ENTREPRENEURSHIP IN INDIA

Entrepreneurship has been a buzzword in Indian business ecosystem for about half-a-decade. As enhancements in technology keeps on expanding the business horizons and opportunities, many more students have considered walking along the path of entrepreneurship instead of resorting to secured employment. They fantasize establishing their own global empires on what currently exists as a barren plot of land. However, most of these ventures, fuelled by youthful and passionate minds, cease to exist for one or a multitude of factors in within first three years of operations.

The foremost reason behind the collapse of current-age start-ups in India is the lack of business acumen within the whole team. Several components have to be nurtured before knocking the doors of entrepreneurship. These include – Business Strategizing, Bootstrapping, Business Development and Growth-related Operations, Financial Analysis and Projections, Consultancy, Diplomacy, and so on. In the Indian start-up playfield, the seeds of entrepreneurship are typically buried in a youthful technical mind when the burden of obligations is minimal. However, due to lack of entrepreneurial nurturing, these technically sound minds cross paths with demoralizing failures.

Lack of innovation/implementation strategy is another prime factor affecting the expansion of Indian start-ups on a global/national plateau. Just as how Indians blindly emulate the living patterns of westerly, they reflect the same attitude in entrepreneurship as well. We keep exploring the westerly-based ventures that have reaped big-term margins, and if we find it exploitable in India, we create a venture based on the same core concept. On top of that, many self-proclaimed visionaries in India also try to emulate the implementation strategies from western models, which swallow away the very last ounce of creative asset from the project. This severely cripples the tendency of Indian start-ups to establish on the global grounds since they offer nothing innovative/incentivizing to the global user-base.

An undermined factor behind the shutting down of business operations is the short-sightedness towards financial affairs. Financial management, Financial Projections, Financial Analysis, Fund-Raising, and several finance-bound operations severely affect the long-term survival of any venture. Ideas are a dime a dozen in our business culture, however, the ineptness to create reasonable cash-burn charts, projections, and other graphs keeps an entrepreneur blindfolded from the prospective standpoint. It’s difficult to run any venture this way since we’re neglecting the core facet thatdrives any business, viz. the profitable margins.

Speaking of profitable margins, there are legions of entrepreneurs who start a venture solely with the vision of churning massive profits and amassing a massive fortune. This is a sure-shot way to annihilate any venture. Entrepreneurship is not only about possessing the business acumen, but to address a problem and cause a change in traditional and haphazard ways of living. There are several unicorns that commenced operations with the drive to drive a change in society, and in the process, they have also started scattering roots at the multinational tier. If the implementation strategies are revised, revamped, and renovated in accordance with the needs of international audience, these ventures will definitely create a profound impact in the international business sphere.