FOSTERING ENTREPRENEURSHIP: AN OWERVIEW TOWARDS ECONOMIC DEVELOPMENT

*DR HEMLATA GANDHI **NAYAN PRAKASH GANDHI

*Programme Consultant AFPRO, New Delhi
**Management Aspirant POONA SCHOOL OF BUSINESS, PUNE

* (Hemlata2829@rediff.com) ** (nayanprakash85@yahoo.com)
* (Doctorate in Management) ** (MBA,MA,PGD(Cs),DIM,MIMA,MSESI{New Delhi})

Abstract- It is remarkably noted that India has been successful in creating employable
manpower. However, the Indian entrepreneurs have been largely benefited with a slew of
opportunities, which came their way as part of economic surge. But, we need to create a
breed of entrepreneurs who look forward to a strenuous path of research and development
in new areas. Although it was pretty much easy creating or utilizing an opportunity in IT
industry, but the growth cycles are much varied and slow in other sectors and hence this
eco system needs to be nourished, incentivized and recognized socially, economically and
nationally . so this research finding explore the brief and concise overview of
entrepreneurship need, demand, importance and its interrelation with management level
and also shows important recommendations By which we can explore implementation the
entrepreneurship with fast speed in favour of India`s Economic development.
Keywords – Employable, manpower, entrepreneurs, economic,

INTRODUCTION

The last two decades have given India many reasons to celebrate and be proud of. Today, India
has adapted to the growing knowledge orientation in each industry and would certainly be a
leader in the R&D for many industry verticals. And at the same time a knowledgeable worker is
also an inevitable necessity in every sphere of industry, and this is where the India scores. The
social Disparities in India are a key driver for intense competition among individuals-
contributing to higher productivity professionally. India`s vast talent pool with a unique
combination of multi skilling and English language ability has made a great value proposition to
any investor.

In addition a stable political system, growing consumerism, investor friendly environment, vast
growth opportunities in critical sectors like health care,utility,infrastructure together make India
a valuable opportunity for investment and growth. In the global technology space, the
`Advantage India` is being a nascent hub of knowledge industry. While this is established in the
IT space, India will surely go a long way in establishing R & D capabilities in bio- tec, space,
materials and agriculture. Also, the demands of a vast urban/rural population will drive
innovative technologies being created or adopted in utility services, housing, infrastructure and
healthcare.

However, during the last decade, India has been growing at break neck pace, and needs to adapt
to a more stable growth and outlook. It services space has a good potential though it has lost its
sheen as a high growth industry during the last two years. Rapid urbanization and consequent
social inequalities are what need to be addressed for making it just and equal to a larger section.
Also, in the pursuit of being a hub of R & D for global technology space, what are needed to
develop the abilities would be – the initiatives from the government in encouraging higher
education /career prospects in research.

But ,on the other hand , we should agree that we are a young Button the other hand ,we should
agree that we are a young nation having already made a mark in the world of entrepreneurship
with several Indian companies or persons of Indian origin leading quite a few companies in the
world across a varies spectrum. It is remarkably noted that India has been successful in creating
employable manpower. However, the Indian Entrepreneurs have been largely benefited with a
slew of opportunities, which came their way as part of economic surge. But we need to create a
breed of entrepreneurs who look forward to a strenuous path of research and development in new
areas. Although it was pretty much easy creating or utilizing an opportunity in IT industry, but
the growth cycles are much varied and slow in other sectors and hence this eco system needs to
be nourished, incentivized and recognized socially, economically and nationally.

FUNCTIONS OF ENTREPRENEUR

Entrepreneurship is the symbol of business steadfastness and achievement. Entrepreneurial

revolution is critical to economic growth. Entrepreneurship may affect our future in many ways:
 Innovation
 Organization building
 Risk and uncertainty bearing:

Organization Based functions

 Perception of market opportunities
 Gaining command over scarce resources
 Purchasing inputs
 Marketing the products
 Dealing with bureaucrats
 Managing human relations within the firm
 Managing customer and supplier relations
 Managing finance
 Managing production
 Acquiring and overseeing assembly of the factory
 Industrial engineering
 Upgrading process and product
 Introducing new production techniques and products
 Managing creativity and innovation towards organization affairs
 ENTREPRENEURSHIP SKILL BASED ANALYSIS

What makes a Successful Entrepreneur………….

 The passion for achievement

 Determination to win
 Win-Win Personality
 Willingness to take moderate risks
 Ability to identify & explore opportunities
 Analytical ability to take strategic decision
 Self –confidence
 Creativity and Innovation

Who can be an Entrepreneur………………..

 Who can take moderate risks

 Who has ability to work hard
 Who can capitalize on opportunities
 Who has some financial strength
 Who feels the need for achievement
 Who has desire for responsibility
 Who has perception of probability of success
 Who gets stimulation by feedback
 Who possess skills in organizing
 Who can be male or female
 Who may not have previous experience
SOURCES OF MANAGEMENT ADVICE

SOURCES OF HELP FOR ENTREPRENEUR

 OPERATI
ON
MANAGE
MENT
REAL RETAIL
ESTATE MGMT
MGMT

AGRI- HOSPITA
BUSINES LITY
S
MGMT

PROMINE EVENT
TELECO
NT MGMT
M MGMT
SECTOR

HR
RURAL
MGMT
MGMT

FINANCE
MKTing
MGMT
MGMT
E-
BUSINES
MGMT

VARIOUS EMERGING ENTREPRENEURIAL –MANAGEMENT PROMINENT

SECTIONS
 ENTREPRENEURSHI
P
IN VARIOUS
SERVICE SEGMENT

BANKING TRANSPORT CONSULTANCY

INSURANCE
SERVICES SERVICES SERVICES
SERVICES

HOTEL TOURISM HOSPITAL EDUCATION

SERVICES SERVICES SERVICES SERVICES

ENTREPRENEURSHIP IN SERVICE SEGMENTATION

 RECOMMENDATION [FOSTRING CLIMATE FOR ENTREPRENEURSHIP]

• Key Government Leader Like the PM,CM and District Magistrate Should be Get updated
about Entrepreneurship education and Climate Change
• Provide The Infrastructure, education legislative Support, policy framework and financial
incentives to encourage potential Entrepreneurs
• Include this education in School & junior college level
• Appointing New Young Dynamic man and women in Political level and Management
Education should be necessary from Low to High Political level
• Information, Education and Communication (IEC) should be use for spreading awareness
about basic instrument related to Entrepreneurship in Rural Areas.
• Initiated Monthly Magazine with past leader`s writing & Interviews Script In Hindi And
English Both Language and it should be free of cost which should be available in each
and every public prominent place
• NGO should be encourage for awareness
• Media should be come for this important work
• Young Entrepreneurship Award should be start from PANCHAYAT LEVEL TO
NATIONAL LEVEL which should be initiated by prominent Media Company, Research
org, and Government and Non Government Organization and from some prominent
Personalities also.

CONCLUSION

So in short today India has regained its recognition amongst world nations. There is no
surprise that India is progressing in many spheres. It is an emerging power not because of
its size or wealth, but by the capability it holds in the form of its people. The history of
India in its 21St Century is not being written by politicians or sociologist, but is being
crafted by millions of Indians who are daring to be different. So we can say that
entrepreneurship is the golden demand for developed to India`s Economy with fast speed
by which it should be. So it is a need of the hour for becoming world power in each segment
of the Development in such a manner for the whole nation.

REFERENCES
[1] Scribd.com
[2] www.indiraedu.com