Entrepreneurship Opportunity in India

Entrepreneurship Opportunity in India

Albert Einstein once said “Anyone who has never made a mistake has never tried anything new”. His statement focuses on the idea of doing new things and doing until do not get succeed. The same spirit is required as a keywords for developing any one as an entrepreneurs. A person is said to be an entrepreneur only if he holds the skills to create business, taking risks and enjoy its rewards whereas entrepreneurship is the process of establishing a business in real world. The country like India with highest working population has the potential to developing entrepreneurship opportunities in India. The success of business depends on innovation, new idea development and chasing new business opportunities. As second highest leading economies India have various opportunities for entrepreneurships.

Entrepreneurial Skills –

 

An entrepreneur requires following entrepreneurial skills as mentioned in following diagram. An entrepreneur required a number of skills which can be categories into Technical skills, Managerial Skills and Entrepreneurship Skills.

Area of Entrepreneurs –

There are a numbers of opportunities exists in many sectors but the important sectors for new startup opportunities in India are as follows: Healthcare sector, Agriculture Sector, Engineering sector and Service Sector. 

Entrepreneurs plays an important role in the maintaining and sustaining economic growth in the country. Their spirits towards the hunger of success leads to setup new business opportunities for other followers. Country like India having lots of opportunities in many sectors. The few fields such as Aerobics center, organic fertilizer, hydroponic filed, automation, artificial intelligence, green engineering, robotics, banking services, education services etc. Having lots of opportunities for youngsters to established their business.

Finance Support –

There are a number of opportunities and sources are available for business establishment in India. The important sources are as follows-

  1. Venture Capital – These are private equity investors who provides capitals to the new startup business for the exchange of revert profit sharing from the business in future.
  2. Angel Investors –  There are also a private investors and known as Angel investors provides seed funding to startup business in exchange of ownership equity in business.
  3. Seed Investors – It is required in the early stage of business establishment which can be availed by many investors.
  4. Banks Institutions – There are a number of banking schemes which provide less to high amount of finance to the entrepreneur for their business setup.
  5. Financial Institutions – There are many non-banking financial institutions provides finance through its financing schemes to entrepreneurs.
  6. Crowd Funding – It is a network used by entrepreneurs to get financial support from the crowd for business establishment through social media and other modes.
  7. Personal Finance – It is a way to managing capital for your business through your investments and savings.
  8. Startup Contests – There are many startup contests organized at local, national and international level through which a genuine and potential business idea can get funding for their business.
  9. Startup Fellowship – There are many academic and non-academic institutions which provides some type of fellowship to startup business.

Government Support – There are many funding schemes available by the state government and central government for business establishment. The few government scheme are SAMRIDH Scheme; Startup India program; Seed Fund; ASPIRE Scheme; MUDRA Bank Facility; ATAL Innovation Mission Scheme; Dairy Processing & Infrastructure Development Fund (DIDF); Multiplier Grants Scheme (MGS); Scheme of Software Technology Park (STP); Scheme based on Venture Capital Assistance; Loan facility for Rooftop Solar business; Loan facility for power projects; Scheme of Modified Special Incentive Package; IREDA-NCEF Refinance Scheme; Scheme on Dairy Entrepreneurship Development.

Author: Dr. Vijay Kumar is Assistant Professor at Maharishi School of Commerce & Management

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