ENTREPRENEURIAL ENVIRONMENT IN INDIA

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“Without vision, the people perish, without entrepreneurship, the economy and business stagnates”. Self-starters, creative thinkers and service-oriented entrepreneurs are a necessary part of the work force. Thus, entrepreneurs are Builders of the nation and creators of humanity who utilize their innovative vision, dynamic leadership and creative decision. Making abilities for wealth and employment generation so that people from all strata of society can benefit. Entrepreneurs are both the doer and dreamer, as a doer, they have the ability to attend the details and as a dreamer, they possess the capacity of seeking opportunity. In today’s era, wealth creation is not as difficult as choosing and finding the right ethical path, so that wealth creation can take place but not at the cost of people but at the bottom of the pyramid. Entrepreneurship involves a willingness to take responsibility and ability to put mind to a task and see it through from inception to completion. Another ingredient of entrepreneurship is sensing opportunities, doing more with less, getting started with little or no capital, and validating the market.
Entrepreneurship is a critical aspect of the knowledge economy and India has a large pool of entrepreneurs, who have the ability to make a difference and
need to be nurtured to achieve their potential, and provide a further boost.
Entrepreneurship has been ‘embedded in the Indian genius and is a part
of its tradition’. To quote the renowned economist, T.N. Srinivasan,
‘India has been an entrepreneurial society…we had the entrepreneurial
skill but suppressed it for too long a time… and now it is thriving.’
The entrepreneurial spirit is an ongoing characteristic of India’s history,
particularly visible in a number of communities engaged primarily in
trading . Entrepreneurship in India occurs in ‘far more encompassing and far reaching ways than in developed countries’, and could therefore be far more complex, ‘for there is so much more that needs to be done’. Indian entrepreneurs have done this by transforming almost every element of the value chain, from supply-chain management to recruitment, and creating novel business ecosystems.

To the Indian economy. India needs entrepreneurs for two reasons – first, to
Create employment and wealth and, second, to get the most out of existing
opportunities. Indian entrepreneurs have completely revolutionized the outline view of the business .They are catalytic agent of change.

A few Indian pioneers have figured out how to do more with fewer resources—for more people. India, known as the land of the successful world famous entrepreneurs like Mukesh Ambani and Lakshmi Mittal, JRD Tata who changed the face of India, provided employment to millions and is contribution for the growth of India. They are the people who envisioned a dream and took a risk to achieve their dream. They marched on a different path to achieve their dreams. These people were the innovators, inventors, and adventurers. They have brought a new vision to the forefront of economic growth.
Rural Entrepreneur Succeeding as an entrepreneur and an innovator in today’s world is vastly different from what it was earlier. With the collapsing trade barriers bringing in greater opportunities, and job security passes, the conditions for entrepreneurship are better than ever before but besides the existing generation of entrepreneurship also are passing through the transition period as people traditionally engaged in businesses have a pro business attitude. They experience financial resource limitation to promote or to develop a venture and there is look of research and innovation to meet with marketing challenges.

Indian entrepreneurs are also often shackled by lack of skilled work force to
support their business enterprise and often have to do with average talent.
On the other hand, limited resources, as the cost of skilled work force is very high. To help the growth of entrepreneurship in India, investments have to be made in
training people to develop the requisite skills and an entrepreneurial
mindset.

Indian rural economy is also experiencing behavior of entrepreneurial skills. Even though the Indian government has established policies to support the entrepreneurial activities and efforts, its overall role should be minimized so that the influence of the free market and individual self-interest can be fully utilized for the economic growth. By which we can explore implementation of the entrepreneurship in favor of India`s fast Economic development. In addition, it is also observed that the Indian government shows very low interest to the ideas of individuals, not only there are very few loan programs available but also no serious initiative was taken in the crisis situation to help. As, Entrepreneurs create demand for products, which in turn create jobs and other businesses, so that the economy fosters and grow but what makes some entrepreneurs tick while others fail? Why do people in some cultures and regions display a better entrepreneurial spirit compared to people in other cultures or areas?
Indians have entrepreneurial capacity. . However, an unstructured business environment and a high level of bureaucracy often discourage potential entrepreneurs to take risks and build innovative enterprises. Government regulations and policies, which are not in line with global standards, not only affect existing entrepreneurs, but also create diffidence in the minds of talented individuals who have the inherent capacity to take risks and make a success of it.

However, the society and government are not very encouraging towards entrepreneurship. Largely, the Indian society is risk averse. Unstable political conditions where government policies change frequently discourage business, as investors fear for the safety of their investments. People usually seek secure and long-term employment, such as government jobs. A culture of thrift where people spend less and save for a rainy day discourages entrepreneurship within the local community as the returns from a business become less attractive compared to returns from a job. People engaged in jobs and other services pressure their children to find secure jobs and crush their entrepreneurship spirit at a very early age. Social Attitudes, lack of capital, inadequate physical infrastructure and lack of government support are major factors of hindrance. Therefore, it explores the brief and concise overview of how entrepreneurship is fostering India, its need, demand and importance.
To this end, A comprehensive campaign to raise the tempo of Entrepreneurship in India will necessarily need the concerted efforts of a number of agencies. Thus, it is the duty of the government that they now realize the true potential of entrepreneurs and open many doors are for driving entrepreneurship in India. So, it goes without saying that it is important for India to create the right environment for building entrepreneurship, by providing the right training, knowledge support, skill sets, networking opportunities and forums, simplified regulations, etc. This requires the right kind of foresight and planning to create entrepreneurs from India who can go on to become world leaders and harbingers of positive socioeconomic Change.. So, “Let us hope that in the coming decade the number of small businesses will double, then triple and quadruple. For here is the most powerful engine of economic growth and sustenance. Here is our way back.”

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8 Comments

  1. Bilal Ahamad says:

    It is very well written in regards to practical point of view as well as possible solutions to build a better nation. Many of the facts are very well defined, catchy and easy to understand for the readers. The authors have taken care of the proper message flow with respect to the context of the article. Good work and good luck for future. BILAL

  2. Arjit Mittal says:

    A very well written article. Good selection of words and nicely written down. Great work. !!!

  3. Ritika Varshney says:

    Brilliant !!

  4. shalini jain says:

    nice article 🙂

  5. sreyansh Pasari says:

    really n awesum article…. very well written… enjoyed ur article n upto a grt extent agree to ur viewpoints…keep going…

  6. Vivek Raju says:

    Awesome. You hit the nail bang on its head. Our educational institutions too suck. They sap the entrepreneurial spirit out of us students.

  7. Kartik says:

    Nice thoughts penned down in a outstanding way.

  8. Shubham Gupta says:

    Good job….!!!! 

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