The success of the young entrepreneur will be the key to India’s transformation in the new millennium” – Dhirubhai Ambani.
The youth of India is inclining towards entrepreneurship and considering it as a career plan. This is the biggest change India has seen in the past few years. The young minds of the country are developing a sense of entrepreneurship and brainstorming ideas. Its also identifying opportunities, and exploiting them to launch their new ventures. In India, you can still come across many stereotypes about starting your own business, which is taboo to most Indian families. Unlike those who inherit a well-settled business from their fathers and forefathers, most Indie families consider or prefer their child to complete their education and settle for a good job, that is fair enough on their point as entrepreneurship involves risk.
Previously, the growth of entrepreneurship in India has not been so remarkable. Still, since its value for the economy is so important, which can be seen by the government in the stats, the government of India started to take initiatives and promote entrepreneurship in India. Back in 2016, the government of India launched the Start-up India campaign. It was a great initiative taken by the prime minister Mr Narendra Modi to support and provide various aid. Its help to the start-up companies in India.
Start-up India – A boon for start-up companies in India
Launched on 16th January 2016, start-up India made a significant improvement of the start-up companies in India to provide aid to the unicorn start-ups in India. Start-up India is a flagship initiative of the government which intends to build a powerful ecosystem for nurturing the start-ups in the country that will ultimately contribute to the economic growth and GDP of the country and generate large-scale employment opportunities. This start-up India initiative is more like a movement for the country which accelerated the spread of unicorn start-ups in India.
The foremost problem of any start-up company in India or unicorn start-ups in India is funding. The start-up India campaign primarily focuses on start-up funding India. The unicorn start-ups in India require access to funding at the early stage of their business to survive in the market with all the competition and sustain their business. The government funding for start-ups in India is one of the easy-way for start-up funding in India. You can also find start-up investors in India, venture capitalists, seed investors, and angel investors in India that can also be considered an option of start-up funding in India.
The major drawback of start-up investors in India
The major drawback of these start-up investors in India is they only provide financial assistance to the start-ups when the venture has provided proof of concept. In the same way, the banks and financial institutions only provide funds and advance loans to the asset-backed applicants. This is when the role of start-up funding India campaign or government funding for start-ups in India comes. It becomes very important for any start-up in India to have seed funding to survive. In India It’s not easy to convince the start-up investors. The government of India started the Start-up India Seed Fund Scheme (SISFS).
The objective of Start-up India Seed Fund Scheme (SISFS)
The objective of this is scheme is to provide seed funding to the innovative ideas of the budding entrepreneurs in India before providing any proof of concept. It also provides financial assistance to the start-ups for the proof of concept. This helps the entrepreneurs to grow and come to a level in the market. Its also give a chance with the competition and well-established businesses. This also helps them further to raise funds from the start-up investors in India. Its help for growth and expansion of their business.
The National Start-up Day
With all the development in entrepreneurship over these past years and after rolling out various schemes. Its have a action plans for the support and growth of start-ups in India. India can see an improvement in the economy with the contribution of these start-ups and budding entrepreneurs. Multiple funding opportunities by the government have supported the growth of the start-up ecosystem in India.
Recently, Prime Minister Mr. Narendra Modi has addressed this topic to the whole nation and declared 16th January as National Start-up Day. He referred to start-ups as the backbone of the Indian economy. The National Start-up Day validates the role of start-ups in the growth and development of the economy. Its a significant contribution to the country’s GDP.
The main reason behind announcing 16th January as National start-up day is to encourage the young and budding talent in the country. This start-up day will be an acknowledgment to those who took and are willing to take risks to implement. who have a ideas into a launch of a successful venture. This will act as a morale booster and help in the development of entrepreneurship in the country.
Why entrepreneurship over jobs
The majority of the youth in India have a prejudice that jobs are more secure rather than being your boss. It is partially true. The truth of the private sector in India is well known to the general public, and the level of job security it provides is also well known. There is no way to find a career where they can find 100% job security. It’s a stereotype in society that getting a job and settling. It is an easy way out, but where will these jobs come from? India needs to achieve the goal of being a job maker, not a job seeker. Encouraging entrepreneurship and a young innovative mind will lead to the generation of more and more employment opportunities.
The government also emphasizes taking this entrepreneurship agenda to the rural areas of the nation where the need for entrepreneurship is at its peak. These areas will move towards the path of development only with industrialization and the creation of job opportunities. This will also help with improving the standards of living of the people over there and the development of infrastructure as well.