“The best way to predict the future is to create it.”
– Peter Drucker
66 years of independence— India is in its nascent stage when it comes to economic growth. There are miles to go before it sleeps. If you talk about age, India is very young. The proportion of young population certainly has the potential to beat the entire population of the States. Needless to say, such a significant figure is rich with enigmatic, creative minds with potentials as budding entrepreneurs. The young minds strive to achieve a thriving future and that’s the exact mindset needed for broadening the path of entrepreneurship. The present scenario of economic free market where trading is almost barrier free, India has two ways possibilities of business growth. One is from the domestic consumption and another is from global consumption. However, the pursuit of these possibilities depends largely upon the entrepreneurship spirit.
Social values and issues are of prime importance in a country like India. In order to succeed and accepted by a huge cultural diversity, any new concept or innovation has to be majorly socially accepted. Hence, any new idea has to be backed by a certain level of awareness among people. Therefore, it is needless to say that a concept like entrepreneurship is subjected to sustainability if only it is supported and disseminated among mass with proper knowledge and information, especially when India is predominantly a country where the economy thrives on the principle of an individual working as a hired employee rather than building his/her own company.
Based on such a perspective, India lacks quality talent in the industry for which the demands of entrepreneurship development for the growth of Indian economy become even more important. A country like India has enormous scope for entrepreneurship development. Some negative scenario of employment has enhanced the scope even more. The accelerated GDP growth, the unbalanced employment ratio resulting in frustration among people, especially the youth— all of these factors have necessitated the urgency of entrepreneurial development. Interestingly, the Planning commission, which prepares annual report on economy, has suggested entrepreneurship as a solution to this epidemic of unemployment. To implement the solution perhaps, there have been instances where various organizations belonging to different levels viz. State govt., private, profitable, non-profitable etc. have started taking initiatives to both promote and support entrepreneurship in all ways possible. Starting from arranging for various entrepreneurial schemes and programs to organizing workshops and seminars to spread awareness to the extent of taking a decision to incorporate “entrepreneurship” as a course in the academic curriculum (so that people get an idea from a very early stage) — the organizations have started offering helping hands to make the subject to be explored to its zenith. This encouragement has been both from a perceptual level, and also from a physical level (as in providing proper infrastructural support and capital). However also along with all the initiatives and capitals and everything, it is also important that the aspiring entrepreneurs have all the necessary qualities so as to take the future of entrepreneurship in India to a new level.
Considering the prospects of entrepreneurship in modern India, there are many sectors which have the potential to flourish when we talk about startups. Industries like tourism (especially in recent times the concern to promote Indian tourism seems to reach altogether a new level), automobiles (India being one of the largest small car manufacturers), social media (everywhere including India, social media seems to have exploded to a new level), software, textile (with increasing FDI) have opened up new horizons for startup companies. 10 years down the lane, India will see Entrepreneurship as the prime factor of economic growth. All these fields mentioned will make path for new business opportunities and those business opportunities are going to transform the face of India in the global economic market. Indian economy has visualized Entrepreneurship as the solution to unemployment and a platform for dynamic talents in order to meet the expected economic progress that India has long dreamt of.