Role of an Entrepreneur in India’s development

The term Entrepreneurship, according to Wikipedia, denotes an owner or manager of a business enterprise who makes money through risk and initiative. While “risk and initiatives” are two bold words for the term, they apply aptly for an Entrepreneur. However, the high reward for these risks more than often compensates, transforming Entrepreneurs into individuals who can bring about a vast majority of changes in our country with their vision and desire to achieve. In that regard, an Entrepreneur can bring certain changes to the society and to our country.

Entrepreneurs can and should pivot a very important role in our country’s development by creating jobs. It’s evident that Entrepreneurs create initiatives, which in turn creates opportunities, which in turn creates jobs. The latest Census reports the unemployment rate as 9.4%, and to further lower this percentage, we need more job opportunities. At a large scale, it should be done by Entrepreneurs. It’s worth noting that both the reports prepared by Planning Commission to generate employment opportunities for 10crore people over the next ten years have strongly recommended self-employment as a way-out for teaming unemployed youth. One such example can be pointed to Mr. N.R Narayana Murthy, whose company Infosys now employs over 145,088 employees.

However, the most important role that Entrepreneurs can play in the country’s development is by creating wealth for the country, which in turn can fund further start ups and budding Entrepreneurs. Entrepreneurial companies offer the greatest opportunity for wealth creation, simply because they have the potential of capturing the market, especially international. Creating and sharing wealth can enable entrepreneurs to do what India’s government has failed to do since Independence, such as transforming education and rural India, making wealth an instrument for bringing the revolutions to build the new India. Think of the next Google or Microsoft from India, and the amount of social change it can bring to our country from the wealth generated. Considering India’s increased poverty rate of 37.2%, Entrepreneurs should create wealth overflow in the country for its development.

Lastly, Entrepreneurs should create more innovations for India’s development. It’s a known fact that Entrepreneurs are the harbingers of new innovations and fresh ideas. And our country, with its increased literacy rate, has a plentiful quality number of innovators, as evident by the increasing number of R&Ds shifts in our country. Entrepreneurs can therefore nurture a great change in the society with their fair set of innovations. Be it technological changes or social changes, the innovative ideas that an Entrepreneur brings in the society contributes towards the betterment of our country by the creation of better products and services. And the thing with innovation is that it creates a ripple effect in such a way that one innovation leads to another, with each innovation contributing some changes towards the society.

Concluding on, creating jobs, generating wealth and nurturing innovation are some of the very crucial job roles that Entrepreneurs should play, all aimed towards sustained development of our country.

 

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~ by gravito on April 27, 2012.

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