The definition says, Entrepreneurs assemble and allocate resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. The saying goes like “Take the plunge and lead the way”. An entrepreneur is definitely not afraid to take the plunge.
Why is the Indian entrepreneurship scene so grim?
There are many obstructions that ail a budding entrepreneur in India. That’s not to say that there aren’t any entrepreneurs in India. It is just that the number is of entrepreneurs springing up is not that encouraging a figure.
Let us look into some of the reasons.
1. Lack of family support: This is an issue that’s plaguing entrepreneurs worldwide more so in India because of the stronger family ties that we Indians have. Family support is always absent in cases. Parents always prefer their progenies to take up a standard 9-5 job rather than take up a risky business venture where there is absolutely no guarantee that the venture will work out and there is always a very high level of risk involved.
2. Government regulations: The few ventures that break free from the shackles of the usual problems get entangled in the antiquated policies of our government. The very fabric our administrative system hinders the organic development of entrepreneurial ventures.
3. Lack of Internet penetration in India: World over the majority of the innovations occur in the internet space. In India the internet usage percentage stands at a meager 5% and this is number makes it really difficult to bring in money and the few entrepreneurial ventures that actually get graced by venture capitalists run in to problem later on during the course of operation.
4. Indian education system: The main reason there is very low innovation in this field is because of our educational system. Right from its inception our educational system has hardly had any focus on innovation. It is like we have been trained in rote learning rather than apply our minds. Without a killer innovative idea there is no way an entrepreneurial venture can sustain itself beyond the initial stages.
There are basically two types of the entrepreneurs
1. Those who come out with a completely new idea
2. Those who bring in a new idea and tweak it for the targeted market.
India being a developing nation hasn’t made much progress in the innovative direction. Since the technology in India is basically playing catch up to the developed countries, there is not much we have achieved in terms of the new ideas.
The most basic way Indian entrepreneurs can succeed is by trying to adopt methods and models that are already successful abroad and adapt it for the Indian market. This will definitely mean a low initial cost. If done well this can definitely lead to really good returns.
Most of all what we really need is to mold young minds and encourage them to think differently. They should be encouraged to let go of their inhibitions and actually take the plunge and tread a path that’s not yet been explored. This has been made possible by the starting of Entrepreneurship courses that are being taken up by colleges at the graduate and post graduate level.