Importance Of Entrepreneurship In India

Entrepreneurs in India

“Entrepreneurship is that capacity in an individual to innovate. It involves a whole range of aptitudes like capacity to undertake risks, handle economic uncertainty, thrive in a competitive environment, and overcoming adverse situations”, said Sami Uddin, author of Entrepreneurship Development in India. Entrepreneurs are often regarded as bold individuals who persevere against the odds; a type of hero who will no doubt fix the economy. The Indian culture however, neglects entrepreneurial advances. The barriers keeping India from becoming an economically sound country is the fact that entrepreneurs are given an innumerable amount of obstacles that take the form of poor access to capital , ongoing legal requirements and

Today, however, it is imperative to teach entrepreneurship because “it encourages innovation, fosters job creation, and improves competitiveness” (Paltasingh). Seeing how much entrepreneurship can improve a country’s economic wealth should be enough motivation for the government and its citizens to bend the Indian culture enough to see its economy prosper. Being culturally accepted is an important part of the entrepreneur’s educational environment. To encourage more entrepreneurs, “a country needs a set of beliefs that make entrepreneurship a valid and respected career choice” (Kachru 36). Culture plays a key role in a young entrepreneur’s education because by having a conducive atmosphere suitable to provide the opportunities and encouragement separates those who are entrepreneurs and those who simply gave up from lack of

One of many obstacles, and perhaps the most feared is failure. Failure is an inevitable factor when starting a business; however, one of the many keys to entrepreneurial success is the ability to fail. Because failure is an educational tool that allows entrepreneurs to learn not only from their own mistakes, but from those of others; India should welcome failure into its culture instead of considering it a stigma. Angel B. Perez, Vice president and Dean of Admission and Financial Aid at Pitzer College, in Claremont, Calif. stated that “failure is about growth, learning, overcoming and moving on.” The only thing that differentiates those who succeed and those who do not is a proper understanding of the power of failure. Failure simply provides knowledge that can be applied in future business ventures so as to prevail in the world of business. Paulo Coelho 's The Alchemist is an inspirational story that reinforces the importance of following one 's dreams and encourages readers to realize their personal legend, that is to say, their mission in life. If there is one important lesson Santiago learned, is to diligently pursue his dreams. People in India tend to put their dreams in permanent hold because their government is too afraid of failure. So many "people are afraid to pursue their most important dreams, because they feel that they don 't deserve