What is Entrepreneurship and why is it needed?

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What is Entrepreneurship and why is it needed?

Entrepreneurship is defined as the dynamic process of creating incremental wealth in the simplest of terms. 

Entrepreneurs are individuals who create this wealth by taking significant risks in terms of equity, time, career, and commitment to providing a product or service.

The product or service itself may or may not be new or unique, but the entrepreneur must somehow derive the value by securing and allocating the necessary skills and resources.

Entrepreneurs serve as agents of change, providing creative and revolutionary ideas for businesses to help them grow and become profitable

Entrepreneurs are heralded as the heroes of free enterprise in the 21st Century, whatever activity they tend to engage in.

Entrepreneurship is often regarded as the “Pioneer ship” of business. This is because the earliest industrial development, trading, and subsequent innovations are thanks to the earliest entrepreneurs.

Entrepreneurship is a dynamic process of vision, change, and creation. The gist of Entrepreneurship is the application of energy and passion towards creating and implementing new ideas and creative solutions.

The Joint Family Structure in India has been a source of success for many Indian businesses, but that success has been only possible due to economic liberalization in India. 

For the continuation of that success, the reforms should continue, and the risks that could derail the growth due to terrorism, political corruption, etc., are tackled well by the Government.

In the pre-1990 period, success for old businesses had come from the close-knit joint family structure that fosters family values, teamwork, tenacity, and continuity. 

Under this structure, generations of people lived and worked together under one roof. In addition, all the wealth acquired from the businesses supported the joint family by providing a social safety net for members.

In this structure, businesses and families were intertwined though they were also distinct entities with separate rules. Hence, the family’s survival became synonymous with the business’s survival. 

Before the 90s, the success rate of Indian businesses was heavily dependent on ambition, licenses, government contacts, and an understanding of the bureaucratic system. As a result, connections influenced business decisions rather than the market or competition. 

During this era, entrepreneurship was subdued, the capital was limited, and India had very few success stories.

The Indian government liberalized the economy in 1991 and subsequently changed the competitive landscape. 

Family businesses dominating Indian markets faced tough competition from multinationals with superior technology, financial strength, and managerial resources. Thus, Indian businesses had to change, which gave rise to an exponential growth in the number of start-ups and entrepreneurs.

India is now home to as many as 50,000 new start-ups, and the number is ever increasing. 

Author Bio – Ombir is SEO Executive at Netflix Trends and Top Ten Corner. He is an SEO and Writer who has an experience of 2 years of in these respective fields. He likes to spend his time researching various subjects. Contact[email protected]

What is Entrepreneurship, and why is it needed?

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