Entrepreneurship in India: Bright Prospects, Dark Realities
There is a saying “there are two certainties in life: death & taxes”. In the context of management, it can easily be said that there is another certainty and that is change. From the formula fifties, sensitive sixties, strategic seventies, excellence eighties and nanosecond nineties, it will not be exaggeration so say it is entrepreneurship twenty first century.
Who is an Entrepreneur
The term Entrepreneur calls to the mind varied images like do-it-yourself personality, the lone inventor, a high tech entrepreneur, a flamboyant promoter etc. The following words are usually ascribed to an entrepreneur: moderate risk taking, innovation, alertness,
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Bono emphasized the importance of lateral thinking-the capacity to shift framework, wear different hats, and come up with a plethora of ingenious solutions to a nagging dilemma. Bono highlighted the importance of “meta thinking”-thinking about thinking. The gigantic success of Apple, IBM, McDonald, Infosys, Wipro and lots more catalyzed the entire economy and generation. But the other side of the coin is of the hundreds of thousands of business venture launched every year, many never get off the ground, others fizzle after spectacular rocket starts and only a few like IBM of Thomas Watson, McDonald of Ray Kroc or Infosys of Narayanmurty rewrite history. If the last decade of 20th century saw phenomenal success of entrepreneurial ventures worldwide, the first decade of 21st century is the testimony of bitter shakedown. Suddenly most of the businesses are no more. And quite a few others that had been touted as the waves of the future have either diminished in scope like Priceline or are finding themselves reverting to their central, more traditional business core like Cisco. This implies that despite having skilled management, expensive litigation and abundance of resources most of the creative breakthroughs not necessarily last forever.
Indian scenario is not very different. India-the fifth largest economy in the world, having 3rd largest GDP in the Asian continent and second largest