Paragraphs on Entrepreneurial Spirit in India!
The entrepreneurial spirit has been described as the most significant development in recent economic history.
Heightened levels of entrepreneurial activity are being witnessed across the globe. Entrepreneurial ventures having impact on the world economy are being set up in far-off places such as Latvia and Chile.
In India too, there has been a significant change in the mind-set of the society. Earlier, entrepreneurship used to be prevalent amongst some socio-ethnic groups and the majority of educated India used to prefer working for a salary. This mind-set has undergone a change and many educated youth are turning their attention to emerging business opportunities.
Many more are opting for an entrepreneurial venture midway through their career. Employees of many state-owned enterprises and privately held companies are choosing to give up their jobs and start their own ventures. Also feeding this phenomenon is the use of VRS (voluntary retirement scheme) by many companies to help in downsizing.
Many NRI entrepreneurs and other overseas-based professionals are now looking at India as a destination for setting up their new businesses. Many such NRIs have had a huge role to play in setting up of new IT and ITES firms. In fact, Office Tiger, one of the first BPOs in India, was set up by Randy Altschuler and Joe Siegel-man, two Americans who knew very little about India.
There are also a number of empirical and conceptual studies on the consequences of entrepreneurship. It is now widely accepted by society in general that the benefits of entrepreneurial activity are not restricted to entrepreneurs alone. Rather, entrepreneurs have impact on the well-being of the economy as a whole.
Entrepreneurial firms are reshaping the business ecosystem, creating an environment where they play a major role in introducing innovations, commercializing new technologies, creating new jobs, opening new markets, and creating value by combining resources in exciting new ways. Entrepreneurs are revelling in their roles as world leaders, role models, and heroes.