The foremost prerequisite for developing a broader based entrepreneurial DNA in our country is to have an incubator built into our education system.
This would form a foundation during children’s formative years and seed in them the restlessness and hunger to be fiercely independent in both economic and thought leadership. Our education system should be more application specific.
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| Pratik Chube GM-Product, Emerson |
Risk averse credit system
The second most important aspect of breeding entrepreneurial talent is to provide the required financing options minus the red tape. Financial institutions (FIs) should look at venture capital as part of their aggressive portfolio and should not be risk averse with ‘first to market’ ideas. After all, youth is all about new and innovative ideas and the traditional lending approach would only dampen its ‘fly high’ spirit.
Infrastructure
This aspect is the most clichéd part of the Indian story. The great Indian elephant needs much better infrastructure if it is to dance nimbly. Its dragon neighbour (China) could give it a pointer or two in this direction. Infrastructure is not necessarily physical; it includes ‘seamless processes’, which will boost the entrepreneurial spirit and not get bogged down in the agonizingly painful and slow processes of approvals for new ventures. Speed and transparency are the need of the hour.
Infectious mindset
The most important ingredient in the recipe for a successful entrepreneur is belief in the new generation. There is no room here for the traditional scepticism. A positive and infectious mindset is essential for encouraging the entrepreneurial spirit. This DNA should be bred, not just in urban India, but in rural India too. Thus, agro-based entrepreneurial avenues should also be encouraged. Growth must be inclusive and include all stakeholders in the country.
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written by key ring, March 17, 2011
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