In the modern competitive business environment, not all graduates of various disciplines like engineering, management and the like can aspire for white collar jobs. The recent global recession has made the prospective job seekers think twice about working in foreign countries. Self employment has become the order of the day. Being your own boss is truly inspiring and motivating at least in theory. When it comes to reality, we need to know exactly what does it take to become an entrepreneur by starting a small business or taking over the business run by your predecessors.
Why we need more entrepreneurs?
Various avenues have been opened up thanks to communication and transportation that has brought the world under a single huge umbrella. Also small industries face minimum risk as the investments are marginal and they have the liberty to try a number of innovations like
Being a competitor in an open market, minimum profit and constant revenue inflow are assured and also they can enjoy the benefit of minimum fluctuation in the product price as it is determined by the market and not by individuals.
Scope of entrepreneurial activity:
Either you can be a subsidiary to large scale business or you can engage yourself in supply of repair services with small engineering establishments or you can go for small cottage industry businesses like cutlery, furniture, jewelry, fruit canning, soap making etc., Being fairly labor intensive, you can provide economic solution by creating employment and income opportunities in urban and rural areas with relatively low cost of capital investment.
Business process outsourcing has been in recent times the magic happening in countries like India, China etc., where the foreign investors take advantage of cheap labor, time and efficient communication skills of the population. Knowledge process outsourcing has also become popular and it stands as a testimony of the rising power of Asian countries over the west.
“Small is beautiful” and you can make it big in the small scale business industry if you are
This ensures “WINNING THE GAME OF BUSINESS“. An economy grows only when it has large number of enterprises accelerating the economic growth prospects of that particular country. The export policies of all nations have become more flexible owing to globalization, liberalization and privatization.