Decades back, people were not very interested in leaving a handsomely paying job to apply their expertise and skills in ideas to set up a new business. Entrepreneurship was not given much importance.
However, the current scenario is totally different. Young minds are willing to experiment. Currently, many young entrepreneurs have chosen to start new businesses and spread the wave of entrepreneurship in the nation.
The resulting entrepreneurial character has led to massive innovation. Moreover, with the high involvement of government in startups and small and medium-sized (SMEs) businesses, the spirit of entrepreneur-driven innovation is great
At present, India is considered to be a hub of startups, having around 3100 startups and is closely behind the UK with 4000 start-ups.
Fitch Ratings, a credit research rating agency, revealed that such progressive insights have positively impacted the young generation of the nation. The young minds want to start their ventures. They have been motivated to decline their high-paying jobs offered by large multinational companies and start their own firm.
It has been speculated that India will have to roughly create 10 million jobs a year for the 300 million people aspiring to join India’s workforce in the next 20 years. The numbers are quite daunting; however, the government will have to incubate the culture of entrepreneurship in the society.
In other developed countries like the US, Germany, France, the UK, Japan, etc. small businesses have flourished, which generates employment locally and globally.
It all lies in the root that is education. The society will have to create a mindset of training the young generation to showcase their talent which could transform an idea into a business opportunity.
Creating young leaders
India has the highest population between the age group of 15 to 65. It goes to show that it is a country loaded with talent. Also, many Indian-born talented minds are doing some outstanding jobs in world renowned companies like Google, Microsoft, Reckitt Benckiser, etc. It has proven that the local talent can be groomed into brilliant leaders.
The need of the hour is opportunities, exposure, and the infra. Young entrepreneurs must be given opportunities for overseas exposure for hands-on training so that they can implement same in the country to create successful businesses.
Exposure to successful business idols will boost their confidence and motivate them towards the culture of entrepreneurship.
The government of India will have a significant role to play in the entire process. India is by far not a tax friendly country. Therefore, leveraging tax incentives to investors will improve their sentiments, and the country will have more funds in fluxing. Having said the above, the central government is rigorously promoting the startup culture by implementing various programs and revising laws and regulations.
Also, the following parameters have to be worked upon to achieve an investor friendly environment.
- Starting a new business
- Protecting investors
- Getting credit from the market
- Dealing with construction permits, reducing bottlenecks, and quick project clearance
- Settling insolvency by getting the arbitrary into the picture
- Getting electricity Registering property (must need)
- Paying taxes and creating a tax-free investor environment.
- Trading across borders Enforcing Contracts- International business
Train to Think Differently And Creatively
Getting new talents on board with all the skill sets remains a challenge for most startups. Firms can employ onsite training programs which will cost them less and would be efficient.
Training the potential young minds will not just help organisations to achieve success but also garner future leaders. Critical and creative thinking will contribute to attaining the expected results.
LSI Keywords- Creating young leaders, entrepreneurship in India, startups in India