© MAY 2019 | IRE Journals | Volume 2 Issue 11 | ISSN: 2456-8880

A Study about Entrepreneurship in India and Its

Promotion under 'STARTUP INDIA' Scheme
DR. R. JAYANTHI 1
1
Assistant Professor, Vidhya Sagar Women's College, Department of Commerce, Tamil Nadu, India

Abstract -- Entrepreneurship plays a significant role in variety of dynamic entrepreneurs within

the economic development of any country. organizations.
Entrepreneurship acts as a pillar for the economic
prosperity of a nation as it leads to generation of
employment, contribution in national income, rural The second approach focuses on the firm as the key
development, industrialization, technological economic factor. The firms included here are owner
development, export promotion etc. In India, various
operated firms, incorporated joint stock companies,
initiatives have been taken by the government from time to
time for entrepreneurship development in the country. state owned joint venture firms and subsidiaries of
Entrepreneurship has attracted the attention of multinationals. These firms are the units that make
policymakers in India. A series of high-level initiatives, the key decisions on investment, on branching into
including Startup India, have been launched to promote
private sector development. However, the role of activities or sectors, or relocating to other countries.
entrepreneurship in development remains a mystery for The third approach focuses on owner operated
many policy observers. The main purpose of this paper is enterprises. Within this approach the entrepreneur is
to study about Entrepreneurship in India and its the owner and is actively involved in running the
Promotion Under 'STARTUP INDIA' SCHEME. This
study was done based on secondary data collected from business. This relates mainly to the small and the
multiple sources of evidence, in addition to books, medium sized enterprises, start –ups and self-
journals, websites, and newspapers. employment.
"Entrepreneurship is neither a science nor an art. It is a
practice." – Peter Drucker Entrepreneurship in India is still dominated by small
Indexed Terms: Entrepreneurship, Startup, Entrepreneur, enterprises. They account for over 95% of
Innovation, Development and Promotion establishments and 80% of employment in the
manufacturing sector. They have also become more
I. INTRODUCTION productive. Much of the manufacturing sector’s
employment growth has come in the form of small
According to A.H. Cole, “Entrepreneurship is the establishments in tradable sectors; they have
purposeful activity of an individual or a group of contracted in the non-tradable sector.
associated individuals, undertaken to initiate,
maintain or organize a profit-oriented business unit II. OBJECTIVE OF THE STUDY
for the production or distribution of economic goods
and services”. In this paper the researcher is enlightening the
scenario of entrepreneurship in India by discussing
There are three main conceptual approaches to following:
entrepreneurship.  Entrepreneurship in India: A global perspective
 Functions and Scope of Entrepreneurship
The first approach is functional which is concerned
 Characteristics of Entrepreneurship
with the dynamic actor that makes key decisions on
 Need for Entrepreneurship
investment, production, innovation, location, research
 Factors Affecting Entrepreneurial Growth
and development. From this perspective,
 Youth Entrepreneurship
entrepreneurship is a psychological trait referring to
dynamism, creativity and originality. The approach  Growth of Entrepreneurship in India
also includes managers of MNCs, state owned  Challenges faced by Indian entrepreneurs before
enterprises, profit/non-profit organization and a starting up

