4 Reasons Why India Lacks Entrepreneurship
Even though startups have taken an enormous leap in recent years, entrepreneurship is finding its way into the Indian fabric, a majority of the population still prefers to work in an office 9–5.
Entrepreneurs are still viewed with uncertainty. In principle, this is because most individuals tend not to believe in the determination and passion of youngsters with their brilliant ideas. Instead, they want them to work for acclaimed multinational corporations to get a safer path to success. According to them, the initiatives taken by these budding entrepreneurs will not have any significant impact on how people live.
It is common to hear most success stories from premier institutions like IITs and NITs, but why not from other colleges and universities? To test and prove their abilities, young minds need a nurturing environment. And most colleges and universities still have that age-old mindset and want their students to be placed in MNCs. PSUs and other big companies. They do not want to enhance their students’ creativity and typically do not support their independent thoughts.
Here are 4 reasons why entrepreneurship is lacking in India.
1. High-risk factor
There are a lot of risks associated with starting one’s own business and turning into an entrepreneur, so Indians don’t usually do this. Despite a brilliant idea and ideal marketing techniques, it is possible for a business not to succeed. A failed start-up is the biggest disappointment for an entrepreneur since there are loans to pay, and most do not want to deal with the anxiety of failure. The average Indian would prefer to take up a well-paying job and stay at it for a long time.
2. The traditional mindset of our society
One of the major reasons many Indians get discouraged from starting their ventures is their parents’ and society’s restricted and traditional mindset. Entrepreneurs cannot grow due to insufficient family support and societal pressure. Being in a good job, working in the top organizations, expecting to work in multinational companies, doing government jobs is all that our people are fascinated with.
3. Deficit in leadership skills
The responsibility of running a start-up falls on the entrepreneur, as does its success or failure. This is why, despite their ability, they would not like to be solely responsible for it.
We believe that India still has an abundance of leadership potential. The only thing that Indians need to do is overcome their hesitations and inhibitions. As long as there is a passion for taking on leadership roles and responsibilities, anyone can excel as a leader.
4. Funding issues
The difficulty of raising funds for a company is another significant issue rarely addressed. Because of a lack of investors or sponsorship, people decide to scrap their great idea and stick to their current occupation.
Nevertheless, things have changed in recent years because large companies now view budding entrepreneurs as assets that can be funded.
The future of Entrepreneurship in India
India is a land of possibilities. Once the skepticism regarding entrepreneurship is rejected, many opportunities will knock on the door of start-ups.
Entrepreneurship must be encouraged. And the youth should be orientated to follow it as an alternative career option for the plethora of benefits entrepreneurship entails.
It is fundamental for entrepreneurs to break the rules. They push boundaries and discover new possibilities.
Create your opportunities and make your move instead of waiting for them to present themselves. People who doubt your abilities and applaud your success will have to believe in you one day.
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