Introduction: In the recent times, the hiring rate is reduced both in the public and private sectors. So it is useful to go for entrepreneurship which is helpful for self and others by creating employment. It is not so that one will learn or develop entrepreneurship skills only when a person has an interest or has set a goal to do business. A person should develop all the required skills from an early age of student life. Even the parents can help in inducing the qualities of an entrepreneur at an appropriate age. The term entrepreneur is a French word, and is derived from the French word “enterprendre”. It means “to undertake”. An entrepreneur is one who implements an idea and converts it into a business.
Entrepreneurial Skills: The following entrepreneurial skills are required to be a good entrepreneur-
Ø Creativity – An idea leads to creativity and success along with it.
Ø Risk taking - A person should be a risk taker. Without risk, there is no innovation.
Ø Networking – To increase business sharp networking is a must.
Ø Management – An entrepreneur needs to manage many aspects for a successful business. It can be time management, task management, employee management.
Ø Planning and organizing – An entrepreneur has to plan the entire course of action and all necessary resources needed for smooth flow of work.
Ø Problem solving – Entrepreneurship is filled with many problems and entrepreneur should have problem solving skills.
Relevance of Entrepreneurial Skills in India: The following points explain the relevance of Entrepreneurial Skills in India-
- Employment Generation: It helps in preparing entrepreneurs rather than job seekers. In recent times, the government is also helping entrepreneurs in various ways by encouraging ideas, providing minimal EMI rate loans, technology and other amenities to carry out their work. All this will lead to employment generation in India on a large scale.
- Competition: With the increase in the number of entrepreneurs a competitive market generates competition leading to an increase in ideas, leading to more entrepreneurs, businesses, a variety of services, increase in employment. One becomes an inspiration for others thereby creating a chain of businesses.
- Freedom: Uncertain work duration, the pressure of deadlines become more pressurizing on bullying by bosses, over add-on of KRA’s, zero or less appreciation creates mental sickness. In entrepreneurship, though there are more challenges being your own boss, freedom from extra pressure and working on your own conditions is far better.
- Boost the Capital Formation: The entrepreneur plays an important role in capital formation and wealth creation. A country’s economy and development are dependent on its entrepreneurs and their activities. As in the case of Tata Group, its massive scale of operations, revenue generation, and tax payments have directly contributed to the Indian economy and its industrial development.
- Innovations: An entrepreneur always makes efforts to bring out new ways of doing the things better. Be it introducing or improving a product or service, technological advancement, changes at production or distribution front, and so on.
- Improve the Quality of Life: Enhancing the standard of living is a result of entrepreneurship. The innovations driven to produce large-scale goods and services at low cost, make the products affordable. The availability of quality goods at affordable prices naturally improves the standard of life.
Conclusion: A country like India with huge population is not able to provide Government job to each and every eligible person. Therefore by developing the entrepreneurial skills of the youngsters, the government can help in employment generation and economic development of the country. Entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. More efforts are required to make country proud of its entrepreneurs.
See Also:
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- Career Opportunity in Data Science for Management Graduates
- A Long-Term perspective of HR for sustainable organization
- Land to Fork – Induction on ABM
