An entrepreneur is someone who bears the risk of running a business in the face of uncertainty about future conditions. Whereas entrepreneurship is a philosophy or process by which an entrepreneur seeks innovation and employment. It is the process of creating something different with value by dedicating the necessary time and effort, assuming the accompanying financial, psychological, social risks, and reaping the resulting rewards of financial and personal satisfaction and freedom.
Entrepreneurship is one of the increasingly popular fields in today’s evolving business scene. Entrepreneurs are often regarded as national assets to be cultivated, motivated and remunerated to the greatest extent possible. Understanding the fundamentals of entrepreneurship and innovation can position students to succeed in today’s dynamic marketplace. It can also benefit students to develop unique skills and enable them to think outside the box. Identifying strategies for entrepreneurship can help students gain the skills, confidence and competitive edge needed to succeed in the ever-changing business landscape. Moreover, it ensures social justice and stimulates the economy.
Do you know?
The entrepreneurial spirit of people is very responsible for the economic development of any country. There is no resource, including diamond mines, as valuable as human resources. South Africa and some other African countries have remained poor/relatively poor despite their fertile gold and diamond mines, where Japan has literally no natural resources and became a developed country in just three decades after suffering devastation during WW-II. is Therefore, if a country allows its human resources to go unutilized/underutilized (unemployment/hidden unemployment), its economic development will be severely hampered.
What is understanding?
There are many ways to explore a topic. In a query driven world, counter intuitive queries are the best way to explore. In a globally connected and hyper-competitive world, where opportunities are not just local, challenges may be unique to one site, but draw parallels from global experiences. As authors we draw a general description on questions.
Following are the key questions that can be explored from the above themes:
- What are the various skills an entrepreneur needs to succeed?
- What are the challenges that can be encountered while establishing start-ups and how to overcome them?
- How will learning entrepreneurship help students start their own set-ups?
- What are the various strategies to promote entrepreneurship in India?
What do we see?
Considering the growing tendency among the student community to take up executive jobs instead of pursuing entrepreneurship, there are several parameters that can motivate students and foster entrepreneurship among students, especially in a post-pandemic scenario.
Some of the pull factors of entrepreneurship are the perception of benefits where a person feels that he can earn better in terms of overall benefits like money, status, security, future etc. As an entrepreneur this is better than working as an employee, while looking for opportunities. And exploit it to great advantage.
The eco-system in India is progressively supportive of entrepreneurial ventures. One can witness the increasing success of new age start-ups with infrastructure, business incubators, seed funding, angel funding and venture capitalists. This has opened up new opportunities that can be exploited by existing entrepreneurs.
Some of the push factors are job dissatisfaction, layoffs, retirement and employee boredom.
The National Innovation and Start Up Policy 2020 has important provisions for the benefit of students who aspire to become entrepreneurs. The question is how to motivate students for entrepreneurial ventures considering the risks involved? Hands-on education and training is provided through e-sales and incubation centers.
Entrepreneurship is the need of the hour and there can be no better time than the present. Educational institutions should be equipped in this regard. Their system should balance the curriculum to increase students’ participation in entrepreneurial activities. There is a great need to influence the idea of entrepreneurial mindset, education, women entrepreneurship and inclusion of entrepreneurship in start-up creation. It takes a lot of persuasion and resilience to be a successful entrepreneur, while making a difference in the lives of others. The entrepreneurial journey has the power of passion and the consensus is that any business with clear goals and steps can only reach the set goals. Early start-up failures from others can give students tips to succeed in the long run. In terms of opportunity identification, industry trends, insights and out-of-the-box thinking become critical to establishing an enterprise.
Disclaimer: The views expressed in the above article are those of the authors and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author writes in his/her personal capacity. They are not intended to and are not intended to represent the official views, attitudes, or policies of any agency or organization.