start-up push

Source: The Hitavada      Date: 08 Jun 2018 11:49:50

WHEN the national economy is buoyant and growing faster than any other in the world, the biggest requirement is creation of job opportunities, self-employment plays a critical role. Prime Minister Mr. Narendra Modi’s thrust on start-ups is part of his vision of creating more and more job opportunities. The rupees one lakh crore ‘Fund of funds’ is going to serve that end in a big way. If this fund gets utilised properly in the Government’s start-up push, then national economy would grow at a faster rate than the World Bank prediction of 7.5% by next year. 

Mr. Narendra Modi has given a new dimension to the idea of start-ups by stressing that the concept is no longer the monopoly of big cities but is catching popular fancy in smaller places including villages. He has hoped that this new wave of entrepreneurship will create new job opportunities in countless numbers. This robust optimism will certainly have a positive psychological effect on the economic reconstruction that has been undertaken by the Government in a big way.

Start-up concept, however, is not as easy as it may seem on the surface. For, a start-up is not an activity by just an enterprising individual who is willing to risk all he has in establishing an idea as an economically beneficial entity that will create not just financial surplus but also a societal assurance of prosperity to many. And unless the larger society, which also includes the family of the individual who launches a start-up, lends the fullest possible support to the entrepreneur, nothing concrete can be achieved. In the Indian context, a lack of general support has often dogged the start-up movement unfortunately.

It appears that the Prime Minister wishes to mobilise the support of the larger society to the start-up movement. The creation of the ‘Fund of funds’ seems to have stemmed from the awareness that traditionally the society did not lend much financial support to a new idea and even the banks were rather reluctant on that count. One of the most oft-repeated cautions against start-ups is that the idea could die at an early stage, thus wasting all effort, all money, and all hope and assurance. Such words of caution often discouraged many a start-up entrepreneur since they were understood as discouragement.

The Prime Minister is trying to combat exactly that social discouragement as he pitches for start-ups as an area of new and major thrust in the national economy. His idea is to encourage as many start-ups as possible so that the country has more numbers of entrepreneurs who, in turn, offer jobs to many others. However, the very concept of start-up has its own points of uncertainty. All over the world, every new industry or business does not succeed, and there is a huge percentage of failures, so much so that they can be daunting to a new entrant in the field. That is why some pioneering entrepreneurs were concerned not about the survival and success of their enterprises but about the impact the failure of start-ups would have on prospective entrepreneurs. This is a universal concern that drives many people to despair. The Prime Minister appears to build a fight against this element of despair in the society.

The start-up revolution which Mr. Modi is looking at, thus, is not just an economic activity but also a socio-spiritual mission aimed at building a better resolve of young generation to launch start-ups and ensure their own and other people’s employment. The global experience of start-ups is that the human community never runs short of adventurous persons who wish to chart an untried path for themselves. This is the real trigger that drives an entrepreneurial person to trying newer ideas. Mr. Narendra Modi seems keen upon using this element to make a difference .