Entrepreneurship Entrepreneurship ManagementManagement

- Prof. J.C. Saboo- Prof. J.C. Saboo

What do you mean by…What do you mean by…

EntrepreneurEntrepreneur (oxford dictionary): Person who undertakes an (oxford dictionary): Person who undertakes an enterprise with chances of profit or loss.enterprise with chances of profit or loss.Enterprise Enterprise (oxford dictionary): Bold (oxford dictionary): Bold UndertakingUndertakingEntrepreneurEntrepreneur-New Encyclopedia -New Encyclopedia Britannica: An individual who bears the risk of Britannica: An individual who bears the risk of operating business in the face of uncertainty operating business in the face of uncertainty about the future conditions.about the future conditions.Common Meaning: one who starts his own, new Common Meaning: one who starts his own, new and small businessand small business

EntrepreneurshipEntrepreneurship: It is a philosophy or : It is a philosophy or process through which an entrepreneur process through which an entrepreneur seeks innovation and employment. seeks innovation and employment.

Entrepreneur Entrepreneur EntrepreneurshipEntrepreneurship EnterpriseEnterprise

PersonPerson Process or PhilosophyProcess or Philosophy ObjectObject

Entre Entre – enter– enter Pre Pre – before– before Neur Neur – Nerve – Nerve CentreCentre

Entrepreneurship can be described as a creative

and innovative response to the environment.

Entrepreneurship TheoriesEntrepreneurship Theories

1600:1600: French verb- French verb- EntreprendreEntreprendre – to – to undertakeundertake1700:1700: Person bearing Risks of Profit in a fixed Person bearing Risks of Profit in a fixed price contract (Risk)price contract (Risk)1725:1725: Richard CantillonRichard Cantillon – Person bearing risks – Person bearing risks is different from Capital Supplier (Risk)is different from Capital Supplier (Risk)1803:1803: J. B. SayJ. B. Say – Shifts economic resources – Shifts economic resources out of an area of lower into an area of higher out of an area of lower into an area of higher productivity & greater yields (Value Addition)productivity & greater yields (Value Addition)1934:1934: Joseph SchumpeterJoseph Schumpeter – Innovator and – Innovator and develops untried technology (Productivity & develops untried technology (Productivity & Innovation)Innovation)

Entrepreneurship Theories…Entrepreneurship Theories…

1961:1961: David McClellandDavid McClelland – highly motivated, – highly motivated, energetic, moderate risk taker (Need for achievement)energetic, moderate risk taker (Need for achievement)

1964:1964: Peter DruckerPeter Drucker – Searches for change, – Searches for change, responds to it & exploits as opportunity (Opportunity responds to it & exploits as opportunity (Opportunity Focused)Focused)

1980:1980: Karl VesperKarl Vesper – Behaviour Perceptions- – Behaviour Perceptions- Economists, Psychologists, Businessmen, Politicians Economists, Psychologists, Businessmen, Politicians (Environment)(Environment)

1983:1983: Gifford PinchotGifford Pinchot- Intrapreneur- Intrapreneur

1985:1985: Robert HisrichRobert Hisrich - Creating something different - Creating something different with value, devoting time & effort, assuming risks (FPS); with value, devoting time & effort, assuming risks (FPS); results-rewards and satisfaction (Leadership & Vision)results-rewards and satisfaction (Leadership & Vision)

How do you define an entrepreneur in the 21st Century?

EntrepreneurshipEntrepreneurship

““Is the process of creating Is the process of creating something different with value something different with value by devoting the necessary time by devoting the necessary time and effort, assuming the and effort, assuming the accompanying financial, psychic, accompanying financial, psychic, social risks and receiving the social risks and receiving the resulting rewards of monetary resulting rewards of monetary and personal satisfaction and and personal satisfaction and independence” independence”

The Nature and Development The Nature and Development of Entrepreneurshipof Entrepreneurship

Entrepreneur stems from Entrepreneur stems from French Verb Entreprendre French Verb Entreprendre

means between – taker or go betweenmeans between – taker or go between

New Definition involves four New Definition involves four aspects:aspects:The creation processThe creation processThe devotion of time and effortsThe devotion of time and effortsThe assumption of risksThe assumption of risksRewards of independence, satisfaction, money. Rewards of independence, satisfaction, money.

