The definition says that entrepreneurs gather and allocate resources, including innovations, finances, and business acumen, in an effort to transform innovations into economic goods. The saying goes “Take the step and lead the way.” An entrepreneur is definitely not afraid to take the plunge.

Why is the Indian business scene so bleak?

There are many obstructions that afflict a budding entrepreneur in India. That is not to say that there are no entrepreneurs in India. It’s just that the number of entrepreneurs emerging is not an encouraging number.

Let’s look at some of the reasons.

1. Lack of family support: This is a problem that affects entrepreneurs all over the world, even more so in India due to the stronger family ties that we Indians have. Family support is always absent in cases. Parents always prefer their offspring to take a standard 9 to 5 job rather than embark on a risky business venture where there is absolutely no guarantee that the business will work and there is always a very high level of risk involved.

two. Government regulations: The few companies that break free from the chains of the usual problems become entangled in the antiquated policies of our government. The very fabric of our administrative system hinders the organic development of business ventures.

3. Lack of Internet Penetration in India: Around the world, most innovations occur in the Internet space. In India the percentage of internet usage is a meager 5% and this number makes it really hard to attract money and the few entrepreneurial ventures that actually get the favor of the venture capitalists have problems later in the course of the operation .

Four. Indian Education System: The main reason why there is very little innovation in this field is because of our educational system. Since its inception, our educational system has hardly had a focus on innovation. It is as if we have been trained in rote learning instead of applying our minds. Without a killer innovative idea, there is no way an entrepreneurial venture can sustain itself beyond the initial stages.

There are basically two types of entrepreneurs

1. Those who come up with a completely new idea

2. Those who bring a new idea and modify it for the target market.

India, being a developing nation, has not made much progress in the innovative direction. Since the technology in India is basically catching up with developed countries, we haven’t achieved much in terms of new ideas.

The most basic way that Indian entrepreneurs can be successful is to try to adopt methods and models that are already successful abroad and adapt them to the Indian market. This will definitely mean a low initial cost. If done right, this can definitely bring in very good returns.

Above all, what we really need is to shape the minds of young people and encourage them to think differently. They should be encouraged to let go of their inhibitions and really take the plunge and walk a path that has yet to be explored. This has been possible thanks to the beginning of the Entrepreneurship courses that universities are taking at the undergraduate and postgraduate levels.