2020-2030 India's Entrepreneurial Decade

The country is gradually tiptoeing into a phase where millions of entrepreneurs' ideas might become a reality! Due to significant growth rates and other variables, India has been a hotbed for start-ups in recent years. To make more money, many entrepreneurs invest in information technology, finance, software, and other areas. Because of the large supply of people and government programmes, the number is anticipated to rise in the future. According to a recent report, India's start-up ecosystem is developing at a quicker rate, contributing more to the country's economic growth. For job seekers who wish to start their careers with the finest pay, start-ups offer a variety of alternatives.

Here are a few reasons why India's start-up environment is booming:

1. Markets in transformation

India's market is growing as a result of the IT revolution and technical advancements. Because every niche product has the potential to sell in the markets, it is one of the world's fastest-growing economies. Not only that, but people's income and spending power are continuously rising, prompting start-ups to locate their operations in India. Furthermore, the youth population is growing, with many of them under the age of 25. As a result, they desire to start a firm or business with big goals. Some even work for large international corporations to get experience and learn new skills that will help them become successful entrepreneurs.

2. Increased political will and backing from the government

In India, many state governments encourage young entrepreneurs to easily start a corporation or business. They want to create a robust ecosystem that is conducive to start-ups in Indian markets. Furthermore, start-ups provide a variety of work opportunities for engineering graduates and others, helping to alleviate the unemployment problem. Both the central and state governments work hard to encourage the growth of start-up businesses in India, which will help to boost the economy.

3. Technological advancements

Every day, technology advances, lowering the cost of developing digital products and other items. People in India are becoming more aware of everything as the number of internet users grows. Furthermore, India's R&D facilities allow new entrepreneurs to create businesses in special economic zones, which offer greater tax benefits. They even demonstrate how to establish operations using the most up-to-date technology in a more environmentally friendly manner.

4. Changing perceptions about entrepreneurship

In India, the majority of start-up owners are young people who wish to put their ideas into action and seize market opportunities. They also have high intrinsic motivations, problem-solving abilities, patience, and a willingness to attain societal goals. Start-up founders will meticulously prepare everything and make wise decisions for the company's benefit. Apart from that, they know how to deal with dangers and other issues that arise after establishing a business in India. Paytm, Zomato, Ola cabs, Oyo, Big Basket, and Vedantu are just a few of the new startups that have completely transformed the way people think about entrepreneurship. Due to effective planning, funding distribution, and other factors, start-ups are earning more money these days.

We believe it is on account of these reasons that Mr Bhavik, the founder of CompanysRegistration.com has famously said - “Give yourself a chance”. Only by taking a chance will you be able to get closer to your goals. India's youth are bold enough to leverage their out-of-the-box ideas to make money and establish a stronghold in the sector and this is precisely what is taking place in our country right now.

With over 1 lakh companies and 50+ unicorns already operating in India, it is safe to declare that India has entered the decade of entrepreneurship in 2020! The country's economy was decimated by the deadly pandemic. At the same time, India's young rose to prominence with their never-say-die mentality. And, in order to feed their indomitable spirit, the Indian government has been formulating a number of regulations aimed at promoting our country's startup culture.

It has been publicly declared by our honourable Prime Minister Narendra Modi that every year, the 16th of January shall be observed as National Startup Day. On the same day in 2016, the Startup India Initiative was launched. Its goal is to make our country a startup-friendly environment. Several programmes and regulations have been implemented so far, taking into account the exploding energy and exceptional ingenuity of India's young entrepreneurs. The Indian government's motto is “make the ultimate changeover.” Its goal is to turn a nation of job seekers into a nation of job creators.

So the question that really arises, is this -Why Are Indian Youth Attracted to the Startup Culture?Perhaps, the lack of work prospects and the monotonous 9-to-5 grind that gets an average adolescent nowhere are the two main motivators for young people to start their own businesses. The Indian youth, brimming with ideas, creativity, and aspirations, is determined to realise their dreams. They don't want to waste the most valuable days of their lives aimlessly wandering about looking for work. They despise the prospect of wasting the next twenty to thirty years simply by replying, “Yes, Sir.” Instead, they want to start their own business and be their own boss.

We’re sure you all must’ve heard of the popular show Shark Tank, but we’re here to tell you the impact it had on the Indian youth. Shark Tank India has had a significant impact on India's striving youth, who are willing to work hard to achieve their ambitions. The presentation was a good fit for the current startup mentality. “Necessity is the mother of invention”, as the saying goes, and the show demonstrated this to be true. It served as a source of motivation for those enterprising young people who dared to devise a viable solution to the market's demand-supply imbalance. Furthermore, the show ensured that viewers are aware of the backstories of organisations and brands, as well as the fact that instant success is a lie. Deals must be struck, ideas must be materialised, a network must be built, and judicious investment must be made to manage a prosperous business.

The founder of Shaadi.com, Anupam Mittal, who was also seen as one of the Sharks on the show, expects that India would see an “entrepreneurial decade” between 2020 and 2030.

Conclusion

In today's world of fierce competition, simply having a distinctive business idea isn't enough. Your priceless concept can be replicated by any con master. Traditional, offline organisations were unable to overcome delivery difficulties, but new-age enterprises are delving deeper into the market and fixing them. Companies will need to solve for deeper use cases and deliver solutions that supplement existing offline behaviour rather than merely providing digital substitutes as consumer sophistication grows. Within these areas, technology will infiltrate the existing infrastructure in the coming years, enhancing user experience and improving outcomes by a factor of ten.