Role of New Age Entrepreneurs in Shaping India

Oct 15, 2013 No Comments by

Entrepreneurship, this indeed emphasizes innovativeness. The act and art of undertaking innovations, starting up new firms to transform innovations into economic goods defines an entrepreneur. Entrepreneurship education for the new age is very necessary as India has a huge population, within it, a swelling number of young people. Hence shaping them in a better way would certainly help the economic status of the country in a very efficient manner.

It is very easy to be lured by the promise of entrepreneurship and becoming one’s own boss. Choosing the product or service to provide seems to be one of the greatest challenges. Factors related to this are complex enough to be ignored. Market potential, financial resources, one’s skills and resources are main things to be taken care of.

What does Entrepreneurship actually mean? It all began in 1700s and evolved ever since. Even though many economists believe that it isn’t just starting one’s own business, many simply equate it to the same.

An entrepreneur according to few economists is one who is willing to bear the risk of a new venture if there is a significant chance of profit. Few others emphasize entrepreneur’s role as an innovator who markets his innovations. Becoming an Entrepreneur isn’t all that easy, but there is no definite profile as to how someone can evolve to be an entrepreneur. It is definitely not possible with a one night stand. A well planned innovative idea can act as a basic seed in order to grow into a successfully branching tree.

As per “New Delhi- report on New Age Entrepreneurship,” the new age entrepreneurship is different in many ways. Having the desire to start a new venture is the urge to gain socio- economic independence. Being one’s own boss! Yes this might certainly sound impressive but it involves numerous challenges which have to be faced with right solutions. To make entrepreneurship a life’s choice, never stop innovating new strategies and ideas. It should always remain a life’s choice and not become a destination.

Pre-1990s saw that entrepreneurs mainly came to light with the influence of family background. However, this influence has reduced drastically since 2000. According to a new study on entrepreneurship by the National Knowledge Commission (NKC), 35% of entrepreneurs who started their business after 2000 were driven by the urge to gain independence; only 12% businessmen had this as a driving factor in pre-1990s.

Independence is a factor mainly driven by genders. When surveyed, it was found that many women entrepreneurs were motivated by the sense of independence, challenges and employment generation. Money was found to be the last priority. However, among men while challenge is the most exciting factor, money and independence are also important. While the motivating factor for the entrepreneurs has changed ever since, the challenges related to budding entrepreneurs remain yet the same or in some cases has deteriorated to an extent. Access to finance, taxation and licensing issues are a few examples.

Entrepreneurial Improvement

India has one of the fastest growing economies in the world. Indian youth population is quite large; nevertheless, the number of entrepreneurs born is very less. Why doesn’t such a talented country have some of the best entrepreneurs?

According to 2011 Gallop study of 20 economic entities in Asia, India ranked in the bottom quartile on several important indicators of a well-functioning entrepreneurial ecosystem. At a glance, we wouldn’t feel India has a problem. However, nurturing entrepreneurs is a major concern for our country.

Entrepreneurship has constantly contributed to the constantly growing economy of India. Micro, small and medium enterprises (MSMEs) also contribute to the country’s expansion, growth and job creation. Ministry of MSMEs estimated that the number of working MSMEs grew at a rate of 4.51% annually between 2007 and 2010. Annually, the number of people employed in the sector grew by 5.29%. The production of the sector grew at 11.48% annually. About 8.72% of India’s GDP is contributed by this sector.

Till now entrepreneurship was viewed as an act of transforming an innovative idea into economic goods and services. However, there was a shift of thinking about entrepreneurship from family driven to gain social-economic independence. How gaining independence played a motivating factor for female gender in order to participate as an entrepreneur. No one can become an entrepreneur without displaying or acquiring certain qualities like creativity, dedication, determination, leadership, passion and self-confidence.

New age entrepreneurs are not all about gaining profits only for oneself but it’s also about returning back to society what they have taken from it. As no business can stand alone without people and resources, it becomes the part of the society. Thus it becomes their ethical and corporate responsibility to return the interests on investments made by various groups of society and it’s not only for the people who invest finance in that but also for those who serve the sustainability of the survival. This leads to employment opportunity, raising the infrastructure of nearby location, and raising government funds by paying taxes.

People rightly say there is no gain without pain; hence no one can become a successful entrepreneur without sustaining quite a few hurdles presented in the form of society’s conventional thinking process or government rigidity. But Indian young entrepreneurs have travelled a long way and have to be encouraged to do so.

 

 

 

 

Economy

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