Lakshmi Mittal's Strategies in International New Venture Creation

This case study provides an overview of Lakshmi Niwas Mittal's entrepreneurial journey, focusing on his strategies in building ArcelorMittal into the world's largest steel company. It highlights his early ventures, including establishing a steel plant in Indonesia and acquiring Karmet Steel, and examines his leadership qualities, such as passion, curiosity, and optimism. The study also applies effectuation theory to analyze Mittal's decision-making process, emphasizing the role of family influence and strategic decisions in expanding his business activities. The characteristics of successful entrepreneurs, including passion, inquisitiveness, and a positive attitude, are exemplified through Mittal's career.

International New
Ventures And Born
Global Policy
INTERNATIONAL ENTREPRENEUR- LAKSHMI MITTAL

INTRODUCTION
 Lakshmi Niwas Mittal, was born in Rajasthan, India on
15th June 1950 and lived in UK.
 Mittal owns 38% of Arcelor Mittial and holds a 34% stake
in Queens Park rangers F.C.
 After completing his graduation in accounting from St.
Xaviers College Kolkata, he its own steel plant in
Indonesia at age of 26.

BACKGROUND INFORMATION
 After completing his graduation in accounting from St. Xaviers
College Kolkata, he its own steel plant in Indonesia at age of 26.
 After completing his graduation in accounting from St. Xaviers
College Kolkata, he its own steel plant in Indonesia at age of 26.
 His strategies included purchasing Karmet steel in Termirtau in
$400 million
 In 2006, Mittal created ArcelorMittal, which is regarded as the
biggest steel company

EFFECTUATION THEORIES
 Effectuation theory is a way of thinking that assist to
entrepreneurs for identifying opportunities and helps to
them for creating new venture.
 For becoming a successful entrepreneur it is important to
look at 3Fs which includes friends, family and fools.

Continued…
 Mittal learn the basis of entrepreneurship from his family
which make him bale to learn to many new things such as
hard work, passionate and become determination towards
own work.
 For expanding its business activities he made many
intelligent decision such as hired Indian managers and
doubled production.

CHARACTERISTICS OF ENTREPRENEURS
Entrepreneurs possess the following characteristics:
 Passionate: They are passionate individual who know how to get
into depth of a subject and entirely understand it.
 Keep asking questions: An entrepreneur is always curious about
knowing new things which makes him ask numerous questions.
 Optimistic: By nature entrepreneur hold positive attitude and
behavior.

REFERENCES
Arend, R. J., Sarooghi, H. and Burkemper, A. C., 2016. Effectuation,
not being pragmatic or process theorizing, remains ineffectual:
responding to the commentaries. Academy of management Review.
41(3). pp.549-556.
Baum, J. R., Frese, M. and Baron, R. A., 2014. The psychology of
entrepreneurship. Psychology Press.
Kirzner, I. M., 2015. Competition and entrepreneurship. University
of Chicago press.

Thank you