What is Entrepreneurship?
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.
Who is an Entrepreneur?
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.
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.