Entrepreneurship Development by Prof.(Dr.) Arun Bhatia and Prof.(Dr. Rashmi Bhatia

 The world is longing for change agents having fire in their belly with ability and capability to undertake  risks in the wake of uncertainty, with a dint of hard work, creativity and innovation in mind, ready to change the face of the market, challenging at every breath, giving an opportunity to fulfil the dreams and committed to social welfare.

Entrepreneurship is a choice for those who belong to business families, for those who wish to be independent, to achieve something personally and also for providing employment opportunities.

Entrepreneurs are the sparks of industrial development and the results of industrial development are greater employment opportunities to unemployed youth, increase in per capita income, higher standard of living and increased individual saving, revenue to the government in terms of income tax, sales tax, export duties, import duties and balanced regional development.

Entrepreneurs alter the direction of national economies, industries, and/ or markets. They invent new products and develop organizations and the means of production to bring them to market. They introduce quantum leaps in technology and more productive uses, for instance, techno entrepreneurs like Steve jobs. They  force the reallocation of resources away from existing users to new and more productive users.

Rural India is unable to match the speed of development and growth of urban India. India is not a poor country, but a poorly-managed country. While India is poised to become one of the youngest nations in the world in a couple of years, it is the youth of the nation who has to largely shoulder the responsibility of saving the environment. This can be possible only if they start making smaller changes in their occupational engagements and lifestyles that could have a  rippling effect.

From the international perspective, the 19th century belonged to Europe, 20th century to America, and now it is the turn of Asia to lead in the 21st century. Recent years have witnessed a cascading downturn in the world economy resulting in tremendous decline in business and employment globally, particularly in the developed world. Fortunately, India has remained largely unaffected by this recession, staying virtually at the same level as some of the most developed countries. This feat of survival from recession brings to the fore the inherent strengths in the Indian economy that enabled it to face one of the worst economic crises of the recent times.

India is in increasing need of entrepreneurs. They need them for two reasons. First, to cash in on new opportunities and, second to create wealth and new jobs.

Globalisation and Liberalisation has opened new horizons of international trade for the market and has opened vistas of foreign markets for the diversified product line.

 India now has around 90 million entrepreneurs—most of them building small businesses, some of them building big businesses—but all contributing to an economy that boasts a middle class as big as the entire population of the united states. India has come along faster than anyone would have expected, and there are good reasons to believe these trends can continue. Morgan Stanley predicts that over the next 20 to 25 years, India will grow faster than any large country in the world. But there are bumps on the road to progress. India faces many challenges in ensuring that its educational system, infrastructure, and other services keep pace with its potential. According to the estimates of the Mckinsey Global Institute, meeting the needs of Indian cities alone by 2030 will require $1.2 trillion as an additional capital investment. That is an astounding eight-fold increase in today’s per capita spending.  

Fortunately, today’s knowledge-based economy is fertile ground for entrepreneurs.

Entrepreneurship

Entrepreneurship is the foundation stone stimulating competition in the economy, providing positive vibes for the economic development, having special significance irrespective of the stage of development. High entrepreneurial index in an economy is aptly considered as the indicator of its economic progress. Needless to say, the objective of industrial development, regional growth and employment generation depend very much upon entrepreneurial development. Entrepreneurship is motivated by the drive to meet personal, emotional, or financial needs. It combines many qualities such as Innovation, Risk taking, Organising factors of  Production, etc.

Entrepreneurship is vital for economic growth and development in any country. The creation of new business entities generates Value added, Fiscal Revenues, Employment and Innovation, and is an essential ingredient for the development of a vibrant small- and medium-sized business sector. It has the potential to contribute to specific sustainable development objectives, such as the Employment of Women, Young people or Disadvantaged groups. Entrepreneurship development can also contribute to structural transformation and building new industries, including the development of eco-friendly economic activities.

The role of quality entrepreneurship education and training in identifying and nurturing entrepreneurial potential among youth is becoming apparent to students, policy makers, and educators. The introduction of entrepreneurial education for all undergraduates in Indian universities by  UGC, provides further evidence of the need for youths and family economic empowerment and self-employment as a viable career option. Hitherto, the polytechnics and colleges of education run small business management course as a variant of entrepreneurship education.

Entrepreneurship refers to an individual’s ability to turn ideas into action. It includes Creativity, Innovation and Risk taking, as well as the ability to plan and manage projects in order to achieve objectives. The supply of entrepreneurs can be increased by developing a positive perception about the feasibility and desirability of entrepreneurship through educational preparation at an early age. When rooted in solid learning theory, entrepreneurial education develops entrepreneurs, by increasing business knowledge and promoting psychological attributes associated with entrepreneurs .

Identifying and nurturing entrepreneurial potential among youths can have long-term implications for economic development. Many researches have addressed the potency of entrepreneurship education to affect the development of entrepreneurial talent prior to the collegiate level. Specifically, students with training in entrepreneurship have greater overall entrepreneurial characteristics, higher achievement motivation, more personal control, and greater self-esteem.

Encouraging the enterprise spirit is a key to creating jobs and improving competitiveness and economic growth throughout the world. The importance of entrepreneurship is widely recognised today as a basic skill to be provided through life-long learning, and interesting experiences exist already in all countries.

Innovation and Entrepreneurship are essential for the survival of both Large and Small businesses.

“The problems of the Corporate World possibly cannot be solved by skeptics or cynics whose mental horizons are limited by the obvious realities. An Entrepreneurial mind dreams of things that never were and ask 'why not'?”

 Being an entrepreneur is a way of life and a way of looking at the world. Entrepreneurs enjoy independence and freedom. They decide for themselves what to do and when to do it. Entrepreneurs also face risks, work under pressure and are immediately accountable for the outcomes – good or bad – of their decisions.

It is a grand thing to rise in the world. The ambition to do so is the very salt of the earth. It is the parent of all enterprise, and the cause of all improvement.

Why Study Entrepreneurship?

· There is an idea capable of  changing the world or it can further enhance an existing process.

· There is a technological breakthrough and you would like to capitalize on it (e.g, by opening a startup)

· A passion that you have for learning entrepreneurship whilst having a good idea, technology, and/or a partner.