India is a country of more than 125 crore people amongst which around 50 crore falls under the category of service class and working.
So, the number of minds this country has is more than any other country but the major problem here is that people prefer government jobs and private sectors jobs over their own start-ups and give up on the idea of becoming an entrepreneur. But now the prime minister, Narendra Modi has launched a ambitious start-up India mission on 16 January at Vigyan Bhawan auditorium New Delhi which is focusing on more and more start-up ideas and supporting them. This will indeed help people to overcome there dream of becoming entrepreneurs.
Earlier no goverment focused on such a coloumn of progress, rather they focused on other factors. Many people in India come up with the greatest ideas of all time but give up on them as they do not get the support they need or because of lack of money. In the previous couple of years, the Indian start-up biological system has seen a monstrous development, notwithstanding a few barricades, selection of play-to-win approach by the youthful and enthusiastic entrepreneurs people was unequalled high.
Be that as it may, the immediate contribution of government in engaging new businesses will unquestionably give a genuine boost. A part of elements, including the globalization and ascent of IT industry during the 90s were significantly in charge of the ascent of enterprise in India. Today, Indian Economy is experiencing a gigantic makeover with new procedures folding into the market accentuating and improving the job and commitment of new businesses.
Besides, with nature in India for beginning own endeavour has turned out to be favourable and a lot of enterprise opportunity India presents, an ever increasing number of individuals are currently arranged to take the jump.
Selecting pattern among IITs and top MBA universities dependably make news in view of the higher bundles that are offered to the understudies. The gifted understudies from these top schools either arranging to get set in the start-up or quit grounds enlistment process itself, for the most part, because of their developing enthusiasm to begin their very own endeavours. The number of inhabitants in India is a tremendous resource for the nation in the following couple of years. By 2020, it is assumed that the country will encounter a “statistic reward” period, where the working age populace would outperform the non-working populace.
Funding by the GOI has been the biggest backbone for the young entrepreneurs in India By propelling a few plans, Indian government has helped the start-up firms a great deal to perform and support both in household and worldwide market. There are various government and semi-administrative activities to help new companies. “Make in India” has not only encouraged the manufacturer, but also the Indian buyer to trust and invest in the in the domestic brands.
In India there are such huge numbers of chances accessible for new just as existed entrepreneurs. The Indian government activity “make in India” giving inspirations to entrepreneurs. India is creating nation in light of that it has enormous open doors for entrepreneurs in the fields of the travel industry, vitality segment, car divisions, material, squander the executives and reusing, wellbeing area, natural cultivating, media, toys, pressing, transportation, sustenance items, preparing and instruction, provider and showcasing and so on. In any of above field the business visionary can new company. This exploration uncovers the open doors accessible for entrepreneurs in India at present.
India is an emerging country and hence people now are aware of the perks of working as a service class middle man and advantages of working out his own idea. Now the education regarding this is properly given to people. Now the Indian talent is starting to work in start-ups so as to gain experience and practical knowledge. Still people are facing a lot of problems while their journey towards being an entrepreneur in India.
The major problems faced by Indian people are financial hurdles as the amount of fund raised is either insufficient or no funds raised, lack management education, easy going life in multinationals which means that instead of starting his own venture, he can easily earn a lot via working with some multinational company, lack of quality technical manpower, lack of awareness and regulatory framework.
In a recent survey by Deloitte group, India ranks 2 globally as home to the fastest growing technology firms. 82 Indian companies entered the Deloitte technology fast 500 list of AsiaPacific companies in 2007.
To quote the renowned economist, T.N Srinivasan, “ India has been an entrepreneurial society but supressed it for too long, but now it is thriving”.
There are a few global trends that can change India like the sharing economy and the world of experiences, the transformative power of mobile access and big data, retail is more about story telling than selling, wearable technology and telemedicine transform health, education that builds hearts, minds and skills.
Contributor: Ankur Sharma