‘Entrepreneurs’, we hear this word several times, don’t we? It basically refers to the owner of a business who takes risks and initiatives to make profits. A smart entrepreneur is the one who can find the right opportunity, and make smart decisions to set his/her start-up ahead in the long run. It’s not at all an exaggeration to say that entrepreneurs are national assets because they bring in innovation and creation to augment production, which leads to economic growth.
Innovations by entrepreneurs improve standard of living and create employment opportunities. Many countries like the US give much emphasis on entrepreneurial skills and that is probably an important reason for them being developed countries. Entrepreneurship is one of the key basis of calculating the development of a country.
Why is this newly-popular field important and what kind of opportunities does it offer to new graduates wanting to have their own start-up?
Importance to the economy:
1. Wealth generation:
Think of the richest people in the world. Now, think of their professions. Do you find any commonality? Yes, Bill Gates, Jeff Bezos, Warren Buffett, all are successful entrepreneurs. These people have inspiring struggle stories and are,without a doubt, representing their countries at global levels, along with adding millions to the national income.
2. Economic development: The nation would have been dependent on MNCs if there were no entrepreneurs in India. As a result, GDP would have collapsed or adversely affected. Therefore, the GDP of the nation depends on the Entrepreneurs. The contribution of entrepreneurs in building a ‘self-reliant’ India, will be immense.
3. Technological advancements :
Entrepreneurs think of ideas, find opportunities and convert them into actions. Most of the inventions we see today, began with a very small idea, in entrepreneurial minds! These people transform innovation into business ventures and make new gadgets and devices a part of our lives.
4. Providing employment: In 2017, there were over eleven million workers in the country employed in factories, held by entrepreneurs. A major proportion of unskilled workers and people with expertise are participating in the development of the country improving their standards of living because of entrepreneurship.
Benefits of Career as an entrepreneur
If you are a student, what are your friends planning to pursue as a career? Are they just working so hard to get a 9 to 5 job with someone standing over their heads or to live a dependent life where they are not their own Boss? That is what makes an entrepreneur different.
Here are some merits of entrepreneurship as a career for students:-
1. Enhanced creative thinking : An individual will be able to analyse the roots for various problems and give smarter solutions. If going to personal life, it helps in having a clear understanding of various situations, and helps in personal improvement.
2. Independence: You will be more independent and prompt in making decisions. In general, you’re in charge of your own decisions and the maker of your rules. When coming to long term benefits, it helps you in being more decisive, confident and less dependent on others.
3. An individual ability to connect, entrepreneurship helps you out in finding and connecting with a lot of well knowledgeable people. And these people can help you out in gaining success in your personal lives as well.
4. Management skills: Entrepreneurship is more like a juggling act and being so helps one to improve his/her managerial abilities. In fact entrepreneurship teaches you the fundamentals of management.
Another thing to remember is that being an entrepreneur is often regarded as a career for people who only matter money. It is not so. As we saw, an entrepreneur is contributing to the society and country immensely. He/she is providing employment to so many, along with giving competition to foreign economies, and taking the nation to big heights.
So, if you’re interested in the field, don’t be afraid of the risks. Take a step. After graduation in business management, you can have your own start-up. It requires funds in the start ,but with a unique approach, it will revert back to you with great profits. Don’t go with the traditional methods of business and don’t compete. Keep monitoring performance of the team and overall growth.
“Winners never quit and quitters never win.”