Entrepreneurship as a Research field

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Google defines Entrepreneurship as “Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. “ The definition might be correct but it doesn’t encompass the factors of constantly evolving market. The experience gained by successful entrepreneurs can only be understood by detailed understanding of the subject.

Entrepreneurship is important to fuel economic growth, and many new jobs are created through new enterprises. Still our understanding of entrepreneurship and innovation is restrained. So as the saying goes ‘Strategy requires thought, tactics require observation’ Entrepreneurship can be explored as a nascent academic field, which can encompass many intellectually stimulating and practically important research questions. In fact, entrepreneurship is one of the fastest growing academic fields within business schools. It will constitute of imparting basic understanding and knowledge of how to test whether an innovative idea, product or processes will be demanded by customers, how to finance start-up ventures and innovation projects, and how to sell and market new products and services into national and international market places. It focuses on developing knowledge, skills and understanding of how an innovative idea, product or process can be used to form a new and successful business, or to help an existing firm to grow and expand.

In constantly changing global environment it is very important to know how new products and services are developed and how entrepreneurs think and make decisions. In addition to that it is imperative to learn how entrepreneurial firms compete for customers in national and international markets, how they form strategies, and how they organise their activities and operations to grow into successful and profitable businesses. In the recent years as global economy is recovering from one of the worst recessions, and entrepreneurship can be seen as the Holy Grail for both employment creation and economic growth.

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Entrepreneurship- An agent of change

Entrepreneurship can become an important factor for Indian economy and a crucial driver for employment and economic growth. It reaches to human lives through its introduction of new technologies, products and services. Entrepreneurs, through their creativity and dogmatic approach to overcome failure, improve the world by innovation and help build a society that is richer, socially adept and technically advanced. Entrepreneurship education is paramount for Indian economy as the youth needs to have a vision or concept about what that they want to bring to market or have a desire to start. While awareness on entrepreneurial education is still in the evolving stage in the country, the growing demand from global forces is making the subject one of the most sought after options by academic institutions. There is a definite need for good initial research, vision, clarity of purpose, a solid action plan, the ability to persevere until results are achieved, having the ability to develop Plan B if A fails, considering setbacks as learning experiences and carrying on, better time management, self-discipline. A PhD can help as a training which can develop these necessary traits of a successful entrepreneur.

Effect on Indian Economy

An important issue in India is to reduce Trade deficit of India( trade deficit for April-August, 2015-16 was estimated at US $57516.09 million) , as from years now the amount of import exceeds exports. The manufacturing sector in India can really get a helping hand from individuals with a PhD in Entrepreneurship. As prime minister Modi invited investors from abroad to boost the manufacturing sector of India and also launched schemes such as Make in India, if Indian youth is empowered with knowledge and training it can be a boon for the PhD can also have a long term impact on the financials of one’s start-up. It can also open up doors for many individuals as they can learn and earn by actively involving themselves in small medium industries as a part of curriculum, which can benefit both government as well

India’s innovation intensity can be improved significantly by Entrepreneurship. While on one hand rural areas can become the special focus of projects undertaken during this PhD. It will also be short time projects focused on improving the basic infrastructure, or related to

Once renowned economist, T.N. Srinivasan has said that ‘India has been an entrepreneurial society…we had the entrepreneurial skill but suppressed it for too long a time… and now it is thriving’, inclusion of PhD in educational institutions would increase this spirit in youth.

Entrepreneurship amongst women has been a recent concern in India. Women Entrepreneurs may be defined as the women or a group of women who initiate, organize and operate a business enterprise. The role of women entrepreneurs in economic growth and social change can become significant by including special projects focused The interest in research-based knowledge about entrepreneurship and innovation has increased dramatically in the last few years. This interest can be contributed by the important factor of entrepreneurship and innovation as main drivers of job creation, regional development, industrial renewal and long-term economic growth. In addition, there is an increasing demand among researchers, business leaders and policy makers for a better understanding of how processes of entrepreneurship and innovation are interconnected at various levels in society. A PhD can assist the government in recruiting specialised trained entrepreneurs for initiation of projects across various sectors. The main challenge that PhD in Entrepreneurship will face is that as the project undertaken in PhD will be of a small duration, it may not give the actual projection of how the business will progress in real market. A business may take 2-3 years to cover its cost of operation, and give profits. But the duration of PhD would not assist that fact. Thus there cannot be a degree of predictability of whether the project will be successful or not.

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