Updated on 16 Dec 2020, 3:52 am
Representational image (PHOTO: Pixabay)
An entrepreneur is a person who can take calculative risks with innovative ideas for profit. To be an entrepreneur is a dream that many professionals aspire, but those with real guts achieve it. Getting entrepreneurship ideas is not a hard thing but to convert them into actions requires persistence and dedication. An entrepreneur thinks up novel ideas, invents new products, generates revenue and fosters an ecosystem of ancillary businesses that create vast job opportunities. It can bring positive changes, enhance earning capacity and improve the living standard of the community. It can also solve the problem of unemployment and improve the economy of the area and the state.
There is a difference between entrepreneurship and business. In business, a person mainly focuses on dividends. But entrepreneurship is defined by discovery and risk-taking and is an indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive global marketplace. In short, an entrepreneur targets both innovation and profit. We are aware that literacy rate is increasing day by day whereas job opportunity is not growing proportionately. There is a mismatch between the number of job seekers and the availability of jobs in the government sector. This is due to an increase in the number of educated youths.
What is the alternative to provide sustainable livelihood to the unemployed?
Entrepreneurship is the best viable option to extend service to those needy. It will also generate employment. But there will be hurdles before becoming an entrepreneur due to many reasons. Some of the major challenges are family, social, financial availability, government policy, team spirit, motivation, marketing etc. But these problems exist everywhere. They must be overcome according to the situation and the environmental surroundings. All we need to realize is that we must truly know our capacity and then remain persistent and confident until we see the fruits of our labour. You know fortune favours the brave.
Until recently, the word ‘entrepreneur’ was an alien concept in our culture and society. Now, we have many budding entrepreneurs and some are first-generation entrepreneurs. However, we have very few second-generation entrepreneurs in our region.
Top Traits that every entrepreneur should possess:
1. Self-discipline. It is the single most important quality in life and business. If you can discipline yourself to do what you should do, your success is virtually guaranteed. Self-discipline requires self-control and self-responsibility.
2. Integrity. Perhaps the most valued and respected quality you can develop is a reputation for absolute integrity. Be perfectly honest in everything you do and in every transaction. All successful business is based on trust.
3. Persistence. Persistence is to the character of man as carbon is to steel. Your greatest asset can be your willingness to persevere longer than anyone else.
4. Decisive and action-oriented. You must think and make decisions quickly and then carry out the decisions you have made. If you find you have made a mistake, you must quickly self-correct and try something else. The key to triumph is for you to try.
Potential areas for entrepreneurs
Everyone is endowed with certain skills and talents. They should be nurtured and honed for better productivity. Some of the potential areas, where entrepreneurs can venture into, are horticulture, fruit processing, cane and bamboo works, handloom and handicraft, floriculture, pisciculture, apiculture, nursery farming, ginger paste making, jam and pickle making, vermicomposting, turmeric powder making, livestock farming, home-stay, tourism etc. The climatic condition, soil fertility, availability of natural resources and geographical condition make our region conducive for entrepreneurs to start the above-mentioned subjects.
Integrated farming is another viable project where an entrepreneur can start with minimum investment and make a good profit. Integrated farming is an interrelated production system based on a few crops, animals and related subsidiary enterprises in such a way that maximize the utilization of nutrients of each other and minimize the negative effect of these enterprises on environment.
Efficient use of available resources in the existing production system will also help to climb up a step towards sustainability of small entrepreneur or family. It will not only benefit the entrepreneurs but will also generate employment for the other educated youths who are desperately looking for a decent living. This will have multiple effects for the society in future. The educated youths who gain experience by associating with these entrepreneurs can also start their own businesses. They will become a job provider rather than being a job seeker. And those innovative entrepreneurs can also diversify the business and scale up to bigger industry.
Schemes at doorstep
If unemployed educated youths wish to be entrepreneurs, they can avail the government of India schemes such as Prime Minister’s Rozgar Yojana (PMRY), Prime Minister Employment Generation Program (PMEGP), Pradhan Mantri Berojgari Bhatta Yojana, Atmanirbhar Bharat, Startup India, etc. For details of these schemes, eligibility and other criteria, one can log into the website of the respective schemes. If you have the determination to become an entrepreneur, then the government scheme is at your doorstep to support.
To dream big by sitting at home will not yield results. One has to venture out and grab the opportunity. What is important is that one needs to take calculative risks and start the action. God only helps those who help themselves. You may take the horse to a river, but you cannot make it drink. So, the decision is yours. You will have to start in spite of many hurdles if you want to become an entrepreneur. Believe in yourself. You are born winner, complete and perfect by birth. People often say entrepreneurship means risks, but if there is no risk, there is no real success actually.
(The views expressed is the writer’s own)
Kh Siile Anthony
Joint Registrar, JNU, New Delhi