Entrepreneurship - An Initiative for business Opportunities

Entrepreneurship - An initiative for business opportunities - In today's world where the development of everything is dependent on business some countries facing the problem of lack of Entrepreneurship opportunities or lack of awareness about the business.

In this article, we're going to discuss definition and importance of Entrepreneurship. The main purpose of this article is to make aware people about benefits of Entrepreneurship and eliminate all the myths related to entrepreneurship in countries in India. Let's take a look at the topics which will be covered in this article.

·         Entrepreneurship (Introduction)

·         Merits of entrepreneurship

·         Demerits of entrepreneurship

·         Scope of entrepreneurship

·         Myths related to business and entrepreneurship in India

·         Conclusion

So, let's start

·         Introduction - What is Entrepreneurship ?

Entrepreneurship refers to a process or we can say a program to promote the business in the country. Entrepreneurship specially promotes the SSIs which leads to small scale industries which means small business Entrepreneurship. The people who are willing to do these kinds of business are called entrepreneurs. Entrepreneurs are the persons who takes the risk and work in small business to make a profit. If their plan is successful then they'll be rewarded with the profit which they earned and if they fail to manage then they had to suffer a huge amount of loss.

·         Merits of Entrepreneurship

●    You are your own boss

When a person becomes an entrepreneur then he becomes the boss. All the decisions only depend on one person. This will beneficial for decision making.

●    Profit earning

All the profit earned by the company is the profit of the entrepreneur. The whole profit which is earned by the firm is undertaking by the entrepreneur. No other person had the right to make his right over the profit until the Entrepreneur makes an agreement with other partners.

●    Own idea

The idea of the small business totally depends on the entrepreneur. It means that the entrepreneur had the right to choose the type of business is totally in the hand of an entrepreneur.

·         Demerits of entrepreneurship

●    Risk of loss

In entrepreneurship, if you earn profit then this gives you the advantage of the collection of the whole profit but if your idea fails then all the loss is also broken on your shoulder.

●    No guarantees of income

In entrepreneurship the income of the entrepreneur is uncertain. Like a job it is not fixed that you'll get a field amount of income. Especially if its a startup or small business entrepreneurship.

●    Lots of working hours

In entrepreneurship, the profit or loss that you earn is in your hands and that's why there are no minimum working hours for the entrepreneur. This will leads to plenty of working hours in a day that you work in every single day.

·         Scope of Entrepreneurship in the future

As I mentioned at the starting of our discussion that the business sector plays a major role in the development of the GDP of the country. That's why every country wanted to increase the level of Entrepreneurship in their places. In a developing country like India government promotes the entrepreneurship. In India, the government makes many policies to promote entrepreneurship.

The government gives loans to entrepreneurs at a very minimum interest rate. The government also gives the facility of repayment of tax or tax-free services to the SSIs for 5 years. If you consider all the topics then this will conclude that entrepreneurship had a great scope in future time. The government also gives the opportunity to generate customers to defeat the high level of competition in the market and the government also provides the facility to free inspection for the first 3 years from the settlement of the start-ups.

·         Myths related to entrepreneurship in India

There are many myths which are continuously demotivating the entrepreneurs to make their career in entrepreneurship.

Myth 1:- Lack of awareness

People don't have the proper awareness about this kind of opportunity animosity. Majority of the people even doesn't know to define entrepreneur and entrepreneurship.

Myth 2:- Plenty of investment

When we relate entrepreneurship to the business people gets hesitate to talk in this matter. They thought that business needs plenty of investment. Yes, this is true but they didn't know that the government gives proper loans and guidance to the entrepreneurs to start their business.

Myth 3:- large competition

The main reason which makes people afraid to invest in this field is that people thought that they can't survive due to heavy competition in the market. Suppose if a person opens an SSI of bakery and started making their own brand of bread then the heavy competition leads his/her business in a big loss. This reason is genuine but the government also helps you to get out of this problem, the government provides you guidance in order to survive in the market.

·         Conclusion

The hard part an Entrepreneur will only experience it. No one will give you glimpse of rest. The reality is starting, growing and running a successful Entrepreneurship is very hard. It’s an impossible task for almost 99.99% people they have ever done something like this in life or career. The major true fact is majority of Entrepreneurs fails even second or third time also. Trust me Entrepreneur should learn from his own mistakes and failures. I hope people get aware through this starting a business and running requires tremendous amount of hard work and off-course smart work.  

So, here we say everything about entrepreneurship and I hope this data will clear every kind of confusion about entrepreneurship. This is a good career opportunity for youngsters who are educating themselves. The government helps them out to settle these things. If you really wanted to become Entrepreneur then in my sight you'll definitely work in this field. Keep in mind an Entrepreneur achieves success only by sacrifices.