Evolution of Working Class in India, A Systematic Change is Still Needed for Entrepreneur Class

Article by Faiz Askari, Founder of SMEStreet

Entrepreneurship in India is learned with experience. In fact, our education system is designed in a way that we produce engineers, doctors, technologists, marketing professionals etc. But the fact remains that every academic stream takes us to some position which ultimately becomes a best possible employee in its respective capacities.
Although in last few years especially in the Internet era, we have realized the potential of startups and potential of first generation entrepreneurs.

As an evolution of working class, we also realized the difference between an employee and an employer.
From the government mechanism to education institutions all are keen to discuss the avenues of entrepreneurship in India. But the academic system is still 95% inclined towards creating best in class result oriented employees. However, with so many schemes, and a variety of programs government through various ministries are showing their intent to become entrepreneurs.

But, this area still holds much more than just a pull. Yes, a push factor also needed. In today’s time, academic institutions such as most the business schools have entrepreneurship cells. But they prefer to emphasize their successes on the basis of how many students have managed to crack lucrative positions with super salary packages from flagship employers like Google, Microsoft, Dell, etc.

Why is this happening? A lot of reasoning for such scenario can be understood from our social system.
Our social system is designed keeping the financial happiness which can only be attained through salary, on a given date.

On the other hand, an entrepreneur has to be a jack of all, in fact, a master of many trades. Subject matter experts of the core their respective business, then a qualified HR person, marketing, negotiator, should also know how to get his work done with government agencies etc, the list is long.

Need of an Entrepreneurial Development Institution, Like IIMs  or IITs

But as we have mentioned, there is no platform which can teach a simple student to become an entrepreneur. But there is a great scope of at least one such major institution which can cater to those who wish to become job creators.
A so to say “IIM” for entrepreneurs. Yes, I am trying to introduce a concept which cannot just elaborate and highlight the potential of entrepreneurship in India but it could be an avenue to promote government scheme which is ultimately designed to help entrepreneurs and startups.

The biggest and the ultimate factor for every entrepreneur is about financial access and financial support. This factor is the core difference between SMEs/ Startups or MSMEs of developed economies and developing economies. As an example, what are the core difference of United States’ Silicon Valley and India’s Bangaluru? The difference can only be understood after talking and analyzing successful entrepreneurs as well as failed entrepreneurs of these places. Access to capital differentiates the experience of entrepreneurship not just from the perspective of success and failure but also happy and sad. A happy entrepreneur is always a great asset for the society.