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Scope of Entrepreneurship Development in India

Scope of Entrepreneurship Development in India

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Published by: venkata28 on Dec 09, 2009
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MSME ( micro small and mediumentrepreneurship)
India is a very young nation – just over 61 years since independence – setting outon a path of sustained economic growth, for decades to come.We already have over a billion fellow Indians. Within the next 20 years, we willhave 400 million people below the age of 35 years – more than the entire population of the United States! Each person, in this bold new generation, will bein the prime of his or her life, striving for a better tomorrow – creating, in the process, new growth opportunities, for budding entrepreneurs!On the most conservative basis, our domestic consumption, in virtually any sector,has the potential to at least double, or treble, from current levels – perhaps, just tocatch up with a country like China.Then, there is the entire global opportunity, across diverse sectors internationally,the "Made in India" tag is now an increasingly respected brand, valued for quality,reliability, and competitiveness.Truly, with economic reforms in the country, and with the virtual removal of alltrade barriers, the world is now our market and our opportunity.The pursuit of these opportunities requires an indomitable spirit of 
entrepreneurship.Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail. Entrepreneurial activities are substantially different depending onthe type of organization that is being started. Entrepreneurship ranges in scale fromsolo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high-profile" entrepreneurialventures seek venture capital or angel funding in order to raise capital to build the business. Angel investors generally seek returns of 20-30% and more extensiveinvolvement in the business
is niegther science nor an art . It is the practice. It has aknowledge base .
-- Peter DruckerEntrepreneurship
is the practice of starting new organizations or revitalizingmature organizations, particularly new businesses generally in response toidentified opportunities.Entrepreneurship is a creative human act involving the mobilization of resourcesfrom one level of productive use to a higher level of use. "It is the process bywhich the individual pursue opportunities without regard to resources currentlycontrolled."Entrepreneurship involves a willingness to take responsibility and ability to putmind to a task and see it through from inception to completion. Another ingredientof entrepreneurship is sensing opportunities, while others see chaos, contradiction,and confusion. Essence of Entrepreneurship is going against time with maturity andserving as a change agent.
In India there is a dearth of quality people in industry, which demands high level of entrepreneurship development programme through out the country for the growthof Indian economy.The scope of entrepreneurship development in country like India is tremendous.Especially since there is widespread concern that the acceleration in GDP growthin the post reforms period has not been accompanied by a commensurate expansionin employment. Results of the 57th round of the National Sample Survey
Organization (NSSO) show that unemployment figures in 2003-04 were as high as8.9 million. Incidentally, one million more Indian joined the rank of theunemployed between 2005-06 & 2007-08. The rising unemployment rate (9.2%2008 est.) in India has resulted in growing frustration among the youth. In additionthere is always problem of underemployment. As a result, increasing theentrepreneurial activities in the country is the only solace. Incidentally, both thereports prepared by Planning Commission to generate employment opportunitiesfor 10 crore people over the next ten years have strongly recommended self-employment as a way-out for teaming unemployed youth.We have all the requisite technical and knowledge base to take up theentrepreneurial challenge. The success of Indian entrepreneurs in Silicon Valley isevident as proof. The only thing that is lacking is confidence and mental preparation. We are more of a reactive kind of a people. We need to get out of thisand become more proactive. What is more important than the skill and knowledge base is the courage to take the plunge. Our problem is we do not stretch ourselves.However, it is appreciative that the current generations of youth do not have hang-ups about the previous legacy and are willing to experiment. Theses are the peoplewho will bring about entrepreneurship in India.At present, there are various organizations at the country level & state leveloffering support to entrepreneurs in various ways. The Govt. of India & variousState Govts. have been implementing various schemes & programmes aimed atnurturing entrepreneurship over last four decades. For example, MCED inMaharashtra provides systematic training, dissemination of the information & dataregarding all aspects of entrepreneurship & conducting research inentrepreneurship. Then there are various Govt. sponsored scheme for the buddingentrepreneurs.Recognizing the importance of the entrepreneur development in economic growth& employment generation, Maharashtra Economic Development Council (MEDC)has identified entrepreneurial development as the one of the focus area for Councilactivities two years ago.Various Chambers of Commerce & apex institutions have started organizingseminars & workshops to promote entrepreneurship. Incidentally, variousmanagement colleges have incorporated entrepreneurship as part of their curriculum. This is indeed a good development. This shows the commitment of theGovt. & the various organizations towards developing entrepreneurial qualities inthe individuals.

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