ENTREPRENEURSHIP SKILLS IN INDIA

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1 Available online at: ENTREPRENEURSHIP SKILLS IN INDIA DR.M.SUBBARAO PRINCIPAL SRI BALAJI PG COLLEGE (MBA).ANANTAPUR ABSTRACT Entrepreneur is a person who takes risks and starts something new. Entrepreneurship is the dynamic process of creating incremental wealth. The capital is created by individuals who expect the major risks in terms of equity, time and career commitment or provide value for some products or services. The product or service may or may not be new or unique, but value must somehow be infused by the entrepreneurs by receiving and locating the necessary skills and resources. If you ask many people, In the employee mindset why they won't start a business, they'll say they need the security of their day jobs. As Peter Ducker said Whenever you see a successful business, someone once made a courageous decision. We need more entrepreneurs as they take risks on a new idea or new innovation which they think will work in future. Also, in a country like India unemployment is problem so, more entrepreneurs mean more employment opportunities for people. The structure of the job market has changed in recent years with technology having slipped into almost every nook and cranny in our daily lives. With the Make in India initiative, came the rise of start-ups, and students started to become more inclined towards starting something of their own and becoming entrepreneurs. The career choices of students keep changing according to the job market scenario, the economy, and the changing society. Perhaps the main change now among new employees is the awareness that their first job isn't their last. "They usually switch in a couple of years after gaining experience. There is no concept of ideal career or ideal job now. Keywords:- Entrepreneurship, unemployment, thrive, invigorates, ideal career. 532

2 INTRODUCTION: - Entrepreneur: - Entrepreneur is the one who starts something new and assumes the risks and rewards. Small Business is really growing in the 21st Century because many people are opting for small business opportunities over working for large companies. Individuals who are in their 20s and 30s are making the new trend to small business ownership and entrepreneurship. There is much societal advancement that is making it easier for the 21st Century Entrepreneur to start and sustain their-own business. Many countries are starting to see the importance of helping their citizens with starting their own business because small business is the key to economic development and economic sustainability. Many societies are starting to realize that the best way to improve their economic conditions is by assisting their citizens with starting their own businesses. There is also an increase of women starting their own businesses as well. Many women who are going through a major shift in their personal lives are deciding to start their own business. Also, many developing countries are starting to realize the importance of giving women the tools needed to start their own businesses to improve their financial conditions and family life. Educate a man, educate one person. Educate a woman, educate a community. Many governments are starting to provide financial incentives for their citizens to start new businesses to save the environment or ending illegal activities. These young people are starting their own businesses for several reasons like: 1) Creative freedom.2) Flexibility of work hours.3) The job market is not that great at this time. 4) They want to make a social change.5) Love the freedom of being their own boss. There is also an increase of women starting their own businesses as well. Many women who are going through a major shift in their personal lives are deciding to start their own business. Many women are becoming successful entrepreneurs for the following reasons: Many women want to have creative control of their ideal lifestyle: - Many women are starting businesses out of necessity because they want to fulfill a need or service that is not being meant. Many women are starting businesses because they are passionate about a certain cause. 533

3 Here are some amazing ways that many countries, like developing ones, are starting to see the benefits of small business development: Many governments are starting to provide financial incentives for their citizens to start new businesses to save the environment or ending illegal activities. For example in countries like Brazil and Colombia, who are located near the Amazon forest, they are providing their citizens with financial incentives to start new businesses. This is to stop the logging of the Amazon forest and cattle grazing in the Amazon forest. Entrepreneurship can be seen in a larger perspective. 1) The role of the entrepreneur in the market and in the economy or the role of the entrepreneur versus the state can be studied. 2) The role of the enterprising investor 3) The role of the enterprising speculator and/or the role of arbitration in the market process. Many big companies are starting to partner with small businesses in order to bid on contracts with government agencies. Many government agencies are requiring large corporations to hire smaller corporations to get certain contracts. Many government agencies set aside a certain percentage of bidding contracts for small businesses and minority owned businesses. Many big corporations are starting to realize that if they do not change their practice policies they can lose business and customers to small businesses. Many customers are starting to demand that big corporations stop seeing them as numbers and as human beings. Many customers are starting to buy their products and services from small businesses because of the better customer service they receive. The Entrepreneurial Makeup The entrepreneur is then a complex combination of interacting factors. writes David Butler in his book Enterprise Planning and Development. He explains the makeup of an entrepreneur as follows. Another reason why it has become easy for individuals to become successful entrepreneurs is due to the advancements in technology. You no longer need to have personal contact with your customers as a business. You can now do business with someone in another country from the comfort of your own home. It does not cost a lot of money to start a business in the 21st Century. 534

