Entrepreneurship Challenges and Opportunities in India

Topics: Entrepreneurship, Entrepreneur, Joseph Schumpeter Pages: 6 (1654 words) Published: May 17, 2013
Bonfring International Journal of Industrial Engineering and Management Science, Vol. 1, Special Issue, December 2011


Entrepreneurship Challenges and Opportunities in India
Dr.N. Santhi and S. Rajesh Kumar
Abstract--- True entrepreneurs are resourceful, passionate and driven to succeed and improve. They're pioneers and are comfortable fighting on the frontline. The great ones are ready to be laughed at and criticized in the beginning because they can see their path ahead and are too busy working towards their dream. An entrepreneur is a businessperson who not only conceives and organizes ventures but also frequently takes risks in doing so. Not all independent business people are true entrepreneurs, and not all entrepreneurs are created equal. Different degrees or levels of entrepreneurial intensity and drive depend upon how much independence one exhibits, the level of leadership and innovation they demonstrate, how much responsibility they shoulder, and how creative they become in envisioning and executing their business plans. This paper focuses and provides an insight into the meaning, qualities required for an entrepreneur, opportunities and challenges faced by them and at last with a small discussion on entrepreneurship as a career. Keywords--- Challenges, Opportunities, Entrepreneurship, Economic Development self-sustaining and in fact, may never earn significant revenues. But, when individuals create a new organization, they have entered the entrepreneurship paradigm. II. QUALITIES OF A SUCCESSFUL ENTREPRENEUR

Being an entrepreneur is not just starting a business, it is about having attitude and the drive to succeed in business. All successful Entrepreneurs have a similar way of thinking and posses several key personal qualities that make them so successful in business. Successful entrepreneurs like the ambitious Richard Branson have an inner drive to succeed and grow their business, rather than having a Harvard Business degree or technical knowledge in a particular field. Entrepreneurship is a mindset more than anything, Qualities that make an entrepreneur successful are Dreamer: A big idea of how something can be better and different Inner Drive to Succeed: Entrepreneurs are driven to succeed and expand their business. They see the bigger picture and are often very ambitious. Entrepreneurs set massive goals for themselves and stay committed to achieving them regardless of the obstacles that get in the way. Innovator: All entrepreneurs have a passionate desire to do things better and to improve their products or service. They are constantly looking for ways to improve. They're creative, innovative and resourceful. Ability to Organize: He should be able to organize various factors effectively. He has to understand all the aspects of the business Passionate: Expressive so the idea creates energy and resonance with others Risk Taker: Pursues the dream without all the resources lined up at the start and distributes the risk over a network of capabilities. In short he should be ready to bear risk and uncertainties Decision Making: One has to take right decision at a right time by showing his promptness. Quick decisions are expected but hasty decisions shouldn't be taken. Delay in decisions may increase cost of project and reduce the profits. Continuous Learner and Openness to Change: Constantly exploring and evolving to do best practice. If something is not working for them they simply change. Entrepreneurs know the importance of keeping on top of their industry and the only way to being number one is to evolve and change with the times. They're up to date with the latest technology or service techniques and are always ready to change if




HE economic development of a Nation depends on its industrial development. The industrial development is based on the entrepreneurial competencies of the people. Hence, the concept of building entrepreneurship Promotion is need of the hour. The...
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