Strategic thinking is an ability to identify potential business opportunities in the
environment and visualize a place for business ventures. Strategic thinking enables
entrepreneurs to (a) identify unfulfilled need/demand in the market, (b) develop a business model to cater to those needs, and (c) position their business suitably in order to differentiate their products and services. Empirical work on the construct “strategic thinking” will expand our understanding of entrepreneurial characteristics and motivation. The first paper, “Strategic Thinking as a Differentiator in Entrepreneurial Cognition”, by Koushik Dutta, analyzes how high-performing entrepreneurs score on the three components of strategic thinking—systems thinking, reframing and reflection. Strategic thinking, which involves intuition and creativity, plays an important role in the success of entrepreneurship. Survey research method was used to test the hypothesis that strategic thinking is an intrinsic characteristic of high performing entrepreneurs. The results of this study have implications in the domains of selection and training of high potential entrepreneurs.
The second paper, “Promoting Youth Entrepreneurship in India: Perceptions and Suggestions”, by Revathy Rajasekaran, S Chinnathai and T Ramadevi, focuses on analyzing the entrepreneurial traits in the youth and the socioeconomic factors influencing youth entrepreneurship. Survey research method was used to collect data from 382 respondents, who were primarily students of tertiary education. The data were analyzed to probe the benefits and barriers to start entrepreneurial ventures. Further, the study analyzed how socioeconomic factors influenced entrepreneurial orientation among the students. The results of the study have implications for entrepreneurial education and training programs.
Most often, prospective first-time entrepreneurs choose to venture into their own business through franchising. By taking franchising route they can quickly launch their business ventures. Since India’s economy is increasingly driven by the service sector, franchising growth becomes exponential. The third paper, “Growth Prospects of Retail Franchising Business in India”, by Reetu Mehta and Rajiv Kaushik, focuses on growth opportunities and challenges associated with franchising business in India. The paper provides sector-wise analysis of growth projections of franchising business till 2017. It then analyzes the business models of a few chosen leading companies operating in retail franchising business.
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.
