IMPORTANCE of ENTREPRENEURSHIP IN INDIA

9/19/2013

VIT BUSINESS SCHOOL, VIT UNIVERSITY.

INTRODUCTION
2

"Entrepreneurship and innovation are central to the

creative process in the economy and to promoting growth, increasing productivity and creating jobs. Entrepreneurs sense opportunities and take risks in the face of uncertainty to open new markets, design products and develop innovative processes".

VIT BUSINESS SCHOOL, VIT UNIVERSITY.

9/19/2013

Knack to identify the opportunity

Core competencies
Innate talent Innovation

Ideas leading to timely business development

Positive orientation Adventurous / Risk taking ability Willingness to work hard Capability to network
9/19/2013

VIT BUSINESS SCHOOL, VIT UNIVERSITY.

RELEVANCE OF ENTREPRENEURSHIP
4

Globalization Privatization Liberalization Indian Economic growth WTO

Strong economy is the best

Former US Secretary of Treasury

politics

Robert Rubin

VIT BUSINESS SCHOOL, VIT UNIVERSITY.

9/19/2013

What is the Entrepreneurial Ecosystem?

5 Infrastructure Local Environment

Finance

Ecosystem Governance Manpower

Regulations

Each of the six components is critical to foster and nurture entrepreneurship

VIT BUSINESS SCHOOL, VIT UNIVERSITY.

9/19/2013

IMPORTANCE OF ENTREPRENEURSHIP
6

Every successful entrepreneur brings about benefits not only for himself/ herself but for the municipality, region or country as a whole. The benefits that can be derived from entrepreneurial activities are as follows: Enormous personal financial gain Self-employment, offering more job satisfaction and flexibility of the work force Employment for others, often in better jobs Development of more industries, especially in rural areas or regions disadvantaged by economic changes, for example due to globalization effects Encouragement of the processing of local materials into finished goods for domestic consumption as well as for export Income generation and increased economic growth Healthy competition thus encourages higher quality products
VIT BUSINESS SCHOOL, VIT UNIVERSITY.

9/19/2013

IMPORTANCE OF ENTREPRENEURSHIP
7

More goods and services available Development of new markets Promotion of the use of modern technology in small-scale manufacturing to enhance higher productivity Encouragement of more researches/ studies and development of modern machines and equipment for domestic consumption 12. Development of entrepreneurial qualities and attitudes among potential entrepreneurs to bring about significant changes in the rural areas 13. Freedom from the dependency on the jobs offered by others 14. The ability to have great accomplishments 15. Reduction of the informal economy 16. Emigration of talent may be stopped by a better domestic entrepreneurship climate 17. Serious tax advantages
VIT BUSINESS SCHOOL, VIT UNIVERSITY.

9/19/2013

GAINS FROM ENTREPRENEURSHIP

8

Wealth creation Wealth distribution Societal respect Appreciation Recognition Satisfaction

VIT BUSINESS SCHOOL, VIT UNIVERSITY.

9/19/2013

THANK YOU..

VIT BUSINESS SCHOOL, VIT UNIVERSITY.

9/19/2013