What is Entrepreneurship & Why
There is a great buzz at the moment…around start ups in India specially in IT industry. We get to hear so many things around entrepreneurship, start ups, venture capitalist, VC funding, investment, social connect of entrepreneurship and so many new ventures i.e. whatsapp, flipkart, snapdeal, zomato, paytm, myntra, blablaCar, Ola and the list goes on. Are you excited about entrepreneurship? Do you want to know more about Entrepreneurship?… Lets explore it together.
I am starting a series on Start-up ecosystem in India. This is the first write up on A B C… of entrepreneurship, start-ups and entire ecosystem. Please share your valuable understanding, thoughts, ideas and make the forum more insightful for new audience to join.
What is Entrepreneurship?
…is the process of starting a business, a start-up company or other organization. The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship is one’s ability to turn Ideas into Action and its value to society huge.
… and the leaders who are willing to take risk and exercise initiative, who take advantage of market opportunities by planning, organizing, and employing resources usually by innovating new or improving existing products are known as Entrepreneurs.
– Identifying and seizing Opportunities
– Passion, Risk taking and Decision making
– Ideation, Innovation, Planning, Management, Solid Execution
– Partnering, Networking, Collaboration
– Agility, Ad-hoc decisions
– Active user engagement
– Job creation, social impact
We have a great challenge of unemployment, poverty, inequality globally. We have huge human capital with different skill set, ideas, passions to make a difference to the society. Governance around the globe has one of the biggest challenge to engage this human capital in structured nation building. Entrepreneurship is a great tool to democratize doing business and generating employment. Governments and societies across the world strive to build a natural ecosystem to facilitate individual with the freedom to ideate, plan, execute and bring change to society.
Social benefits – Individuals can network to improve their own social conditions as well as those of others. If we take a rural areas example, we know it takes a lot of time everyday from each family to get water from remote sources. But with new thought process and advancements, group of people (entrepreneurs) ensure water supply to all the households. As by-product every family get huge productive time to utilize somewhere else to improve their living. It is a social change.
Entrepreneurship is Working to create enabling environments and fight inequalities, their
contributions and collective dedication can support health, housing, education, living standards and the social dimensions of all in the global society, whilst creating wealth and celebrating success.
Economic benefits – Entrepreneurs discover new offerings, in the form of new products & services, result in new employment, which can produce a cascading effect or virtuous circle in the economy. The stimulation of related businesses or sectors that support the new venture add to further economic development.
It we look at late 90’s in India, IT sector contributed in a big way to employment as well as to economy. Later we saw BPO, Call-Center drove the growth and employment. Now the new e- commerce economy driven by mobile and internet penetration is driving innovation, ease, businesses and employment.
I write it in bold and italics… In sum, Entrepreneurs are global assets who should be cultivated, motivated and facilitated to the greatest possible extent.
Click here to read Characteristics of an Entrepreneur