India needs more and more Entrepreneurs!

Having worked for over 4 decades in business at various locations in India, I am really passionate about this topic. From my varied experience in corporate planning, business idea generation, project identification, project finance, preparation and execution of business plans, entrepreneurial development, general management, marketing, and strategy, I strongly feel that entrepreneurship is very lucrative. The only way to tackle the unemployment problem of our country is to create more and more entrepreneurs. A vast and vibrant network of entrepreneurs, intrapreneurs, freelance advisors, consultants, and mentors together with qualified, skilled, and committed executives employed in all kinds of organizations across the length and breadth of the country can significantly contribute towards achieving three laudable national objectives – sustained economic progress leading to tremendous growth in GDP, environmental sustainability, and fulfilment of various social and governance goals.

I am now 73 years old. Most of my time is spent on educating and guiding youngsters. I am engaged in either teaching undergraduate and post-graduate management students or advising and motivating ambitious young males and females on planning and execution their dream businesses/projects. My dominant agenda at this juncture of my life is to convince, motivate, guide, and prepare young people to start something on their own rather than opting for a 9-to-5 job. They can either work as a freelance professional or take up the entrepreneurial (or intrapreneurial) route. They can start any business or remunerative activity either by working as an agent of an established large enterprise or as a franchisee.

Entrepreneurship is not only a financially rewarding prospect, but it is also an intellectually stimulating and uplifting journey. Starting a new business or a social enterprise is thrilling and intimidating at the same time. The delight of boarding on a new expedition, mapping a new path, being self-sufficient and in control, the possibility of accumulating substantial personal wealth, solving peoples’ problems, meeting those unmet needs of society, and making the world a better place to live are all reasons to look ahead with great excitement and hope. For some people working in a 9 to 5 job feels monotonous and stifling, while some thrive in the structured environment. But if you are the former, entrepreneurship is for you.

Let me give below several reasons why entrepreneurship should be promoted in a big way in India and why all young people should opt to become entrepreneurs:

Tackling Unemployment:

Promoting entrepreneurship is a sure-shot strategy to create more and more employment opportunities in the country. As more and more entrepreneurial clusters/pockets get created, many new job opportunities will be generated. Smart and educated young persons residing in cities/urban areas can also promote entrepreneurial units in nearby villages/rural areas on a remote-control basis – visiting their promoted unit once or twice every week.

Rural Entrepreneurs:

Promoting micro and small enterprises in rural pockets of India by small artisans, SHG groups, and other aspiring young persons should now be a national priority and relentless efforts must be made to achieve this goal. To involve people from lower-income groups in entrepreneurial activity – the development of the cottage industry can work wonders! However, this will require help and support from the state governments. Special emphasis should be given to the promotion of those businesses that focus on providing education and healthcare (including health education) to village folks.

Balanced Regional Development:

The Central and State Governments should be actively involved to ensure that all our initiatives to promote entrepreneurship are adequately broad-based to cover all metro towns, big and small cities, and semi-urban, rural, and micro interiors. No region – howsoever small should be left out. To intensify our efforts in this direction, we may also rope in state-level developmental agencies like SFCs and SIDCs and others. These efforts will go a long way to ensure balanced regional development across the country and to prevent the migration of rural workmen to bigger cities in search of employment.

Income Generation & Wealth Creation:

Promoting your own business or industrial unit helps you in earning great profits and generating wealth for you and your country (by contributing to the national GDP). Besides achieving exponential growth in your business and becoming rich over the years – you are also becoming a salary and wage provider to so many executives, staff, and workers employed in your unit. This is no doubt a great feeling of satisfaction and helps you to realise your self-actualisation need.

As an entrepreneur, you control your destiny:

As an entrepreneur – you enjoy so many benefits and privileges which are a far cry from a 9 to 5 job situation. Here, you are your boss. Nobody will get in the way of your vision. You make your plans and schedules. You pick your clients and projects. You pick your team. Owning a business allows you to support local charity events, local schools, and non-profit organizations. Being able to make a difference in your community is a great feeling. Being an entrepreneur is anything but monotonous. There are always fresh business prospects to dive into, new ideas to brainstorm and execute, and new individuals to collaborate with. Being an entrepreneur is a never-ending rollercoaster, but if you enjoy what you do, it’s a thrilling journey with new challenges every day.

There is no harm in being an Employee:

Many young males and females are not at all interested in starting their businesses. This category of persons can jolly well go for the “9 to 5 job route”. There is no problem with this because for the industry to thrive we need both entrepreneurs and employees. Such persons can always go for additional income by investing their savings in well-performing companies or in the start-up projects of other entrepreneurs. Those whose salary is very high can also become non-executive partners/directors in businesses promoted by other entrepreneurs. I can cite an interesting example here where a person is employed in a 9 to 5 corporate job and his/her spouse is an entrepreneur!

Finally, I would like to conclude by saying that entrepreneurs are innovators! Think of all the new technology and ideas that have come to life over the past few years. Those were all once just an idea — but amazing entrepreneurs brought those ideas to life. Doing what you love is the best part of being an entrepreneur. When you’re working with people you enjoy and are doing things that inspire you, it is just easier to get up in the morning with a smile on your face. This is what makes starting a business worthwhile. Creating a successful brand to the point where it leaves a personal legacy behind is appealing and serves as motivation for many entrepreneurs.

So I hope I have convinced you with my passion and sound arguments! Comment below with your thoughts on the subject!