Entrepreneurship is the most powerful economic force known to humankind! The “entrepreneurial revolution” that captured our imagination during the late 1990s has now permeated every aspect of business thinking and planning. As exemplified by the “dynasty builders” of the previous decades, be it Dhirubhai Ambani of Reliance or Bill Gates of Microsoft, the applications of creativity, risk taking, innovation and passion lead the way to economic development far greater than anyone could imagine. The 21st century presents newer and sometimes more complex challenges than ever before conceived; however, the entrepreneurial drive and determination of our yet-to-be discovered “dynasty-builders” will be our greatest solution.
A recent survey published in The Times of India (ToI) describes the Indian Youth as ‘cool, confident and even a little complacent’. The youth today, in marked contrast to his ilk of the pre-reforms generation, is not worrying about the future. The survey found only 7 per cent of the Gen-X Indians worried about finding employment and mere 5 per cent anxious about financial stability. Interestingly the study found that youth across India want to be wealthy, successful and educated, they want to achieve this through a range of business choices. A good number want to venture into business ownership and information technology. Entrepreneurship has been regarded as an important determinant of wealth creation. It was trading in ancient times, labour-dominated production in the medieval age, technology-enabled manufacturing in the modern times and services and knowledge-oriented in the post-modern era. The all-important question that needs to be answered is why entrepreneurship not picking up in India at the pace that is required?