4 Social media platforms have made it easy for entrepreneurs to promote, market, and advertise their products and services. Small business owners can provide their products to customers in a fast and efficient way. You can now receive products in one day, instead of, a week. Some businesses can provide their services to their customers virtually without having to meet them in person. This is especially true in the technical field like website development and IT. You can have a meeting with essential players in the business without everyone being in the same location due to webcasting, teleconference, and video conference. You do not need an office to have a small business because you can work from the comforts of your own home. All you need is a laptop computer, cell phone, and portable printer. The world of entrepreneurship has changed greatly in the last few decades and it has changed for the better. So, if you have the desire to start your own business or become an entrepreneur, you can do it without being fearful of doing so. Shruti Satsangi, recent graduate of the Technology Innovation Management program at Carleton University, describes her research into alliances within business ecosystems. In the 21st Century, few companies are able to go it alone, and yet it is not always clear which other companies would make the best partners for a given organization. By applying landscape theory to a study of the mobile phone industry, a method was developed for companies to identify the best possible alliance options within a business ecosystem. These five articles are just a small sample of the topics that are relevant to entrepreneurship in the 21st Century. However, we hope that they provide you with helpful new insights and will encourage you to contribute further articles and suggestions to advance our understanding of the contemporary challenges of entrepreneurship. Personality: in terms of possessing resilience, tenacity, opportunity spotting, and risk taking. Attitude: having awareness of the importance of customer focus, the application of creativity and imagination, defined personal standards and values, the perception of enterprise as a positive activity. Skills: such as the ability to network, to think strategically, to gain access to resources, business knowledge and acumen, interpersonal skills and people management capabilities. Motivation: personal drive and ambition, the desire to make an impact, the need for achievement or self-satisfaction, a desire for status, to create and accumulate wealth, and social responsibility. 535

5 DRAWBACKS OF ENTREPRENEURSHIP DEVELOPMENT IN 21st CENTURY 1) Financial Problem: Capital is more important to run a business. 2) Dareness : India is a country where every individual respect their family members and take responsibility of earning money and run the family. So they can t dare sometimes. 3) Decision making: If the individual wants to take decision perfectly, then support of family, government etc is more important where it is lagging behind in India. 4) Corruption: India is a country, where corruption is more. 5) Bad politics: In India, politics is also playing a key role, where an entrepreneur is supposed to have political background also. 6) No authority to women: Women are not getting full fledge authority when compared to men. Trust women are also important. CONCLUSION:- In Our view,if we want to be a successful entrepreneur, then we should have self confidence, self motivation, determination, winning and positive attitude, honesty, integrity, learning by mistakes, no ego, communication skills, leadership skills, decision making mind set etc. At the same time, family support and government support is also must. Our Country must nurture the young generation to focus on entrepreneurships. REFERENCE: Citation: McPhee, C Editorial: Entrepreneurship in the 21st Century. Technology Innovation Management Review. August 2012: 3-4. Entrepreneurial Development, Dr.S.S Khanka, S.Chand Publishing. Page 38,53,74,& Citation: McPhee, C Editorial: Entrepreneurship in the 21st Century. Technology Innovation Management Review. August 2012: