Entrepreneurship is our most important driver, kicking off a virtuous cycle driving the Indian economy. Entrepreneurship drives business creation, business creation drives value addition, value addition drives job creation, job creation drives consumption and consumption drives entrepreneurship.
We should also be close to the reality that every student cannot become an entrepreneur, as one has to be enterprising to become an entrepreneur. A student should possess certain basic qualities to become an entrepreneur, such as discipline, confidence, open-mindedness, self-starter, competitiveness, creativity, determination, strong people skills, strong work ethic, and passion.
In a recent report published by Nasscom, it was predicted that by 2020, India will have 11,500 start-ups that will potentially employ 2.5 lakh people. Currently, India has 3,100 start-ups and 868 of them are Bengaluru-based. About 64% of these are led by non-engineers. According to a study, Bengaluru hosts 28% of all start-ups in the country; 13% of the founders are those who have no prior work experience. The report also said that most startups in Bengaluru are in the field of e-commerce, big data and analytics, enterprise resource planning, and productivity and collaboration. 13% of the start-ups have been founded by people below the age of 36 years. 13% of the founders are those who have absolutely no prior work experience. Start-ups in Bengaluru do very well because of various favorable conditions. The start-up ecosystem in Bengaluru has been growing and the momentum has been maintained in the city. This has made Bengaluru the startup capital of the country.
On the other hand, the Government of Karnataka, Department of Information Technology, Biotechnology and Science & Technology, (IT, BT, and S&T) has also offered tremendous support with its numerous initiatives. Examples of these are the 10,000 start-up initiative which aimed at having 10,000 startups by 2023 and the new age incubators to promote student startups.
One institute which is doing a great job in promoting entrepreneurship space is NSRCEL, the Entrepreneurship Cell of IIM Bangalore. They bring incubated start-ups, co-working ventures, industry mentors, eminent academicians, and researchers together at their center. This unique ecosystem thrives on continuous interaction between theory and practice. Further stimulus comes from their curated events and bespoke courses on Entrepreneurship. Promising early-stage ventures get access to seed funding and distinguished mentors with years of industry experience. Their various activities feature mentoring, pre-incubation launch pad, incubation, student run ventures, women startup programs, and courses. Their activity is supported by Governmental, Corporate, and other Institutional partners.
The Entrepreneurship Cell at Acharya Bangalore B School (ABBS) is also very vibrant. The main task is to identify students who are enterprising and give them a platform and opportunities to explore their ability to become entrepreneurs. Various activities such as the Leadership and Entrepreneurship Attitude Development (LEAD) Series, business ventures, entrepreneurs conclaves, incubation, rural exposure program, workshops, and participation in business plan competition, are conducted at ABBS.
In the current scenario in India, where the Government has failed to create jobs for the desperate youth, as per its promise during the 2014 general elections, it is the job of the students to come forward and fill the gap. Thus, it is very much necessary that the students and youth to come forward, take up entrepreneurship as a career, become job providers, and contribute positively to the development of the nation.
In the current context, it is absolutely necessary that all the institutions across the country, at all levels of education, especially B-Schools, give importance to promoting entrepreneurship among the student community. The earlier we start talking to students about entrepreneurship, the more inclined they will be to undertake their own projects in the future. Let us all work together to promote entrepreneurship among the student community and positively contribute to our nation.
Syed Kazim
Assistant Professor
Coordinator – Entrepreneurship Cell
Acharya Bangalore B School
