Nowadays, the government of India, city officials, and many local communities have accepted the fact that to build prosperity and to stimulate the growth as well, we need to foster entrepreneurship among people especially the youth.
However, in such cases, the simple question that arises in everyone’s mind is that how will we foster entrepreneurship? Well, the first thing, on which we should focus is implementing simple steps that don’t require more resources for boosting entrepreneurial eco-system in India.
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A few components on which people should focus more are ideas, writing a business plan, raising capital, creating a go-to-market and exit strategy for the startup company as well as there are many resources available for that from venture capital websites, organizations, books on entrepreneurship and host of other readily available resources on the internet.
Steps to Boost Entrepreneurship in India
Supporting Young Entrepreneurs
There is no doubt in saying that youth are getting attracted towards entrepreneurship more and more on a daily basis. Youth under 25 years old are thinking of starting something of their own.
Now, this step will definitely help the country in reducing unemployment and it also helps to show the youth that they can create their destiny by starting their own companies instead of finding a job for themselves.
For the motivation of students, it is good to offer helpful classes, bringing successful entrepreneurs as role models on the board to speak about their journey. This will not only boost the confidence of students to become an entrepreneur but also attract other employees to start his/her own business.
When it comes to engineering and business colleges there are a huge number of private colleges rising on a daily basis and we still need many more to come to support the youth of India which is considered to be a great asset for the growth of the company.
So as discussed above as well, by educating people about the benefits of being an entrepreneur with the help of classes and practical knowledge can assist in having more successful entrepreneurs.
Entrepreneurship classes can be broken in two parts- the first one will cover the knowledge around building blocks of entrepreneurship and second part will cover a business project that will help the new generation in learning the right manner of writing a business plan that includes necessities, go-to-market plan and how to pitch to investors etc.
Entrepreneur as Role Models and their Stories
Sharing entrepreneur’s success stories and motivational speeches by the entrepreneur as role models will help in motivating the youth of India. Their success stories can be very inspirational and assist youngsters in knowing about all efforts that are required in the process of being an entrepreneur.
Funding other support infrastructure
Generally, every developing country is full of success stories on entrepreneurs starting from Infosys, HCL to new ones such as Redbus, Makemytrip.com, to snapdeal.com in India and to other parts of the world as well. Nowadays, many of these successful entrepreneurs are turning into being angel investors which offer seed funding to emerging entrepreneurs for building ideas, mentoring and advising them with their lessons.
In India, there are many angel investors who are actively helping in advancing the entrepreneurial eco-system, which is a great thing. Hopefully, at some point, the government of India will also look into this and will provide a simple and fast-track process by dismantling lots of barriers consisting of rather cumbersome rules and regulations.
Entrepreneurship plays a vital role in the growth of the country. It basically helps in reducing unemployment and opens several doors for the growth. A few simple steps stated above can go a long way in fostering entrepreneurship and motivate entrepreneurs to form successful companies of tomorrow.