On the 15th of August 2008, for the first time ever, a consul general (Neelam Deo for India) rang the closing bell at the US stock market. As recognition of the fast growing Indian economy, the giant billboard overlooking Times Square also had the Indian Tricolour being displayed with the text ‘India Independence Day’. The recent upheavals in the market notwithstanding, it can be clearly seen that the Indian economy has been on a steep rise since the past 5 years and is brimming with promise to accommodate more influx to synergise this growth. In a country of billion odd people like ours, where millions live below the poverty line and millions more are unemployed, where do we start to bring about a change so that the country keeps surging ahead? One of the obvious answers is to get more jobs for people. To do this, there is need for enterprising individuals among us who will be responsible for generating wealth from within the country.
Entrepreneurship is a critical element of a growth economy, and many believe India is poised to unlock a Silicon Valley like entrepreneurial boom through the next 10 years. The beginnings are already in place, steps have been taken in the right direction and change is afoot.
But what about the problems brought about by inflation? India has produced the most impressive set of corporate results anywhere in the world, in the recent past. However government policies and nature of coalition government, deprive India of more encouraging economic policies. So what are the entrepreneurial options left for a young Indian? Going deeper into understanding the nature of India’s entrepreneurship and the current economy will give us a better idea about the future prospects of an aspiring entrepreneur.
Mrs. Sramana Mitra, a successful Indian entrepreneur in the Silicon Valley, believes that the excess capital chasing Indian start-ups and the lack of fundable deals is clearly manifested in India’s entrepreneurship today. Going by past trends, consumer internet turned out to be a big trend from last year, for India, while
Sramana feels that non-tech sectors like retail and real estate are also big money-making opportunities in the future.
Talk about retail and real estate hogging the limelight in the future; it seems to be universally accepted. Land has, from ancient times, been deemed as a symbol of wealth. Even today, its one of the most orthodox yet sure-fire commodities to invest in. Mr. Michael Sexton, President, Trump University also seems to agree to the above thought, suggesting investing in real estate as a way of benefiting during the current heavy inflation period. It’s what the millionaires and billionaires are doing today. So, is future of entrepreneurship in real danger? Does the current inflation spell doom for those willing to establish start-ups now? Clearly, the answer is no!
Despite facing innumerable challenges, the entrepreneurial energy that now radiates across all activities from almost all parts of India is greater than what one has seen over the past four decades. Mrs. Sramana is indeed very optimistic about India’s entrepreneurial potential. The enormous successful growth of most existing Indian companies, as also the promising start and rise to fame of many young Indian entrepreneurs both domestically and abroad in a very short span of time, is a very encouraging sign to say the least. So, he answer is not to bide your time waiting for the tide of inflation to ebb down to manageable levels, its infact to try to use inflation itself as a stepping stone to get a head-start.
But will this trend last? Certainly for the next few years, says Mr. Omkar Goswami, in a BW article. He believes India’s entrepreneurship is now second to none. So, maybe you are indeed in the right country for entrepreneurship at the right time.
