Role of Entrepreneurs

Topics: Entrepreneur, Entrepreneurship, Entrepreneurship education Pages: 10 (2660 words) Published: September 14, 2013
A Paper Presentation on
ROLE OF NEW AGE ENTREPRENEURS IN SHAPING INDIA

Submitted by
SHASHANK S SHENOY,
PGDM, MATS Institute of Management & Entrepreneurship, Bangalore Email: mime.12.shashanksshenoy@gmail.com
SUMANLATA SINHA,
PGDM, MATS Institute of Management & Entrepreneurship, Bangalore Email: mime.12.sumanlata@gmail.com

MATS Institute of Management & Entrepreneurship
(Approved by AICTE, New Delhi)
Jakkasandra Post, Kanakapura Taluk, Ramanagara Dist - 562112, Karnataka

Academic Year 2012 - 2013

Role of new age entrepreneurs in shaping India
ABSTRACT
Entrepreneurship, this indeed emphasises innovativeness. The act and art of undertaking innovations, starting up new firms to transform innovations into economic goods defines an entrepreneur. Entrepreneurship education for the new age is very necessary as India has a huge population, within it, a swelling number of young people. Hence shaping them in a better way would certainly help the economic status of the country in a very efficient manner. It is very easy to be lured by the promise of entrepreneurship and becoming one's own boss. Choosing the product or service to provide may seems to be one of the greatest challenges. But this an important factor to be considered and factors related to this are complex enough to be ignored. Market potential, financial resources, one's skills and resources are to be taken into mind. Shaping new age entrepreneurs is very essential as it improves the economy of the country. Entrepreneurship has to be encouraged among the younger generation, they have to be told about the benefits of becoming an entrepreneur.

INTRODUCTION
What actually does Entrepreneurship mean? It all began in 1700s and evolved ever since. Even though many economists believe that it isn't just starting one's own business, many simply equate it to the same.

An entrepreneur according to few economists is one who is willing to bear the risk of a new venture if there is a significant chance of profit. Few others emphasize entrepreneur's role as an innovator who markets his innovations.

Becoming an Entrepreneur isn't all that easy, but there is no definite profile as to how someone can evolve to be an entrepreneur. It is definitely not possible with a one night stand. A well planned innovative idea can act as a basic seed in order to grow into a successfully branching tree.

As per "New Delhi- report on New Age Entrepreneurship," the new age entrepreneurship is different in many ways. Having the desire to start a new venture is the urge to gain socio- economic independence. Being one's own boss! Yes this might certainly sound impressive but it involves numerous challenges which have to be faced with right solutions.

Pre-1990s saw that entrepreneurs mainly came to light with the influence of family background. However, this influence has reduced drastically since 2000. According to a new study on entrepreneurship by the National Knowledge Commission (NKC), 35% of entrepreneurs who started their business after 2000 were driven by the urge to gain independence, only 12% businessmen had this as a driving factor in pre-1990s.

Independence is a factor mainly driven by genders. When surveyed, it was found that many women entrepreneurs were motivated by the sense of independence, challenges and employment generation. Money was found to be the last priority. However, among men while challenge is the most exciting factor, money and independence are also important. While the motivating factor for the entrepreneurs has changed ever since, the challenges related to budding entrepreneurs remain yet the same or in some cases has deteriorated to an extent. Access to finance, taxation and licensing issues are a few examples.

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Fig: Availability of Infrastructure

Availability of infrastructure is very essential for any start up's. The above graph indicates the

Fig: Hurdles in obtaining Licences
The above graph indicates...
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