Editor’s Note – Observation

2020 was a difficult year when the world was presented with the challenge of saving lives. Despite the immeasurable loss, 2020 was also a good year. It was the year that forced us to ‘change.’ 2020 made us all better entrepreneurs. Today, we have evolved from that year and India’s Start-up Economy gas achieved a milestone of 100 unicorns in 2022. Though the change was difficult for a lot of entrepreneurs, we have come out stronger on the other side.

If we circle back to a few decades ago, people were hesitant to quit a high-paying job to apply their skills and expertise in a start-up. The word ‘entrepreneurship’ was not prevalent. However, the current scenario presents a different reality. The youth today is keen to experiment and willing to assume risks. There is a wave of entrepreneurship in the country where people irrespective of age, gender, and community are choosing to become entrepreneurs. This entrepreneurial spirit has resulted in not just innovation but also in entrepreneurship being recognized as the driving force of the market. The numbers speak for themselves —from approximately 3000 start-ups in 2014 to a projection of more than 11000 start-ups by 2022, this is surely not a passing trend. It is indeed a revolution. Today, India is changing and so is the aspiration of the people of this country.

Entrepreneurship today is not about an option one settles for if one can’t secure a lucrative job, however, a deliberate choice one makes. The country’s youth today is more inclined toward bringing their idea into the market in the form of products or services instead of settling abroad in lavish houses and high-paying jobs. This drive of entrepreneurship is also catalyzed by necessity.

It has been estimated that in order to employ 300 million people who will join India’s workforce between 2010 and 2040, India roughly needs to create 10 million jobs per year. This massive gap can’t be filled predominantly by the existing and large enterprises alone. Therefore, India needs to increase employment by empowering its youth to start businesses. As we have witnessed in other countries, small businesses, especially those positioned to grow both locally and globally, drive the economy and employment.

As the editor, I can list out two important factors that are critical to the success of Indian enterprises to ensure long-term sustainable growth.

Investment in local ventures

If you observe the leadership body of world-renowned brands, you will find an Indian impaneled in a leadership position. We have proven to the world that local talent can be groomed to become impactful leaders. Therefore, now is the time for India to develop and retain its leaders. Individuals with passion and zeal must be provided opportunities to get overseas exposure. They can use this guidance and lessons learned from overseas entrepreneurs and apply them to business models in India. This would help local talent apply their ideas more effectively and accelerate their growth and success. With the central government rigorously promoting start-ups, I anticipate that the current scenario and lack of incentives will change to support the start-up culture in India.

Employ talent that is trainable and foster critical thinking

Most start-ups face the challenge of acquiring the right skill set. Either it is not available or it is costly. Instead, we need to hire candidates who are trainable and bestow them with critical thinking skills.  For both employers and Indian educators, identifying trends in start-up requirements and investing in training for those skill sets will expand the talent pool and fuel the growth of growing small businesses.

To conclude, I could say that it takes a village to raise a child. Similarly, raising an entrepreneur and a start-up, takes an entire nation.

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