A recent statement by finance minister Nirmala Sitharaman is a positive hope to achieving $5 trillion economy. She said, “India’s goal to be a global economic powerhouse by 2024-25 is “challenging” but realisable.”
Given that, India is seen as a land of opportunities, particularly with a major scope for entrepreneurship.
As such, it’s time to refresh the understanding and concept of entrepreneurship.
Figures of Indian Startup Ecosystem
- 3rd LARGEST startup ecosystem in the world
- 4X POTENTIAL Growth by 2025
- 24 UNICORNS today
- 100 UNICORNS by 2025
- $13 BN Startup Funding in 2018
Concept of Entrepreneurship
The intent to develop, manage and organise a business while managing the market risks to generate profit is entrepreneurship.
In a value-generation sense, entrepreneurship is something that adds a lot of worth in terms of goods, services, people, land, and overall economy.
Types of Entrepreneurship
Entrepreneurship can be majorly categorized in 4 different types:
- Small Business Entrepreneurship: This can be started with low investment and meagre man-power. Examples of small business entrepreneurship include home-bakery, grocery store, consultant, dog-walking and so on. This kind of business lacks the scale to attract venture capital.
- Scalable Startup Entrepreneurship: A ‘right’ idea that can change/help/transform the world is all that is required in scalable startup entrepreneurship. These are funded by venture capitalists and they hire best employees to make their vision true. Examples of scalable start-up includes Facebook and other large internet businesses like online shopping for Electronics, Apparel or Books.
- Large Company Entrepreneurship: These are the likes of Google, Microsoft, TATA, or Samsung.Working on a large scale of things, these companies carry out sustained innovation and keep carrying out new variation around their core products.
- Social Entrepreneurship: These are not-for-profit ventures whose aim is not to create wealth but to cater to the social needs and solve problems. Examples of social entrepreneurship include microfinance institutions, education programmes and helping less-privileged children.
Tips to entrepreneurs
Monish Darda, Chief Technology Officer, ICERTIS who created seven ventures and raised millions of dollars recently shared his experience in a conference titled, “Creating high impact entrepreneurs” at FLAME University. He says:
- Getting the right people around you is very important while entering into the journey of entrepreneurship.
- Startups are prone to losses if not planned and managed well. One important indication of a successful startup is the sustained meeting of targets. Inconsistent target is a time to decide whether one should be in-game or not.