Ancient India was known across the world for its affluence and wealth. Traders from all over the world travelled to India to take part in this affluence. Be it the Mughals, the Portuguese, the Turks or the British – all of them ventured into Indian boundaries for various financial reasons. While over a long period of time, the entrepreneurial drive among Indians was notably absent, modern India has risen up to the task again. Even those who have little or no entrepreneurial experience are choosing to take part in an entrepreneurship management course to gain theoretical knowledge as well as practical experience before starting their entrepreneurial journey.
It is notable how Indian entrepreneurship is seeing a rise these days. The country stands third in the list of countries with the fastest-growing list of start-ups. The first two countries are the USA and the UK. The digitization of India has led to an ever-increasing interest in the online market. Both urban and rural India are seeing a boom in the way internet-based apps and products are interacting with the people.
Factors Leading to Increase in Entrepreneurship
- Encouraging schemes by the government authorities
Government of India is also encouraging the interest in entrepreneurship. It has launched a ‘start-up India’ campaign that provides support to entrepreneurial initiatives. Schemes have been floated to promote world-class innovation hubs and self-employment opportunities for the youngsters. The focus is especially high in technology-driven areas. The government of India realises the potential that entrepreneurship holds in giving a boost to the economy and uplifting the financial status of the people of the country. Such faith in entrepreneurship from the highest body in India leads to the development of interest in this field among the youth of the country.
- The Rise of Technology
Technology has led to India becoming a software power. It has the second-highest number of internet users in the world. In addition to this, the uncertainty regarding jobs is fuelling people’s interest in having their own business. Industries are in constant need for innovation to move forward and start-ups are coming up in fields like artificial intelligence and machine learning to help businesses solve their inherent issues or to bring in more efficiency.
- Female Entrepreneurs
The entrepreneurial wave is also being driven by women entrepreneurs who are carving a niche for themselves. Start-ups like Zivame, Kaaryah, YourStory and POPxo have become successful ventures. Led by women founders, they are answering the market needs in their respective segments.
Challenges for Indian Entrepreneurs
- Raising Funds for the Business
The challenge for any start-up lies in raising funds for the business. To do so, they need to have a dependable business plan and a strategy on how they want to enter the market. Start-ups get funds from venture capitalists once they have convinced them about the venture’s potential for success.
- Knowledge on How to Run a Business
As simple as it may seem, any venture needs to have a good plan, to begin with. Various business schools have started entrepreneurship courses to answer the requirements of interested students who seek to become an entrepreneur. These courses help the students get their expectations right and prepare themselves for a career in entrepreneurship.
- Keeping Up with Technology
This point is important for start-ups in the technology sector. It is important for them to keep track of the latest technology and stay ahead of the curve. These days, technological innovations are happening every day leading to technology getting obsolete quickly. They need to keep on improving their products and give new and innovative products to their customers. Innovations need to be useful for customers. They need to have good research backing their product launches. If the product does not answer any need gap in the market, then it will not be successful in the market even if there is cutting edge technology behind it.
- Quality of Human Resources
Any business’ success is dependent on the people who work for it. It is critical to have the right mix of people. These people should be trained for their job profiles. For example, a marketing manager should understand the industry and its customers and accordingly plan marketing campaigns. They should also have practical experience in performing their jobs properly. Additionally, they should have the right attitude and keen interest in doing their work to the best of their abilities.
Entrepreneurship thrives in a conducive environment that facilitates the growth of a business. It is crucial for a booming economy to have entrepreneurs since they do not seek jobs but are the job creators for the rest of the people. With the right support, India’s entrepreneurship story can lead to its economic growth as well as the prosperity of its people.