The knowledge-based economy of modern India fosters a culture of entrepreneurship and innovation. Instituted policy measures and initiatives aim to benefit out of India’s virtually limitless potential. The unique demographic advantage of India assists it in raising entrepreneurs and creating jobs which can benefit the entire nation. However, for creating entrepreneurs in India in the right environment, the following four areas need to be primarily taken into account.
Creating Entrepreneurs in India
Ensuring Access To Smart Capital
Although various venture funds have marked their entry to the Indian market over the last few years, the number of angel investors is significantly low.
It is imperative to note here that these angel investors provide adequate support to the idea during the incubation stage prior to the involvement of venture capitalists.
Organizations such as TiE Global has been supporting this cause of entrepreneurs from 1992. They have been helping entrepreneurs with networking, mentorship, funding opportunities and education. They have created TiE India Angel Forum to bridge the gap behind shortfall of angel investors.
Creating The Perfect Environment
While creating entrepreneurs in India it becomes imperative to ensure that they can start with their business in an easy fashion.
In India, entrepreneurs mostly borrow funds from family and friends and run a one-man show. The CEO thus plays the role of both strategist and salesman here. Instances of a professional team being assembled months or even years after the initiation of business are also not rare.
You will understand the lacuna in this whole process while comparing the Indian business dynamics with that of a Silicon Valley startup.
Here, an angel investor and venture capitalist are brought in during the initial stage. While a multifunctional team gets assembled for taking up projects, a management team drives the business growth.
Possibilities of partnerships are also explored during the early stages for attaining economies of scale.
This is not the scenario in India where it is difficult to assemble all the areas of excellence under one roof. While Hyderabad and Gurgaon are famous for remote services, Bangalore is popular for IT human capital. Educational institutions, as well as universities, have a big role to play in strengthening these areas.
Learn more about Entrepreneurial Opportunities here in detail
Enabling Exchange And Networking
Rapid globalization in Indian hemisphere places various challenges ahead of the entrepreneurs. They can definitely turn in to the leaders of tomorrow coupled with right planning and focus.
It is imperative to abolish all barriers of entry and devise platforms from where entrepreneurs can announce their ventures ahead of a global audience.
Ensuring Ready Access To Right Skill
While creating entrepreneurs in India, it is necessary to tackle the entrepreneurial and functional skill gaps. Educational institutions need to revise their curriculum for addressing the changing business landscape of modern times.
Building centers of entrepreneurial excellence can assist these talented visionaries immensely by preparing them for the competitive world outside.
Solved Question For You
Q. Line out the initiatives for creating entrepreneurs in India taken up by the Indian Government?
- Startup India initiative mentors and nurtures start-ups through its comprehensive four-week learning program. It also aids entrepreneurs in accessing funds by creating a strong network across the country.
- Make In India campaign launched in September 2014 aims to reshape India into a global manufacturing hub. User-friendly and transparent systems have replaced obsolete and obstructive frameworks under this campaign. This has helped with skill development, fostering innovation, procuring of investments and protection of intellectual property.