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The two types of entrepreneurship may be classified as:
1. Opportunity-based entrepreneurship- an entrepreneur perceives a business opportunity and chooses to pursue this as an active career choice.
2. Necessity-based entrepreneurship- an entrepreneur is left with no other viable option to earn a living. It is not the choice but compulsion, which makes him/her, choose entrepreneurship as a career.
Creating Indian Entrepreneurs
A recent Mckinsey & Company-Nasscom report estimates that India needs at least 8,000 new businesses to achieve its target of building a US$87 billion IT sector by 2008. Similarly, in the next 10 years, 110-130 million Indian citizens will be searching for jobs, including 80-100 million looking for their first jobs. This does not include disguised unemployment of over 50% among the 230 million employed in rural India. Since traditional large employers- including the government and the old economy player-may find it difficult to sustain this level of employment in future, it is entrepreneurs who will create these new jobs and …show more content…
Maybe it follows that groan of despair as the gas tank and the checkbook balance both approach ‘E’ and its still four days before payday. Perhaps it’s a layoff or a pay cut. Maybe it’s just a feeling of urgency or uncertainty when a close friend loses a job, or an evening news report of another plant closing.
Whatever triggers it, you decide it’s time to break out of the 8-to-5 rat race, quit punching someone else’s clock, and “go into business for yourself.”
“Look,” you explain to your spouse, “the home-based business industry is booming. Did you see those folks on TV? They only work a few hours a day, from home, and they are already debt-free. We can start our own business and eventually quit our jobs.”
I’ve felt your pain … and your enthusiasm. Yes, you CAN do this. But there will be some unexpected challenges, and you will be more likely to succeed if you prepare for them in advance.
The challenges are often not at all what one might expect. The biggest challenge, by far, is the paradigm shift from ‘employee’ mindset to ‘entrepreneur’ mindset. This won’t happen overnight; nor will it happen automatically. You must self-consciously recondition the way you
1. Opportunity-based entrepreneurship- an entrepreneur perceives a business opportunity and chooses to pursue this as an active career choice.
2. Necessity-based entrepreneurship- an entrepreneur is left with no other viable option to earn a living. It is not the choice but compulsion, which makes him/her, choose entrepreneurship as a career.
Creating Indian Entrepreneurs
A recent Mckinsey & Company-Nasscom report estimates that India needs at least 8,000 new businesses to achieve its target of building a US$87 billion IT sector by 2008. Similarly, in the next 10 years, 110-130 million Indian citizens will be searching for jobs, including 80-100 million looking for their first jobs. This does not include disguised unemployment of over 50% among the 230 million employed in rural India. Since traditional large employers- including the government and the old economy player-may find it difficult to sustain this level of employment in future, it is entrepreneurs who will create these new jobs and …show more content…
Maybe it follows that groan of despair as the gas tank and the checkbook balance both approach ‘E’ and its still four days before payday. Perhaps it’s a layoff or a pay cut. Maybe it’s just a feeling of urgency or uncertainty when a close friend loses a job, or an evening news report of another plant closing.
Whatever triggers it, you decide it’s time to break out of the 8-to-5 rat race, quit punching someone else’s clock, and “go into business for yourself.”
“Look,” you explain to your spouse, “the home-based business industry is booming. Did you see those folks on TV? They only work a few hours a day, from home, and they are already debt-free. We can start our own business and eventually quit our jobs.”
I’ve felt your pain … and your enthusiasm. Yes, you CAN do this. But there will be some unexpected challenges, and you will be more likely to succeed if you prepare for them in advance.
The challenges are often not at all what one might expect. The biggest challenge, by far, is the paradigm shift from ‘employee’ mindset to ‘entrepreneur’ mindset. This won’t happen overnight; nor will it happen automatically. You must self-consciously recondition the way you