ISSN: 2319-7943
Impact Factor : 2.1632(UIF)
Volume - 4 | Issue - 4 | Jan - 2016
Palak Kanojia
ROLE OF ENTREPRENEURSHIP IN INDIAN ECONOMY Palak Kanojia1 and Kirti Verma2 1 Research Scholar , Department of Commerce, Delhi School of Economics , University of Delhi. 2 M.Com Student , Department of Commerce, Delhi School of Economics , University of Delhi.
ABSTRACT Indian economy is one of the largest economies in the world and right now is among the top five largest startup communities in the world. In building a competitive advantage to boost the growth of the Indian economy, start ups and entrepreneurship can play an important role. This study is based on secondary research. An extensive literature review has been done to study the role of entrepreneurship in the growth of Indian economy. This paper discusses the positive as well as negative impacts of entrepreneurship on the economy; the impediments in the entrepreneurship in India and the challenges faced by the Indian entrepreneurs in establishing new start ups. The paper has also suggested the recommendations for improving the scenario of entrepreneurship in the country. The study has significant implications for both the new entrepreneurs as well as the government. The paper has advocated the idea of supporting the start ups and small businesses by the government to propagate the start up culture in the country which will eventually lead to the rapid growth of the Indian economy. KEYWORDS :Role of entrepreneurship, Indian economy, start ups, entrepreneur. INTRODUCTION Indian economy is one of the largest economies in the world and right now is among the top five largest startup communities in the world, created 80,000 jobs in the country so far. According to a report by (NASSCOM), the National Association of Software Services Companies, India will become Available online at www.lsrj.in
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third largest globally in terms of startup and $5 billion startup funding will be expecting in 2015. According to a report by NASSCOM, India ranks third among the global start up eco system with the young founders of an average age of 28 years. The venture capital and equity firms have increased over 100% since the year 2014. (NASSCOM, 2015) Now, India’s Economy wants to improve in each and every field of technology to manufacturing and other areas, so that to obtain the overall benefits and achieve competitive advantage. Most of the start-ups being the innovation and technology driven are contributing to Indian economy by coming up with innovative solutions to enhance the life style of citizens. (NASSCOM, 2015) India is now in the race of $2 trillion economy, according to the GDP growth which gives an advantage to the country to explore more all over the world by its innovative ideas and technology. This all can be done by promoting new startups or entrepreneurship. LITERATURE REVIEW Concept of entrepreneurship as an organized knowledge came into being about hundred years ago. Though, the economists from Adam Smith to Marshall were talking about it, but without assigning the name of entrepreneurship. They used the terms as employer, the master, the merchant and the undertaker for carrying out different entrepreneurial activities now comprising of entrepreneurship. It was Eantillon, who first brought out the term entrepreneur and entrepreneurship was recognized in economic literature. (Drucker, 1985) The traditional neoclassical theory of economic growth was first developed by Robert Solow in his 1956 paper “A Contribution to the Theory of Economic Growth”. (Todaro, 2003, pp. 128-139) In a study, Solow argued that economic growth is a function of two inputs- the levels of capital and labor in a given area. The exact nature of this function is determined by the technological possibilities available to the society in question .Thus, under this theory, the economic growth of a given country is determined by the amounts of labor and capital that country possesses and the technological possibilities to which that country has access (i.e., the level of knowledge within that country). (Jose & Paul, 1994) The entrepreneur organizes and operates an enterprise for personal gain. He pays current prices for the materials consumed in the business, for the use of the land, for the personal services he employs, and for the capital he requires. He contributes his own initiative, skill, and ingenuity in planning, organizing, and administering the enterprise. He also assumes the chance of loss and gain consequent to unforeseen and uncontrollable circumstances. The net residue of the annual receipts of the enterprise after all costs have been paid, he retains for himself. (Baumol, 1993) RESEARCH METHODOLOGY The study is based on secondary data. For the purpose of this research, the secondary data was collected from various books and publications related to the entrepreneurship. An extensive literature review has been done to study the role of entrepreneurship in the growth of Indian economy. ENTREPRENEURSHIP Entrepreneurship is the indispensable part of economic development. Economic growth is effect, entrepreneurship is the cause. Entrepreneurs explore opportunities, convert ideas into viable business proposition and provide new products and services to the society by bringing together and combining various factors of production. They change life style of the people. Most resource rich regions the world over are poor and resource poor regions are rich. We call it
