Description
This is a document about entrepreneurship and new venture planning.
Entrepreneurship & New Venture Planning
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Enumerate and discuss five steps to promote entrepreneurship in present day India. It?s a known fact that India, today, is an emerging economy that is destined to achieve milestones, on various fronts, in the near future. However it needs to create lot many opportunities in order to be termed as a developed nation. The answer to this entire problem is entrepreneurship. It is considered to be one of the most important determinants in the process of industrialisation, creating employment opportunities and accelerating economic growth. The development of entrepreneurship is also essential to solve the problems of regional imbalances and concentration of economic power in present day India.
Some of the measure which can be taken to promote entrepreneurship is as follows: 1. Changing the culture: There should be lot of emphasis on changing the cultural mind set in India regarding entrepreneurship and on creating entrepreneurs by giving youth the self confidence to become high achievers. The need is to sensitize students about the fact that they will eventually build up enough expertise, insight and resources to be on their own. So give them enough tools and techniques and build an outlook that their entire career is a preparatory ground to become an entrepreneur and that they should be aware of the opportunities to come. Entrepreneurship is as much about skills as it is about knowledge - hence we need to introduce courses that impart negotiation skills, networking skills and skills that would help the students deal better with ambiguity and risks. Indians believe that being passive and content with the status quo is healthier for the inner soul than striving to improve one's situation. They believe that peace of mind can be achieved from spiritual calm rather than from materialism.
2. Organizing Entrepreneurship camp: The camp should involve teenagers from across India, coming together for a ten-day period, during which they should be encouraged to develop the values and skills of achievement, excellence, creativity, innovation, leadership, problem solving, and systemic planning. The program should be designed to increase the selfconfidence of potential achievers and thereby to develop their concern for enterprise and for achievement. Methodology should include lectures, field visits, role playing and simulation exercises. It should focus on developing capabilities by sharpening skills, motivating individuals to seek independent, innovative, and challenging careers, fostering entrepreneurial traits including creativity, concern for excellence, leadership, and problem-solving, establishing a forum for fruitful networking; and providing an opportunity to interact with achievers.
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3. Right Framework of Public Private Partnership: In order to support entrepreneurship, the right framework, funding and mentoring needs to be provided. The seed capital should be made available easily at lower interest rates and also the re-payment cycle should be made flexible. Entrepreneurs and small businesses are always most vulnerable in times of crisis when funding becomes dearer and difficult to come by. While others may put their efforts on hold during this economic crisis, it should be India Inc?s organisations? corporate social responsibility to continue to fulfil their vision and commitment to this effort. Various private agencies along with the government must participate in entrepreneurial development across India. The institutes should organize entrepreneurship development programs, prepare manuals, and produces educational videos.
4. Microfinance facilities: Microfinance institutions should be given a free hand to identify all deserving poor people and support them in launching enterprises of their choice. The value system should be instilled such that the individual thinks-„Learning to make money work for me, rather than me working for money”. It is important to inculcate the sense of
accountability in every individual who avails the services from these microfinance institutions. As C. K. Prahalad rightly says, “Entrepreneurship, more than subsidies or philanthropy, holds the key to poverty alleviation in India.” According to him, it is important that “as a country we learn to celebrate wealth creation as a key ingredient in the elimination of poverty.”Also we should strive to create more women entrepreneurs in the society so that they could serve as a role model for many girls who has this mental block to get educated and earn a name for herself in the society. 5. Focus on Rural India and education system: Organisations should move into setting up schools in villages of rural India that not only empower the students but also encourage them to come up with innovative solutions for rural issues. Partnering with state and central governments, along with like minded organisations to foster entrepreneurship, will be the cornerstone to empower rural India. With these initiatives, we will not only strengthen the rural landscape but also uplift the quality of workforce moving into urban India. The lacunae in India's educational system do not promote independent thinking, creativity, or a spirit of innovation. Thus, with the conviction that entrepreneurs are not necessarily born as such but can be developed, there is a need to launch variety of programs to do just that. Also, in the higher education and professional courses like MBA, the emphasis should be more on simulation based exercises rather than regular classroom lectures. ********************************************************************************
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doc_272488769.docx
This is a document about entrepreneurship and new venture planning.
