A CASE STUDY ON WOMEN

ENTREPRENEURSHIP

WOMEN ENTREPRENEURSHIP

WHO IS A WOMEN ENTREPRENEUR?

It may be defined as a woman or group of women who initiate, organise and run a business.

Government of India has defined women entrepreneurs as owning and controlling an enterprise with a woman having a minimum financial interest of 51% of the capital and giving atleast 51% of the employment generated in the enterprise to women.

QUALITIES OF A WOMEN ENTREPRENEUR

ACCEPT CHALLENGESAMBITIOUSHARDWORKPATIENCEMOTIVATORLEADERSHIP QUALITIESCONSCIOUSEDUCATED INTELLIGENT

FUNCTIONS OF A WOMEN

ENTREPRENEURPLANNING ORGANISIN

G

DECISION MAKING

RISK BEARING

INNOVATION

SUCCESS STORY OF Ms. CHANDA

KOCHHAR

MD, CEO, ICICI Bank

INTRODUCTION Chanda kochhar is currently the Managing Director (MD) and

chief Executive officer(CEO) of ICICI Bank. ICICI Bank is India’ s largest private bank and overall second largest bank in the country. She is widely recognised for her role in shaping the retail banking sector in India and for her leadership of the ICICI Group, as well as her contributions to various forums in India and globally.

In 2014, She has been named among Fortune’s 50 most powerful women in business for the fourth consecutive year. Under the leadership of kochhar, ICICI has transformed itself from corporate bank into a retail bank , and now a universal bank.

EARLY LIFE BORN : jodhpur , Rajashthan

SCHOOL: St. Angela Sophia School, Jaipur.

B.A.: Jai Hind College , Mumbai

M.B.A.: Jamnalal Bajaj Institute of Management Studies, Mumbai.

Wockhardt Gold Medal : Excellence in Management Studies

J. N. Bose Gold Medal : Cost Accountancy: highest marks in the same year.

SPOUSE: Deepak Shandilya, A wind energy entrepreneur and her Business

schoolmate.

CAREERChanda Kochhar started her professional career in the year 1984 and can be divided into three phases. 1984-1993The first phase is that from year 1984-1993. It was the year 1984 that she joined “The industrial credit and investment corporation of India Ltd”(ICICI ltd) as a management trainee. In her initial year in ICICI , she handled project appraisal and monitoring and various projects in petrochemicals, textile and cement and paper.

1993-2006The second phase was from 1993-2006. It was in this intermediate phase of her life that she was sent to be a part of a core team of bank and set it right. After 10 years of working in the same bank she was given the responsibility to be the General Manager in 1994 followed by which she became the Deputy General Manager in the year 1996. She headed the infrastructure Industry Group of ICICI.

CONTINUED……In 1999, she was promoted as the General Manager and became the head of ICICI’s ‘Major Client Group’ which handled relationships with top 200 clients of the organisation. In the same year she started handling the strategy and E-commerce divisions of ICICI. Under Kochhar’s leadership, ICICI began its retail business in 2000 and in the next five years ,became ‘The biggest retail financer in India. In 2001, she became the Executive Director of ICICI Bank.2006-till nowFinally the third phase started in 2006 and continuing till now. In April 2006, Chanda kochhar was given the designation of Deputy Managing Director of ICICI Bank . Using her unique skills she started to handle both international and corporate business of ICICI Bank .Her designation was also advanced to Chief Financial Officer(CFO),Joint Managing Director(JMD) and also the Official spoke person from 2007 to 2009.

ROLES AND RESPONSIBILITIESAlso Mrs Kochhar is a director of different companies of ICICI Group. She is the honourable chairperson of ICICI Bank Eurasia Ltd Labiality Company. Today, being the MD and CEO of ICICI, She is also director of ICICI International Ltd and ICICI Prudential Life Insurance Company Ltd. In addition to her responsibilities at the ICICI Group, Mrs Kochhar is a member of the Prime Minister’s Council on Trade and Industry, the Board of Trade, High level Committee on Financing and Infrastructure , US-India CEO Forum and UK –India CEO Forum. She is a member of the Indian Council for the Research on International Finance and International Monetary Conference. She was co-chair of the World Economic Forum ‘s Annual Meeting in 2011.Kochhar ‘s turnaround of ICICI has earned her many accolades and reward.