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the ‘Resource curse’ phenomenon. Underdevelopment is not because of the lack of natural resources but because of the deficiency in the combining process itself that is undertaken by entrepreneurs. Capital and technology are futile till the absorptive capacity of the country is inadequate because of the shortage of skills or of attitude (required for entrepreneurship) which favors change. (Padmanand & Patel, 2004) Impact of Entrepreneurship in Economic Development Positive Impacts Entrepreneurs promote capital formation by mobilizing the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities leads to value addition and creation of wealth, which is very essential for the industrial and economic development of the country. Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. Entrepreneurial initiative through employment generation leads to increase in income and purchasing power which is spent on consumption expenditure. Increased demand for goods and services boost up industrial activity. Large scale production will result in economies of scale and low cost of production. Entrepreneurial activities also generate more activities and give a multiplier effect in the economy. Entrepreneurs are always on looking out for opportunities. They explore and exploit opportunities,, encourage effective resource mobilization of capital and skill, bring in new products and services and develops markets for growth of the economy. They produce goods and services in large scale for the purpose earning huge amount of foreign exchange from export in order to combat the import dues requirement. The entrepreneurs multiply their entrepreneurial activities, thus creating an environment of enthusiasm and conveying an impetus for overall development of the area. The entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions. He plays a pivotal role not only in the development of industrial sector of a country but also in the development of farm and service sector. (Saini & Gurjar, 2001) Negative Impact There are various ways in which entrepreneurship is identified to have negative (adverse) impact on the economic development of India, thus not all types of entrepreneurship are good for economic development. The most salient adverse effects of entrepreneurship can be due to either: (a) perverse allocation towards activities that are personally profitable but socially destructive or unproductive; and (b) low quality entrepreneurship that may have negative externalities. Slow economic growth in itself may cause the wrong allocation of ability and entrepreneurship. For instance, it is well known that when economic growth is low and employment opportunities in the formal sector are scarce, that self-employment will rise, and that this rise will include a large proportion of people with low levels of entrepreneurial ability. However, during periods of low economic growth the incentives for innovation, as in bringing new goods to market, will be low, since the demand for new goods tends to have an income elasticity of greater than one. Entrepreneurs of high ability will therefore engage in rent-seeking activities rather than productive entrepreneurship and this reallocation of entrepreneurial talent will be greater in countries with higher levels of wealth or natural
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resources from which rents may be extracted. Thus in such circumstances the quality of the entrepreneurial pool in a country worsens from both the inflow of low-ability entrepreneurs as well as the outflow of high-ability entrepreneurs. This will lead to further restrictions from the side of credit markets, in the form of higher interest and/or collateral requirements—which may further push out talented entrepreneurs. The consequence is that poor countries may be caught in a self-reinforcing ‘entrepreneurial’ development trap. A second channel through which the entry of entrepreneurs with low ability might hinder economic development is through the impact of entrepreneurial ability on the productivity of employed workers. Entrepreneurs of low ability will have less productive workers, who will earn lower wages. By reducing wage costs, these entrepreneurs in effect lower the opportunity costs of entrepreneurship or self-employment, and facilitate the entry of more low-ability entrepreneurs. (Kent, Sexton, & Vesper, 1982) Impediments in Entrepreneurship in India Family challenges are always at the top because that is what matter the most but at times social challenges also are very important. Let us say you and your friend graduated at the same time. You opted for entrepreneurship and your friend opted for a job. He now has a flat, car and what not because he could easily get those with a bank loan but you still have nothing to show off and this is where challenge comes. Convincing to opt for business over job is easy is not an easy task for an individual. The first thing compared is – Will you make more money in business of your choice or as a successor of family business. This is where it becomes almost impossible to convince that you can generate more cash with your passion than doing what your Dad is doing. Indian education system lags too much from the job industry as a whole but then it lags even more when it comes to online entrepreneurship. What technology would be ideal and how to use that technology effectively? Financial challenges are a lot different in India especially for online entrepreneurs. When you are starting out as an entrepreneur you don’t opt for venture funding but try to go with funding from small to medium business people. Many such non-technical business people don’t understand the online business models as a whole and so getting an initial business funding from them becomes challenging. The other option you can