INHERITED SKILLS AND TECHNOLOGY: INDIAN ENTREPRENEURSHIP DEVELOPMENT

Abstract

Entrepreneurial development in India relies on generational mentoring, family business skill set, and exploration of technological progress. The know-how of skills, learned and refined over generations, leads to sustained development that is then converted into technology. Inheritance is one aspect that plays a major role in skill development. The transformation of skill into a technological component paves the way for the successful entrepreneurship. The spark initiated through inherited skill sets and ignited through the addition of technology results in useful entrepreneurial value. The basic societal needs remain the same while the trends take a changed form with the advent in technology. This requires the conversion of the time-honored skills through adaptation of the technological exponent in the changing societal trends. This paper offers an optimization model with maximization of entrepreneurial value as the objective and business output as the constraint. Skill and technology are taken as the variables. The model uses the primer value theorem as the computational tool, which solves the model in the indeterminate domain to suggest different strategies. The concept is demonstrated through three case examples.