HOW ENTREPRENEURIAL QUALITIES IN Ms. CHANDA KOCHHAR LED HER TO THE TOP OF SUCCESS LADDER …….

QUALITY OF LEADERSHIPThe ability to influence a group toward the achievement of

goals.

Her leadership qualities grown with the banks growth.

Transformed ICICI from a corporate bank into a retail bank.

Joined the corporate side of the bank.

She set up the infrastructure-financing practice for the bank.

Set up the retail-banking division for ICICI and grew it substantially.

It was her leadership traits which made the ICICI bank

the 'Best Retail Bank in India' for five consecutive years.

ABILITY TO ADAPT TO CHANGES

Constant challenges have helped Kochhar to develop and adapt herself to the country’s and the company’s evolvement.

Moving from corporate banking to retail banking to international banking to supervisory roles has helped her to completely reinvent herself.

But every move fed on the previous one. When she moved from corporate to consumer banking, she brought a lot of synergy with her.

When she moved from consumer banking to international banking, she brought a lot of insights from India which could be implemented globally.

ABILITY TO TAKE CHALLENGES

After her father died when Chanda was 13, her mother worked as a designer in a clothing boutique to support her three children. “She went from being a housewife to a determined career woman,

In 2000, she decided to keep the bank open for twelve hours in a day when other banks were open for four to seven hours a day.

She was also one of the bankers who came up with electronic banking and installed 2000 ATM machines all over India.

Head of internet banking division to start up and grow E-banking.

AMBITIOUSSet up the retail-banking division for ICICI

and grew it substantially. The head of India’s ICICI Bank is transforming

her business with conservative lending and tactical cost cutting.

A determined woman, with an ambitious goal – She wants ICICI to be among the world's twenty biggest banks within the next decade. It's a challenge she says she's more than ready to tackle.

QUALITY OF PATIENCE September 2008 : Lehman Brothers filed for

bankruptcy. The financial industry shattered. Chanda Kochhar : Found herself in the middle of a

potential company catastrophe. Anxious customer’s long lines at ATMs, wanting to

withdraw their assets and close their accounts. Chanda did what most executives would do in a

similar situation. As spokesperson : reassured the country via TV and

other media outlets that their money was safe. Unlike most executives, however, she did much more

than that. She did not panic on situation and handled it carefully.

OPTIMISTIC An eternal optimist she does not

shriek away from challenges. She believes that new entrants cannot disrupt large banks and that competition provides the best value to consumers.

She has also handled criticism from the predominantly male bastions of the Banking sector for her radical reforms with quiet dignity and only let her work speak for itself.

MANAGING FAMILY AND BUSINESS TOGETHER Her awards make her no different and

when it comes to managing her family and children. She continues to manage their routines, even though they are quite grown up. She also supervises what is happening at home.

She is tough at work, but she never discusses her work or her problems at home. She has gone through the routines of handling the kids homework and completed their cut-paste projects till late .

She has also taught her children to be independent and manage their lives on their own to an extant which is a very important for children who have working parents.

She has beautifully combined the conventional act of being a mother at home, and a professional at work -a very important attribute to learn and imbibe for working women in India…  

Kochhar’s strategy to keep ICICI on growth trends Things have changed quit dramatically for ICICI Bank which today has a

asset size of Rs.5.36 lakh crore up from Rs3.79 lakh crore in 2008-09, when Kochhar took charge. The proportion of low-cost current –account-saving account (CASA) deposits has grown substantially from 28.7 per cent of total asset in 2008-09 to 43.3 per cent in 2012-13.

The focus on better management of risk has led to a dramatic improvement in credit quality and credit cost or the cost of provisions the bank makes against bad loans – declined from 2.2 per cent of total asset to just 0.8 per cent in financial year 2012-13.

A mixed strategy is followed, on one hand cost were being cut and high-cost deposits were being shed. On the other , the branch network was being expanded. Internally ,from a product centric model where segmentation was done on the basis of deposits, home loans ,car loans and the like, the bank moved to customer segmentation.

SUCCESS MANTRA “It's been a long and exciting journey, but a journey full of focus and hard work. And I think a journey full of saying 'yes, I'm willing to take the next challenge. I'm willing to; I have the confidence of moving through it and producing some good results.“

Awards and Accolades2014

Named among fortune’s 50 most powerful women in business for the fourth consecutive year.