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 Government of India Support for Innovation and 2. How does India fare in entrepreneurship?
Entrepreneurship in India India’s performance is important given the priority of
the “start-up India” initiatives and the crucial role of
entrepreneurship in generating jobs in a stagnant
III. RESEARCH METHODOLOGY
Indian labor market.
The main source of data used for the study is
3. India’s performance as per the GEDI index of
secondary data. The present study is conceptual
2018:
survey with exploratory cum descriptive in nature.
This research follows the analytical research  According to GEDI, India is ranked 68th out of
methodology which is based on the quantitative data. 137 countries, a “middling” performance.
The information related with study has been collected  India was at the 69th position last year (2017).
from websites, journals, magazines, newspapers and  The index, which ranked 137 countries, is topped
books. by US.
 Each country is ranked according to its GEI
score to indicate overall entrepreneurship attitude
IV. ENTREPRENEURSHIP IN INDIA: A
and potential
GLOBAL PERSPECTIVE
 Global Entrepreneurship Index is prepared by
Global Entrepreneurship Development Institute
Entrepreneurship is vital for job creation, economic
(GEDI) which is a policy development
growth and problem-solving. It also reflects a
organization dedicated to expanding economic
society’s capacity for boldness, risk-taking and
opportunities for individuals, communities and
creativity. More specifically, according to the Global
nations.
Entrepreneurship Development Institute (GEDI),
 As per the Asia Pacific region, India is again in
there is a strong positive association between
the middle position, 14th out of 28 countries.
entrepreneurship, economic growth and innovation.
 The leading regional players are Australia, Hong
Kong and Taiwan at first, second and third
The GEDI has recently released its 2018 Global
positions respectively.
Entrepreneurship Index, a ranking of 137 countries.
 It is noteworthy that India falls below China
(9th) and more established regional economies
1. Countries are ranked on 14 criteria:
such as Korea (4th) and Japan (6th) in the region.
 Opportunity perception (whether the population
can identify opportunities to start a business);  The performance by specific criteria also makes
for an interesting viewing. India’s strength areas
 Start-up skills;
where its performance is above its overall score
 Risk acceptance;
are in product and process innovation,
 Networks;
internationalization, opportunity start-up, risk
 Cultural support;
acceptance, opportunity perception and robust
 Opportunity start-up (whether entrepreneurs are competition in the marketplace. Its performance
motivated by opportunity rather than necessity); on human capital is broadly at par with its
 Technology absorption; overall performance.
 Human capital;
 Competition; 4. Where does India score the most?
 Product innovation; India’s strongest performance falls under the criterion
 Process innovation; of product innovation where its score is equal to the
 High growth (business intention to grow); best in the world. This measures a country’s ability
 Internationalization and and potential to generate new products and to adopt
 Risk capital availability. or imitate existing products. In broader terms, India’s
strength lies in its ability to identify the opportunities
and risk-taking, which in turn links to its capabilities

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in product innovation and a healthy attitude towards able to hire the right people with the right skills at the
internationalization and seeking new markets beyond right time, and the entrepreneurs’ level of education.
the home base. There is also a need for improving the capacity of the
education system in providing high-quality support
5. Reasons for India’s “middling” performance: including a greater focus on entrepreneurship
By contrast, India’s weaker areas, where it scores courses.
below the overall score, are in start-up skills,
networks and cultural support, technology absorption V. FUNCTIONS AND SCOPE OF
(by far the weakest), high growth and risk capital ENTREPRENEURSHIP
availability. However, the weakest area for India lies
in technology absorption which is the ability of a  Innovation
country to access, utilize and enmesh the knowledge  Risk Taking and Uncertainty Bearing
from elsewhere and then integrate it.  Taking Business Decision
 Managerial Functions
6. Some other challenges and influences:
Interestingly, India also faces some acute challenges VI. CHARACTERISTICS OF
in terms of networking and cultural support. India ENTREPRENEURSHIP
does not perform at the same standard as a number of
other countries do in terms of how well entrepreneurs
know and connect with each other to share ideas,  Innovation
technical know-how, market connections and to  Managerial Skill and Leadership
undertake joint activities. Cultural support is also a  High Achievement
key weakness in the Indian set up. This measures  Function of Social, Political & Economic
how a society views entrepreneurship in terms of its
Structure
status, as a career choice and how this view is
affected by corruption.  Status Withdrawal
 Organization Building
The influence of corruption on societal views about  Group Level Pattern
entrepreneurship points towards the fact that  Gap Filling Function
corruption continues to rear its ugly head in India
despite numerous reforms and progress in this area.
Also, the perception of Indians about VII. NEED FOR ENTREPRENEURSHIP
entrepreneurship as a career choice shows that there
is still a traditional underlying preference in India for
 Increases national production
the stable and secure salaried employment as
compared to entrepreneurship.  Balanced area development
 Dispersal of economic power
Lastly, surprising is the fact that India does not  Reinvestment of profit for the welfare of the area
perform well on the availability of risk capital, of profit generation
despite the various measures that have been put in  Development is a function of motivation and
place under the “start-up India” initiatives. Thus, a human resource
critical challenge remains for the entrepreneurial  Entrepreneurial awareness
sector in ensuring that the appropriate amount and
type of capital is available in an entrepreneurial life
VIII. FACTORS AFFECTING
cycle, whenever needed.
ENTREPRENEURIAL GROWTH

