Rohit Dubey

What is entrepreneurship? What are the scopes of entrepreneurship in present scenario?

by Rohit Dubey
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RE: What is entrepreneurship? What are the scopes of entrepreneurship in present scenario?

Surabhi Dewra
Surabhi Dewra
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Entrepreneurship and scope of entrepreneurship

You have a plan and you want to start your own business. You want to challenge yourself instead of working for your boss. Then you are into entrepreneurship. It is gambling where you will win if you have the right card in your hand. Probably you know Bill gates for Microsoft, Steve Jobs for Macs, iPhones and Mark Zuckerberg for Facebook, and the scope of entrepreneurship is rising also people are now willing to take risk .

Now the question is can anyone be the Bill gates or Mark Zuckerberg? No, that requires some basic skills. Assuming that an entrepreneur has the required sound knowledge to start their own venture, then the first and foremost quality needed is the tolerance for taking risks. Consequences can be positive and also negative. When the own money or else’s involved, the risk will always be there starting a business with your innovation. The entrepreneurship also requires creativity in thinking. Either work is being done differently or there is something very new to offer to the mass to change the way they live.The goal is to promote the all new way to manage life better. There is another skill that an entrepreneur must have and that is to take the initiative to lead. He acts before he is being told or pushed. He drives himself. He knows his dreams and he is the one and only one who will fulfil those dreams. And last but not the least, the entrepreneurship is directly related to the independence to take the dream to the peak alone. There will be no one for backup. As said by Peter Drucker, It is practice, based on knowledge. The process of entrepreneurship flows as below.

The fact is, these days the lifestyle of people has changed drastically. Youths are highly educated and achieving specialized skills. But the good jobs are lacking these days. Today’s generation has the requisite knowledge base to accept the entrepreneurial challenge. This makes educated young talents look for an independent career path and their skills are also worthy of it.

As an entrepreneur, you should always know what is to be done. And that should always consider the field, where you have sheer interests. There would be a requirement for support, background, and experiences. It is to be always kept in mind that the choice should match the expertise. Then it is required to have the financial resources to implement the plan in reality. The supply of enough money is an essential part to materialize the dream. There is always a need to identify the unexplored market needs and also to identify the existing problems that can be solved. The new ventures always need the support of network and connections to make it known to people. Gradually, with the popularity of the ventures, sourcing capital would be an easier task.


Scope of entrepreneurship

The scope of entrepreneurship is tremendous in a developing country like India. The unemployment in the country is rising day by day. The problem of under-employment is also added to that. As per the report of Labour Bureau, the employment rate is 5% in 2015-2016, highest in last five years. The percentage is higher in the case of women at 8.7% than men at 4.3%. As per the 5th all -India annual employment-unemployment survey under Usual Principal Status (UPS), the estimated unemployment rate was 5%. The solace is to promote the entrepreneurial activities in the country.

There are of course strong reasons behind choosing this career path by the young generation.

  • People are ambitious and wish to control the future.
  • There is the scope of more profits.
  • The country is suffering from unemployment problem and opportunity for alternative career options are lacking.
  • is committed to promoting entrepreneurship at a larger level.

To the direction of generating employment opportunity for 10crore people, the Planning Commission have also strongly recommended the self-employment to channelize the unemployed youth in its report. The Govt. of India, State Govt. and various country and state level organizations are also offering support to nurture entrepreneurship through different schemes and programs. Here, to mention Maharashtra Economic Development Council (MEDC), that has focussed on the development of entrepreneurship by research and training in this field. It has also resulted into another dimension. The entrepreneurship has taken place in the curriculum of the management colleges. The apex institutions have started organizing workshops and seminars on entrepreneurship. Thus, the overall movement of entrepreneurship development has started in the country and is expected to gain huge momentum in the near future.

For further queries and related information, you can approach the Professional Experts at CareerGuide. Hope this will help you!

RE: What is entrepreneurship? What are the scopes of entrepreneurship in present scenario?

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Caching Date: 7/1/2022 10:28:09 AM