Entrepreneurship can be defined as a dynamic procedure of vision, alteration and creative activity that requires an application of energy and passion toward the creative activity and execution of new thoughts and originative solutions. This procedure of invention and new venture creative activity is accomplished through four major dimensions single, organisational, environmental, and procedure and is aided by collaborative webs in authorities, instruction and establishments. All of the macro and micro places of entrepreneurial idea must be considered while acknowledging and prehending chances that can be converted into marketable thoughts capable of viing for execution in today ‘s economic system.
Mr. Chandra Wijenaike is the laminitis president of the largest and strongest non-bank establishment in Sri Lanka at the minute. He nurtured and guided Central Finance Company PLC to its current province. Mr. Wijenaike was clearly a hazard taker as we can see that he formed the company in 1957 which was an epoch where both the investors and creditors could non be trusted. But he took assurance in all of them and continued to construct the finance institute in the hill capital of Sri Lanka, which was the first of its sort. He got into University of Ceylon but he had to drop out due to the unwellness of his male parent. Although he was non regretful about go forthing the university, if he was able to complete analyzing he would hold been merely another civil retainer. He was non born as an enterpriser but he started developing as a plantation owner and got a thorough preparation.
Sri Lanka ‘s concern universe was speedy to acknowledge the broad and varied cognition he possessed in the plantation and fiscal services sectors and his being invited to function on 49 Boardss, serves as ample testimony to the regard and respect which he was held.
2.0 Forming the Company
Mr. Wijenaike admired motor autos. He had a friend who owned a motor salesroom in Kandy and frequently visited him to hold a confab about the new autos he bought. There his friend told him that to finance his autos he had to travel to Colombo every hebdomad which was about full four twenty-four hours ‘s journey from Kandy to Colombo at that clip. Therefore Mr. Wijenaike got the thought of organizing a fiscal institute in the hill capital of Sri Lanka which was besides the hub of commercial operations in the Central Province to offer hire perches services to clients. He had no thought how a hire purchase plants and he was low plenty to acquire some kind of inside informations from his friend. No feasibleness survey was done and the company was started with a capital of Rs. 170,000/= in 1957. It started its operations in a rented room at the Kandy Planters Club. Advancement of Central Finance was slow in the initial yearss. But with the alteration of authorities and the unfastened economic system policy coming into drama finance institutes were expected to supply hire purchase installations to the populace.
By the 1980 ‘s Central Finance has provided the funding for about 30 % of the private conveyance fleet runing on the route web throughout Sri Lanka. With that Mr. Wijenaike realized that no organisation can be successful unless there was a strong forces construction which can supply for future planning schemes and speedy execution in a quickly altering and extremely competitory economic scenario. Therefore Mr. Wijenaike started to spread out the concern and the direction was strengthened.
As the concern was turning Central Finance PLC moved onto different countries of concerns. Such as plus leasing, sedimentation mobilisation, portion portfolio direction, measure discounting, existent estate development, lodging and insurance broking etc. Central Finance has now about 55 Branchs Island broad which is the largest fiscal institute is working in Sri Lanka at the minute. Central Finance has achieved the evaluation of ‘A+ ( lka ) awarded by Fitch Ratings Sri Lanka which is a higher evaluation than some of the commercial Bankss in Sri Lanka. Therefore as we can see Mr. Wijenaike got a new thought of get downing a fiscal institute and doing lives easy for people populating in Kandy at that clip. But he did non simply get down this new venture to assist the people merely in Kandy ; he developed his company and offered services around the state.
3.0 Properties of the Entrepreneur
There are myths about enterprisers within Sri Lanka every bit good ; Mr. Wijenaike has demolished all those. Main myth is that enterprisers are born non made. As we can see from the above given account Mr. Wijenaike was non born an enterpriser his male parent was merely a mere plantation owner in a tea estate which in the early yearss Mr. Wijenaike himself followed, but he was born to a affluent household. Therefore he had some kind of a aid from his household but the thought of conveying the fiscal service to the hill capital of the state is entirely his invention. He acquired cognition from the aid of his friends and household about the finance service.