think of is loan but bank loan is not at all an option in India for new online entrepreneurs. Now and then there is lot of changes in the policies with change in the government. Problems related to TRIPS and TRIMS, problems of raising equity capital, problems of availing raw-materials, and problems of obsolescence of indigenous technology, increased pollution, ecological imbalance, exploitation of small and poor countries, etc. (Chandler, 1990) Opportunities A recent Mckinsey& Company-Nasscom report estimates that India needs at least 8,000 new businesses to achieve its target of building a US$87 billion IT sector. In the next 10 years, 110-130 million Indian citizens will be searching for jobs, including 80-100 million looking for their first jobs. Today’s knowledge based economy is fertile ground for entrepreneurs, in India. It is rightly believed that India has an extraordinary talent pool with virtually limitless potential to become entrepreneurs. Therefore, it is important to get committed to creating the right environment to develop successful entrepreneurs. To achieve this, India must focus on the following area. • Create the Right Environment for Success
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• Ensure that Entrepreneurs have access to the Right Skill • Ensure that Entrepreneurs have access to “Smart Capital” • Enable Networking and Exchange Government Support: • Both the Central and State Governments should take more interest in promoting the growth of entrepreneurship. (Poornima, 2006) Challenges Faced By New Entrepreneurs Entrepreneurs have to face numerous challenges on the road to success, in particular with regard to access to finance. All entrepreneurs will at some point feel overwhelmed with the many responsibilities that fall on their shoulders. The common challenges faced by entrepreneurs are Overestimating Success, Misplaced Purpose, Negative Mindset, Poor Organization, Jack of All Trades, Employee Motivation, Lack of Support. For start-up companies challenges are difficulties in access to finance, deficient knowledge and technology transfer, limited skills, absence of special Government program in support of entrepreneurship and innovation among key factors that constrain their growth and development. (Timothy & Coulter, 1997) The following were the important challenges faced by new entrepreneurs. 1. Developing the Vision and Business Idea Developing a business idea is usually the first challenge faced by every entrepreneur when starting a business from scratch. Finding the right business opportunity or creatively developing an idea is certainly not an easy task. Envisioning the idea is the first true task of an entrepreneur. An entrepreneur must possess the ability to see what others cannot see. While others see problems, an entrepreneur must see opportunities. But seeing opportunities is just the beginning. The main business challenge is going to be the ability to forge that opportunity into a business idea. This as a business challenge because the process of transforming problems into business opportunities is like trying to turn lead into gold. The entrepreneurial process consists of creating value out of nothing; a process that brings innovative products into existence. Below is an illustration of how the process goes. Identifying a problem -> seeing an opportunity in the problem -> Coming up with a solution -> Forging the opportunity into a business idea -> Integrating the solution into a business plan. Developing a vision is definitely a business challenge because an entrepreneur must sometimes assume the role of a sorcerer.. Most individuals are comfortable with the present way of doing things but it is the duty of an entrepreneur to envision and forecast the future. An entrepreneur must always be ahead of his time or else he will lose his relevance. It is the duty of an entrepreneur to bring into present what is yet to be. It is also the duty of an entrepreneur to bring solutions to other people s problems. In the late 70s and early 80s, while IBM saw increase in demand for their mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers. That single vision made Bill Gates the richest man in the world and Steve Jobs the most famous business person of the 21st century. A good businessman must have nose for business the same way a journalist has nose for news. A good businessman sees where others don t see. (Hisrich & Peters, 1995) 2. Raising Capital for Startup After developing an idea, the next challenge that the entrepreneurs are going to face when starting a business from scratch is that of raising capital. An entrepreneur is the only one that knows
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business idea to the core. Trying to convince investors about something that doesn’t t exist is definitely a challenge. Trying to make them understand that they are trustworthy and equal to the task is not child s play especially when building the first business. There is more to raising capital than just simply asking for money. Most investors want to invest in already established businesses with minimal risk and they want to be sure that they get returns for the risk they took. Most brilliant business ideas never scale through the venture capital stage because the entrepreneur is either not prepared or lacks what it takes to raise the needed capital. To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and vision to potential investors.. In the game of raising capital, an entrepreneur must have a good story to tell; backed by a strong business plan and good persuasion skills. 