Entrepreneurship- Changing Taste Of Business World
In the era of globalization in which we are living, it is full of opportunities and challenges. It is inevitable to avoid risk also. This era has given us many charismatic & transformational leaders to business arena. But the question is what the force behind their success is? Whether they were huge businessman or maybe they were son or daughter of any great business tycoon. But the answer is big ‘NO’. They opt for ENTREPRENEURSHIP.
During our recent visit to AMETHON at IIM –Ahmedabad we witnessed too many such examples which suffices the tremendous change in business world. Many youngsters are opting to create their own ventures and some of them have started. There were days when entrepreneurship and startup culture meant an IT platform, an application (or app), management and engineering graduates working all around .But today it has become obsolete.
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Even agriculture sector is revolutionized with this trend. There is an live example of firm called ‘CROPIN’ started by Mr. Krishana Kumar providing agriculture solutions to farmers. Their model is neither B2B nor B2C . Its B2F i.e. business to farms. They are imagining great future through the technology which allows extensive farm data and it is backed with rich analytics for quick decision making.
Being from engineering background he said that the concept is not very different but he applied it differently. He added further that working for multinationals give me millions but what about my billion worth of ideas.
With emerging opportunities, innovators are not leaving any stone unturned to make the lives of people comfortable. Even they are looking for business in these areas. Innovators are bringing even robotic technology to agriculture sector to improvise farming health.
EVOLVING NEW TRENDS
Even businesses which were known as niche are now becoming industry, like children entertainment. BULBUL-APP founded by Mr. Prakash Dantuluri have created a library of animated movies and other contents for children below 8 years. He has enhanced his reach to around 32 countries. This concept has made him one of popular entrepreneur in India.
His concept is boon for small story-writers and filmmakers as they can publish their work on their platform.
Business tycoons today are also taking interests in these projects .They are eager and willing to invest hugely in these projects. They believe that these ideas yield great results and profits in future. India business tycoons RATAN TATA is looking to invest in around 100 small startups to encourage entrepreneurship.
At the time of staffing and recruitment, new firms are luring young talent by offering them ESOP’s to the employees. Investments by venture capitalist have made it easy for these firms to offer ESOP’s.
Investing in startups is helping business tycoons to diversify their risks also. Some business analyst also believe that inclination of current generation towards entrepreneurship will cause talent deficit in the corporates .Loosing of talent is one of the danger which is looming on corporate world.
In the present scenario it is a situation of red alert for big business houses as most of the talent is looking for creating their own venture. In coming span big corporates may face scarcity of bright talent and great innovators.
WILL ENTREPRENEURSHIP BUBBLE BURST LIKE IT BALLOON?
Some analyst believe that this is also a bubble which will burst like IT bubble. At the same time some believe that it is not. They believe that the way venture capitalist pouring the money and they are not interested in profits, it looks picture very hazy and murky. Startups like FLIPKART, Snap deal are still facing lose as they are more eager to capture market than earning profit.
The startups are looking for success in long run. It is becoming trend that ‘Patience is the key’. These trends are different from conventional and primitive way of business when profits were everything.
Even this craze is not going to burst soon as each sector is subsumed in this arena. This is the podium awards those who have great capability of creativeness and eagerness to perform.
Even at this juncture and feeling the enthusiasm of youth’s, government is also taking initiatives to allure people towards opting entrepreneurship and startups. Many incentives and freebies have been given to motivate them.PM Modi’s initiative of STARTUP INDIA will be a boon and a turnaround strategy for entrepreneurs. India’s demographic dividend is a great initiative for this concept to happen.
GOVERNMENT’S INITIATIVES
Government is also interested as it will totally change the concept of business. Even the deserving people will not to lead an organization for other people. They can write their success on their own.
Formula is simple, one successful entrepreneur will employ many. This will help Indian economy to a great extent. Rather seeking for a job, be a job creator. Changing trends and B-Schools initiatives are giving motivation to youths to start their own venture.
Entrepreneurship never questions the person’s capability, qualifications, degree. It is an only encapsulation talent & how an individual thinks out of the box. It does not mean multi billion investment project & hundreds of people working for it.
CHALLENGES & RISKS
The biggest challenge India is facing is that Indian society want risk averse things. Their conservative approach is not allowing youngsters to opt for entrepreneurship. Orthodox thinking is one of the biggest restriction. But now initiatives by various B-Schools & government has given some break to this concept.
Easy finance to start up’s is making youngster more inclined towards entrepreneur options. As they also know that if they have capability they will get job any day, but going for startup is one of the typical path. As it needs more struggle & patience.
CHANGING TRENDS OF ENTREPRENEURSHIP
People are now ready to penetrate into even minute issues and converting them into Business Avenue. A small entrepreneur from Ahmedabad has started business of serving ‘COLD SALADS’, they serve salads to households & offices. Serving Morning breakfast is also becoming an industry, it is great for those who missed their morning breakfast.
Concepts are becoming broader and innovation has no limits. Entrepreneurs are looking for minute avenues to explore unexploited avenues.
In TAKE MY HOME by RASHMI BANSAL, she has mentioned 20 entrepreneurs and their struggle. The concept of entrepreneurship is not new but technological developments has transformed it into new dimensions.
IMT NAGPUR, for promoting entrepreneurship have motivated students to conduct ‘STUDENT RUN INITIATIVE’. Even students have started laundry services, canteens & cooperative store. This will develop a zeal in individuals to opt for entrepreneurship.
This article has been authored by Kunwerji Saxena from IMT Nagpur
REFERENCES:
http://sydney.edu.au/engineering/research/biotechnology-food/research/index.shtml
http://www.iimaamaethon.com/
http://yourstory.com/2014/04/patriotism-plus-passion/
http://www.entrepreneur.com/article/243099
