Besides the Government’s tax that’s driving the economy to sustain the people, both rich and poor, there are three kinds of people who are also taking a lead role in driving the economy, ie businessmen minded people, industrialist minded people and entrepreneurship minded people.
And out of the above three the most goes to the entrepreneurship mindset people for they are interested in how a seemingly unnoticed common problem or pain of masses can create opportunity for a new business.
Comparison of India with respect to China will kill its economy of scale, if the above two are going to compete with China they are never going to win. India should focus more on next generation innovation and acceleration to do business with alliance and partners. The above two are those who keep comparing India with China but not the entrepreneurship mindset people.
Yes, the concept of an entrepreneur is refined when principles and terms from a business, managerial, and personal perspectives are considered. But when it comes to its basic perspectives, there lies the big difference. Naming three, i.e initiative taking, the organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical account and acceptance of risk or failure.
The big turn in the race for entrepreneurship came in the 1990s. As, the Indian experience has established that, when the right environment is created by the policy makers, the entrepreneurial spirit of the people finds expression and the economic activity booms.
The Government and the citizens alike have realized the potential of private initiatives ever since the Indian economy was liberalized in the 1990s. The trend of private enterprise is picking up pace in India and is likely to be supported by all executive and legislative functions of the country irrespective of political ideologies.
Despite many challenges, the entrepreneurial opportunities in India are substantial. A new-found entrepreneurial culture is creating a favourable ecosystem of service and resource providers. Besides Government programs and agencies, a number of private funds, mentors, and service providers are entering the arena to further accelerate the trend. There is a long way to go to reach a mature entrepreneurial landscape in India, but the opportunities are sufficiently large and numerous that the future of India will likely be shaped by its entrepreneurs.
And again, due to Jio-expansions and Digital India missions, the length and breadth of India has scaled up the number of internet users to 696 millions which is about 34% of the population. Because of all these, the IT sector is becoming the most useful and expanding sector.
Interestingly, most of the start-ups are moving towards creating solutions. Social entrepreneurship is an approach by start-up companies and entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs. For-profit entrepreneurs typically measure performance using business metrics like profit, revenues and increases in stock prices. Social entrepreneurs, however, are either non-profits, or they blend for-profit goals with generating a positive “return to society.”
In India, business was traditionally and longingly considered to be the domain of scholarly challenged individuals or the result of natural inheritance within business communities.
But then gradually, the appetite for risk and the acceptance of failure increased, but only recently have alternate professions and the idea of "following one’s dream" gained approval. In particular, entrepreneurship caught the fancy of the Indian middle class after the economy was liberalized. The economic reforms introduced in 1991 reduced the bureaucratic controls, promoted private enterprises, and lowered the barriers to creating new businesses.
Coupled with the emergence of the knowledge economy, the demand for skilled employees greatly increased and a trend emerged toward technology entrepreneurship in the services sector, which is less capital-intensive than traditional industries.
Going on, the future of Indian entrepreneurship is in fact very bright. Still, if you are ready to hold a big part in this never stopping economy, start today by investing in yourself and giving a lot back to society.
The writer is a major in International Business Marketing from Algonquin College, Ottawa, Canada. He can be reached at [email protected]