Challenges and Opportunities of Entrepreneurship in India

Challenges and opportunities
of Entrepreneurship in India
Introduction
“Entrepreneurship is neither science nor art. It is the practise. It has a knowledge
base”
- Peter Drucker
Entrepreneurship is the practise of starting new organisation or revitalising mature
org., particularly new business generally In response identified opportunities.
The entrepreneur is generally self-employed, self-motivated, and ambitious and is

willing to take chances to meet his or her goals.
Role of Entrepreneurship in the
economy
 Increasing opportunities for employment (comprising various)
 Competitive skill sets
 Additional wealth creation
 Introduction and dissemination of new methods and technology
 Overall economic growth.
Entrepreneurship in India
 To quote the renowned economist, T.N. Srinivasan, ‘India has been an

entrepreneurial society…we had the entrepreneurial skill but suppressed it
for too long a time… and now it is thriving.
 New entrepreneurs who do not belong to traditional business communities
have begun to emerge in large numbers. Entrepreneurship has grown
rapidly, visibly so, creating wealth and generating employment.
 In a recent survey by the Deloitte group, India ranks 2 globally as home to
the fastest growing technology ﬁrms. 82 Indian companies entered the
Deloitte Technology Fast 500 list of Asia Paciﬁc Companies in 2007.
5 global trends that can change India
 The sharing economy and the world of experiences. The web and
attendant technologies have made it possible to take physical products
and turn them into services.
 The transformative power of mobile, access and big data. The emerging
markets have been first adapters in the move to mobile, with key services
like news and banking being front-runners in providing mobile services.
 Retail is more about story-telling than about selling. It's about being able to
provide a consistent experience and storyline across the platform.
 Wearable technology and telemedicine transform health. Ensuring internet
connectivity, and in training nurses at the remote location.
 Education that builds hearts, minds and skills. For companies, those who
leverage technologies to continuously develop their talent will find
themselves ready for market changes and innovation.
Uday Kotak wins global entrepreneur
award for 2014
Uday Kotak, founder, executive vice-chairman and managing director of Kotak

Mahindra Bank, has been named the EY World Entrepreneur Of The Year 2014. Kotak,
awarded at a ceremony in Monaco, was selected among 60 finalists from 51
countries, each of whom has already been named the EY Entrepreneur Of The Year
in their home countries.
Rise of the Global Entrepreneurial Class
 Looking at the future, the average Indian is expected to be 29 years old in 2020
as compared to 48 in USA, and 37 in China. Therefore , it is no surprise that we see
awareness and many a student movement creating forums for entrepreneurship
today.
 The Kerala government have also introduced recently an entrepreneurship
scheme for students at universities and colleges that provides for accessibility to
incubation centres and academic incentives to those who approach such
centres.
 As a matter of fact is seen as one of the countries that is par excellence with the
rest of the Asian countries as far as growing entrepreneurship is concerned.
Challenges Faced by Entrepreneurs
Bureaucratic potholes that ensure that a good number of early days are spent running from
one table to another, from one department to another to get the necessary permissions in
place.
Poor infrastructure facilities prove to be a huge hurdle to the distribution network. Scarcity of
electricity, a good number of non-motorable roads.
Gallup’s recent study found that though many indigenous serial entrepreneurs have made
their mark, they are not ready to impart learnings from their journey to aspirants.
Personal risk such as uncertainty of success, financial risk such as loss of savings.
Never-ending family pressure for job security through traditional means. Add to it some myths
like not being able to find a good matrimonial alliance if one runs his/her own business.
India Specific Entrepreneurship Challenges
are:-
 Family Challenges: Convincing to opt for business over job is easy is not an easy task for an
individual.
 Social Challenges: Family challenges are always at the top because that is what matter
the most but at times social challenges also are very important.
 Technological Challenges: Indian education system lags too much from the Job industry as
a whole but then it lags even more when it comes to online entrepreneurship.
 . Financial Challenges: Financial challenges are a lot different in India especially for online
entrepreneurs.
 Problems of availing raw-materials.
 Exploitation of small and poor countries.
Opportunities of Entrepreneurship
 Free entry into world trade.

 Improved risk taking ability.
 Benefits of specialization.
 Social and cultural development
 Technology and inventions spread into the world.
 Government of nations withdrawn some restrictions
Scope of Entrepreneurship in India
The scope of Entrepreneurship development in India is

tremendous. The rising unemployment rate in India has
resulted in growing frustration among youth. In addition
there is always problem of underemployment. As a result,
increasing the entrepreneurial activities in the country is the
only solace.
Opportunities of Entrepreneurs in India
A list of good entrepreneurs can look at:
1. Tourism: Tourism is a booming industry in India. With the number of domestic
and international tourists rising every year, this is one hot sector entrepreneurs
must focus on.
2. Automobiles: India is now a hot spot for automobiles and auto-components.
A cost-effective hub for auto components sourcing for global auto makers.
3. Textiles: India is famous for its textiles. Each state has its unique style in terms of
apparels.
4. Social Venture: Many entrepreneurs are taking up social entrepreneurship.
5. Education and Training: There is a good demand for education and online
tutorial services. With good facilities at competitive rates, India can attract
more students from abroad.
6. Organic Farming: Organic farming has been in India since a long time.
Entrepreneurs can focus on business opportunities in this sector.
Nature of Entrepreneurship
 Creation of an enterprise- It involves creation and operation of an
enterprise.
 Organizing function- It brings together various factors of production for
economic use.
 Innovation- It is an automatic, spontaneous and creative response to
changes in the environment.
 Risk bearing capacity- It assumes uncertainty of future
 Managerial and leadership function- It is responsible for controlling and
coordinating the human resource and giving direction to an enterprise.
 Gap filling- It fills the gap between human needs and available products
and services.
Conclusion
 Basically, an individual needs to learn and sharpen his or her entrepreneurial
skills in order to become a successful entrepreneur.
 Besides, an individual also must have a good personal qualities that are
demanded to become a successful entrepreneur.
 The examples of the entrepreneur traits are full of determination, not afraid to
take risk, high level of confidence, craves learning, understands failure is the
part of the game, highly adaptable, good understanding of money
management, expert in networking, ability to sell and promote.
 In fact, there are lot of entrepreneur traits that are available that can lead an
individual to become a successful entrepreneur.
 Made By:-
Aditya Shaw
Amit Kapoor
Abhinash Patra
Dishari Poddar
Owais Yousuf

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Challenges and opportunities

The entrepreneur is generally self-employed, self-motivated, and ambitious and is

 To quote the renowned economist, T.N. Srinivasan, ‘India has been an

Uday Kotak, founder, executive vice-chairman and managing director of Kotak

 Free entry into world trade.

The scope of Entrepreneurship development in India is

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