If there is a right time to start your own venture and set up your own business, in India, it is now. The present environment, regulatory framework and government initiatives have all made it a destination for the start-up ecosystem to flourish. There is also no dearth of good and comprehensive entrepreneurship courses in India which can provide you with the right level of expertise to launch your own start-up. There are multiple factors that are driving this kind of conducive environment.
- Interest – There is a lot of interest from private equity investors, venture capitalists and so on. They are keen to find the right kind of startups to invest in and eager to do so in India, which is being seen as a big destination for entrepreneurs. There is a lot of keenness even from the media considering that the Indian economy is growing and there is a lot of push in terms of creating one’s own products and services indigenously.
- Young workforce – The young workforce is driving the change. With the large number of millennials in the economy, there is a new kind of courage and energy that gives them the impetus to take risks. This workforce is more interested in setting up their own venture than working for another organization.
- Inexpensive and easy process – The process has been modified to make it much easier and less expensive. It is no longer tedious and filled with several layers that can get confusing for a first-time business owner. The formalities have been made more concise and the forms to be filled in much simpler. There is guidance provided through various online and offline forums too. Even for something as critical as incorporating a company, the number of procedures required has been reduced thus making it easier to set up a company quickly.
- Availability of loans, incentives and concessions – The government has initiated several concessions, incentives and loans, to encourage businesses to remain active and to allow new entrepreneurs to set up shop. Even the cost of setting up operations is less than that for other countries. Consumers are ready to buy new products and hence the loan provisions allow businesses to look at next-level of growth as well without financial constraints and concerns.
Becoming an entrepreneur is now treated as a viable career option. In earlier years it was seen as a risky proposition which might result in loss of money. Now it is considered as a courageous and future-focused move.