Indians are often not very comfortable with taking charge. However, in the recent times, we’ve observed the growth of entrepreneurs in the country due to a boom of innovative ideas. Companies like OYO rooms, FoodPanda, Zomato have also managed to spread their wings into the international markets. However, what India needs is not a copy paste of ideas from the West but an array of completely new ideas because the markets they are catering to are completely different.

With a huge variety of new idea cropping up; we can only fathom how much easier our life gets. If one needs to book a cab, Ola is the way to go; one can easily check restaurant listings on Zomato while booking tickets through BookMyShow is super convenient and only made the lives of people more organised. Also, companies like Flipkart and Snapdeal have sorted the e-commerce scene in the country. Hence, with more innovations by entrepreneurs in various fields, the public benefits greatly.

There are a huge number of Venture Capitalists who want to invest in start-ups but because of the lack of a completely original idea, they fail to find one. The world of investors see potential in our country and we need to use all the attention coming our way in a positive way. Recently, Zoomcar received funding worth $8 million from Sequoia capital where as OYO is funded by Sequoia Capital, SoftBank and GreenOaks capital which are foreign based investors.

The Prime Minister, Narendra Modi believes that start-ups are essential to bridge the gaps to enhance growth and development of the country on various fronts. New start-up innovations cropping up are steady sources of income for the entrepreneur and an addition to the GDP of the country. Hence, the government aspires to boost digital start-ups at grass root levels by allotting around INR 2000 crores for this initiative.

The Prime Minister is highly excited about the Start-up India project which has almost 2000 crore INR allotted to the cause. Along with that, the Government also plans to provide budding entrepreneurs with perks such as legal support for filing patents at free of cost and 80% reduction in filing patent fee. If the Government eases taxation for start-ups, it’ll be a great boost to empower the aspiring entrepreneurs who should definitely grab the opportunity and start more companies in India.

More number of entrepreneurs means more competition which saves the country from monopoly in any one field. This will force companies to come up with newer and more cost-effective ideas in order to secure profit margins and build a base which are beneficial to the customer.

For instance, Zomato was almost a monopoly until close players like FoodPanda and Swiggy ventured into the restaurant business increasing competition in a healthy way and providing the customers with more choices.

The importance of entrepreneurship can be understood by the number of jobs that are created once entrepreneurs launch new businesses. These establishments become the source of job creation.

Entrepreneurship helps job creationEntrepreneurs start a business in completely new domains and sectors. Take, for instance, Byju’s – The Learning App. It provides educational content to school students in the form of videos and online tutoring.

As of 2019, the organization has around 8,000 employees and none of these existed until the idea of an online mobile application for providing tutoring and educational classes was started. Entrepreneurs significantly contribute to economic growth. The employees at their firms are seeds planted for growth. These employees earn and spend their income on other businesses, thereby increasing job opportunities in other businesses. This, in turn, enhances the overall quality of life for employees and the people with them.

The journey of entrepreneurship is dynamic. As they see a problem in the lives of the consumers, they use their creative thinking to identify a solution.

They start a new organization and create employment. When new employees are hired, they are remunerated, and this income is spent in the local economy. This generates an incremental wealth for the population and results in raising the standard of living for all involved.

Entrepreneurs donate and help in society buildingOne of the most highlighted importance of entrepreneurship is the nature to give back to the community.

As entrepreneurs earn for themselves and their employees, they get involved in donations and charities.

Infosys is a classic example of philanthropy. Infosys Foundation supports the underprivileged sections of society in education, destitute care, healthcare, culture, and rural development.

Entrepreneurs donate generously to veterans’ groups, homeless shelters, health organizations, and libraries. As a result, the entire economy develops and flourishes. This would not have been possible if entrepreneurs did not start new businesses and did not offer jobs to employees.

Entrepreneurs introduce changes in the communityEntrepreneurship benefits the local community and society. The new company hires employees who earn an income to spend at local stores. This generates more business for the store owners. When one business grows, it contributes to the progress of another.

Some business organizations require highly skilled individuals. This creates a demand for schools, intern programs, and workshops that can provide skill training. The community responds to the demand by creating training institutes and everyone in the community advances. The company hires the kind of individuals it requires and the community gets highly educated and trained individuals.

Entrepreneurs make arrangements for organizing food drives, building houses, funding cleanups, and giving to local charities. Some may also contribute to the upliftment of infrastructure in society. This significantly helps in the growth and development of the community.

Entrepreneurship is a process that starts with new businesses making money for civilization. New industries add economic wealth as entrepreneurs invest funds to create new products and services. Venture capitalists and angel investors also provide more capital increasing the number of funds that are put into the growth and success of the organization.

Businesses earn profit and pay taxes; employees pay income tax. The government utilizes this additional income to stimulate the economy and generate better facilities. It leads to an overall increase in the country’s gross domestic product (GDP).

Some entrepreneurs move on to also become mentors and consultants. This is because they have a passion for their business and like to guide aspiring innovators on their path to success.

Seasoned entrepreneurs can share the common mistakes, the obstacles, the usual challenges, and the methods to overcome the same. This allows a newbie to save on time, which would have otherwise been spent on making mistakes out of business immaturity. It also helps in saving money and other crucial resources.

Entrepreneurs can advise on ways to arrange funds – like obtaining loans for entrepreneurship. They establish local groups and communities that can interact with each other, brainstorm ideas, discuss the hurdles of starting a business, hire employees, etc.