To an IndividualTo an Individual

Self EmploymentSelf EmploymentEmployment for near & dearEmployment for near & dearProlonged career for next generationsProlonged career for next generationsFreedom to use own ideas - Innovation Freedom to use own ideas - Innovation and creativityand creativityUnlimited income / higher retained incomeUnlimited income / higher retained incomeIndependenceIndependenceSatisfaction Satisfaction

To the NationTo the Nation

Provides larger employmentProvides larger employment

Results in wider distribution of wealthResults in wider distribution of wealth

Mobilizes local resources, skills and Mobilizes local resources, skills and savingssavings

Accelerates the pace of economic Accelerates the pace of economic developmentdevelopment

Stimulates innovation & efficiencyStimulates innovation & efficiency

Factors favouring Factors favouring EntrepreneurshipEntrepreneurship

Growth of education- science, technology Growth of education- science, technology & management& management

Developed infrastructure facilitiesDeveloped infrastructure facilities

Financial assistanceFinancial assistance

Training facilitiesTraining facilities

Protective and promotional policiesProtective and promotional policies

GlobalizationGlobalization

Think of numerous other factors?

What makes a Successful What makes a Successful Entrepreneur?Entrepreneur?

The urge for achievementThe urge for achievement

Determination to winDetermination to win

Win-Win PersonalityWin-Win Personality

Willingness to take moderate risksWillingness to take moderate risks

Ability to identify & explore Ability to identify & explore opportunitiesopportunities

Analytical ability to take strategic Analytical ability to take strategic decisionsdecisions

PerseverancePerseveranceFlexibilityFlexibilityCapacity to plan and organizeCapacity to plan and organizePreparedness to undergo physical and Preparedness to undergo physical and emotional stressemotional stressPositive self conceptPositive self conceptFuture orientation: Future orientation: VisionVisionEthics and Values :Ethics and Values :MissionMission

Who can be an Entrepreneur?Who can be an Entrepreneur?

Who can take moderate risksWho can take moderate risksWho has ability to work hard Who has ability to work hard Who can capitalize on opportunitiesWho can capitalize on opportunitiesWho has some financial strengthWho has some financial strengthWho feels the need for achievementWho feels the need for achievementWho has desire for responsibilityWho has desire for responsibilityWho has perception of probability of successWho has perception of probability of successWho gets stimulation by feedbackWho gets stimulation by feedbackWho possess skills in organizingWho possess skills in organizingWho can be male or femaleWho can be male or femaleWho may not have previous experienceWho may not have previous experience

Characteristics of an Characteristics of an EntrepreneurEntrepreneur

Mental abilityMental abilityClear objectivesClear objectivesBusiness secrecyBusiness secrecyH.R. abilityH.R. abilityCommunication abilityCommunication abilityTechnical knowledgeTechnical knowledgeAchievement-orientedAchievement-orientedPerseverancePerseveranceEthicalEthical

MotivatorMotivatorSelf-confidentSelf-confidentLong term Long term involvementinvolvementHigh energy levelHigh energy levelProblem solverProblem solverInitiatorInitiatorGoal setterGoal setterRisk takerRisk taker

Key elements of entrepreneurKey elements of entrepreneur

InnovationInnovation

Vision Vision

Ethics & ValuesEthics & Values

Organizing SkillsOrganizing Skills

Risk takingRisk taking

Need for AchievementNeed for Achievement

Study the Profile of a Successful Entrepreneur and identify six key elements in order of priority

Entrepreneur’s Background Entrepreneur’s Background and Characteristicsand Characteristics

Family environmentFamily environmentEducationEducationAge Age Physical attributesPhysical attributesMarital statusMarital statusWorking historyWorking historyFamily contactsFamily contactsProfessional contactsProfessional contactsPersonal valuesPersonal valuesLifestyleLifestyle

Analyze your PersonalityAnalyze your Personality

Feelings about ControlFeelings about Control

Feelings about IndependenceFeelings about Independence

Willingness to take RisksWillingness to take Risks

What is a job competency?What is a job competency?It is knowledge, skills and attitudeIt is knowledge, skills and attitude

Knowledge – collection and retention of information.Knowledge – collection and retention of information.

Skills are ability to do something well (hard Skills are ability to do something well (hard and soft skills)and soft skills)

Motives are reasons for doing somethingMotives are reasons for doing something

(need)(need)

Traits – characteristics way in, which a person Traits – characteristics way in, which a person responds.responds.

