Entrepreneurship is about having a business idea and translating it to start a new venture; it creates an opportunity to contribute to the society by offering employment to the unemployed. The best part of entrepreneurship is that one works without a boss. But one has to be prepared to accept success as well as failure. Entrepreneurs need to manage everything at their own - from setting business, recruiting people, administering work and accounts and profitability.

The recent downturn in 2008 has showcased the dire need for dynamic and pragmatic personalities who can commence ventures at their own and help sustain themselves and others by providing them employment. The economic downturn must have been gloomy for many, but for start-ups situation was thriving as they were backed by brilliant ideas and funding support. 

Today entrepreneurship is regarded as one of the important determinants of the industrial growth of a country. To meet the new challenges and generate employment, Indian government is emphasising immensely on entrepreneurship development in the country. 

Types of Entrepreneurships

There are different aspects to classification of entrepreneurship. Some classify the subject as opportunity-based entrepreneurship and necessity-based entrepreneurship. Some people categorise it under three heads- technological, geographical and sociological. 

However, the most common classification is - business entrepreneurship and social entrepreneurship. Business entrepreneurship is truly business in nature and looks at raising revenues.
But social entrepreneurship first looks at preparing strategies that can bring changes in the society and its well-being. 

Skills and Education

To become an entrepreneur one needs to be passionate about work, dedicated, creative and ready to take risks. The entrepreneurs must have strong business acumen and an understanding of business that can offer economic advantages. There is no age bar to pursue a career as an entrepreneur. There are many courses conducted by various institutions in entrepreneurship from certificate level to degree level. Different institutions ask for different eligibilities depending upon the nature of programme. But the minimum criteria to apply for a good institute is 10+2 or a bachelor’s degree. 


Education in entrepreneurship offers training to create and manage a leading entrepreneurial venture. The training instills entrepreneurial mindset and skills to launch a start-up and also educates them on subjects like intellectual property rights and funding issues. Students are asked to brainstorm on feasible business opportunities and write a business plan to seek funding. 

Future Prospects

There is no dearth of opportunities in entrepreneurship. In fact, an entrepreneur engineers his own future. If he is successful in engineering a business plan and knows how to sell it, then there is no looking back. The only challenges could be in seeking funds. But apparently in India, government wants to promote entrepreneurship as much as viable. And, it is providing support in the form of funding, tax incentives and building infrastructure to facilitate new ventures. Besides, there are many private institutions and organisations which help in facilitating funds for new ventures through their network in the industry. 

Women entrepreneurs are being increasingly encouraged because the Government and many social organisations believe that women’s earnings,particularly in the lower socio-economic brackets, can uplift families out of poverty. Areas where we can notice involvement of women entrepreneurs include textiles, fashion design, nursing and cottage industry.

 

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