3. Assembling a Business Team The third business challenge that an entrepreneur will face in the course of starting a small business from scratch is assembling the right business management team. The process of building a business team starts even before the issue of raising initial start-up capital arises. Most brilliant ideas and products never get funded because the entrepreneur is trying to raise capital as an individual. A business team is a vital, yet often ignored key to raising venture capital successfully. As an entrepreneur is bound to have strengths and weaknesses, this is the major reason an entrepreneur needs a business team to cover up or compliment their weaknesses. A team is a necessity for building a successful business. It s the duty of an entrepreneur to make sure that their team sees the future as the entrepreneur see. They must believe in possibilities and must also be passionate about making that possibility a reality. If they can t grasp the vision, if they can t see the future with business, then they are not worthy being business team. An efficient strategic business team should comprise as banker, financial adviser, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to the business. 4. Finding the Right Business Location Finding a good business location at the right place is definitely not easy. An efficient location that has a rapidly growing population, good road network and other amenities at a good place 5. Finding Good Employees Most writers and managers crank up the process of finding good employees as an easy task. They define the process of finding an employee as simply presenting the job description and the right employee will surface. Business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Finding a good employee who will be passionate about delivering his or her services is quite difficult. Finding good employees is a minor task compared to the business challenge of forging the hired employees into a team. (Prasain, 2003) Employees are the representatives to business customers and the outside world. They are a reflection of the business culture and ethics. If an employee is bad or rude to customers, it is going to portray a bad image for the company. So it must be careful when hiring employees. Remember the golden rule of business; Hire slow and fire fast. 6. Finding Good Customers The sixth challenge an entrepreneur will face in the process of starting a small business from
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scratch is finding good customers. In the process of building a business, an entrepreneur will come to find out that there are good customers as well as bad customers.. Good customers are really hard to find. A good customer will be loyal to the company and will be willing to forgive if the business make a mistake and apologize. A good customer will try to do the right thing that will benefit both himself and company mutually. Bad customers will always look for loopholes in the company s policy to exploit and make a few gains. Bad customers will always try to exploit the company s goodwill and look for ways to rip off the company. Bad customers are responsible for bad debts. Good customers build business and bad customers will always try to liquidate business. 7. Dealing with Competition Competition is the next challenge an entrepreneur will face when starting a business. Most individuals see competition as a plague but competition as a good challenge. Competition is a benchmark for creativity, the main engine that stimulates innovation and production of quality products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant. (Taneja & Gupta, 2001) 8. Unforeseen Business Challenges and Expenses Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur prepared for whatever comes. Unexpected challenges can come in the form of: Unexpected law suits, inconsistent government policies, not being able to make payroll, unpaid bills and taxes, unexpected resignation of staff from sensitive office, bad debts from customers, loss of market share, dwindling working capital, inadequate stock or inventory. These business challenges, if not handled properly can ruin the plan to build a successful business. Another challenge an entrepreneur must expect is an unforeseen increase in business expenses. If not handled properly, it might result in constant negative cash flow and eventually; business failure. 9. Keeping Up With Industrial Changes and Trends Change in trends is a challenge an entrepreneur must be prepared for when starting a small business. Trends have made and broken lot of businesses, profitable businesses that have been wiped out by slight industrial changes and trends. A typical example is the Dot com trend, where many established industrial based businesses were wiped out by new web based dot com companies. Seasoned entrepreneurs know that trend is a friend and are always willing to swiftly adjust their business to the current trend. 10. Exiting the Business When building a business from scratch, an entrepreneur is going to face the challenge of determining the exit strategy.. Most entrepreneurs run their business without any plans to exit and even if they have an exit strategy, they find it difficult to implement it. Before starting a business, it is advisable to plan an exit. Lack of an exit plan is the primary reason why most businesses crumble after the death of the founder. An exit strategy is very important to the long term survival of a business.. Most smart entrepreneurs will use a certain benchmark as a target and once this specific target is reached, they exit the business. Examples of such benchmarks are: Annual sales, Annual Turnover, Asset Base, Market Saturation Customer base, subscribers or number of users.
