Innovation and entrepreneurship is not something that is new to India. India has the 3rd largest count of trained scientists in the world, yet there is very little innovation. There may be several reasons that can be attributed to this fact. India being such a vast country with this huge population can never be in a state of shortage of ideas. Those with ideas should be daring enough to come forward to implement it. If the young Indians decide to come out of their shells and unleash their innovation and entrepreneurship potential, then, nothing can stop them. India will then become a ‘developed country’ from its current state of being a ‘developing country’ in the very near future. Regrettably, many Indians who have the potential that would make them great entrepreneurs, often lack access to the resources and groups that would help them get involved and have an impact. Nevertheless, when provided with the opportunity and skills to become influential members of their communities, Indian youth which comprises of 40.6% of the entire Indian population, can realize their goals. “Discover, dream, design and deliver” must be the underlying motto behind every innovator and aspiring entrepreneur.
Innovation and entrepreneurial skills initially start when one discovers the potential within himself. This will in turn, let him come up with innovative ways to practically display his potential ideas. He should then build upon this potential of his and “dream big” in order to “achieve big”. This is that what makes an innovator or entrepreneur. He should scheme the method that he may have to adopt to make his views reachable throughout and to everyone.
Though many have the potential in them, they do not confidently and voluntarily wish to start a business. This is for the most part, because of their fear of losing. Only if they are very confident of attaining success, do they want to get involved in any business undertaking or business activity of their own. Loss is something that nobody will be willing to encounter. Who would want to take the risk of entering into a new venture when they already have a safe and secure job in hand? As a result, they opt to be content working for other established companies and be happy with the monthly paychecks and the perks that they get. This is human psychology. The level of optimism of succeeding in any of one’s endeavors must be very high. This optimistic approach as such will pave the way for their success in a way.
Once the idea has been conceived, he should come up with means to realize the idea. There are several problems that the Indian youth face today while they attempt to realize their dreams. The following are suggestions that would aid in adjudicating the problems that the youth face:
Those who come up with new innovations should not get easily disheartened or discouraged by listening to the comments that other people might pass. Significance should be given to such comments and criticisms, provided it is constructive. The comments that they deem to be a source of discouragement, should be brushed aside by them, and they should go ahead with implementing their ideas.
Can entrepreneurship be taught?
- Entrepreneurship as such should be encouraged all over India. The kind of support that entrepreneurship in India has been receiving until quite recently is not the same as the support that we get in other parts of the world. The academic curriculum plays a major role in this. The students, as a result have no other choice but to take up the stereotypical pattern of jobs that has been followed all along. In fact, to encourage students to become innovators, several competitions may be conducted that require them to display their creativity. The students may be encouraged to actively participate in such competitions wherein they can showcase their talent and potential. Real-world problems may be given to the students, for which they may be asked to suggest solutions. In this manner, it is possible to get the student community to be actively participating in events apart from their academics.
Is our education system really good for imparting entrepreneurship, leave alone skills?
- Our education system is pretty much good as regards the normal academic standards. But there are evidences that show that the concept of entrepreneurship has not been popularized among the learning class of students. There are many renowned B-schools that are dedicated to providing managerial skills. Yet, this education obtained will not suffice. Many Indians lack proper funding that is essential to support their new initiatives. The government or the colleges and universities can come up with means to help the Indians with ambitious entrepreneurial ideas with financial aid to initiate their business ventures. The alumni associations of colleges and varsities may have allocations for funds that these students with ideas may make use of, when in need.
What can be done to make the Indians volunteer and become entrepreneurs?
- Established entrepreneurs and current chiefs of global conglomerates can also help the up and coming entrepreneurs in their endeavors. They may offer to make a large scale implementation of the innovative designs or concepts under their banner. In this manner, these innovations may be brought to the consumer’s front very soon. Many people from the rural areas too have shown signs of amazing innovation. But their ideas have been exploited by a large number of people. Literacy rate has to be improved all over the country so that these people are not exploited any more. The curriculum can be made more oriented towards the current trends. Entrepreneurship and innovation should be encouraged in a more impactful manner. If the aspiring entrepreneurs are not ready to start the business from the scratch, they can still give a free rein to their entrepreneurship potential by considering the option of a ‘franchise’.
Effective communication skills are something that the Indians should improvise so that they are able to market their products in the global arena. The government should make available to the entrepreneurs easier access to financial aid as mentioned earlier. The formalities involved in seeking a loan to start the business may be reduced. Corruption should be completely removed from the Indian system. The Government can provide the entrepreneurs with land space to start their business. Entrepreneurs should develop essential negotiation and managerial skills to get things done in the way they want it to be. Government can provide facilities to support the organizations with the latest equipment and technology so that they can keep themselves updated with the recent methods and practices followed in their trade.
The Government in fact conducts competitions and welcomes innovative ideas by the students and the youth community every year. More importance is being given to the field of engineering. This can be changed and innovations can be made in any discipline for that matter, not to restrict our thoughts to just this single domain. The best innovations can be made into real-time products in the years to come. The youth should grab this opportunity and showcase their potential in front of the world so that their ideas get recognized. There could be more entrepreneurship awareness campaigns held throughout the country to encourage the youth to engage themselves and contribute actively to the development of the country.
Ergo, I would like to conclude by saying that, given an opportunity, Indian entrepreneurs can leverage a market close to them and then take their solutions to global and international markets. An entrepreneur in this millennium must be innovative and also engage people in the process of discovery, dreaming, designing and delivery
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