation Table 6.73 Correlation analysis : Problem managing cash 175 flow * Rewards Table 6.74 Chi-Square tests : Problem managing cash 176 flow * Rewards Table 6.75 Significance of Rewards to the Entrepreneur 176 Table 6.76 Correlation analysis : Monetary / Financial * Motivation 178 xiii

14 Table 6.77 Chi-Square tests : Monetary / Financial * Motivation 178 Table 6.78 Correlation analysis : Recognition in the 179 Industry * Motivation Table 6.79 Chi-Square tests : Recognition in the 180 Industry * Motivation Table 6.80 Correlation analysis : Satisfaction of being an 181 employer * Motivation Table 6.81 Chi-Square tests : Satisfaction of being an 181 employer * Motivation Table 6.82 Correlation analysis : Job satisfaction * Motivation 182 Table 6.83 Chi-Square tests : Job satisfaction * Motivation 182 Table 6.84 Cross tabulation : Family 183 Background * Motivation category Table 6.85 Chi-Square Tests : Family 184 Background * Motivation category Table 6.86 Cross tabulation : Current Financial 185 condition * Motivation category Table 6.87 Chi-Square Tests : Current Financial 186 condition * Motivation category Table 6.88 Cross tabulation : Evolution * Motivation 187 Table 6.89 Chi-Square Tests : Evolution * Motivation 188 Table 6.90 Cross tabulation : Source of funding * Entry barriers 189 Table 6.91 Chi-Square Tests : Source of funding * Entry barriers 190 Table 6.92 Cross tabulation : Initial Capital * Entry Barrier 191 Table 6.93 Chi-Square tests : Initial Capital * Entry Barrier 192 Table 6.94 Cross tabulation : Break-even period * Entry Barrier 192 Table 6.95 Chi-Square tests : Break-even period * Entry Barrier 192 Table 6.96 Cross tabulation : Innovative Idea based * Evolution 194 Table 6.97 Chi-Square tests : Innovative Idea based * Evolution 194 xiv

15 Table 6.98 Cross tabulation : Industry need based * Evolution 195 Table 6.99 Chi-Square tests : Industry need based * Evolution 196 Table Cross tabulation : Regulatory norms * Sustenance 197 Table Chi-Square tests : Regulatory norms * Sustenance 198 Table Cross tabulation : Capital Intensive * Sustenance 199 Table Chi-Square tests : Capital Intensive * Sustenance 199 Table Cross tabulation : Glamour * Rewards 201 Table Chi-Square tests : Glamour * Rewards 201 Table Cross tabulation : Rewards * Motivation 202 Table Chi-Square tests : Rewards * Motivation 203 Table Summary of Hypothesis Validation 204 Table 7.1 Summary Pearson correlation test 214 xv

16 EXECUTIVE SUMMARY Since the airline deregulation took place in the year 1994, a new business model has emerged in the Indian aviation industry. It has caused a shift in the way people travel within India. With the launch of private airlines and increase in number of Aircrafts, the need for aviation maintenance has increased. Also the Low cost carrier model of commercial aviation has opened up avenues for third party independent maintenance, repair and overhaul facilities (MRO). The low cost carrier business model includes only line maintenance to be done in-house and all other maintenance jobs are outsourced to the Independent MROs. As the aircrafts get older, the need for maintenance would increase, thus creating opportunities for entrepreneurs to enter into Independent aviation maintenance business. The competition amongst the airlines and charter operators, has forced these operators to consider cost cutting measures. Maintenance being one of the major cost in the total operation of an Aircraft, local or nearby MROs would be preferred to save the aircraft ferrying, crew and fuel costs. The deregulation also opened up the skies for small business jets to fly across the length and breath of the country, which created opportunities for Air Charter business in India. With the emergence of rich business class in last 2 decades, air charter has seen steady demand and business travel has shifted from flying by commercial airlines to traveling by private jets. Traveling by Charter or Private aircraft, not only gives luxury and privacy, but also saves time and effort. The upcoming successful businessmen prefer to xvi

17 hire a charter plane than owning one, due to the regulatory and operational hassles involved in it. It also gives them the flexibility of hiring different types of charter planes as per their travel needs and the airports at which they intend to land. In light of the growth in aviation industry, specifically in the MRO and Air charter sectors, this study becomes important due to the fact that people are traveling more frequently and wish to do so quicker and more efficiently. With businesses growing faster than before, the need for Air Charter is increasing day by day and hence a study of the evolution and challenges faced by the entrepreneurs engaged in Air Charter would add value to the industry. The challenges faced by MROs which is a limiting factor in the growth of this sector, would create a problem for the Airlines in the near future. According to the Industry sources 85% of the aviation maintenance is still outsourced to the US and Europe or their subsidiaries out side India. Hence a study was past due in the area of aviation MRO, to evaluate the challenges, which if addressed at the industry level could give impetus to the development of this sector. The objective of this research is to study the evolution of entrepreneurs in Aviation maintenance and Air Charter businesses to draw the pattern of growth, basis on which references can be made for future growth in these two sectors. This research also looks at whether or not the challenges faced by entrepreneurs is effecting the over all growth in these two sectors. A study xvii

