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Emerging Entrepreneurs of India

Indians are considered to be born entrepreneurs and is not an exaggerated statement rather an unseen reality. Owing to the challenging conditions that an average Indian is exposed to, every Indian is a disguised entrepreneur. Since the pre-independence era, Indians have emerged, faced hardships, failed and re-emerged as successful entrepreneurs. The age-old family businesses are best examples of this fact but what is the current scenario – is the topic that calls for a discussion.

 

 

This article is an attempt to discuss and understand the present entrepreneurial ecosystem of India and deriving a conclusion if the Indian entrepreneurs are the future of India. It is believed that visionary entrepreneurs built great nations and India is a proud breeding home of entrepreneurs since past several years. Talking of the present scenario, the latest reports confide in India, its infrastructure, its banking system and its liberal system of governance. The following paragraphs discuss these facts in detail.

 

According to the latest reports, India is predicted amongst the top three investment destinations. According to a report released by Evalueserve research, over 44 US based VC firms are now seeking to invest heavily in start-ups and early-stage companies in India. Reports from PWC predict that between 2010 -2024, 2219 multinational companies will emerge from India. According to the experts, it is a market, which the global funds and investors are confident about and their number is raising continuously.

 

Emerging Entrepreneurs of India

Today, Indian entrepreneurs are among the most successful and respected across the globe for their grit and acumen. Indians has been innovating since the time when the basic essentials of entrepreneurship – capital, institutional support and markets and customers, were not recognised but today, several factors make it a favourable entrepreneurial hub. These include:

 

– Strong Economy: In recent past, Indian economy has emerged as a strong inward looking economy. Despite of the unhealthy global economic conditions recently, the India’s economic growth rate was a promising enough. According to experts, the prevailing growth conditions will surpass the projected growth rates provided the capital funds flow investment continues in India. Investors consider India as a growing economy and are confident that anything and everything would work here.

 

– Agriculture as strength: Agriculture – provides Indian economy with the needed strength. If monsoon are rich then it becomes even stronger. Moreover, it is not an export driven economy and hence these factors combined make India – a self-sustaining system. This self-sustaining ability makes it favourable for trying out innovations and brings laurels.

 

– Supportive Indian banking system: In context of the emerging markets, the regulative Indian banking system is a supportive and a transparent system that works in favour of the Indian entrepreneurs. Recent reforms and introduction of new policies are the best examples in its favour.

 

– Emerging entrepreneurial pool in India: The young Indian population is a pool of experts providing abundant entrepreneurial opportunities from all the leading sectors, including but not limiting to sectors such as technology, education, healthcare, power, iron and steel, pharmaceuticals, logistics, infrastructure, new media, agriculture and the list goes on.

 

– India as a critical market: According to the researchers, in near future, the growth will be coming from India and not Europe or America. This is because the number of Indian entrepreneurs is constantly rising and this serves as good examples for the world to follow. Moreover, the Indian market is home to willing customers to try out new ideas, which counts in favour of entrepreneurs as well.

 

– Rate of Unemployment: The rate of unemployment in India is alarming; on the flip-side this section of the society can easily be tapped and provided jobs with emerging mid-scale entrepreneurial ventures, which the large scale companies might fall short of providing. In addition to this, the wages in India are economical in comparison to other developed markets and hence pose a win-win situation for both the parties involved.

 

– India as a democratic System: The liberal democratic system of India allows and promotes citizens to come together as a group to solve some big challenges. Although, it is a difficult task to be accomplished but the scenario is changing fast.

 

– Strong entrepreneurial team: Entrepreneurship is team work. Indians are good when it comes to understanding of inter dynamics within the teams, their passion for the idea and overall vision. Many times, VCs have funded the mediocre ideas steered by well-woven team members.

 

– Dispelling preconceived notions: Today’s generation is quickly dispelling the preconceived notions such as – Indian youth prefer stable, low-risk careers and thus only consider large organizations for employment, failure of new start-ups and stigma of failure steers most of the people away from start-ups, Indian und understand the language of cash only while other options don’t work here and more. Today, the vibrant teams vary from fresh graduates to experienced professionals. They ready to risk their professions to follow their dreams.

 

Apart from the favourable conditions, a few factors pose to be hurdles in the path of entrepreneurial success for Indian entrepreneurs. These include:

 

– Hesitant society: The Indian society is a risk-averse society wherein, the society and the government are not supportive towards budding entrepreneurs but the scenario is changing fast. Govt. is bringing new reforms in the already established structures and policies and making the processes easier. On the other hand, entrepreneurs and experts are coming forward with their innovative ideas for the betterment of the society.

 

– Lack of funding resources: Indian entrepreneurs lack – true seed capital. They usually start with their own savings or financial help taken from friends or family but that sometimes is not enough for making a decent start. Venture capital firms in India are mostly inclined towards late stage investments, which makes it more difficult for the small ventures to sustain in the challenging environment. The scenario is changing with new Indian venture capitals coming forward to fund the initial expenses and experts providing mentorship and guidance.

 

– Entrepreneurial ecosystem: There is a dire need for an entrepreneurial ecosystem to provide guidance through mentors and programs that nurture entrepreneurs. The positive news is that many corporate bodies are now active for filling up this long lasting lacuna in the Indian ecosystem.

 

– Lack of govt. support: Despite of the fact that India is democratic, secular and liberal country with laws and reforms, which are not inferior to the developed world, India lags behind in enforcing laws effectively. Sluggish attitude and corruption bars the progress and growth at the expected rate.

 

– Solid business plan and lots of patience: The social pressures on the Indian entrepreneurs de-motivate them to follow their hearts. The harsh conditions and lack of adequate guidance often ends up in either a weak business planning or a closure of the new enterprise. Efforts need to be put in to maintain the morale and confidence of the players.

 

Hence, it all summarizes to adopting innovative ideas, rendering better support and mentors to the aspiring entrepreneurs and a strong governmental support for procuring resources to start-ups. Definitely, the future of the Indian entrepreneurs depends on the techniques and strategies employed while dealing with the present scenario. Thankfully, globalization and advancements at the science and technology front help align the Indian entrepreneurs according to global markets.

 

The changed and charged environment of entrepreneurship in India promises entrepreneurship as a viable option for growth and future of India.

 

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One response to “Emerging Entrepreneurs of India”

  1. Nishant Jadhav says:

    Its very Great Article.

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