Attitude reflects the way of thinking and actingAttitude reflects the way of thinking and acting

(Self and others determine the attitude)(Self and others determine the attitude)

Performance emerges from the Performance emerges from the combination of knowledge, skills and combination of knowledge, skills and attitudeattitude

InitiativeInitiative– Taking actions that go beyond job requirements or Taking actions that go beyond job requirements or

demands of the situation.demands of the situation.– Doing things on own before being asked for or being Doing things on own before being asked for or being

forced by the events.forced by the events.– Taking actions to start the business and expand into new Taking actions to start the business and expand into new

areas, products and services.areas, products and services.Seeing & acting on opportunities Seeing & acting on opportunities – Looking for and taking actions to seize opportunitiesLooking for and taking actions to seize opportunities– Seeing and acting on opportunities for business Seeing and acting on opportunities for business

development or for personal growth.development or for personal growth.– Seeing unusual opportunitiesSeeing unusual opportunities– Seizing opportunities, need, procuring and mobilizing Seizing opportunities, need, procuring and mobilizing

necessary resources.necessary resources.

PersistencePersistence– Taking repeated actions to overcome obstacles that Taking repeated actions to overcome obstacles that

get in the way of achieving goalsget in the way of achieving goals– Taking actions in the face of obstacles.Taking actions in the face of obstacles.– Ensuring all efforts to solve a problem or barrier.Ensuring all efforts to solve a problem or barrier.

Information seekingInformation seeking– Taking action s on own to help reach objectives.Taking action s on own to help reach objectives.– Personally undertaking a research or analysis to find Personally undertaking a research or analysis to find

out answers to some problem.out answers to some problem.– Seeking information to clarify what is needed.Seeking information to clarify what is needed.– Using networks to obtain information. Using networks to obtain information.

Concern for high quality of workConcern for high quality of work– Doing things that meet or beat existing Doing things that meet or beat existing

standard of excellence.standard of excellence.– Stating a desire to produce work of high Stating a desire to produce work of high

qualityquality– Comparing work favorably to that of others.Comparing work favorably to that of others.– Making all out efforts to ensure the quality of Making all out efforts to ensure the quality of

product or services.product or services.

Work commitment to contractWork commitment to contract– Placing highest priority for getting a job Placing highest priority for getting a job

completed.completed.– Taking all the effort to complete a job.Taking all the effort to complete a job.– Accepting responsibilities for failures.Accepting responsibilities for failures.– Expressing utmost concern for the customersExpressing utmost concern for the customers– Readiness to work at any level to get work Readiness to work at any level to get work

done.done.

Efficiency OrientationEfficiency Orientation– Constantly looking for ways to do things faster or with Constantly looking for ways to do things faster or with

fewer resources or at a lesser cost.fewer resources or at a lesser cost.– Using business tools to increase personal or Using business tools to increase personal or

professional efficiency.professional efficiency.– Expressing concern for assessing cost versus reward Expressing concern for assessing cost versus reward

of some improvements, changes or action. of some improvements, changes or action.

Systematic PlanningSystematic Planning– Developing and using logical steps to reach goals.Developing and using logical steps to reach goals.– Breaking a large task into several sub tasks.Breaking a large task into several sub tasks.– Developing plans after duly anticipating obstacles.Developing plans after duly anticipating obstacles.– Evaluating alternatives on merits and demerits.Evaluating alternatives on merits and demerits.

Problem SolvingProblem Solving– Identifying and applying new ideas to reach the goals.Identifying and applying new ideas to reach the goals.– Identifying the root cause of the problem.Identifying the root cause of the problem.– Developing strategies in the light of objectives, Developing strategies in the light of objectives,

resources, and constraints.resources, and constraints.– Generating new ideas or innovative solutions.Generating new ideas or innovative solutions.

Self Confidence Self Confidence – Having a strong belief in own abilities.Having a strong belief in own abilities.– Sticking with own judgment in the face of opposition Sticking with own judgment in the face of opposition

or early lack of success.or early lack of success.– Doing something for which chances of success are Doing something for which chances of success are

not very fair.not very fair.

PersuasionPersuasion– Persuading others successfullyPersuading others successfully– Selling someone an idea, product or service.Selling someone an idea, product or service.– Making someone agree to provide resourcesMaking someone agree to provide resources– Convincing with confidence, competence and respect.Convincing with confidence, competence and respect.

