Wikipedia says, “Entrepreneurship is the process of starting a business, typically a startup company offering an innovative product, process or service.” I feel Entrepreneurship is the willingness to develop, to organize and manage a business venture and most importantly to take risks. While the definition of Entrepreneurship looks simple, its execution is that much difficult. The idea is executed by Entrepreneurs, the face of technological and social revolutions in their own way. There’s an old adage “There is one thing stronger than all the armies in the world, and that is an idea whose time has come.” Entrepreneurs are pioneers, dreamers and leaders who give those ideas.
Entrepreneurship in India
In the past few years, there has been a great deal of attention paid towards the subject of Entrepreneurship in India. With a lot of startups establishing their name, a wave of innovative ideas have hit India. Nowadays, every second individual in India dreams of ‘his own startup company’ and all he needs is an idea! There are very many inspirational figures in front of him like Sachin Bansal( Flipkart), Kunal Bahl( Snapdeal), Bhavish Aggarwal and Ankit Bhati(Ola Cabs) who started from the bottom and are now millionaires. Young innovators like them are trying to build robust global solutions with innovations in both technology and business models, as opposed to relatively smaller markets of the earlier generations.
As for earlier generations( more than a decade ago), we didn’t see much of the Entrepreneurs back then. A few things that had held entrepreneurs back can be figured out. First of all, access to finance was not at all easy for setting up a startup which is directly related to the capital one had. Secondly, the approach towards failure was a major issue. Back then, failure was looked down upon while today, the young generation is fearless, not afraid of losing and consider it as a step for success. Though there were economic and social barriers, after some work experience some of the bright minds like Deep Kalra ( MakeMyTrip) and Sanjeev Bikhchandani (InfoEdge) were successful in making great entrepreneurial careers and can be counted in as trailblazers for the younger generations.
It is quite fascinating to see the young generation of entrepreneurs, possibly in their 20s are establishing companies right after their college without sufficient work experience. Sacrificing high paying jobs for establishing their own startup needs a lot of commitment and will-power. Young talents like Ritesh Agarwal(21, OYO Rooms), and Azhar Iqubal (22, News in Shorts’) are worth mentioning here. What’s inspiring these young talents are successful entrepreneurial careers of entrepreneurs of previous generations like Mukesh Bansal (Myntra ) and Pranay Clulet( Quikr). These young talents are however not familiar with downtimes of their company and it would be interesting to see what’s in their arsenal to tackle the bad times as well.
Fuelling the ambitions of this new wave of entrepreneurs are top tech investors like Peter Thiel, Lightspeed and Sequoia Capital who’re ready for betting big money on ‘innovative ideas’, the entrepreneurs are willing for global and not just domestic success. Competing with other companies on a global scale has obviously more impact on the companies’ economy. Also, it gives them the opportunity to spend their funds in acquiescing other big companies. Since very few entrepreneurs consider markets beyond their home territory, this is the kind of risk-taking-attitude which Indian Entrepreneurs need at this point of time.
With the increasing count of startups in India, the competition to become the best among everyone is increasing. The younger generations are also getting inspired with the successful careers of Entrepreneurs and so the future of Entrepreneurship in India in the coming 5-10 years looks blooming. Also, esteemed B-Schools of India have added ‘Entrepreneurship’ as an elective subject in their curriculum which helps students in understanding the subject in depth and gives them exposure to Entrepreneurship. The startup ecosystem in India is encouraged by the PM of India. His recent visit to Silicon Valley and the interaction with tech giants like Google, Microsoft, Facebook and others shows how much influenced he is with the Entrepreneurship Culture in India and willing to make it even more powerful. Since Indian Government is also supporting Entrepreneurship, we can conclude that India is moving ‘The Entrepreneur Way’.
Some famous Entrepreneurs:
- MakemyTrip- Deep Kalra
- InMobi- Naveen Tiwari
- Flipkart- Sachin Bansal & Binny Bansal
- Myntra- Manish Bansal
- Zomato- Deepinder Goyal
- Ola- Bhavish Aggarwal
- TinyOwl- Harshvardhan Mandad
- OYO Rooms- Ritesh Agarwal
- Grofers- Albinder Dhindsa
- Snapdeal- Kunal Bahl
Article By Harshit Gupta:
Kolkata based Harshit Gupta is an active blogger having keen interest in writing about current affairs, technical Blogs, stories, and personal life experiences. Besides passionateabout writing, he also loves coding and dancing. Currently studying at IIEST, he is an active blog contributor at geeksforgeeks. You can reach him at harshitguptablog.wordpress.com.
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