Entrepreneurship in India

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A few decades ago people were not ready to leave their well paid jobs and try something new like thinking and investing in a startup. Entrepreneurship was not so common. Previously if you were in entrepreneurship it might be because of your family endeavour or enterprise. But today the scenario is totally different. Indian youth today is interested in taking risk and to experiment. Many fearless entrepreneurs today are starting and various enterprises of their interest and setting a path for the wave of entrepreneurship in India. Today, India is at a threshold of startup boom, as we are world’s third fastest growing startup eco-system. With 3,100 startups, India is closely behind UK with 4,000 startups and catching up to US which has 41,500 startups. India is changing and so are the aspirations of its people. Government is also playing a major role in facilitating the young and aspiring entrepreneurs to come up with their ideas and set up their own enterprise. Today, unlike the previous times it is easy to setup your enterprise as the conditions are very much favourable at present.
Moreover, with India-born and educated Indians leading most of the international industries it is evident that there is a lot of potential in Indian youth. The success stories of Indian entrepreneurs in Silicon Valley is also evident as proof. With India producing the most number of graduate-cum-billionaires than any other country outside United States, it is clear that India has a lot of potential which only needs proper grooming to make impactful leaders. Therefore, instead of displacing foreign talents into India it is necessary that India develops and retain its leaders. With overseas exposure the local talent will be able to apply their ideas effectively and can come up with great potential.
Besides there are certain drawbacks in Indian Entrepreneurial system, like there is lack of confidence and mental preparation. We are more of a reactive kind of a people. We need to get out of this and become more proactive. What is more important than the skill and knowledge base is the courage to take the plunge. Our problem is we do not stretch ourselves. Moreover, the problems like that of tax and various permissions, also discourages many ideas with a lots potential. Many entrepreneurs facing these types of problems register their startups in US, Singapore or Hong Kong and this leads to a great deal of loss of talent and potential.
As of now we can see a bright future for entrepreneurship in India as the pace with which the entrepreneurs are coming up and the urge among the youth to start their own enterprise in growing, in future, entrepreneurs and not managers will be in demand, as only they will be able to find order in chaos.The governance will become more transparent and will be willing to accept changes necessary for growth and development. More autonomy will become the basis of all issues.
We can say that entrepreneurship will become the key driver of economic development Technological obsolescence will become order of the day and there will be more space for leisure. New businesses will be credited with providing variety of new jobs in the economy. New and small business will also develop more than their share of product and service innovation. At one end we will see the technological upheavals in quick succession and on the other end there will be social value systems and cultural issues undergoing slow but dynamic transformations.
It is important for a much brighter future of entrepreneurship to support the entrepreneurs in India and in order to harness their potential and sustain development, it is essential to devise apposite strategies that fuel the growth and success of the entrepreneurs and their startups.
They say it takes a village to raise a child. To raise an entrepreneur and a startup, it takes a nation.

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