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‘Entrepreneurship has driven India to newer heights since independence, although there is still scope for more.’

Entrepreneurship in India has been through a very interesting journey. From the socialist days of the ’60s, ’70s and ’80s and then subsequently through the days of liberalization till today, India’s entrepreneurs thrived and provided employment to millions. We found opportunities even in an economy that was pretty much inward-looking, with stronger focus on meeting domestic demands. It has come in as a strong point for Indian entrepreneurs in many ways as well.

Considering these, I feel that entrepreneurship has a strong future in the country and many more should be willing to take the entrepreneurial path.

This apart, when you look at entrepreneurship in India, you can see our entrepreneurs globally competing in almost all the fields—be it telecom, power, technology, biotech or manufacturing. We are also seeing substantial activities in the social sector. Today, one is also witnessing an improvement in the entrepreneurial ecosystem in India. A conducive ecosystem is essential for the success of entrepreneurship in India. Now there are angel investors who are willing to bet their money on young entrepreneurs, a concept new to India.

This apart, there are a lot of incubation centers that have come up in a number of technology schools and management institutes. We know what such a move had done in the U.S. Successful entrepreneurial zones developed alongwith some of the major universities in the U.S. In India too, we need to see such instances.

There are a few things an entrepreneur should keep in mind while venturing into this area. First of all, not everything you do will be successful. You should be willing to experiment, and restart if you fail. An entrepreneur must be very clear about the idea he has and the key differentiator which distinguishes his idea from those of existing businesses. You should also be willing to sacrifice. An entrepreneurial journey is not an easy one. There will be lot of ups and downs and you should be willing to weather the storm and go forward at all times.

ADI GODREJ, the Chairman of the Godrej Group, is a prominent industrialist who shaped the growth of several industries in India through his leadership. He also serves on the Board of the Indian School of Business (ISB).

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Adi B. Godrej, Godrej Group, Indian School of Business, ISB