A country with a population of 1.35 billion cant grow without the sweat capital of entrepreneurs, who meaningfully generates employment opportunities, capitalises on passion, visualizes unseen opportunities, creates wealth and brings transformation in the society.
Create new unseen opportunities
Entrepreneurs capitalise on unseen opportunities. Did anyone ever imagine an opportunity in communication by means of the internet 20 years ago? This is the exact space now where the richest people and the biggest corporations are focused. Google has replaced the dictionary, computers have changed computing, the internet has revolutionised communication etc. The list is too long. This massive change and progress is an outcome of the efforts of entrepreneurial abilities and some pioneers who were able to identify or create unseen opportunities.
Wealth creation and distribution:
There is a finite or limited capital in the world. It simply changes vaults and hands, creating a cycle wherein the same capital goes to different people. The capital does not increase or change, but the hands that hold it do, and entrepreneurs are the catalyst of this change. It can be called the socialist way of capitalism. The per capita investment and its distribution in Entrepreneurship is far higher than the established corporates.
Employment generation
The per capita employment generation by first generation entrepreneurs is far higher than the employment generation by the established organised sector. Like an automobile when started, needs a power burst and is driven at first gear, the same concept is applicable to Start-ups. They need more energy, vibrancy and focus in the beginning, which needs more human capital with varied skills. It’s a compulsion, not a choice. They make employees productive during the years of successful operations, investing heavily in their skills.
Balanced regional development
Entrepreneurs setting up new businesses and industrial units when driven by attractive incentives by the various State policies or laws, locate them in less developed and backward areas. The growth of industries and business in these areas leads to infrastructure improvements like better roads and rail links, airports, stable electricity and water supply, schools, hospitals, shopping malls and other public and private services that would not otherwise be available in that backward region.
Standard of Living
Since the per capita employment rate vs. capital invested by first generation entrepreneurs is far higher, it translates into more employment opportunities with better take home salaries than their counterparts. This in turn, leads to improvements in the quality of life of their employees, customers, and other stakeholders in the community.
Exports
Any growing business will eventually want to enter into exports to expand their business to foreign markets. This gives them better sustainability, scalability, attractive tax rebates and branding. The overseas income generated further strengthens the foreign reserve surplus of the treasury of the home country.
Community Development
Prosperity of a nation is directly proportional to the prosperity of the entrepreneurs. A good example of how community development can be promoted through entrepreneurship is Azim Hashim Premji, Chairman of Wipro Limited, who donated Rs. 27,514 crores for promoting education through the Azim Premji Foundation. This foundation works with more than 350,000 schools in eight states across India. Self made entrepreneurs are empathetic and contribute more to society.
Technology Transformation
The new era start-ups like Ola, Flipkart, Zomato, Swiggy etc have brought transformations in the ways, modes and means of business as well as into the lives of people. Now everything is available at the click of a mouse. It has been made possible because of the entrepreneurial acumen of the youth of the world.