The recent political changes in India have set a new note and bring up new hope & faith among the Indian & especially in Indian Youth. Fast & bigger range of change at the bureaucracy, alleviating the concerns of industry and improving public sentiment. So far, work done by PM Narendra Modi have helped reignite belief among industry & ordinary citizen, they have hope, now country is back on the track to sustain high growth once again.
I have been looking with my personal interest at announcement that made by PM for Entrepreneurship. He was keen to groom & boost Entrepreneurship in India. And he worked upon it, the most significant step towards it, he has set up a new ministry of Entrepreneurship and Skill Development. However question is remain same, what & how will take to bring more entrepreneurs. How can India break the perception that Indian does not have entrepreneur’s skill?
It seems more complex initially. It will require large level of awareness & participation across the Nation to make India more entrepreneurs friendly country like, Silicon Valley in USA. For this obviously need good infrastructure and entrepreneur’s friendly environment to develop entrepreneur zeal & skill. Government need work on Policy, Bureaucratic procedures and processes for approvals and licences need to get much simpler to make India a country where it is easy to do business. Entrepreneurs need to spend more time working and developing idea and making a products, and managing operations etc. – not chasing Bureaucracy for papers work & for approvals in government offices.
An encouraging step is taken by Prime Minister when he exhorted bureaucrats to think creatively, Innovative & take risk to come out from administrative paralysis. Risk taking can help entrepreneur to get excellent idea through. There are already several shining examples of Indian companies that have gone global thanks to innovative products and smart business strategies. There are already large number of Indian set-upping new start-up & Idea from out of India. For instance, In Silicon Valley, Number of start-up get in form, 40% are Indian but they don’t do in India because unfriendly environment for Entrepreneurs.
In India Context, Current Government has taken steps not largely but obviously Initiated a new hope, But apart from the Government initiative, Corporation & organization are running own set up in India must give way to an open and transparent work environment where new, radical ideas are welcome- and most, noticeable point, where failure is not punishable. The fear of failure is major impediment of Innovative thinking & risk taking. Top honcho must provide infrastructure where entrepreneurs can work on Idea without any fear. A good way to motivate Entrepreneurs, just don’t valuate them based project failure or success but support them to move ahead with valuation lesion for the future. Recognizing individual for the risk they took not just for successful they achieved so far.
When entrepreneurship education started in the late 1980s, it was mainly focused on self-employment. Today, it must focus on to the national agenda of employment generation rather than individual wealth creation. The top business schools are preparing students for entrepreneurship, and a new breed of young entrepreneurs are setting up their own ventures. But it is not at bigger level in India, Few of institution has stared “deferred placements” so that they can come back to the institute after a couple of years if their venture fails. But we now need to replicate these successful models across the rest of the country. Even for 2nd tire & rural education institution as well.
Most important part, perception & thinking about entrepreneurship need to be change. Specifically in North & East India. Our Society must overcome from old tendency to stop our child to not move towards risk taking behaviour. Many of these perception have changed since 1990, but majorly in South & West India, latterly in 2000 its change Central India but still not more motivational in North & East India. When entrepreneurs in the field of information technology emerged as role models for the middle class. More entrepreneurs came from middle-income families as mostly came from Business family only earlier. Today’s several youth in India started their own venture not only economical/ profitable but a lot stared social venture as well. Young love to stare own venture they are passionate with burning desire to live up with entrepreneur zeal.
The Indian government’s announced historic 2014 budget is committed to investments in entrepreneurship and innovation. It has launched a new cell dedicated to “incubation and new ideas”, providing equity and soft loans to start-up companies to the tune of RS10,000 crores, and is also committing RS100 crores to start-up village entrepreneurships. It’s a small step but has been taken formally and decisively. It’s showing the right sprite & intention of Government towards entrepreneurships. May we still have to go miles but Journey has begun & future looks very bright for Entrepreneurs.