What are the recent trends in entrepreneurship that you would like to share?

In today’s globalized world well-groomed and trained entrepreneurs have opportunities galore and immense options to make it big. So for anyone who decides to pursue entrepreneurship in the present times, it would be a rewarding decision. Every day new opportunities are emerging not just in the expanding manufacturing sector but equally in domestic and foreign trade and also in a variety of services. The entire country spanning across urban areas and smaller towns are full of opportunities and growth potential. But to remain competitive, either globally or nationally, knowledge related to entrepreneurship is imperative.

To put it more clearly, as the new global economy takes shape, in the wake of WTO, only innovative and creative entrepreneurship will survive and succeed. For, it will further globalize the world wherein only the fittest will survive. Sheer cut-throat competition could become order of the day. Though, the negotiations are on even currently to force developed economies to understand the compulsions of developing economies, the situation is becoming tougher day by day for the third world countries. Under these circumstances, most of the entrepreneurial ideas and principles of the past shall have to give way to creative ideas and practices. This, however, is not difficult if one is trained in ‘entrepreneurship’. Besides, the advantage with the wider Indian economic landscape is that it has decades of industrial and entrepreneurial experience and amidst the present times, it is this experience that can enable Indian firms to develop effective systems and strategies. Instead of shying away from competition, businesses must keep an eye on opportunities created by markets.

What are the major sources that are building up an Entrepreneurship environment in India?

The Government is determined to create a facilitating environment for entrepreneurship. It is initiating significant steps to create a level playing field for domestic entrepreneurs as against their foreign counterparts. A few of these measures are – reducing the number of industries coming under the purview of compulsory licensing and the public sector, proposing review and amendment of the Industries (Development and Regulation) Act and the MRTP Act and putting in place a new Competition Policy and Companies Act. Also, it is expanding the list of industries eligible for automatic approval of foreign investment, proposing to establish a Foreign Investment Implementation Authority, deciding on large scale disinvestment of Government holding in selected Public Sector Enterprises, rationalizing the indirect tax structure by reducing the rates of excise and customs, providing major fiscal incentives to infrastructure and housing sectors, taking concrete steps for improving regulation and ensuring transparency in the capital market etc.

At the same time let me add that there is awareness among entrepreneurs that they can no longer hide behind protectionism and protective policies. They have to understand that if protectionism has given way to competition, other pro – SME policies of the government have created an enabling environment. In order to safeguard the SME sector from reeling away, it is important that concrete services supersede concessions, subsidies and protection.

Also while the Government has taken steps to enhance the scope of entrepreneurship in India, one also cannot forget that several prestigious colleges and institutions have initiated courses on entrepreneurship and with this knowledge, students are gaining the confidence to venture out.

In last couple of years various entrepreneurship programs have been introduced in the country, how beneficial are those to create a game changer?

Entrepreneurship is now a global phenomenon. Considering the advantages that accrue out of it, international universities and management institutes are today offering full-fledged courses on entrepreneurship. Harvard Business School, Sloan School of Management and the Babson College, USA, among several others are some reputed institutions that offer entrepreneurship programmes. Even in India, several prestigious institutions such as the IIMs, Indian School of Business have incorporated entrepreneurship inputs as a part of their curricula. However, Entrepreneurship Development Institute of India is the only National Resource Institute committed to entrepreneurship teaching, training, research and institution building. Its 2-year Post-Graduate Diploma in Business Entrepreneurship has been creating a battery of globally competitive and competent entrepreneurs. Close to 60 per cent of its students are operating successful business and giving new directions to even family businesses.

So the scenario is encouraging and is sure a game changer as today, there is good awareness in people about the advantages of entrepreneurship as a career and more students are opting for this discipline.

The society today doesn’t look at entrepreneurs as exploiters, traders or money lenders as was the case a few years ago; rather most successful entrepreneurs are today role models for aspiring youths. Largely, parents’ mindset has also changed and they have accepted that entrepreneurship can be pursued as any other career under a structured programme and able guidance. So, entrepreneurship is a revered choice for most students today, and changed mindset of society drives them to pursue it diligently.

What are the future avenues or developments in the field of entrepreneurship development programs?

Entrepreneurship Development programs are going to become even more popular with the demand rising among students as they impart a business mind- and distinct entrepreneurial competencies. Also, the country today needs more entrepreneurs.

However, efforts of institutions will have to be supplemented with strong infrastructure for entrepreneurship, solid networking and a healthy flow of ideas between research laboratories, venture capitalists and concerned Government departments. Also, it is time we had a National Policy on Entrepreneurship so that a stronger entrepreneurial environment is floated and there is greater acceptance.