Million Dollar Question!

Why is the US more prosperous than India? Is it because we Indians are less smart than Americans? No, Indians are universally acknowledged for their intelligence. Is it because they have greater resources? No, India is as much if not more rich in natural resources. Then, why is the US more prosperous than India? The US is more prosperous simply because they have more entrepreneurs. If India needs to exterminate poverty, we have to grow. To grow, we have to employ the unemployed. NASSCOM and CII have estimated that if India wants to be a developed country by 2020, it needs to create 10 million jobs. The million-dollar question is how these jobs are going to be created.

Neither the Army nor the police force can absorb such a large amount, nor can the Railways or the government. They can only be absorbed by the private sector. The industrial set-up is expanding, but not at the rate that can employ such large numbers. Is there any solution to this grave problem? Fortunately, YES, the answer is entrepreneurship.

But, why do we need entrepreneurs, because they create jobs as per TiE (The IndUS Entrepreneurs, a non-profit organisation, promoting entrepreneurship, www.tie.org), each entrepreneur creates 30 jobs. An entrepreneur creates jobs, setting stage for a flourishing economy, unlike an individual, a job seeker, a burden to the economy. Managers employed by large corporations use their creativity and intellect to make the Gates, Buffets and the Murdochs richer, whereas entrepreneurs make themselves and their nations richer.

Over 30% of Microsoft employees are Indians. The NASA relies on Indian brains for its various missions & IIT graduates are considered the worlds brightest. Why do these people flock to the US, simply because the US has more opportunities. What can we do to stop this self-ruining brain drain? The answer lies in promoting entrepreneurship.

Entrepreneurs are people who turn dreams to reality. They supply goods and services, which increase the standard of living of the entire populace substantially. They are wealth creators. This self-created wealth insulates the economy from recession and helps strengthen local economy. Global downturns will not affect us, as much as it much as it would have in other circumstances.

The benefits of entrepreneurship to the society and the economy as a whole are enormous. Entrepreneurship helps in avoidance of monopolies and cartels, which lower consumer satisfaction, one of the easier ways of checking large corporations and MNCs.

Entrepreneurs realise the tremendous demand for goods abroad and help to market the surplus. This will make the Indian market, export competitive and at the same time, the MADE IN INDIA brand more acceptable. The surplus footstock, which would have been otherwise rotting in the government storehouse, can be exported, thus serving to earn foreign exchange. The government gets rid of the excess stock while the exporter earns revenue, leading to a win-win situation.

It has been found that nations with more entrepreneurs always have a pro-liberal government supporting and promoting entrepreneurship; hence it is forced to enact policies favourable to businessmen and consumers promoting a market led economy.

An important factor influencing FDI, from developed nations to developing nations is the concentration of entrepreneurship. FDI is directly proportional to entrepreneurship. The highest contributor of FDI is the US. The US also readily welcomes Indian exports and also lists Indian companies on American exchanges. No wonder NASDAQ rocks on the beats of Infosys Chairman, NR Narayan Murthy.

So, the message is clear; we need more entrepreneurs. It is high time, the government realises that only and only entrepreneurship can help it grow at the high rate and rethinks its policies.