7. The future approach:

 Economic Factors
In order to increase its GEDI index ranking
 Social Factors
significantly, India needs to pay more attention to the  Cultural Factors
skills required for entrepreneurship including staff  Personality Factors
training, labor market flexibility in terms of being

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IX. YOUTH ENTREPRENEURSHIP poverty and unemployment still exist, many people
have decided to take matters into their own hands,
 Why it is important? with or without the help of government, to work for a
– Filling the pipeline with potential businesses better tomorrow. Concepts like Teach for India, Tata
– Creating a culture that values self-employment Jagriti Yatra etc. not only help in promotion of
– Fostering innovation entrepreneurship among the youth, but also provide
them with hands-on experience. There is a greater
 What can be done? recognition that social enterprises could have a role in
– In-school programs solving social issues. What we need to do is to create
– After-school programs an environment where entrepreneurs feel confident
– 4-H, Girl Scouts/Boy Scouts, etc. that they will not face any obstacles if they develop
business models for the benefit of the poor.
X. GROWTH OF ENTREPRENEURSHIP IN
One must realize that establishing a business in India
INDIA
is not a walk in the park. Yes, it is true that nowadays
Indian entrepreneurs do not have to leave the country
In India, the past few decades have seen a major rise
to pursue their interests, however, building empires
in the area of Entrepreneurship. In the early nineties,
requires much more than mere opportunities, what it
with India opening up to foreign investments through
requires is an outlook and individual motivations,
the much needed policies of liberalization, the Indian
traits which are not hard to find in the Indian society.
market saw multitudes of foreign companies willing
Surely, one feels India, in a few years, will become a
to invest in the India market.
leader in world business.
Entrepreneurship plays a significant role in the
economic development of any country. XI. CHALLENGES FACED BY INDIAN
Entrepreneurship acts as a pillar for the economic ENTREPRENEURS BEFORE
prosperity of a nation as it leads to generation of STARTING UP
employment, contribution in national income, rural
development, industrialization, technological
development, export promotion etc.  Courage to start your own business:
Starting your own venture is not an easy task. You
Today, India has become fertile ground for breeding need a lot of courage and strength to quit your job
new entrepreneurs. Present markets are liquid, vibrant and start your own business. One needs to be
and as the recent economic factors has shown, much determined and confident towards his/her goals. You
more stable as compared to markets of other need to convince yourself that there is a need of such
countries. It is well established that education is a product in the market and you are the best person to
prime factor which contributes to the development of build it.
entrepreneurship. Access to technology, increase in
foreign direct investments and other de-regulation  Is your idea big enough:
policies are throwing up new opportunities every day. Idea is the most important challenge which every
Capital can be organized. Organizations like National entrepreneur faces? What are you planning to go for?
Entrepreneurship Network (NEN), National Social What type of business you are going to deal in? Who
Entrepreneurship Forum (NSEF) are helping new are your target audiences? Is your Idea really worth
ventures in obtaining capital and angel funding. Thus giving a chance? These are few questions that would
we can say that there is a potential for come up in your mind and you need to find answers
entrepreneurship in India. for them.

