Across the world, different governments and local communities have understood that for the country to prosper, fostering the idea of entrepreneurship among youth is the best way. The most serious problem today in India is unemployment and to tackle it, youth have to explore their potential in understanding the business acumen. India will be the only country which will have a large number of working population in near future. It is better to induce the idea of creating their own destiny in starting their own companies, instead of waiting for a job. Hence it is the urgent need to empower youth by transforming them from job seeker to job creator. In developing economy like India, entrepreneurship is being promoted which has become a priority for the governments, financial institution and academic institutions.
One can become a successful entrepreneur with traits such as business thinking, optimism and persistence. Entrepreneurship spirit is characterized by innovation and risk-taking which makes a nation to succeed in a competitive global market. Parents must encourage their children to try new ideas to explore, instead of settling just for the sake of social security. The education system in India should also be evolved to include creativity and practical application of knowledge. Experimentation and research should be given priority for young students of higher educational institutions in India. Instead of worrying about fear of failure, youth must understand entrepreneurship risk is a major factor and failure will always be there. They should not have even the fear of criticism as failure and criticism is the most challenging task for any human being.
Our higher educational institutions should develop the mindset of youth in transforming them from a job seeker to job creator. Leadership skills and entrepreneur skills go hand in hand. Both these qualities must be cultivated, which will help the country to progress. The teachers and faculties should motivate and inspire the students in this area. The risk is directly proportional to return which means higher the risk, higher the return and vice versa. The risk is inversely proportional to age. In a young age, there is a possibility of taking higher risk. As age increases the risk-taking capability among the individual’s decreases.
Entrepreneurs create jobs, increase innovation, competition which are responsive to changing economic opportunities and trends. Entrepreneurship offers other positive externalities. A young person sets up a new business may provide demonstration or learning externalities in that they may act as a role model for other young people. Educated, skilled and unskilled youth need to consider entrepreneurship. Youth entrepreneurship which has become a trend now, not only in developed countries but also in developing countries like India. The government of India is also encouraging this idea by making continuous efforts and by implementing various employment generation schemes to create additional job opportunities for both educated and uneducated youth in the country. It is important for anyone to understand their personality trait to make the right career plan in this arena.
We should create an environment where access to finance is based more on the capacity of repayment than it is on the availability of collateral. Registering a business should be an open and painless process for young entrepreneurs. We can also do this by providing support packages that combine training, access to finance and mentoring. These work better than only delivering stand-alone interventions. One of the main challenges is to create access to the market and the ability to ensure that they remain relevant in a competitive business environment. The Indian government is also providing necessary initiatives as part of their various programs to encourage them to be successful entrepreneurs for tomorrow.