Use of Influence StrategiesUse of Influence Strategies– Using a variety of strategies to influence others Using a variety of strategies to influence others

successfully successfully – Developing professional and business contacts.Developing professional and business contacts.– Using influential people to get own things done.Using influential people to get own things done.– Carefully limiting the information to be given to othersCarefully limiting the information to be given to others– Using others authority and resources, but remaining ethicalUsing others authority and resources, but remaining ethical

AssertivenessAssertiveness– Confronting problems and issues with other directly Confronting problems and issues with other directly – Speaking politely but firmly.Speaking politely but firmly.– Telling others clearly what they have to do Telling others clearly what they have to do – Reprimanding those who fail to perform as expected Reprimanding those who fail to perform as expected

however close they may be. however close they may be.

MonitoringMonitoring– Ensuring smooth progress of project or work.Ensuring smooth progress of project or work.– Personally supervising all aspects of the work to its Personally supervising all aspects of the work to its

completion.completion.– Developing a system of supervision and monitoring.Developing a system of supervision and monitoring.

Concern for other’s welfareConcern for other’s welfare– Having a concern and taking actions to Having a concern and taking actions to

improve other’s welfare.improve other’s welfare.– Responding positively to employees specific Responding positively to employees specific

needs.needs.– Having a concern for the welfare of Having a concern for the welfare of

employees, their families and society at large.employees, their families and society at large.

Entrepreneurship

Elements

• Promoters’ / shareholder’s values

• Mission / objectives

• Management Structure

• Internal Power relationship

• Physical assets & facilities

• Co. image/ brand equity

• Human resources

• Financial capabilities

•Technological capabilities

•Marketing capabilities

General Aspect

• Political

• Socio-cultural

• Technological

• Legal

• Economic

Competitive Aspect

• Potential New Entrant

• Buyers Bargaining Power

• Suppliers Bargaining Power

• Substitute Products

Business Environment &

Entrepreneurship

EnvironmentEnvironment

Political:Political: System, Stability, Leadership System, Stability, Leadership

Socio-cultural:Socio-cultural: Culture, Community, Culture, Community, Values, Ethics, AttitudeValues, Ethics, AttitudeTechnological:Technological: Education, Absorption, Education, Absorption, Competition, InnovationCompetition, InnovationLegal:Legal: Regulatory framework, Consumer Regulatory framework, Consumer protection, Concern for environment, Labour protection, Concern for environment, Labour lawslawsEconomic:Economic: GDP, GNP, Resources, Fiscal, GDP, GNP, Resources, Fiscal, Non-fiscal policies, Incentives and SubsidiesNon-fiscal policies, Incentives and Subsidies

Dimensions of EnvironmentDimensions of Environment

SPECTACLES – Social, Political, SPECTACLES – Social, Political, Economic, Cultural, Technological, Economic, Cultural, Technological, Aesthetic, Customer, Legal, Environmental Aesthetic, Customer, Legal, Environmental and Sectoraland Sectoral

PEETS – Political, Economic, Ecological, PEETS – Political, Economic, Ecological, Technological and Socio-demographicalTechnological and Socio-demographical

SLEPT – Social, Legal, Economical, SLEPT – Social, Legal, Economical, Political and Technological Political and Technological

Factors Influencing Factors Influencing EntrepreneurshipEntrepreneurship

Individual

Economic

EnvironmentSocio-cultural

factors

Support Systems

Political Environment

Legal

Environment

TechnologicalEnvironment

Porter’s Model in the Porter’s Model in the Competitive EnvironmentCompetitive Environment

BuyersBargaining

Power

SubstituteProducts

SuppliersBargaining

Power

Potential New

Entrants

Industry Rivalry

BCG MatrixBCG Matrix

Political & Governmental Political & Governmental EnvironmentEnvironment

Global

• Trade Barriers• Trade Agreements• Tariffs & Duties• Political Risks

National

• Taxation• Regulations• Protections (Patents)• Govt. spending

State Govt.

