Need For Entrepreneurship In India
India has one of the fastest growing set of young people in the workforce. Are we creating jobs at the same rate? That is not likely. Even if this was the case, how many of those in the workforce are a right fit for the job and vice versa? That is yet another question that will arise. For many years now, if you take a look at the countries that have grown to a different level, the common trend has been the presence of strong entrepreneurial ecosystem. There is a reason by entrepreneurship courses in India have increased. The reason is that there is a need for those courses. This need in turn is being created by individuals realizing that they want to do something beyond regular corporate jobs. They want to be the ones providing those jobs.
- Need to create more jobs – Even with the current set of organizations and more new organizations entering the India market each year, there is a need for more jobs to be created. The services sector needs to expand faster since there is a migration of the labour force from agriculture into this sector. There is rapid shift from the rural to the urban sectors in search of jobs and income. Entrepreneurs are the only ones who can create those additional jobs and push the economic growth forward by improving the scenario.
- Need to have diversity at the workplace – India has lesser women in the workforce than many other countries. While companies are trying to rectify this gender imbalance by hiring more women, it will take time. Entrepreneurs are in the unique position of starting with a gender balanced workforce because they are just starting out. They can implement future focused practices right from the beginning.
- Need to create growth in smaller cities and towns – The growth has been centered in the metros so far. There is a need to create opportunities in the small cities and towns as well, to support their growth. This is only possible through small and medium enterprises. Those with the spirit of entrepreneurship live there too. Giving them the right kind of support and guidance can lead to success.
- Need to export – A lot of the global growth is defined by what the country exports. Entrepreneurship means there is a wave of new product or service creation that is taking place. That wave is going to have implications in terms of exports too. It will result in Indian companies sending their products and services to other markets, and influx in foreign revenue. All these aspects are linked to the country’s development.
- Need to invest more – There is a lot of focus on India which is leading to higher levels of investments flowing in. VC funding is entering India because of the startup culture that is building up. There is a need for more and more investment to come in, so that the economy continues to thrive. Entrepreneurship is the only way we can attract more investment into the country.
- Need to increase our risk-taking appetite – There is a need to encourage Indians to become a little more creative and risk taking. As a practice, we are usually risk-averse and that leads to many people not achieving their full potential or exploring the entire extent of their creativity. In order to change this and infuse fresh life into the economy via this transformation, more and more individuals need to be encouraged to take up entrepreneurship.
- It is simpler now – Earlier there were many red-tapes and bureaucratic hassles of setting up a venture. The Start Up India initiative has paved the way for the same. Now the regulations have made it simpler to do. Loans are also readily available. The digital boom has resulted in providing channels to spread the word about the venture through the internet and mobile networks. Right now is possibly the best time to start a venture in India because the climate is so conducive to it. There are higher chances of its success than ever before.
- Younger leaders will come in – Entrepreneurs are usually far younger than those who are in leadership roles in organizations. That is a good trend to set – to start encouraging young and talented individuals to take up leadership roles and bring in their own perspective. Younger leaders make a big difference because their style of leadership is usually different and more relevant for the workforce in the Indian market right now. An influx of such leaders will scale up the overall economy by encouraging and inspiring more and more individuals to do more with their potential.
There are now comprehensive plans and programmes to develop the spirit of entrepreneurship in India. India is being looked at as one of the biggest start-up hubs in the world. We have the talent to sustain this as well. The only need is to encourage individuals to keep their hesitation aside and take that leap into this space.
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