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11. Down in the Doldrums According to several studies, entrepreneurs are more prone to depression and anxiety than the average company employee. 12. Overestimating the Initial Success Another challenge an entrepreneur faces is overestimating their initial success. The entrepreneurs look for an overnight success where they want the company to succeed within one year and dream of making millions by replicating the ideas of already successful companies. 13. Focus One of the biggest mistakes entrepreneurs make in their early days is trying to be all things to all people. They attempt to sell their product or service to too wide of a market. Entrepreneurs also face another challenge in this area. They focus on the wrong things. They spend too much time building their product without validating that the marketplace wants needs and will actually pay for it. 14. Passion and Purpose Many entrepreneurs choose an oxymoronic approach to business. They decide to start their own company because they want unlimited income potential, to be their own boss and holder of their own destiny. Yet as they work on building their business they realize they lack passion for what they’re doing. (Mehlum, Moene, & Torvik, 2003) IMPLICATIONS AND SUGGESTIONS Suggestions 1) An entrepreneur must possess the ability to see what others cannot see. While others see problems, an entrepreneur must see opportunities. 2) To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and vision to potential investors. 3) An entrepreneur to make sure that their team sees the future as the entrepreneur saw. 4) To find out an efficient location that has a rapidly growing population, good road network and other amenities at a good place. 5) In order to overcome negative mindset an entrepreneur should empower himself by reading inspirational articles, successful stories, great books, movies etc. 6) In order to overcome lack of support an entrepreneur should find out a virtual group of people in Social Media that support and promote each other. (Stiglitz & Weiss, 1981) The Final committee of the 2014 G20 Leaders’ Summit called for enhanced economic growth that could be achieved by the “promotion of competition, entrepreneurship and innovation”. There was also a call for strategies to reduce unemployment, particularly amongst youth, through the “encouragement of entrepreneurship”. Key recommendations for government 1.Make the formation of entrepreneurial activity a government priority – The formulation of effective policy for entrepreneurial ecosystems requires the active involvement of Government Ministers working with senior public servants who act as ‘institutional entrepreneurs’ to shape and empower
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policies and programs. 2.Ensure that government policy is broadly focused – Policy should be developed that is holistic and encompasses all components of the ecosystem rather than seeking to ‘cherry pick’ areas of special interest. 3.Allow for natural growth not top-down solutions – Build from existing industries that have formed naturally within the region or country rather than seeking to generate new industries from green field sites. 4.Ensure all industry sectors are considered not just high-tech – Encourage growth across all industry sectors including low, mid and high-tech firms. 5.Provide leadership but delegate responsibility and ownership – Adopt a ‘top-down’ and ‘bottom-up’ approach devolving responsibility to local and regional authorities. 