How Entrepreneurship is good for economy?

Entrepreneurship: entrepreneurship is the study of how new businesses are created as well as the actual process of starting a new business. An entrepreneur is a person who has an idea and who works to create a service or product that people will buy and he/she builds an organization to support those sales. On the other hand we can say entrepreneur is a person who undertakes a venture with the motive to earn profits and involving a considerable amount of risk. In short we can say that starting of a new business is called entrepreneurship. To be an entrepreneurship is an achievement in itself.

Skills need to be an entrepreneur:

If you want to be an entrepreneurship then some characteristics are required which are must to be have in an individual before starting a new venture. First main thing that is required to be an entrepreneur that he/she should be have the ability to take risk. Because there is always a risk of failure in new started business. So ability to take risk is much required.



Secondly person should have be a innovative mind. As we know that everything is available in market, then what we can launched new that customer would like to purchase that. For example if somewhere labour is working then replace the labour with machines is new, which will definitely be in demand.

Third most important characteristic is person needs to be a visionary. You can not run your business for long run without having vision.

Fourth important skill is quality of leadership. As entrepreneur has to run over all business then to handle all the departments leadership quality is required. As we know that a single person can not perform all the duties so he/she needs to hire new persons to perform some duties.

Fifth entrepreneur needs to be open minded he/she should be aware that every situation can be a business opportunity.

Sixth entrepreneur needs to be a well informed and confident. Because if he/she will confident then it inspires the employees and stakeholders involved in the business.



SIGNIFICANCE OF ENTREPRENEUR IN INDIA

  1. Entrepreneurs help to promote capital formation by mobilizing the idle savings of the people.
  2. Entrepreneurs also help to promote the balanced regional development by establishing small-scale enterprises in rural, remote and less developed regions. It helps them to earn money which ultimately leads to better life.
  3. It helps to reduce the unemployment in country which is the root cause of all socio-economic problems. In short entrepreneurs increase the employment scale.
  4. Entrepreneurship helps to promote the equitable redistribution of wealth, income and political power.
  5. Reduce the concentration of economic power.
  6. Entrepreneurship is the best way to utilize the unutilized and idle resources.
  7. It helps to induce backward and forward linkages which stimulate the process of economic development in the country.
  8. The major benefit of entrepreneurship is that it promotes country’s export business.
  9. It helps to increase the international currency flow in country.

ENTREPRENEURSHIP IN INDIA



In over all the world India is ranked 68th out of 137 countries. Directly it means India is a “middling perfomer”. If we talk about worldwide then regional players are Australia, Hong Kong and Taiwan at first, second and third position respectively. India even falls below China, Korea and Japan. China is at the 9th position Korea is at 4th and Japan is at 6th in the region.

India’s strength areas where its performance is above are in product and process innovation, risk acceptance, opportunity start-up, internationalization and robust competition in the market place. India’s strongest performance falls under the criterion of product innovation. Under product innovation its score is equal to the best in the world.

The major drawbacks of India to be in the list of middling performer is lack of start – up skills, networks, technology absorption and cultural growth. The weakest point of India is lies in technology absorption. As we know that technology is the key point of success and growth of country now these days. With the introduction of digital ways it is very necessary to opt technological ways.

In India there is some acute challenges in terms of networking and cultural support. India is not able to perform at the same standard as a number of other countries do in terms of how ell entrepreneurs know and connect with each other to share ideas and technical know-how. The point of view of society for entrepreneurship affects more and corrupted policies are also the drawback.

WHY ENTREPRENEURSHIP IS FIRST CHOICE FOR YOUNGSTERS:

Now these days we know that to be entrepreneur is great achievement. Because it is very difficult to compete with competition. As we know that now these days youngsters like to be entrepreneurship. They prefer to be the job giver instead of job taker. They want to be entrepreneur because they have the desire to be their own boss and have better control. They are self motivated to take risk. They have the ambition to develop and execute a plan right from the ground level. The main thing which attracts them to be entrepreneur is their aim to do well financially. Youngsters do not like to work under someone.

WAYS TO ENCOURAGE YOUTH ENTREPRENEURSHIP:

Encourage different thinking: We should encourage different thinking. We should conduct informal discussions, ask open-ended questions, share ideas and work on problem solving. We should teach children to ask questions. If child is feeling frustrated asks them how they would solve the issue or make it better.

Conduct start-up programmes: In school/colleges government need to conduct start-up programmes. So that they can pitch their ideas over there and get advice and motivation from the mentors.

Challenge ideas: Encourage your children to ask why we do things in a certain way. Teach them to look at their problems and find various solutions to solve that.

Praise their ideas: Praise the ideas of your kids so that they get motivated.

Let them explore: Take your children to different places and let them explore. Pay attention to their natural curiosities and guide them towards those interests. As they grow you will see naturally born passions.

Idea box: You can place idea box at homes and schools so that kids can put their ideas into that box regarding any issue.

Let kids fail: Let your children fail and teach them how to learn from their mistakes. Teach them how to get back up and move on. Failure teaches kids how to be resilient in any situation because it is very difficult to build self – confidence and healthy mindset.

 


Leave a Reply

Your email address will not be published. Required fields are marked *