24 June 2017

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Entrepreneurship Rising: February Issue Small Enterprise Magazine

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India is witnessing an Entrepreneurship explosion like never before. Global Entrepreneurship Network has declared its official alliance with India. It aims at creating a global entrepreneurial ecosystem, helping budding entrepreneurs by introducing a dedicated office and bringing all major influencers together. India made progress in strengthening major on-going initiatives by formal participation through the Global Entrepreneurship Research Network.

From startups and women entrepreneurs to investors and stakeholders, all are rejoicing the entrepreneurship gush, sharing their own entrepreneurial stories thus elevating this momentum to the higher pedestal.

With the Government’s relentless support campaign ‘Startup India’, now an Aspiring Entrepreneur knows where and how to start his/her journey to become a successful Entrepreneur.

 

Read Small Enterprise Magazine Feb'17 Issue Digital Edition

 

Challenges faced by India’s Entrepreneurs

A review of certain critical areas reveals that new Indian businesses are at a disadvantage compared to their global peers. For example, an Indian startup has to make 33 tax payments every year. The comparable number is nine for China and 11 for the US.

This finding has been highlighted in a recent report titled Startups India – An Overview. Prepared by Grant Thornton, a global network of independent accounting and consulting member firms, and the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the paper also points out several other shortcomings in the Indian business environment.

Borrowing costs in India are high compared to those that new businesses in other countries need to pay. In India, if a borrower can get funds at 10.3% per year, it is considered a good rate. Chinese firms pay 5.6%. The rate in Japan is 3.4% and in the US it is 3.3%.

Rapid growth forecast for India’s Startups

Despite the severe constraints currently faced by India’s entrepreneurs, there is hope yet. Just a few years ago, the country’s brightest young men and women did not consider starting a new business to be a rewarding career choice. Instead, graduates of the top engineering and business schools made a beeline for jobs in multinational companies and the country’s homegrown business conglomerates.

But, today the position is quite different. Large numbers of young graduates prefer to launch their own business ventures rather than join existing firms. Corporate India has also stepped in to provide new businesses with support and much-needed capital. Ratan Tata, N.R. Narayana Murthy, and Azim Premji have shown a keen interest in startups in the consumer technology area.

ASSOCHAM estimates the number of startups in the country will grow from approximately 10,000 in 2015 to 1,00,000 by 2025. This exponential increase in entrepreneurial activity is sure to transform India’s business landscape irreversibly.

In the Feb’17 Issue Cover Story: “Entrepreneurship Rising”, we cover topics on Entrepreneurship in India and its Challenges, How to be an Entrepreneur? What do one need to be a successful Entrepreneur? Top 20 Entrepreneurship Institutes in India, Why do you need to take an Entrepreneurship Course? And much more!

 

 



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