Liberalisation in 1991 unleashed the entrepreneurial spirit in the country. It became easier to raise capital through the stock market and there was also an influx of venture capitalists. The services boom and the internet meant that people could start businesses with lower capital and reach customers more easily.
Institutions of higher education, particularly Bschools, became a breeding ground for entrepreneurs. There was a buzz around business creation, yet very few became entrepreneurs. Those who turned entrepreneurs did so as they could not find a job that matched their education, skill and experience. Very few campuses made serious efforts to promote entrepreneurship as an alternative to well-paying jobs.
Today, the government’s Startup India programme has rekindled interest in entrepreneurship. Alongside, there are Skill India and Pradhanmantri Mudra Yojana giving tax incentives. According to a survey by Randstad Workmonitor, 72% respondents in the 25-34 age group want to be entrepreneurs. Yet, 72% of fresh graduates or postgraduates joining the workforce do not launch business ventures. The Global Entrepreneurship Monitor Report ranks India 56th among 61 countries on “Entrepreneurship a good career choice”.
Why don’t potential entrepreneurs take the plunge? Is it the fear of failure or perceived incapability? Do our B-schools prepare students for the rigmarole of life as an entrepreneur?
Initiatives such as the Society