India is a country with the third largest number of start-ups in the world. However, we need more entrepreneurs to come forth as the Indian market is constantly evolving and the opportunities need to be tapped.
That aside, here are a few reasons why India needs more entrepreneur:
1. New innovations
Indians are often not very comfortable with taking charge. However, in the recent times, we’ve observed the growth of entrepreneurs in the country due to a boom of innovative ideas. Companies like OYO rooms, FoodPanda, Zomato have also managed to spread their wings into the international markets. However, what India needs is not a copy paste of ideas from the West but an array of completely new ideas because the markets they are catering to are completely different.
2. New ideas make life simpler
With a huge variety of new idea cropping up; we can only fathom how much easier our life gets. If one needs to book a cab, Ola is the way to go; one can easily check restaurant listings on Zomato while booking tickets through BookMyShow is super convenient and only made the lives of people more organised. Also, companies like Flipkart and Snapdeal have sorted the e-commerce scene in the country. Hence, with more innovations by entrepreneurs in various fields, the public benefits greatly.
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3. Huge number of VCs wanting to invest
There are a huge number of Venture Capitalists who want to invest in start-ups but because of the lack of a completely original idea, they fail to find one. The world of investors see potential in our country and we need to use all the attention coming our way in a positive way. Recently, Zoomcar received funding worth $8 million from Sequoia capital where as OYO is funded by Sequoia Capital, SoftBank and GreenOaks capital which are foreign based investors.
4. Fill gaps in growth and development in the country
The Prime Minister, Narendra Modi believes that start-ups are essential to bridge the gaps to enhance growth and development of the country on various fronts. New start-up innovations cropping up are steady sources of income for the entrepreneur and an addition to the GDP of the country. Hence, the government aspires to boost digital start-ups at grass root levels by allotting around INR 2000 crores for this initiative.
5. Government initiatives
The Prime Minister is highly excited about the Start-up India project which has almost 2000 crore INR allotted to the cause. Along with that, the Government also plans to provide budding entrepreneurs with perks such as legal support for filing patents at free of cost and 80% reduction in filing patent fee. If the Government eases taxation for start-ups, it’ll be a great boost to empower the aspiring entrepreneurs who should definitely grab the opportunity and start more companies in India.
6. Healthy competition
More number of entrepreneurs means more competition which saves the country from monopoly in any one field. This will force companies to come up with newer and more cost-effective ideas in order to secure profit margins and build a base which are beneficial to the customer.
For instance, Zomato was almost a monopoly until close players like FoodPanda and Swiggy ventured into the restaurant business increasing competition in a healthy way and providing the customers with more choices.