An important aspect of entrepreneurship in India is

social entrepreneurship. In India, where high levels of

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 Raising Capital: XII. GOVERNMENT OF INDIA SUPPORT

Money is another biggest challenge faced by an FOR INNOVATION AND
entrepreneur. Now you have to decide when, how and ENTREPRENEURSHIP IN INDIA
from whom you are going to raise the required
capital. At times, people need to bootstrap their start- The Government of India has undertaken several
up for a longer period of time. initiatives and instituted policy measures to foster a
culture of innovation and entrepreneurship in the
 Hiring right talent: country. Job creation is a foremost challenge facing
After you have decided to start your own venture, India. With a significant and unique demographic
you need a team. Behind every successful business is advantage, India, however, has immense potential to
a dream team - be it finding a right co-founder or the innovate, raise entrepreneurs and create jobs for the
founding start-up team. Getting someone, who benefit of the nation and the world.
believes in your idea/venture as much as you, to
make it work are always difficult, but yet the most In the recent years, wide spectrums of new
crucial. programmers and opportunities to nurture innovation
have been created by the Government of India across
 Effective marketing on limited budget: a number of sectors. From engaging with academia,
Being a start-up it’s very essential to create visibility industry, investors, small and big entrepreneurs, non-
among your consumers. You need to reach your governmental organizations to the most underserved
target audiences by using effective marketing sections of society.
techniques.
Recognizing the importance of women
 Financial Security: entrepreneurship and economic participation in
For a start-up to be a successful enterprise one needs enabling the country’s growth and prosperity,
to answer two most important questions – ‘Do I have Government of India has ensured that all policy
enough savings to ensure my family’s financial initiatives are geared towards enabling equal
security?’ and ‘Does the company have enough funds opportunity for women. The government seeks to
to ensure at least a year’s runway?’ If you know you bring women to the forefront of India’s
have enough savings for the family, then you can entrepreneurial ecosystem by providing access to
easily focus on the start-up that you are building. loans, networks, markets and trainings.
Along with it, if your start-up has enough working
capital, then you have the ability to take bigger risks. In India, various initiatives have been taken by the
government from time to time for entrepreneurship
 Dealing with stress: development in the country. Entrepreneurship has
It is correctly said ‘No pain no gain’. Entrepreneur attracted the attention of policymakers in India. A
has to go through many stresses – whether it is series of high-level initiatives, including Startup
related to its business or family. To run a successful India, have been launched to promote private sector
business one needs to be very strong and clam. So if development. However, the role of entrepreneurship
you are starting up your own venture, then be in development remains a mystery for many policy
prepared to deal with the daily stress. observers.

 Facing Failure:  A few of India’s efforts at promoting

It’s not necessary that every idea of yours will work. entrepreneurship and innovation are:
With launching of new products and scaling new  Startup India:
markets comes the notion of “failing fast”. If you’re Through the Startup India initiative, Government of
trying a lot of new things, not everything will work India promotes entrepreneurship by mentoring,
and you will not succeed at each of those ideas. nurturing and facilitating startups throughout their
life cycle. Since its launch in January 2016, the
initiative has successfully given a head start to