Mr. Wijenaike besides possessed entrepreneurial properties such as committedness and finding, need for accomplishment, internal venue of control and chance orientation. His committedness and finding to better the position of the company and to hold a net income through it is extremely appreciated within the concern universe in Sri Lanka. He was besides driven by a strong demand to accomplish ends which he himself has imposed upon him. Mr. Wijenaike has actively looked for chances in the market by himself without trusting in others hence ensuing in diversifying the company. He was besides end oriented and looking for ways to roll up money and resources ensuing in traveling for an initial populace offer for the company in 1969.
4.0 Approaches towards Innovation
Mr. Wijenaike took the service of hire buying which was already done by Bankss in the capital of Sri Lanka and rhenium invented that same construct in the hill state of Sri Lanka. This type of invention is known as duplicate, which is the reproduction of an already bing merchandise, service or procedure. The duplicate attempt, nevertheless, is non merely copying spot by adding the enterpriser ‘s ain originative touch to heighten or better the construct and crush the competition. Therefore we can see from above Mr. Wijenaike managed to offer a similar service that the rivals are offering but at a topographic point where the rivals are unable to make at that clip. Mr. Wijenaike offered it at a convenience topographic point to the people who were shacking in Central Province.
His beginning of invention has been the tendency of the economic system at that clip in Sri Lanka. It was after the independency in Sri Lanka ; he has observed the society and its demands and identified the peculiar service for his place town. Besides another beginning with respect to his invention has been the industry and market alterations. Mr. Wijenaike has been alert to the above given beginnings and has identified chances.
5.0 Innovator Actions Associating to Success
Mr. Wijenaike has been an action oriented individual. If he has non been such a individual who searches for new thoughts and chances he would n’t hold found the chance to set up a fiscal institute. Besides he has diversified into many countries soon where he found the chances for serve the people of the state every bit good as to distribute his subdivision web.
He has besides been client oriented where he has provided the clients with a really competitory hire purchase rates.
He has started little in a rented room with a staff of merely six. But after the induction he has aimed high and we now can see the consequences of his success.
Mr. Wijenaike has besides followed a milepost agenda where he has accomplished assorted things along the 50 old ages of the company history. He has non expected it all to go on at one time and to turn the concern measure by measure.
6.0 Dark side, Limitations of the Entrepreneur
Although Mr. Wijenaike succeeded in constructing his imperium of a concern he did hold a dark side to it together with restrictions and booby traps.
The most important dark side trait was the hazard Mr. Wijenaike faced when he started this new venture. In that whole venture Mr. Wijenaike has the fiscal hazard, which is most common to new ventures every bit good as the hazard of his calling since he trying something that no other party in his place town has attempted, since he besides dropped out of university and he did n’t prosecute much about the plantation field his calling hazard was really high.
A restriction with respect him would be the emphasis he encountered in submergence in concern and people jobs. Immersion in concern would be that he had merely six staff members ab initio and he had the highest duty so. Therefore he can non merely travel on holidaies with his household and go forth his concern to run itself. And the people job would be that the staff he had was non much experienced and he was stressed out acquiring them into coming up to the expected criterions of Mr. Wijenaike.
7.0 Future Challenges
Central Finance holding passed the 50 old ages landmark in concern have succeeded many mile rocks in its journey. There has been an unbroken record of dividend payments to its stockholders within the 25 old ages of the company after get downing to merchandise in the stock market. Central Finance has challenges in front. Such as new fiscal institutes have come up and the commercial Bankss in Sri Lanka are fiting the involvement rates of Central Finance. The cost of enlargement is traveling up and chances have risen in north and eastern states of Sri Lanka to spread out the concern. Now Mr. Wijenaike has stepped down from the chairmanship function and he is preparing his boy to take the following president ‘s function. So the boy should be able to run into the outlooks of the stockholders every bit good as the outlooks of the clients in the hereafter.
We can see that Mr. Wijenaike has been an odd enterpriser in his clip and identified the chance for a new venture creative activity and implemented his thought creative activity to a successful concern. Mr. Wijenaike has achieved the position of a successful man of affairs due to the committedness, assurance, creativeness, intelligence he had within himself.