Entrepreneurship & New Venture Planning
1|Page
Enumerate and discuss five steps to promote entrepreneurship in present day India. It?s a known fact that India, today, is an emerging economy that is destined to achieve milestones, on various fronts, in the near future. However it needs to create lot many opportunities in order to be termed as a developed nation. The answer to this entire problem is entrepreneurship. It is considered to be one of the most important determinants in the process of industrialisation, creating employment opportunities and accelerating economic growth. The development of entrepreneurship is also essential to solve the problems of regional imbalances and concentration of economic power in present day India.
Some of the measure which can be taken to promote entrepreneurship is as follows: 1. Changing the culture: There should be lot of emphasis on changing the cultural mind set in India regarding entrepreneurship and on creating entrepreneurs by giving youth the self confidence to become high achievers. The need is to sensitize students about the fact that they will eventually build up enough expertise, insight and resources to be on their own. So give them enough tools and techniques and build an outlook that their entire career is a preparatory ground to become an entrepreneur and that they should be aware of the opportunities to come. Entrepreneurship is as much about skills as it is about knowledge - hence we need to introduce courses that impart negotiation skills, networking skills and skills that would help the students deal better with ambiguity and risks. Indians believe that being passive and content with the status quo is healthier for the inner soul than striving to improve one's situation. They believe that peace of mind can be achieved from spiritual calm rather than from materialism.
2. Organizing Entrepreneurship camp: The camp should involve teenagers from across India, coming together for a ten-day period, during which they should be encouraged to develop the values and skills of achievement, excellence, creativity, innovation, leadership, problem solving, and systemic planning. The program should be designed to increase the selfconfidence of potential achievers and thereby to develop their concern for enterprise and for achievement. Methodology should include lectures, field visits, role playing and simulation exercises. It should focus on developing capabilities by sharpening skills, motivating individuals to seek independent, innovative, and challenging careers, fostering entrepreneurial traits including creativity, concern for excellence, leadership, and problem-solving, establishing a forum for fruitful networking; and providing an opportunity to interact with achievers.
2|Page
3. Right Framework of Public Private Partnership: In order to support entrepreneurship, the right framework, funding and mentoring needs to be provided. The seed capital should be made available easily at lower interest rates and also the re-payment cycle should be made flexible. Entrepreneurs and small businesses are always most vulnerable in times of crisis when funding becomes dearer and difficult to come by. While others may put their efforts on hold during this economic crisis, it should be India Inc?s organisations? corporate social responsibility to continue to fulfil their vision and commitment to this effort. Various private agencies along with the government must participate in entrepreneurial development across India. The institutes should organize entrepreneurship development programs, prepare manuals, and produces educational videos.
4. Microfinance facilities: Microfinance institutions should be given a free hand to identify all deserving poor people and support them in launching enterprises of their choice. The value system should be instilled such that the individual thinks-„Learning to make money work for me, rather than me working for money”. It is important to inculcate the sense of
accountability in every individual who avails the services from these microfinance institutions. As C. K. Prahalad rightly says, “Entrepreneurship, more than subsidies or philanthropy, holds the key to poverty alleviation in India.” According to him, it is important that “as a country we learn to celebrate wealth creation as a key ingredient in the elimination of poverty.”Also we should strive to create more women entrepreneurs in the society so that they could serve as a role model for many girls who has this mental block to get educated and earn a name for herself in the society. 5. Focus on Rural India and education system: Organisations should move into setting up schools in villages of rural India that not only empower the students but also encourage them to come up with innovative solutions for rural issues. Partnering with state and central governments, along with like minded organisations to foster entrepreneurship, will be the cornerstone to empower rural India. With these initiatives, we will not only strengthen the rural landscape but also uplift the quality of workforce moving into urban India. The lacunae in India's educational system do not promote independent thinking, creativity, or a spirit of innovation. Thus, with the conviction that entrepreneurs are not necessarily born as such but can be developed, there is a need to launch variety of programs to do just that. Also, in the higher education and professional courses like MBA, the emphasis should be more on simulation based exercises rather than regular classroom lectures. ********************************************************************************
3|Page
doc_272488769.docx