“Promotion of entrepreneurship and start-up companies remains a challenge.”
These were our finance minister, Mr. Arun Jaitley’s words in his budget speech on July 2014. While he was clearly hinting at funding and backing those armed with innovative ideas with the right guidance and mentoring, it is very evident that he was also hinting that India needs more entrepreneurs. We are currently armed with a wide array of managers, but one must understand that their contribution can never supersede the one of an entrepreneur.
Here are 4 reasons why India needs more entrepreneurs:
A. Understanding the golden word “Entrepreneurship”
As kids we copied in our examinations. Do not nod your head in disbelief because even you did it at some point. A fill in the blank or a match the column here and there maybe? Old habits die hard and this gets reflected onto our entrepreneurial self too. First came Meru, then came TabCab, then Ola Cabs and so on. The list became endless. Where was the novelty? The word entrepreneurship itself means development of a business which is “novel” in its nature. Novel means unique and not an adaptation of an existing one. India needs more entrepreneurs who can create innovative enterprises,
B. VC’s want to invest, but no takers
Several Venture Capitalists across the globe have set their eyes on India as it is the fastest growing developing nation. Why do you think Walmart was so desperate to venture into India? The world sees potential, and then our country needs more entrepreneurs to benefit from all the attention. As of now only a few like Zoomcar, the vehicle rental startup which received a USD 8 Million funding from Sequoia Capital have managed to make most of the available opportunity.
C. The more the exploration, the easier the inspiration
All through our schooling life, you studied how vast and diverse our nation is. There is so much to explore and the more you explore the higher are the chances of you being stuck by a million dollar entrepreneurial idea. Remember exploring provides you with a wider horizon, which in return would benefit you in thinking out of the box.
In an interview, Mr. John Mullins, Associate Professor of Management Practice in Entrepreneurship and Marketing at the London Business School (LBS) said, “There is much to learn from India.
Right from food to clothes, there is an opportunity for successful businesses everywhere. There is scope to set up ventures in the areas of education, power, logistics, infrastructure, and the list goes on. To successfully make most of these available prospects, we need entrepreneurs.
D. Find your comfort zone – Monetarily
Being confident and believing in their venture is vital for any entrepreneur. The flexibility to set up a business with low monetary investments is vital when you are just starting out. India needs more entrepreneurs who can self-fund themselves at the outside and seek funding alongside. This culture exist in many other countries, wherein entrepreneurs jump start with their own money and then receive external financing. The ease of entry and finance facilities enable new businesses to flourish. For this we need entrepreneurs who can make most of this. In December 2014, when Spicejet faced financial turbulence, the government explored the possibility of keeping them afloat with a working capital loan of up to Rs. 600 crore.
With a financial set up that wishes to assist the entrepreneurial India, it is about time that the young minds stay their business journey while they are beginning. One of India’s greatest entrepreneurs Ratan Tata once said, “I have been constantly telling people to encourage people, to question the unquestioned and not to be accused to bring up new ideas, new processes to get things done.” Now when a man who has been honored with a Padma Bhushan and Padma Vibhushan says something like this, one has to take notice.