18 of both external as well as internal industry challenges faced by the entrepreneurs has been made and analyzed through statistical methods. Investment, Regulatory, Control by the manufacturers, human and technical challenges have been investigated. This study has sought to identify the major factors, which affected the evolution of entrepreneurs in these two sectors. On the basis of factors which affected the evolution of entrepreneurs, an endeavor has been made to study the impact of these evolutionary factors on the sustenance of entrepreneurs. The method chosen for this study was of an integrated approach based on both the primary and secondary data. Due to the limited sample size in these two sectors of Indian aviation industry, each entrepreneur was individually met and interviewed to obtain first hand information. A literature survey coupled with a comparative analysis has also been done. The data obtain after interview was analyzed through SPSS and validation of Hypothesis tested through statistical methods. Dramatic change has occurred in the Indian Aviation industry in last 10 years. Competition is increasing not only between airlines but also between Independent MROs and Air charter operators. With the competition going to increase in the future, entrepreneurs will have to redesign their business models to keep afloat. While the Indian aviation industry is still in its growth stage, there are several challenges related to infrastructure, technology and xviii

19 human resources, which if not addressed immediately, would eclipse the growth of aviation industry in India. The study of evolution of entrepreneurs in MRO reveals that the growth in last one decade has been slow in comparison to the overall increase in the traffic and passenger load. Independent MRO sector is still getting organized, when there is an immediate need for it to scale up. There are several opportunities in this sector, however due the challenges faced by entrepreneurs, not much investment is being made in MRO sector. The entry barriers, long gestation period, not enough reward / return on investment and multiple challenges faced by the entrepreneurs in sustenance is keeping away new entrepreneurs to enter into Independent MRO business. Reports show a growth of 18% PA in the Indian aviation industry and passenger load of upto 100 million by end of With such high growth Airlines will continue to lose revenue due to high cost of maintenance and outsourcing of repair jobs out side India. Findings of this research show that not enough is being done to attract entrepreneurs in Independent aviation maintenance sector. The evolution in this sector has been slow and entrepreneurs are facing constant challenges to sustain. In the Air charter sector findings of this research show that entrepreneurs who entered into Air Charter business in last 5-6 years are now realizing that xix

20 their business is not making profit and hence they have to restructure their business model very frequently. The regular customers who fly Charter Aircrafts for more than 200 hours in a year, prefer to buy their own private jets, considering the total spending done by them in flying Charter Aircrafts in a year. Air charter business is facing challenges in sustenance due to the high cost of operation, infrastructural limitations and regulatory issues. Air charter business has different set of challenges, because of the regulatory restrictions at most of the airports, like no permission to land during peak hours, unavailability of night landing facility, runway limitations, unavailability of trained pilots locally etc. This study has made an attempt to know the motivating factors for entrepreneurs to enter into Air charter business inspite of several challenges being faced at the industry level. This study reveals some interesting facts, which show that non of the Air Charter companies in India have ever made profit and continue to operate as a support to their parent companies which have used them for internal travel purpose. Many entrepreneurs entered the Air charter business due to the glamour attached with this industry, only to realize later that Air Charter is not a profitable business. Air charter business in India can either survive as a supporting activity to the parent company or its business model has to be designed in a way to make private air travel affordable, only then volumes can come from this business. xx

21 This study through the statistical analysis arrives at conclusions that internal motivation level of entrepreneurs in both MRO and Air charter business was a major factor which helped them to sustain in their business, the external factors like regulatory norms and funding did not had much effect on their sustenance. However, infrastructural constraint is a major hindrance in the over all growth of MRO as well as Air charter sectors of the aviation industry in India. It also concludes that the capability of an entrepreneur to overcome the entry barriers had correlation with the internal motivation level of the entrepreneur. This study establishes the fact that entrepreneurs are a different breed and have maneuvering skills to handle their business in different situations. Conclusions show that entrepreneurs did not evolve due to the industry needs but they were more idea based and grabbed the opportunities through their vision and foresight, they also maneuvered to sustain in business despite all the inherent challenges of these two sectors. xxi

22 CHAPTER I INTRODUCTION 1

23 CHAPTER I INTRODUCTION Evolution of Entrepreneurs in the Indian aviation industry and factors affecting their sustenance : A study of entrepreneurs in Aviation maintenance and Air Charter business, is the study to understand the facts like family back ground, source of funding, effect of various factors like motivations, entry barriers, challenges, entrepreneurial traits and characteristics which played important role in the evolution of Entrepreneurs in the Indian aviation industry. During the last two decades, the commercial aviation industry in India has seen multifold growth due to the increase in number of people traveling by air and thus has given rise to the need of more aircraft maintenance. The corporate or business flying has also seen phenomenal growth, as the business houses have grown and first generation entrepreneurs have created wealth with the growth in economy. The overall growth in Commercial aviation (scheduled airlines) as well as General aviation (non Scheduled - Air Charter / business flying) has brought in opportunities for entrepreneurs. This gave birth to entrepreneurship in different areas of aviation industry. Since the aviation industry in India is still in its growth stage, there is not much reference available to the entrepreneurs who engage themselves in aviation related business. In the 2

