‘A true entrepreneur is a doer, not a mere dreamer’ -Nolan Bushnell
The fascinating term entrepreneurship seems to be a buzz among the current generation. The youth get excited whenever they delve deep into the corporate world which is a home to numerous prospective startups, several multinationals and is a structure with a strong future. The world outside is full of opportunities and fortunately this generation has got the determination to exploit those opportunities to the fullest. It seems that our generation has broken up with that 10 to 5 corporate life and has join hands with a life full of hustle and a one which promises momentum over settlement. Today entrepreneurship is not just a profession, but has become moreover a collective responsibility towards a sustainable future. Throughout this blog, we will explore the various sides of entrepreneurship and will look into the future of this glamorous undertaking.
LOOKING BACK INTO HISTORY
The ancient economists didn’t give a clear and proper definition of entrepreneur until Joseph Schumpeter, Frank Knight and Israel Kerzner came up with their evergreen definitions. Joseph stated that entrepreneurs are those people responsible for creation of new things in search of profit, Knight focused on entrepreneurs as the bearers of uncertainty and believed they were responsible for risk premiums in financial markets while Kerzner thought of entrepreneurship as a process that led to the discovery. However, on one hand while entrepreneurship seems to be a modern-day term, its origin can be traced back to almost 20,000 years. Since then, the graph of entrepreneurship has been a vertical line with rising standards every day. In a layman’s language, entrepreneurship is a business undertaking whereby a relationship develops between the producer and the consumer as a virtue of which the producer earns profit and the consumer earns satisfaction. Today there are thousands of buzzing entrepreneurs making their way through the cut throat competition. While entrepreneurship seems to be an optimistic term, it also has its dark and bright sides.
BRIGHT SIDE OF ENTREPRENEURSHIP
Entrepreneurship is not only the profession of the brave, but also has many positive impacts as well. It encourages the art of risk taking, which is essential for survival in this dynamic world. Entrepreneurship leads to the establishment of enterprise, which provides employment to a large chunk of population and contributes to the holistic welfare of society. When large no. of enterprises are established, inter firm competition increases which ultimately benefits the consumer at large, because now they have a wide variety of options to choose from. Also, dynamic competition leads to new innovations in various fields, which again is a sign of a healthy economy. Thus, entrepreneurship creates value for the society as it solves serious problems by giving sustainable and long-term solutions. Also, entrepreneurship leads to the utilization of human resource of the country in the most efficient manner because when a citizen establishes an enterprise, he not only increases the GDP but also decreases economic dependence of the country. Also, exports are increased when goods are locally produced which increases the foreign exchange reserve and ultimately strengthens the economy.
DARK SIDE OF ENTREPRENEURSHIP
While entrepreneurship promises opportunity, it also has its own dark sides. Entrepreneurship leads to capitalism which increases the gap between rich and poor thereby negatively impacting the society. Also, under the IPR laws, patents are provided for a span of 20 years for a new idea which somewhere breaks the very spirit of progress and prosperity because it now hinders upgradation in that idea by competing firm. Moreover, the youth today idolize famous entrepreneurs and undertake startups just for name and fame without knowing that the guiding spirit behind a startup is an idea and not a motivation and due this they commit blunders in early part of their careers. Entrepreneurship also leads to the exploitation of environment in many ways because ultimately, the business extract its resources from the environment. Large scale entrepreneurship thus leads to the degradation of environment and hence somewhere becomes a cause of concern. Also, nowadays, most enterprises generally operate in tertiary sector which again lead to socioeconomic problems because India is a low skilled labor-intensive country and if the tertiary sector is the major driving force, then unfortunately it becomes difficult to accommodate these low skilled laborers in the entire journey of economic growth.
THE WAY AHEAD
Thus, to sum up the entire discussion, it is conclusive that entrepreneurship is the need of the hour but one need to be prudent and rational before undertaking this profession. One should learn from failed startups and take motivation from existing and flourishing businesses because at the end of the day, initial blunders while choosing career may hamper your morale. Also, while startups have several dark sides, we need to focus more on its positive sides so that we can exploit the opportunity upto the greatest possible extent. Finally, it is well said that businessmen are the real drivers of the economy and with that note, we conclude by stating that entrepreneurship can only sustain in long run if it is guided by a hunger to serve rather than a hunger of being served.