Reasons to Develop Entrepreneurship Skills in India in 2024 [Updated]

All our dreams can come true, if we have the courage to pursue them.    – Walt Disney

Converting ideas into a product or service and then selling it by every possible means till it reaches its peak point thereby generating profit is entrepreneurship which leads to innovation followed by risk, profit & loss. Entrepreneurship skill development is an art to manage all things efficiently and once started; an entrepreneur shouldn’t think of stepping back.

Being an entrepreneur is no more only a man’s job, women’s and students are equally emerging as successful entrepreneurs whether in a small scale business or in big scale. People from remote areas have also come up with brilliant ideas and turned up to become successful entrepreneurs. To nurture the qualities of an entrepreneur, some choose being an entrepreneur to follow their goals or start to earn meagre bread and butter. Hard work and destiny to develop entrepreneurial skills drag them to a silver cloud.

Skills in an Entrepreneur

An entrepreneur is one who implements an idea and converts it into business. For that you need the following entrepreneurial skills:

• Creativity – A business is dead in case of zero creativity. An idea leads to creativity and success along with it. Keeping an eye on competitors and innovation of products and services engages, retains and attracts customers.

• Planning and organizing – An entrepreneur needs to plan the entire course of action and all necessary resources needed in it for smooth flow of work.

• Problem solving – Entrepreneurship is filled with miscellaneous problems; an entrepreneur should have problem solving skills. One should not get troubled by any problem instead focus on solving it and should pre-plan for consequences.

• Risk taking- A person can’t be an entrepreneur unless devoid of fear of failure or problems. More tough situations, the best are the people who face and succeed in it. Without risk there is no innovation.

• Networking – To increase business sharp networking is must.

• Management– An entrepreneur needs to manage many aspects for a successful business. It can be time management, task management, employee management

Qualities of an Entrepreneur

• Motivator- An entrepreneur is a leader, development of this entrepreneurship skill, as a motivator who motivates self then the team in crisis or downfall to keep the energy up to get going.
• Good Communicator – Unless being a good communicator an entrepreneur may struggle to get clients and business, communicating views and ideas. As qualities of an entrepreneur, a good communicator creates a formal as well as friendly and comfortable environment. Thus enabling easy conversation in tense situations also.
• Extrovert – Being extrovert means intermingling with employees and maintaining healthy relationships with clients, employees, partners. Development of this entrepreneurship skill which is very important in business. It helps in growing the network, getting business, getting better deals, retaining good employees.
• Patience – Immense patience is needed when a person becomes an entrepreneur as there are rejections, work pressure, losing focus, personal and official problems.
• Hard worker – Hard working is needed both physically and mentally to think out of the box to bring new innovation. Being an entrepreneur is like being the head of the family to enjoy working not on other’s command but requires hard work for growth and stability.

Development of Entrepreneurship Skills

It’s not a thumb rule that one will learn or develop entrepreneurship skills only when a person has an interest or has set a goal to do business. One should develop all the required skills from an early age of student life. Here parents can help in inducing the qualities of an entrepreneur at the right age.

It should never be a situation in life that food is cooked when felt hungry. Its prepared prior and served when needed. Similarly, for entrepreneurship skills, prepare before and directly be in action when needed.

If these skills are developed at an early age there will be ample time to master and execute. Developing entrepreneurship skills will help in becoming a good leader.

Time and money management, communication, leadership, taking challenges, creative thinking, self-dependency, and decision making all these can be practiced at an early stage.

Reasons to develop Entrepreneurship Skills

As per an article in Inc.com India is termed as land of rising entrepreneurship. It is a budding center for entrepreneurs.

1. Generates Employment

In the current scenario, hiring rate is reduced both in the public and private sector. So its beneficial to opt for entrepreneurship which is helpful for self and others by generating employment.

In current year the government is also helping entrepreneurs in various ways by encouraging ideas, providing minimal EMI rate loans, technology and other amenities to carry out their work.

Entrepreneurs are directly or indirectly helping in growth of economy, society and resources hence government is looking for new talents to encourage them in building India’s economy. 

2. Helping hands

As mentioned above, the government has schemes and helps entrepreneurs to successfully set their business. So one part of entrepreneurship skills parameter that is financial management is somewhat guided by the government to certain extent by which an entrepreneur once after creating and cultivating ideas can directly contact for financial and other support.

In early stages of business, the government also aids in promotional schemes, discount in tax and excise duties as applicable. Under the BJP government all entrepreneurship and small skill development schemes are passed to encourage the entrepreneurs as they are a major part in the growth of the Indian GDP 

3. Marketplace sites demand

With the growth of online shopping, marketplace sites like Myntra, Amazon, Flipkart, etc. are encouraging and opened an easy path for entrepreneurs. In this way entrepreneurs get high rate business and they get more numbers of vendors by the help of whom these sites have a wide collection of products and product range. Registration, documentation, onboarding all these steps are made very easy that anyone can start a business here.

Even homemakers, students, or anyone from a remote area can start their business along with these sites at a very low budget and need only a smartphone and a talent. These sites also provide loan facilities, transportation service for delivery of products, training for an increase of business by sharing loop points and how to work on taking corrective measures, etc.

4. Competition

With the increase in the number of entrepreneurs a competitive market generates leading to an increase in ideas leading to more entrepreneurs, businesses, a variety of services, increase in employment. One becomes an inspiration for others thereby creating a chain of businesses.

5. Freedom

Uncertain work duration, the pressure of deadlines become more pressurizing on bullying by bosses, over add-on of KRA’s, zero or less appreciation creates mental sickness. In entrepreneurship, though there are more challenges and pressure being your own boss, and freedom from extra pressure, working on your own conditions is far better.

Concluding, being an entrepreneur is filled with opportunities, growth. In current year there are so many people and firms who come up to help in setting and growing the business. Previously it was only one man struggling for everything due to which people never showed courage but now it’s not the same as before. Come up to develop entrepreneurship skills and be a part in the growth of the economy.