Education

Importance of Entrepreneurship

Importance of Entrepreneurship

Introduction

Currently, India is progressing with leaps and bounds towards becoming one of the best places for business promotion. For this reason, India is currently the world’s fastest-growing trillion-dollar economy. Specifically, the current GDP of India is $2.61 trillion for the year 2018.

The rise in the business and start-ups is the main driving factor in uplifting the economy. To an extent, this is possible due to the creation of awareness regarding business studies and entrepreneurship.

Importance of Entrepreneurship

Pivotal Role of Education            

The education system plays an important role in creating familiarity with new concepts or ideas. Henceforth, the education system incorporated the concept of entrepreneurship. Gradually, the business administration aspirants are well versed with this concept.

The MBA colleges in Hyderabad are playing an important role in imparting business education to the youth. To enumerate, some of the Top B-Schools in Hyderabad are:

  • IBS Business School, Hyderabad
  • National Institute of Agriculture Extension Management, Hyderabad
  • Institute of Public Enterprise, Hyderabad
  • Institute of Management Technology (IMT), Hyderabad
  • Siva Sivani Institute of Management, Secunderabad
  • GITAM Hyderabad Business School, Hyderabad
  • Indian School of Business, Hyderabad
  • Department of Business Management, Osmania University, Hyderabad
  • Woxsen School of Business, Hyderabad
  • Jawaharlal Nehru Technical University (JNTU), Hyderabad

The role of B-Schools is not finished there. In addition, these schools are providing students with many corporate exercises like:

  • Student Exchange Programmes
  • Entrepreneur Incubation Programmes
  • Live Projects
  • Internships
  • Fresh Case Studies
  • Inviting Expert Lectures

Inputs by the Government

Primarily, the role of the Government cannot be neglected in promoting business and entrepreneurship in India. The campaigns like “Digital India” and “Make in India” are being run currently. The motive of these campaigns is to give a boost to the digitization and be a producers’ market rather than the consumers’.

To illustrate, the government set up some of the technical guidance institutions like:

  • Small Industrial Development Organization (SIDO)
  • District Industries Centres (DIC)
  • Small Industries Service Institutes (SISI)
  • Technical Consultancy Organizations (TCO)
  • Industrial Development Corporation (IDCo)

In addition to the guidance institutes, the Government has established financing institutions as well. These are:

  • Regional Rural Banks (RRBs)
  • Industrial Development Bank of India (IDBI)
  • Industrial Finance Corporation of India (IFCI)
  • State Small Industries Corporation (SSIC)
  • Cooperative Banks and Grameen Banks

The Indian Government has established few organizations which impart training to the start entrepreneurial activities. To enumerate, these are:

  • National Bank for Agriculture and Rural Development (NABARD)
  • Council for Advancement of Peoples’ Action and Rural Technology (CAPART)
  • Small Industries Service Institute (SISI)

Advancement of Technology         

The scope of technology is increasing day by day in India. Significantly, the arrivals of Digital Marketing and application of FDI (Foreign Direct Investment) are transforming the market.

Gradually, the use of mobile marketing is increasing manifolds with the ever-increasing coverage of the internet. All of these advancements are serving as challenges for the business professionals.

Ultimately, an MBA professional has to understand the use of these techniques. The current start-ups like Flipkart, Fynd, Nykaa, Unacademy are making the most of it. Evidently, this shows that the budding entrepreneurs are addressing the needs of the people.

Surprisingly, these types of new ventures are enabling India to be the creators. These ventures are contributing towards the GDP of India. Even, some of them are expanding their roots abroad.

Conclusion    

Consequently, the recent reforms made in India have certainly lead to the recognition of the concept of Entrepreneurship. Namely, the MBA course has really been a key tool for its promotion. Hence, it has led to a rise of businesses’ involvement in the Indian economy.

Lastly, with a huge population base which India has, India is considered an exciting business prospect by sponsors throughout the world. Therefore, this path can let us lead the world again.

About the author

Deepak

After working as digital marketing consultant for 4 years Deepak decided to leave and start his own Business. To know more about Deepak, find him on Facebook, Google+, LinkedIn now.

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