New Delhi, July 28, 2017: What is entrepreneurship? It is the capacity and willingness to develop, organize and manage a business enterprise along with risk factors in order to make a profit. This implies that there is no business without risk.
There are many obstacles that trouble a growing entrepreneur in India. This doesn’t mean that there aren’t any entrepreneurs in India, but rather the number of entrepreneurs springing up is not an encouraging figure.
Here are some of the reasons for fewer entrepreneurs in India:
Brittle family system
This issue bothers entrepreneurs in India because of the stronger family ties that we Indians have. Family support is always absent in such cases. Parents always prefer their children to take up a conventional 9-5 job rather than take up a risky business venture where there is no guarantee that the venture will work out and a high level of risk is involved.
A few business ventures that break free from the restraints of the usual problems get caught in the outmoded policies of our government. The framework of our administrative system limits the organic development of the enterprises.
Low Internet usage in India
The majority of the innovations in the world occur at internet space. The internet usage percentage stands low at 5% in India. Such a small number makes it really difficult to bring in money and few entrepreneurial ventures.
Indian education system
The main reason for low innovation in entrepreneurship is our educational system. Our education system hardly focusses on innovation right from its inception. Without an innovative idea, no entrepreneurial venture can sustain itself beyond the initial stages.
India being a developing nation hasn’t made much progress in the direction of innovation. What we really need to do is mold young minds and inspire them to think creatively. They should be encouraged to let go of their impediments and take the risk to tread a path that’s not yet been explored.
– by Naina Mishra of Newsgram. Twitter @Nainamishr94