6.Develop policy that addresses the needs of both the business and its management team – Recognize that small business policy is ‘transactional’ while entrepreneurship policy is ‘relational’ in nature. CONCLUSION Entrepreneurship is omnipresent – Entrepreneurs are present in all settings. Cultural explanations for a lack of entrepreneurship overlook what people have in common – namely alertness for profit and to improve their general situations. Underdeveloped nations do not lack entrepreneurship. Rather, entrepreneurial activities exist, but are not directed toward productive ends conducive to economic progress. Government cannot create entrepreneurship – Given that entrepreneurs are omnipresent, government policy cannot “create” entrepreneurship. Instead, emphasis should be placed on creating a general institutional framework, making payoffs to productive entrepreneurship relatively high compared to unproductive and evasive activities. Resources should not be allocated to “encouraging” or “training” entrepreneurs, but to developing the necessary institutional context to allow productive activities to come to the forefront. Transparency and accountability are critical for reform – In many cases, the lack of transparency and accountability allows officials to abuse the law for personal gains. One key mechanism for creating transparency is a free media industry which serves as a check on those in positions to abuse the political and legal institutions. Increased transparency and accountability reduce the payoff to unproductive activities. Reform needs to be decentralized – Reform efforts should be decentralized to the local level so that those that truly understand these challenges are involved in the reform process. For example, as discussed previously, entrepreneurs in rural Romania face a special set of challenges. Currently, the national government controls all reform efforts and neglects the unique situation of rural entrepreneurs. (Parker, 2003) Identifying and maintaining indigenous institutions is key – Indigenous institutions are embedded and accepted means of coordinating activities and overcoming situations of conflict. As such, they provide a ready-made framework for increasing coordination on a large scale. Institutions, practices and markets that are informal or “black” should be incorporated into the formal sector. Entrepreneurship is not the only tool, but a significant tool in shaping government policy to drive economic growth. Entrepreneurial growth is dynamic, and dependent on country specific variables and initiatives. (E.S.I) Entrepreneurship support initiatives should be developed at the Government and NGO level to further manage the variable identified in these reports.
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REFERENCES 1.Baumol, W. (1993). Formal Entrepreneurship Theory in Economics: Existence and bounds. Journal of Business Venturing , 8 (3), 197-210. 2.Chandler, A. (1990). Growth, Entrepreneurship and Economic. Cambridge: Harvard University Press. 3.Drucker, P. (1985). Innovation and Entrepreneurship: Practice and Principles. London: London: Hinemann. 4.Hisrich, R. D., & Peters, M. P. (1995). Entrepreneurship, Starting, Developing & Managing a New Enterprise (3rd ed.). Chicago: Irwin Professional Publishing. 5.Jose, P. A., & Paul, T. M. (1994). Entrepreneurship Development. Himalaya Publishing. 6.Kent, C. A., Sexton, D. L., & Vesper, K. H. (1982). Encyclopaedia of Entrepreneurship. Prentice-Hall. 7.Mehlum, H., Moene, K., & Torvik, R. (2003). Predator or Prey? Parasitic Enterprises in Economic Development. European Economic Review , 47, 275-294. 8.NASSCOM. (2015). Start-up India –Momentous Rise of the Indian Start-up Ecosystem. New Delhi: NASSCOM. 9.Padmanand, V., & Patel, V. (2004). Managing India's Small Industrial Economy. New Delhi: Sage publications. 10.Parker, S. C. (2003). Asymmetric Information, Occupational Choice and Government Policy. 113 (490), 861-882. 11.Poornima, M. C. (2006). Entrepreneurship Development Small Business Enterprise. New Delhi: Pearson India. 12.Prasain, G. (2003). Entrepreneurship Development. New Delhi: Sunmarg Publishers and Distributors. 13.Saini, J., & Gurjar, B. (2001). Entrepreneurship and Education, Challenges and strategies. 14.Stiglitz, J. E., & Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. The American Economic Review , 71 (3), 393-410. 15.Taneja, S., & Gupta, S. (2001). Entrepreneur Development: New Venture Creation. New Delhi: Galgotia Publishing Company. 16.Timothy, H. S., & Coulter, M. K. (1997). Small Business: Entrepreneurship and Beyond. New Jersey, London: Prentice Hall. 17.Todaro, M. P. (2003). Economic Development. Addison Wesley, Boston.
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