The concept of an entrepreneur is refined when principles and terms from a business, managerial, and personal perspective are considered. In almost all of the definitions of entrepreneurship, there is agreement that we are talking about a kind of behaviour that includes:
- Initiative taking,
- The organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical account and
- Acceptance of risk or failure.
Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time and/or career commitment or provide value for some product or service. The product or service may or may not be new or unique, but value must somehow be infused by the entrepreneur by receiving and locating the necessary skills and resources efficiently and effectively.
Entrepreneurship is thus considered as the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence that comes with it.
There is always been a big rush to join the IITs and the other elite engineering colleges in India. One of the primary reasons is bright career opportunities. The students and parents as they conceptualize “career” by evaluating the performances of the alumni and fresh graduates in the job market deduce that graduating from these colleges will fetch those jobs with hefty packages. However, the nation has lately realized that to help grow the economy faster, there is a need for entrepreneurial ventures. The fresh young minds from the elite engineering institutions are just the right people for generating new ideas and innovations and launch them through entrepreneurial projects. This will not only help them in their own career development but will help the career of many more through creation of jobs. Also it will boost the economy of the country. Companies like Microsoft, Apple, and Facebook are all started by young entrepreneurs within or beyond the campus. Thus, the engineering colleges could become the incubation centres for successful ventures in India from the generations to come and create Indian entrepreneurial brands.
The business world is dynamic. The global markets are not only dealing in Indian entrepreneurial markets but also they are investing with them. We can find ample examples in the Indian economy. Ibibo group purchased redbus.in and yourbus.in.
Indian entrepreneurs today are successful and have gone global. They are not only helping themselves but also are creating jobs in the market at an unprecedented rate. This is helping the Indian economy to larger extend.
Recently, India is considered to be amongst the three top investment destinations. According to a report released by Evalueserve research, over 44 U.S. based VC firms are now seeking to invest heavily in startups and early-stage companies in India. Reports from PricwwaterhouseCoppers predict that between 2010 and 2024, 2219 multinational companies will emerge from India.
“People in developing countries “are not pitiful beggars, are not helplessly trapped in obsolete ways and are not uncritical prisoners of dysfunctional cultures.” In fact, he says and I can vouch from my experience that the developing world is teeming with entrepreneurs who possess an “astonishing ability to wring a profit out of practically nothing.
The Indian experience has established that, when the right environment is created by the policy makers, the entrepreneurial spirit of the people finds expression and the economic activity booms. The government and the citizens alike have realized the potential of private initiatives ever since the Indian economy was liberalized in the 1990s. The trend of private enterprise is picking up pace in India and is likely to be supported by all executive and legislative functions of the country irrespective of political ideologies.
Despite many challenges, the entrepreneurial opportunities in India are substantial. A new-found entrepreneurial culture is creating a favourable ecosystem of service and resource providers. Besides government programs and agencies, a number of private funds, mentors, and service providers are entering the arena to further accelerate the trend. There is a long way to go to reach a mature entrepreneurial landscape in India, but the opportunities are sufficiently large and numerous that the future of India will likely be shaped by its entrepreneurs.
In conclusion, with a consistently growing local market for indigenous products, supported by a reasonably efficient and transparent legal system, I believe India could potentially emerge as one of the top 3 world economies in the world by 2020.