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numerous aspiring entrepreneurs. With a 360-degree students can work with tools and equipment to gain
approach to enable startups, the initiative provides a hands-on training in the concepts of STEM (Science,
comprehensive four-week free online learning Technology, Engineering and Math). Atal Incubation
program, has set up research parks, incubators and Centres (AICs) are another programme of AIM
startup Centres across the country by creating a created to build innovative start-up businesses as
strong network of academia and industry bodies. scalable and sustainable enterprises. AICs provide
More importantly, a ‘Fund of Funds’ has been world class incubation facilities with appropriate
created to help startups gain access to funding. At the physical infrastructure in terms of capital equipment
core of the initiative is the effort to build an and operating facilities. These incubation Centres,
ecosystem in which startups can innovate and excel with a presence across India, provide access to
without any barriers, through such mechanisms as sectoral experts, business planning support, seed
online recognition of startups, Startup India Learning capital, industry partners and trainings to encourage
Programme, Facilitated Patent filing, Easy innovative start-ups.
Compliance Norms, Relaxed Procurement Norms,
incubator support, innovation focused programmes  Support to Training and Employment
for students, funding support, tax benefits and Programme for Women (STEP):
addressing of regulatory issues. STEP was launched by the Government of India’s
Ministry of Women and Child Development to train
 Make in India: women with no access to formal skill training
Designed to transform India into a global design and facilities, especially in rural India. The Ministry of
manufacturing hub, the Make in India initiative was Skill Development & Entrepreneurship and NITI
launched in September 2014. It came as a powerful Aayog recently redrafted the Guidelines of the 30-
call to India’s citizens and business leaders, and an year-old initiative to adapt to present-day needs. The
invitation to potential partners and investors around initiative reaches out to all Indian women above 16
the world to overhaul outdated processes and years of age. The programme imparts skills in several
policies, and centralize information about sectors such as agriculture, horticulture, food
opportunities in India’s manufacturing sector. This processing, handlooms, traditional crafts like
has led to renewed confidence in India’s capabilities embroidery, travel and tourism, hospitality, computer
among potential partners abroad, business community and IT services.
within the country and citizens at large. The plan
behind Make in India was one of the largest  Jan Dhan- Aadhaar- Mobile (JAM):
undertaken in recent history. Among several other JAM, for the first time, is a technological intervention
measures, the initiative has ensured the replacement that enables direct transfer of subsidies to intended
of obsolete and obstructive frameworks with beneficiaries and, therefore, eliminates all
transparent and user-friendly systems. This has in intermediaries and leakages in the system, which has
turn helped procure investments, foster innovation, a potential impact on the lives of millions of Indian
develop skills, protect intellectual property and build citizens. Besides serving as a vital check on
best-in-class manufacturing infrastructure. corruption, JAM provides for accounts to all
underserved regions, in order to make banking
 Atal Innovation Mission (AIM): services accessible down to the last mile.
AIM is the Government of India’s endeavor to
promote a culture of innovation and entrepreneurship,  Digital India:
and it serves as a platform for promotion of world- The Digital India initiative was launched to
class Innovation Hubs, Grand Challenges, start-up modernize the Indian economy to makes all
businesses and other self-employment activities, government services available electronically. The
particularly in technology driven areas. In order to initiative aims to transform India into a digitally-
foster curiosity, creativity and imagination right at the empowered society and knowledge economy with
school, AIM recently launched Atal Tinkering Labs universal access to goods and services. Given
(ATL) across India. ATLs are workspaces where

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historically poor internet penetration, this initiative underprivileged. It aims to enable economic
aims to make available high-speed internet down to participation of, and share the benefits of India’s
the grassroots. This program aims to improve citizen growth, among women entrepreneurs, Scheduled
participation in the digital and financial space, make Castes and Scheduled Tribes. Towards this end, at
India’s cyberspace safer and more secure, and least one women and one individual from the SC or
improve ease of doing business. Digital India hopes ST communities are granted loans between Rs.1
to achieve equity and efficiency in a country with million to Rs.10 million to set up Greenfield
immense diversity by making digital resources and enterprises in manufacturing, services or the trading
services available in all Indian languages. sector. The Stand-Up India portal also acts as a
digital platform for small entrepreneurs and provides
 Biotechnology Industry Research Assistance information on financing and credit guarantee.
Council (BIRAC):
BIRAC is a not-for-profit Public-Sector Enterprise,  Trade related Entrepreneurship Assistance and
set up by Department of Biotechnology to strengthen Development (TREAD):
and empower emerging biotechnology enterprises. It To address the critical issues of access to credit
aims to embed strategic research and innovation in all among India’s underprivileged women, the TREAD
biotech enterprises, and bridge the existing gaps programme enables credit availability to interested
between industry and academia. The ultimate goal is women through non-governmental organizations
to develop high-quality, yet affordable, products with (NGOs). As such, women can receive support of
the use of cutting edge technologies. BIRAC has registered NGOs in both accessing loan facilities, and
initiated partnerships with several national and global receiving counseling and training opportunities to
partners for building capacities of the Indian biotech kick-start proposed enterprises, in order to provide
industry, particularly start-ups and SME’s, and has pathways for women to take up non-farm activities.
facilitated several rapid developments in medical
technology.  Pradhan Mantri Kaushal Vikas Yojana
(PMKVY):
 Department of Science and Technology (DST): A flagship initiative of the Ministry of Skill
The DST comprises several arms that work across the Development & Entrepreneurship (MSDE), this is a
spectrum on all major projects that require scientific Skill Certification initiative that aims to train youth in
and technological intervention. The Technology industry-relevant skills to enhance opportunities for
Interventions for Disabled and Elderly, for instance, livelihood creation and employability. Individuals
provides technological solutions to address with prior learning experience or skills are also
challenges and improve quality of life of the elderly assessed and certified as a Recognition of Prior
in India through the application of science and Learning. Training and Assessment fees are entirely
technology. On the other hand, the ASEAN-India borne by the Government under this program.
Science, Technology and Innovation Cooperation
works to narrow the development gap and enhance  National Skill Development Mission:
connectivity between the ASEAN countries. It Launched in July 2015, the mission aims to build
encourages cooperation in science, technology and synergies across sectors and States in skilled
innovation through joint research across sectors and industries and initiatives. With a vision to build a
provides fellowships to scientists and researchers ‘Skilled India’ it is designed to expedite decision-
from ASEAN member states with Indian R&D/ making across sectors to provide skills at scale,
academic institutions to upgrade their research skills without compromising on quality or speed. The seven
and expertise. sub-missions proposed in the initial phase to guide
the mission’s skilling efforts across India are: (i)
 Stand-Up India: Institutional Training (ii) Infrastructure (iii)
Launched in 2015, Stand-Up India seeks to leverage Convergence (iv) Trainers (v) Overseas Employment
institutional credit for the benefit of India’s