24 growth stage, every industry keeps trying different business models and hence the challenges faced by the entrepreneurs are varied. In the growth stage business models and strategies need to be adjusted to the varying external business environments. The business dynamics in the growth stage is highest and thus the entrepreneurial skills are put to test during this phase. Success of an entrepreneur depends on his / her adoptability to the changes in external environment. This research is an attempt to study the evolution of entrepreneurs in the Independent aviation maintenance and Air charter segments of the aviation industry in India and compile the information for future reference of entrepreneurs who would like to establish their business in this industry. As such the whole study is divided into 3 segments 1) Study of the general and financial facts of entrepreneurs in Independent aviation MRO (maintenance repair and overhaul facilities) and Air charter business, 2) Study of the factors responsible for their evolution and 3) Challenges faced by the entrepreneurs to sustain in their business dynamics of aviation related entrepreneurship. Entrepreneurs are innovators and the saying Need is the mother of all innovations applies to entrepreneurship. Most entrepreneurs are born out of need, whether it is the individual need of the entrepreneur or industry need, where the entrepreneur taps the opportunity and converts it into a business enterprise. This study through the survey gathers information on how 3

25 entrepreneurs tapped the opportunity which came along with the growth in Indian aviation industry and what are the factors effecting their sustenance in the same business. Opportunity identification has increasingly been viewed as a core attribute of entrepreneurship (Shane & Venkataraman, 2000), without which entrepreneurship cannot take place (Singh, 1998). This dissertation also addresses the fundamental question of entrepreneurship from a cognitive perspective : why some people are able to identify entrepreneurial opportunities in the aviation sector. It suggests that social networks, information diversity, prior knowledge and entrepreneurial alertness are necessary but not sufficient to explain the process of identifying entrepreneurial opportunities. Whether an opportunity can be identified necessitates congnitive processing, which refers to the mode of thinking through connecting previously unconnected matrices or domains of information. Entrepreneurs are a difference breed, who drive the society, industries and economy of countries at large. Entrepreneurs are born with fire and their fire within becomes a forest fire as they tap the opportunity and make it big. This study has made an attempt to evaluate the factors which act as fire within the entrepreneurs. It would be difficult to imagine the economy of India less Tata, Reliance and Infosys, these being only 3 such names of successful enterprises for 4

26 reference purpose. Even such an imagination would bring shiver to economists. In a similar manner there are hundreds and thousands of entrepreneurs contributing to the economy of India, right from the milk man who delivers milk every day morning to our homes to the auto rickshaw driver who takes us from our home to office. They are all entrepreneurs who are self motivated, self driven and self managed, who contribute to the economy in their own way. No industry can growth or evolve without entrepreneurs. Thus it becomes important to study the various factors which encourage the entrepreneurs to start their own business. This study with its focus on Independent Aviation Maintenance (MRO) and Air Charter business will try to contribute to the existing literature on this subject and reference to the industry. Entrepreneurship A journey full of challenges : "Entrepreneurship is the recognition and pursuit of opportunity without regard to the resources you currently control, with confidence that you can succeed, with the flexibility to change course as necessary, and with the will to rebound from setbacks." An entrepreneur is a person who starts a business to follow a vision, to make money, and to be the master of his/her own soul (both financially and spiritually). Inherent in the venture is the risk of what the future may bring. Therefore, an essential key to success is that the entrepreneur also be an "educated" risk taker. According to Muthu Kumar & Ayyapan (2003) There is no such thing as a 5

27 good time or bad time to start companies, all times are equally challenging. Opportunities always exist, what is important is the attitude which one takes to entrepreneurship. Nothing in the past that one has done can prepare one for "chucking it all up" and becoming an entrepreneur. No management education or theory can provide answers to the Right Way to build a company from scratch. Many of the best of management thinkers have been found wanting, when it came to running their own company. The fact remains, that only 1 in 100 startups succeeds. If one were to ask entrepreneurs about their chances of success, most would give themselves greater than even odds, even as high as a 60-70% chance of success. The reality though, is very different. While no one can predict success or failure, it is important to do things right to begin with. Successful entrepreneurs are those who have the great ability to articulate in a passionate way what their vision is, to not just their investors, but also to their employees and potential customers. They should understand their limitations, wiling to be held accountable, need to be focused, tenacious and determined to succeed. As they grow their businesses, they must learn to enlarge their inner circles and empower their professionals for their business to grow. Researchers have been inconsistent in their definitions of entrepreneurship (Brockhaus & Horwitz, 1986, Sexton & Smilor, Wortman, 1987; Gartner, 1988). Definitions have emphasized a broad range of activities including the 6

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