Entrepreneurship a global scenario

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“Entrepreneurship is the professional application of knowledge , skills and competencies and/or of monetizing a new idea, by an individual or set of people by launching an enterprise de novo or diversifying from an existing one , thus to pursue growth while generating wealth, employment and social good.”
Entrepreneurship as a term has evolved to great level in 21st century. Nowadays we find this term being used very frequently. The process of start-ups started in 90’s after the famous move of then Prime Minister Mr P.V Narasimha Rao and finance minister Dr Manmohan Singh of globalisation of Indian market. India is growing very fast in this field. In 2016 india ranked 3rd in Global start-ups ecosystem, but looking from the other side we can see that in the same year India ranked 130th in ease of doing business and 3rd in tech start-up exist.
On comparing the culture of entrepreneurship abroad who are at a better position than India we could infer some problems faced and mistakes of budding entrepreneurs at home. The first thing is lack of investments in Research & Development (R&D). From a research few years back it is seem that India invested around 36 billion USD where as China invested 337 billion USD and USA invested around 405 billion USD. R&D has a great role to play in this field, this helps in bringing of new ideas thus leading to innovation. Innovation not only in science and technology but in other aspects.
The second thing that we found is lack of skill in managing the start-up idea. It is very obvious that before your idea for a start-up gets selected you need to make it worth it. And for that what you all need to do is a bit of HOMEWORK! You need to prepare, refine and bring in clarity in your idea and in its realization process. Lets compare!
Well, in our country, most of the people, who have an idea for a start-up, come to the weekenders and expect a lot from them instead of doing their own homework. They lose on one point that only after they prove their ideas to be innovative, the weekenders, triangular meets and government schemes will be able to help them. But, it is very much necessary to look onto the various kinds of opportunities waiting to realize your idea. However, only doing that would not suffice!
On contrary, in Unites States, the case is different. The innovators are aware of the fact that ‘the better they put forth their idea; the better is their chance of getting selected’. Thus, in every event they go (to put forth their idea) they do ample research, refinement, processing of their idea and equip themselves with required knowledge. This in turn increases the competition among the startup-builders. They tend to work on their projects more and more which ultimately leads to a healthy competition and later, selection of brilliant ones. Thus, in US, the startup-builders ensure that they do not miss any opportunity by keeping themselves aware of the various governmental schemes, weekenders, etc., and when they see one, they try to grab it through their ‘homework’.
Usually, nature and course of start-ups depend upon the various scarcities in the society which, might be in terms of services or products, etc. The more the variety in the needs of the respective society, the more is the diversification in the nature of the start-ups. Also, the culture prevalent in a particular society affects the nature of the start-ups as well. Thus, the diverse the cultural aspects of the country are the more is the diversity in terms of entrepreneurship.
India is a country which has been the niche to several cultures and encompasses vast diversification in the same. And, also, if we look at the needs of the people, they vary over the places due to difference of economy, demography, etc. Thus, in India, the nature and course of different start-ups take up varied forms. We would find a variety in the ideas of different start-ups. Some might be dealing with the indigenous cuisine whereas some other might be dealing with musical creativity, and, nevertheless, some other might have ideas in legal arena. And more interestingly, all of these varieties of ideas could be found, say, in the same university or in the same neighbourhood or in a particular family. Such is the diversity in the entrepreneurship and start-ups in India.
In comparison to India, US, evidently has lesser diversity in its culture and economy, notwithstanding its cosmopolitan population. The migrants and the non-migrants, everyone, adopt a similar professional lifestyle, thus, resulting in less diversification in the entrepreneurship arena. Different communities might be following their age-old traditions and culture but those restrain themselves to their personal lives only and do not affect their business ideas, plans or professional life. Thus, in US, there is lesser variety found in start-ups. In fact, India experiences more novel businesses than US.
Even then India Lags behind US due to the laws and policies of the land. In India a new business has to get a clearance certificate from many government departments like Environment, revenue, etc. where as in abroad a person as to get permission from very few windows.So, high time to contemplate about the solutions!

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