Raoul T. George, PGDM (HRM), XLRI
"Expect many more Narayana Murthys and Subrata Roys"
To foster an entrepreneurial environment a country must concentrate on developing its people's personal skills, such as knowledge and attitude, and have a supportive business environment. A Gallup report says nearly 60 per cent of Indians possess the three main personality traits crucial for success as an entrepreneur: business thinking, optimism and persistence.
In 2010, according to a Research and Markets' 2011 report, 1,500 students were trained at entrepreneurial institutions and 4,700 enrolled in entrepreneurship programmes at different business schools. This number has been doubling ever since. Thus India has a wealth of talent that could be nurtured to don the roles of entrepreneurs in the future. Many successful entrepreneurial ventures such as Capillary, Ciafo, InMobi, BookMyShow have already paved the way.
A Government of India report says there are over 26 million small and medium enterprises in the country at present. Nearly 55 per cent of them are rural enterprises. There is increased availability of fi nancing - venture capital investments have more than doubled since 2005 through numerous angel investors. This shows conditions are ripe in India for entrepreneurship.