• Taxation• State Laws• Licensing /Approvals• Incentives

Local Issues

• Taxations• Zoning• Cost of Living• Lifestyle

Environmental AnalysisEnvironmental Analysis

Scanning to detect change (identify key Scanning to detect change (identify key elements and their characteristics)elements and their characteristics)

Monitoring to track development (that affect the Monitoring to track development (that affect the survival and profitability of the new business)survival and profitability of the new business)

Forecasting to project the future (such as level of Forecasting to project the future (such as level of prices, inflation, interest rates, availability of prices, inflation, interest rates, availability of funds, market share, market growth, etc.funds, market share, market growth, etc.

Assessing to interpret data (what does it all Assessing to interpret data (what does it all mean to the entrepreneur?)mean to the entrepreneur?)

Entrepreneurship and Entrepreneurship and Economic DevelopmentEconomic Development

Entrepreneur’s set up EnterprisesEntrepreneur’s set up EnterprisesEntrepreneurs combines resources, put their time and Entrepreneurs combines resources, put their time and efforts and produce goods or servicesefforts and produce goods or servicesWhat they contribute – productivity, output, value What they contribute – productivity, output, value addition, income and employmentaddition, income and employmentEntrepreneurship is a “Low Cost Strategy”. Entrepreneurship is a “Low Cost Strategy”. Entrepreneurs perform the crucial role themselvesEntrepreneurs perform the crucial role themselvesThe spirit of Entrepreneurship – Drive, achieving higher The spirit of Entrepreneurship – Drive, achieving higher goals, creativity, innovative attitude.goals, creativity, innovative attitude.A dynamic society emerges and the spirit spreads like a A dynamic society emerges and the spirit spreads like a chain reaction.chain reaction.

The Invention ProcessThe Invention ProcessMarket Need

Technology observation

Need Analysis

Parameter Identification

Creative Synthesis

Realization

Invention, which meets the need

Product Evolution ProcessProduct Evolution ProcessFundamentals

of Science

Recognized Social Need

Beginning of Technological

Innovation

Invention / Innovation

Planning

Financing

Manufacturing

Marketing

Concept Testing

Development Phase

Commercial Phase

Technology

Modeling

Product Testing

The Evolution ProcessThe Evolution Process

Intersection of Knowledge and a Intersection of Knowledge and a recognized social needrecognized social need

Initiation of technological innovationInitiation of technological innovation

Iterative SynthesisIterative Synthesis

Development PhaseDevelopment Phase

Industrial PhaseIndustrial Phase

The Product Planning and The Product Planning and Development ProcessDevelopment Process

Idea StageIdea Stage – Idea – Evaluate – Idea – Evaluate

Concept StageConcept Stage – Lab Development – – Lab Development – Evaluate Evaluate Product Development StageProduct Development Stage - Pilot - Pilot Production – EvaluationProduction – EvaluationTest Marketing Stage-Test Marketing Stage- Semi Semi Commercial Production EvaluationCommercial Production EvaluationCommercial StageCommercial Stage – – IntroductionIntroduction

GrowthGrowth MaturityMaturity Decline Decline

CommercializationCommercialization

Role of GovernmentRole of Government

Role of Corporate – IntrapreneurshipRole of Corporate – Intrapreneurship

Role of Individuals – EntrepreneurshipRole of Individuals – Entrepreneurship

Development of TechnologyDevelopment of Technology– Utilization of materialsUtilization of materials– Exploitation & transformation of energyExploitation & transformation of energy– Understanding and application of Scientific Understanding and application of Scientific

PrinciplesPrinciples

The Role of GovernmentThe Role of Government– PromotionalPromotional– NeutralNeutral– RegulatoryRegulatory

The Role of Smaller firmThe Role of Smaller firm

T- High, M-HighT- High, M-High – – Large skilled resources, Large skilled resources, financial backing. Act as a Supplier or Sub –Contractorfinancial backing. Act as a Supplier or Sub –Contractor

T- High, M-LowT- High, M-Low - - Specialist firm, access to low cost Specialist firm, access to low cost researchresearch

T-Low, M-HighT-Low, M-High – – Linkage with well-established Linkage with well-established channelschannels

T-Low, M- LowT-Low, M- Low – – Well Suited to small firmWell Suited to small firm

Low Tech – High VolumeLow Tech – High Volume Financial Financial AbilityAbility

High Tech – Low VolumeHigh Tech – Low Volume Strategic Strategic AbilityAbility

Emerging OptionsEmerging Options – Franchisee; Sub- – Franchisee; Sub-contractorcontractor

