History of Entrepreneurship at a Glance
Traces of entrepreneurship in the Indian subcontinent can be found from as early as the 1500 BC in the form of Indian handicrafts. Post the late eighteenth-century various types of manufacturing mills came into existence, for example, metal mills, textile mills etc.
During the pre-independence period, the Swadeshi movement came into existence to improve India’s economy and to show resistance to the colonial British rule. The main aim of this movement was to create a self-sufficient India. In some ways, this encouraged entrepreneurship in India.
Indian communities that are known for their entrepreneurial and business skills are the Parsis, Marwaris and Gujaratis. The father of our nation Mahatma Gandhi himself was an epitome of self-reliance, he stated ‘If I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning.’ He began the khadi revolution and encouraged entrepreneurship.
Modern Day Entrepreneurship
Organisation and Government Initiatives:-
There are several global organisations that exist to promote entrepreneurship and provide support to upcoming entrepreneur. Some of these include: Entrepreneur’s Organization, The Dynamite Circle and Ashoka.
A few entrepreneurship institutes in India are Centre for Entrepreneurship Development, Institute of Entrepreneurship Development and the Indian Institute of Entrepreneurship.
India has not stayed behind in promoting entrepreneurship. The government has taken up several initiatives to do so, like Prime Minister Narendra Modi’s Make in India initiative. Through this ease of doing business has improved as getting credit, dealing with permits and trading across borders has become easier.
The Ministry of Skill Development and Entrepreneurship has also undertaken various endeavours and measures such as strengthening International linkages through internship opportunities and exchange trips to global entrepreneurship hubs like Silicon Valley, promoting entrepreneurship among women etc.
Also, the Skill India Mission is an upcoming initiative that the government will undertake in future.
According to the Global Entrepreneurship Monitor report, India’s High-Growth Expectation Early-Stage Entrepreneurship (HEA) rate is only one-fifth of that of China.
India is ranked 130 out of 190 countries in World Bank Group’s annual report (2016) on the ease of doing business.
Also, India ranks 69 in the Global Entrepreneurship Index with a GEI score of 25.8. However, India is lagging behind in empowering women aspiring to become entrepreneur despite several efforts by the state. The sixth economic census, released by Ministry of Statistics and Programme implementation, revealed an alarming picture of the status of women entrepreneurs in the country. The survey showed that women constitute only 13.76% of the total entrepreneurs, i.e., 8.05 million out of the 58.5 million entrepreneurs. This is definitely something that needs to be countered by continuous efforts.
It is seen that the average and the median age of company founders when they started their current companies was 40. To name a few successful entrepreneur in India are the Flipkart Cofounders –Sachin Bansal and Binny Bansal, founder of Zomato-Deepinder Goyal, the founder of OYO rooms-Ritesh Agarwal. There are several others with unique start-ups which have generated high revenues ranging in crores.
India has seen a steady rise in entrepreneurial growth. Renting workplaces have become cheaper. Publicly traded Internet domain registrars and web hosting companies like GoDaddy etc have also made things easier for aspiring entrepreneurs. There are angel investors and venture capitalists who are looking to fund talented minds with fresh start-up ideas. Students who are aiming to start small scale enterprises can display their new ideas, gain insight, win prizes and funds through various events like hackathons etc.
India is aiming to reach the 90th rank in World Bank’s Doing Business rankings for 2017-18 and 30th by 2020, in its endeavour to improve ease of doing business. Achieving this vision is only possible if we as individuals join hands with the government to contribute to our efforts to promote entrepreneurship.
Let’s join hands and encourage Entrepreneurship in our upcoming Youth talent.