Entrepreneurship is one of the most promising sectors in India. Both the State and Central Governments are working hard to promote it throughout the country. More and more entrepreneurial opportunities are being created in the country with the constant support of the Government in the form of a better communication system like better roads and modes of transport and tax incentives. The role of entrepreneurship is now better understood by lawmakers and hence more job opportunities are being created. The country with such a huge population is badly in need of job opportunities for entrepreneurship and hence it is the top priority.
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Opportunities and entrepreneurship go hand in hand and can be a massive boost to a particular region's economy. It needs the support of society and the media's proper coverage to receive its right boom. We need to get aware of these opportunities and educate others so that businesses can reach their true potential in the future. It can also lead to better investments easily. More significant organisations can also help develop these startups, which can maintain the competitive edge as prevalent in the modern world.
An entrepreneur is someone who comes up with an idea of a new business opportunity in entrepreneurship. He has to take significant risks but reaps the rewards if he can generate profit. Entrepreneurs have a massive impact on the country's economy and open the doors for employment to many.
They need good entrepreneurial ideas and opportunities to attract financers to start the business. Then they can attain the necessary resources and acquire manpower to be successful. However, according to research, too much self-employment hampers the country's economic growth and causes inequalities in society. Hence the Government has taken up several initiatives to maintain a stable environment.
The Central as well as the State Government has taken up several initiatives for opportunity-based entrepreneurship.
Atal Innovation Mission (AIM) is an initiative of the Indian government. It was started with the ambition of promoting a culture of innovation and entrepreneurship in the country. It acts as a massive platform where one can promote self-sustained activities in technologically advanced areas, grand challenges, and innovation hubs.
Jan Dhan-Aadhaar-Mobile (JAM) is a technological tool used to promote subsidy transfer to beneficiaries directly. Thus, it completely avoids intermediaries' role in money transfers and can reduce the system leakages by a considerable amount. JAM increases the opportunities for entrepreneurship by providing banking services to regions that had no access previously.
The National Skill Development Mission was initiated in July 2015 so that the businesses and the industries can cooperate and share initiatives to become a stable network. This was bound to increase the job opportunities in this sector and all skilled personnel would be in high demand. This would result in a better quality of products within the stipulated time.
Stand-Up India is another initiative built to help the underprivileged sections of the country, leveraging them with institutional credit and motivating the females to start businesses of their own. Opportunities for women entrepreneurs are at their peak and must be grabbed with open arms. Stand-Up India portal is also a huge digital platform for entrepreneurial opportunities and citizens can quickly get information regarding finance and credit guarantee here.
With its technological advancements, the country is looking to reap the best out of them and move on a new modern pathway. For this purpose, the Government is coming up with innovative plans and strategies for identifying entrepreneurial opportunities and promoting them among the youth so that they can show their vigour and enthusiasm and be brave enough to grab these opportunities. Funds is one of the significant concerns that ventures sponsored by the states can deal with. These funds can be invested in future ventures to nurture young talent and teach them the necessary skills to take them forward.
1. Which Sectors in India Have the Highest Potential Regarding Entrepreneurial Opportunities?
The Government is sensing entrepreneurial opportunities at a premium after many technological developments in the country. The types of entrepreneurial opportunities seeing a massive rise are:
Tourism ranks highest among the industries in India, which has the highest potential. The country is known for its rich history and geographical diversity and has seen a considerable rise in footfall. The demand has increased to around 10.1% every year and is already one of the world's most chosen travel destinations.
The country has seen a massive upsurge in the manufacture of automobiles. This industry is also supported by the vast sales of small cars and is now one of the most booming sectors.
Textiles have always been part of our rich culture and tradition. It has also become an essential sector of entrepreneurship now with Ludhiana and Tripura's likes becoming the centres of textile export and providing international entrepreneurial opportunities.
2. Do Entrepreneurs Have an Impact on the Economy?
In a capitalist economy, the entrepreneur has an agent who coordinates the resources available to create opportunities to obtain profit. The marketing world is filled with uncertainties and the entrepreneur takes risks and makes the decisions with the eye of making a profit. He faces tough competition from others and has to plan well and develop to reach the height consistently.
It has a substantial positive impact on the economy and creates employment and benefits the country's gross income. New products are bound to increase national income.
New employment also increases the number of taxpayers, which is beneficial to the government. They also bring about a change in social life with path-breaking developments. They also help charities and other organizations financially, providing opportunities for social entrepreneurship.