The life cycle of an entrepreneurship creates tremendous learning opportunity for one
to understand the path of entrepreneurship. The marketplace offers opportunities for
all, but success varies significantly. The ability to time success from an idea depends on how the individual takes it up further. An individual’s thought gets influenced by multiple environmental factors, which in turn influences the enterprise. The current issue deals with some of these very pertinent issues that impact the success of an enterprise. The three papers on entrepreneurial cognition, sociocultural factors and open innovation adoption are important points in the learning curve of an entrepreneurial journey.
The first paper, “Entrepreneurial Cognition: A Model of New Venture Creation”, by Jose Mathews, states that entrepreneurial cognition mediates the relationship between an entrepreneurial context and entrepreneurial outcome. The study establishes a positive relationship between higher complexity of entrepreneurial cognitions and profit-making ability of the enterprise. The model explains how entrepreneurial opportunities are differently interpreted in creating a new enterprise.
The second paper, “A Conceptual Model of Sociocultural Determinants of Entrepreneurship”, by Syamala Devi Bhoganadam and Dasaraju Srinivasa Rao, identifies the entrepreneurial traits influencing entrepreneurial success. The study proposes a theoretical framework explaining how sociocultural factors influence entrepreneurship via entrepreneurial traits. Sociocultural environment influences entrepreneurial traits and thus the ability of the enterprise to make profits. For a county like India offering demographic diversity as a basic characteristic, this kind of study is an interesting research exploration.
The last paper, “Open Innovation as Business Driver: Investigating the Impact of Firm-Level Evidence on Opening Up to External Players”, by Saidu Nasiru Sulaiman, Daleep Parimoo and Shradha Malhotra Banga, investigates how Small and Medium Enterprises (SMEs) can adopt an open innovation framework to improve their business acumen. The readiness of a firm to learn from its external environment can positively contribute to the business acumen and hence profits. The paper illustrates the same through a case study of a firm adopting to its external players, which had a positive impact on its turnover and revenue.
Automated Teller Machines (ATMs): The Changing Face of Banking in India
Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.
The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario
If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.
Indian Scenario
The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.
