India over the next 10 years has to create 130 million jobs in order to keeps its work-force productively engaged. This overwhelming task cannot be simply achieved without creating a robust economy with high-focus on entrepreneurship activities.
We often talk about creating an entrepreneurial ecosystem in our country. In order to take the right steps in the direction we should understand what an ecosystem is all about.
5 Elements of an Entrepreneurial Ecosystem
- Knowledge- A good education system focuses on three most important things- entrepreneurship, employability and ethics. The focus of our entire education system has been only academic performance and this is the reason why it is failing on many fronts. Students are clueless when it comes to the information that they need when it comes to starting a business. 95% of business school graduates never start a business. Also with little focus on improving curriculum and teaching capital almost 47% of our graduate students are unemployable. If you do not have control over the course prescribed by CBSE/ICSE or UGC, then make sure you launch capsule courses related to entrepreneurship at your campus. Conduct regular awareness drives and start-up showcases at your campus.
- Mentoring and Incubation- Every institute in this country that has a placement cell, should also have an entrepreneurship cell and incubation center. A professional incubation manager should be appointed to notice students with entrepreneurial sparks and proper training should be provided to these aspiring entrepreneurs. The alumni pool of the campus spread across various sectors can also be leveraged for the mentor-ship purposes. The incubation center set up at the campus can be used as the office space by the students. Even city level incubators can be started and supported by the government.
- Access to Funds and capital- Access to cheap capital plays a huge role in creating small businesses into giant conglomerates. It is very difficult to scale up in the absence of funding. Funding can be provided by seed funders, angel investors, venture capitalists, banks and other institutions. If government also mobilizes some funds in the form of grants then it can provide a great boost to the enterprising forces within the economy. Funds are to business what oxygen is to to human body.
- Network support- Network nurtures possibilities. The first thing that the entrepreneurs yearn for is the family support. We need to understand that the definition of success is different for different individuals. Some are happy in a job and some are happy only in a business. We need to change the mindset of Indian middle class families where job is considered as the only route to success. Network determines the net-worth of the business owners. We need more organizations like TiE, NEN and India Entrepreneurship Network in our country. Creating an entrepreneur advisory board for every college and Partnering with thought leaders from multinational companies in adopting e-cells.
- Policies- India ranked 142 on a list of 170+ countries when it comes to ease of doing business. Too many approval processes and paper formalities are involved in starting a new business and that acts as a big deterrent for the entrepreneurs. Policies should be pro-business and even encourage small and medium players to enhance their productivity and operational efficiency..
#Siddhartha#Sharma is the CEO of #Success#Monks and the bestselling #author of 5 books-
- 60 Keys to Success with NLP,
- Love Your Mondays & Retire Young and
- The Millionaire Entrepreneur.
- TGIM-Thank God It’s Monday
- Mom, I got the Job
He is an #OB#consultant, #corporate#trainer & #NLP expert who conducts peak-performance workshops on leadership development, team excellence, business innovation & sales mastery. Success Monks workshops and seminars have transformed lives of over a million professionals and students. He also writes a weekly column called ‘Success Monk’ in Indian Express.