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(vi) Sustainable Livelihoods (vii) Leveraging Public mentoring, nurturing and facilitating startups
Infrastructure. throughout their life cycle.

 Science for Equity Empowerment and XIV. CONCLUSION

Development (SEED):
SEED aims to provide opportunities to motivated
 In India, the past few decades have seen a major
scientists and field level workers to undertake action-
rise in the area of Entrepreneurship.
oriented, location specific projects for socio-
 Today, India has become fertile ground for
economic gain, particularly in rural areas. Efforts
breeding new entrepreneurs.
have been made to associate national labs and other
 An important aspect of entrepreneurship in India
specialist S&T institutions with innovations at the
is social entrepreneurship. In India, where high
grassroots to enable access to inputs from experts,
levels of poverty and unemployment still exist,
quality infrastructure. SEED emphasizes equity in
many people have decided to take matters into
development, so that the benefits of technological
their own hands, with or without the help of
accrue to a vast section of the population, particularly
government, to work for a better tomorrow.
the disadvantaged.
 Concepts like Teach for India, Tata Jagriti Yatra
etc. not only help in promotion of
XIII. FINDINGS OF THE STUDY entrepreneurship among the youth, but also
provide them with hands-on experience. There is
 Entrepreneurship in India is still dominated by a greater recognition that social enterprises could
small enterprises. have a role in solving social issues.
 According to GEDI, India is ranked 68th out of  What we need to do is to create an environment
137 countries, a “middling” performance. where entrepreneurs feel confident that they will
 As per the Asia Pacific region, India is again in not face any obstacles if they develop business
the middle position, 14th out of 28 countries. models for the benefit of the poor.
 India’s strongest performance falls under the In India, various initiatives have been taken by
criterion of product innovation where its score is the government from time to time for
equal to the best in the world. entrepreneurship development in the country.
 India’s weaker areas, where it scores below the Entrepreneurship has attracted the attention of
overall score, are in start-up skills, networks and policymakers in India. A series of high-level
cultural support, technology absorption (by far initiatives, including Startup India, have been
the weakest), high growth and risk capital launched to promote private sector development.
availability. However, the role of entrepreneurship in
 India also faces some acute challenges in terms development remains a mystery for many policy
of networking and cultural support. observers.
 In order to increase its GEDI index ranking
significantly, India needs to pay more attention "Entrepreneurship is neither a science nor an art. It is
to the skills required for entrepreneurship a practice." – Peter Drucker
including staff training, labour market flexibility
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