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.
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