Received the “Mumbai women of the Decade.”

2013 Ranked as the most powerful women in business in India

for the third consecutive year in fortune’s list of ‘50 Most powerful Women in Business: The Global 50.’ She is among the four most powerful women in business in the world,according to the list.

Conferred the “AIMA JRD TATA Corporate Leadership Award” 2012

Continued… Recipient of the 4th Asian Corporate Director Recognition

Awards 2013. Ranked as the most powerful business women in India in the

Forbes list of ‘The World’s 100 most powerful women 2013.’ Received the “Transformation Leader Award” by NDTV Profit

Business Leadership Award 2012. Featured for the third year in a row in the power list 2013 of

25 most powerful women in India by India Today. Is the only Indian to be featured in the Dow James list of Most

Influential Female Executive in the world of the last decade Awarded the business person of the year 2012 by Business

India. She is the first woman recipient of this award in 31 years.

2012 Topped the list of “50 Most Powerful Women in Business.”

by the fortune India. Ranked 18th in Fortune’s List of 2012 Business Person of

the year. This is fortune’s annual ranking of 50 global leaders who are “the best in business.”

Ranked 59th in the world’s 100 most-powerful women by Forbes.

Named amongst the nine Indian Women in the Forbes inaugural ”Asia Power Businesswomen” list.

Ranked fifth in the list of the “Most Powerful CEOs” in India by the Economic Times and first in the list of “Top Women CEO’s” in the country.

Conferred with CNBC Asia’s India Business Leader of the year award and CSR award.

Named the Business Person of the Year by Business India. Named amongst the “25 most powerful professional

women” in the country India today for the second year.

2011 Ranked fifth by Fortune in the international list of “50

Most Powerful Women in Business.” Ranked 17th among the “25 Most Powerful CEOs” in Asia

by Fortune. Ranked 43rd “Most Powerful Women” in the world by

Forbes. Named among the “50 most influential people in global

finance” by Bloomberg markets magazine

Named among the “two best Indian CEO” in an annual poll by Finance Asia.

Ranked 10th by financial times in the “Top 50 Women in World Business”.

Received the “Global Leadership Award” from the VS-India Business Council.

Named “Most Powerful Women in Indian Business” by fortune India.

The first woman to be named as the “Business Leader of the Year” by the Economic Times.

Featured in the “Hall of Fame – Most Powerful Women in Indian Business” by business today.

Conferred with the “Transformational Business Leader of the Year” award by all India management association.

Conferred with “Padma Bhushan” which was given away by president in a ceremony at Rashtrapati Bhawan.

2010 Ranked 10th in the list of “Most Powerful Women in

Business” by fortune. Ranked 92nd in the list of “Most Powerful Women” in

the world by forbes. Conferred with the “Outstanding Woman Business

Leader of the Year "award by CNBC TV18 Conferred with the “Banker of the Year Award” by

Financial Express. Featured in the list of “30 most powerful women

leaders” in business today for eight consecutive years from 2002 to 2010.

ConclusionChanda Kochhar’s ability to manage such a huge organization

and being it the best profits ever keeping the employees highly contented is the most admiring quality about her. We have heard that a leader is tested during critical times. It shows her decision making power. In year 1991, when country was dwindling under financial pressure from all corner, it was then the concept of privatisation of bank was done. Her abilities in the financial sector were highly appreciated in the company which got her a post of general manager in 1994. It makes this person admired all around the nation. The HR communication qualities of a leader can be seen in the manner she convinced the customers to use the services of privatised bank in the era..

Looking at the designation changes in Kochhar’s career , it become clear that she had to manage different team at different times and also in quick succession. Being manager of so many companies alone, and patting all of them at the apex in their respective fields also shows her ability to manage parallel work functions.Finally one can admire Chanda Kochhar for the fact that she has not inherited success. She has gone through all the phases of struggle before even leading a single team. For her, many a times excelling at work meant giving up on her personal priorities. “There were so many occasions when I wasn't around for my kids or my husband. But we learnt to work around it.” said kochhar. In many ways her children have motivated too.

ReferencesWikipedia.org/wiki/chanda-kochharwww.forbes.com/profilewww.icicibank.comwww.businessnew,comwww.toi.comwww.weforum.comArticles.economictimes.com

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