Dr. D. Mukhopadhyay
To begin with, it may be stated that entrepreneurship is widely regarded as one of the significant and popular determinants of economic growth and development of a country. India is a developing country and Government of India aspires to take the country to the league of economically developed countries across the globe within next decade. In this context, it may be opined that entrepreneurship and startups are the major avenues for the young professionals such as CAs (Chartered Accountants), CMAs (Cost & Management Accountants), CS(Company Secretaries), Engineers (B. E. /B. Tech), Management Graduates (MBAs) and so on. The examples of professionals are illustrative and not exhaustive. These professionals do have tremendous potential to be self employed and creator of employment for many more employable graduates and postgraduates.
Government of India is encouraging people of India indiscriminately to become entrepreneurs and startups with a definite goal. This is the high time that the country should reap the benefits of our demographic dividend. Entrepreneurship and startups are not meant for everybody but for the people attributed with professional training and education in order to generate quick success for the startups as well for the country as a whole under macro sense. A professional is specialized in a particular branch or discipline of serious study. They are trained to master the art and science of finance raising, investing securely and generate an optimum rate of return on investment which should not be less than the opportunity cost of fund employed in the startups. Startups and entrepreneurship are worldwide accepted as a growth engine and in this context role of the Global Entrepreneurship and Development Institute (GEDI), World Bank and the Global Entrepreneurship Monitor (GEM) in generation of awareness of entrepreneurship among the young professionals is worthy of significant appreciation.
Economic development and growth within a timeframe may not be possible unless the Government of a country increases the ‘new business density indicator’ which is the ratio of number of business entities per 1,000 populations. Greater the ratio better the chance of prosperity of the economy. In this context, it is imperative to state as to why the professionals are more suitable for the startups and new business of small and medium size. Lets us take the example of CMAs. CMAs are significantly more specialized in the discipline of cost and management accountancy profession and they do have capability to concentrate on internal growth of an organization with expertise in management information system, feasibility report, cost management, decision making tools and techniques, cash flow management, capital budgeting analysis and control, pricing policy and determination under different market situations, forecasting of business activities in term of volume and value. It is essential to classify costs, record and interpret the financial impact of rising and decline in the cost of materials, labour and overheads necessary to produce and sell a product and they know the degree of relevance of particular information in the process of making strategic decisions.
In the same way, CAs and Engineers are specialized in the management finance and tax planning and tax management and management of production and operations and technology management respectively. They have tremendous potential for making a startups or a business successful. However, a common man with general awareness can also venture into startups and business without having professional training and education as we can mention the success story of late Dhirubhai Ambani who used to own a large banyan tree by nurturing a small sapling and today his worthy sons are well known business tycoons recognized both nationally and internationally. However, the professionally qualified experts do have more advantage over non-professionals.
Finance, Production and Sales are the most important functions of any economic entity and thereafter come other allied functions. Everything is measured in terms of money being the unit of measurement and professionals are well conversant with the functions of money. In simplicity, professional courses are well devised and planned and quality and standard of education is par excellence. These courses are application oriented and deal with contemporary industrial and economic problems and that is why degree of success in the business promoted and owned by the professionals is more. Professionals offer their expertise against a professional charge to the industry houses and individuals who seek there consultancy. If they are given due encouragement by the Governments, they can simultaneously make them self employed as well they can offer employment to others and in this way the country shall ultimately benefitted. The ‘Make in India’ is such a programme where anybody can garner the benefit of being self starter.
A pass out engineering graduate is employed in IT sector. Manufacturing sector does not offer scope for the core engineers. Startups may act as a panacea for them. Many a time it is found that a person is educated and trained in certain discipline but he is compelled to earn his living from such source of employment which is different from the discipline in which he/she spent considerable quantum of time and energy. Startups, small and medium size business enterprises can give job satisfaction and career growth within a reasonable period of time. Initially, there may be certain teething troubles but the same shall disappear in due course if the fundamental principles of business are carried out and obeyed sincerely. It is the right moment for the professionally qualified youth to go for startups when Government itself came forward to fuel its engine. However, it should not be the case that startups shall be the avenues for the people who do not find decent employment. If it so, then startups can hardly take off in befitting manner and the project would definitely fail. Startups needs nurturing and needs to be handled with care so that they shall generate desired result. The professionals are expected to have patience and perseverance and are attributed with knowledge of money, method and market which is known today as the strategic resource. India can achieve her desired goals i.e. the status of economically developed country provided she makes use of trained human resource properly and judiciously.
Government of India should encourage the national level Institutes to produce more and more professionals and channelize them to the startups and entrepreneurial avenues in order to make Indian economy a prosperous one. However, traditional education must not be completely done away since India is the country of diverse culture, heritage and traditions and her needs are also of diverse characters. India needs more and more application oriented educational institutions who shall churn out worthy professionals since professionals possess application and problem solving capability. The countries which emerged to be economically prosperous do have a robust system for imparting professional education. For instance, Germany, Japan, USA, Canada, UK etc do have strong base of professional Institutes and quality of education is of substantially higher standard. Services and goods produced by these countries are attributed with international quality standard and cost competitive and professionals are meant for monitoring the national economies of those countries. Therefore, let us encourage the professionals who would be the owners of the startups and small enterprises and create employment for others besides engagement in self employment. This would lead the country ultimately to league of economically advanced countries in the globe.
(The author is Professor of Management, School of Business, Faculty of Management, Shri Mata Vasihno Devi University, Katra, J & K, India)
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