Rising to the challenge: how can Indian entrepreneurs push the envelope to everlasting greatness?

Posted By: Rise Team|Dated: March 18, 2014

Entrepreneurship in India has slowly taken off in the past few years. Leading educational institutions such as IITs, IIMs, and the others have produced a young breed of worthy graduates who strongly believe that they have the knowledge and skills to invest in innovation and technology, to address the genuine needs of millions of people. This trend in youth entrepreneurship is still nascent, however. Within the confines of India’s highly regimented educational system, opportunities to develop critical skills including selling, evaluating opportunities, recruiting and managing teams, raising resources, and handling finances are rare. Perhaps it’s time to make more room for entrepreneurship programmes that facilitate and support start-ups. That said, it would be good to see growth and investment, in more ventures that better leverage or develop innovative technologies, with more of them targeting the large and growing opportunities in sectors ranging from energy to healthcare, education, water, and waste management.

Rising Entrepreneurship in India

In a country where almost 50% of the population is below 35 years old, budding entrepreneurs today have enormous opportunities arising from the increased consumption patterns in rural and urban India. The regulatory environment, however, needs to become more business friendly, especially in terms of cutting the policy constrains and the red tape that slows the rise of new ventures. For example, there are no specific legal frameworks for social enterprises, so businesses either designate themselves as SMEs or non-profits, though their income structures don’t fall neatly into either of these categories. Furthermore, the tax system, although not particularly onerous, could be made less complicated. Standards of education need to be enhanced and research and development (R&D) activity needs to be ramped up to make the most of this advantage. Corruption must be addressed too. Indian entrepreneurs struggle to access commercial sources of financing, suggesting that the Government need to provide more credit guarantees and support mechanisms to encourage lending. Public and private bodies need to be more organized in trying to help entrepreneurs overcome the various obstacles they face while setting up and running their businesses. More needs to be done, and getting this right will require innovation in many areas.

Entrepreneurs in India face a broad set of challenges in setting up and growing their businesses but nonetheless one must still believe in the country’s long term entrepreneurship potential. The leaders in some of India’s best companies are truly world class and their entrepreneurial spirit is as strong as you’ll see anywhere in the world.  Businesses have produced some of the most innovative and successful entrepreneurial ventures in the past and still possess the fire to provide an attractive ecosystem to work and invest in the country.

However, in order to create a true innovation-led economy where growth is underpinned by productivity enhancements and not just better access to valuable natural resources; Entrepreneurs need to lay the architecture for systematic innovation where optimization will be the key.

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