Entrepreneurship and Management StudentsEntrepreneurship and Management Students

Enterprises in protected economy can be mismanaged.Enterprises in protected economy can be mismanaged.Enterprises in competitive environment are essentially to Enterprises in competitive environment are essentially to be managed.be managed.A Management Graduate is a person trained to manage A Management Graduate is a person trained to manage an enterprise. Naturally, he will deliver the best results.an enterprise. Naturally, he will deliver the best results.A Management Graduate should not be just a Job A Management Graduate should not be just a Job Seeker. He can and should take the role of Job Provider.Seeker. He can and should take the role of Job Provider.Experience even from HBS confirm that more Experience even from HBS confirm that more Management Graduates take Entrepreneurial Role (after Management Graduates take Entrepreneurial Role (after some experience) and their income is higher than their some experience) and their income is higher than their colleagues who are in job.colleagues who are in job.

“An Entrepreneur has to be a Manager.But a Manager need not be an

Entrepreneur”

Entrepreneurial Decision ProcessEntrepreneurial Decision Process

Pull FactorsPull Factors– Perception of Perception of

AdvantagesAdvantages– Spotting an OpportunitySpotting an Opportunity– Government PoliciesGovernment Policies– Motivation from Motivation from

Biographies or Success Biographies or Success StoriesStories

– Influenced by Culture, Influenced by Culture, Community, Family Community, Family Background, Teachers, Background, Teachers, Peers, etc.Peers, etc.

Push FactorsPush Factors– Job Job

DissatisfactionDissatisfaction– RelocationRelocation– Lay-offLay-off– RetirementRetirement– BoredomBoredom

Comparison of Entrepreneurs, Comparison of Entrepreneurs, Intrapreneurs and Traditional ManagersIntrapreneurs and Traditional Managers

Traditional Traditional ManagersManagers

EntrepreneursEntrepreneurs IntrapreneursIntrapreneurs

Primary motivesPrimary motives Perks and Perks and promotionpromotion

Self-employment, Self-employment, satisfaction and satisfaction and moneymoney

Creative freedom Creative freedom and recognitionand recognition

Time Time OrientationOrientation

Short-term – Short-term – meeting quotas and meeting quotas and budgets; weekly, budgets; weekly, monthly, quarterly monthly, quarterly and the annual and the annual planning horizonplanning horizon

Short-term –Short-term –business business establishment; establishment; Long-term – Long-term – growth of growth of businessbusiness

Tend to follow the Tend to follow the middle pathmiddle path

Traditional Traditional ManagersManagers

EntrepreneursEntrepreneurs IntrapreneursIntrapreneurs

ActivityActivity Delegates and Delegates and supervisessupervises

Direct involvementDirect involvement Direct Direct involvement , not involvement , not merely delegationmerely delegation

RiskRisk CarefulCareful Moderate risk Moderate risk takertaker

Moderate risk Moderate risk takertaker

Monetary RiskMonetary Risk NilNil HighHigh NilNil

StatusStatus Concerned about Concerned about status status

unconcern about unconcern about status status

unconcerned unconcerned about traditional about traditional statusstatus

Failure and Failure and mistakesmistakes

Tries to avoid Tries to avoid mistakes and mistakes and surprisessurprises

Deals with Deals with mistakes and mistakes and failuresfailures

Attempts to hide Attempts to hide risky projects risky projects from view until from view until readyready

Traditional Traditional ManagersManagers

EntrepreneursEntrepreneurs IntrapreneursIntrapreneurs

DecisionsDecisions Like to take their Like to take their own but unable to own but unable to disagree with topdisagree with top

Follows dream Follows dream with decisionswith decisions

Able to get others Able to get others to agree to help to agree to help achieve their achieve their dreamsdreams

Who servesWho serves OthersOthers Self and Self and customerscustomers

Self, customers, Self, customers, and sponsorsand sponsors

Family historyFamily history Family members Family members worked for large worked for large organizationsorganizations

Entrepreneurial Entrepreneurial small-business, small-business, professionalprofessional

Entrepreneurial Entrepreneurial small-business, small-business, professionalprofessional

Relationship Relationship with otherswith others

Hierarchy as basic Hierarchy as basic relationshiprelationship

Transactions and Transactions and deal-making as deal-making as basic relationshipbasic relationship

Transactions Transactions within hierarchywithin hierarchy