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Supporting Entrepreneurship Through Government Schemes
- 2. Make individuals aware with the idea of Entrepreneurship Make them consider all aspects before going for the idea Tell them about government plans supporting Entrepreneurship
- 3. Process of designing, launching and running a new business, which is often initially a small business. Entrepreneur WIKIPEDIA says --- “A person who sets up a business or businesses, taking on financial risks in the hope of profit”
- 5. Advantages of being an ENTREPRENEU R Do what you love Be the boss Work with people you like Be creative Set your own work schedule Make own decisions
- 6. Disadvantages of being an ENTREPRENEU R Long hours of work Complete Responsibility More Stress Requires a lot of capital Face risksIrregular Income
- 7. Potential loss of money Market Fluctuations Potential loss of money Strikes and lockouts Competition
- 9. Standard of living GDP and per capita income Balanced Regional Development Create Jobs Exports Wealth Creation Community Development Entrepreneurship
- 10. An examination of millions of enterprises in India and the US has shown a very strong link between new start-ups and subsequent job growth in both countries. Districts in India that embraced entrepreneurship have experienced faster job growth. In developed countries, almost 40 – 50% of the workforce are employed in small and medium scale business enterprises that were started up by very enterprising individuals.
- 11. New industries are born when technological change produces a new opportunity that an enterprising entrepreneur seizes Disruptive or metamorphic technologies that destroy previous technologies and create new industries and display a different pattern of behavior. The pattern of growth, shakeout, stabilization, and decline of industry can be interrupted at any time by the entry of another disruptive technology.
- 13. A startup is a young company that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of founders or one individual. These companies offer a product or service that is not currently being offered elsewhere in the market, or that the founders believe is being offered in an inferior manner. According to “Indian Startup Ecosystem Maturing - 2017" report by Nasscom-ZINNOV, India will become home to over 10,500 startups by 2020, employing over 2,10,000 people.
- 14. Support organizations • Ideas, Inventions and Research • Startups at various stages • Entrepreneurs • Startup team members • Investors • Mentors • Advisors • Other entrepreneurial people • People from related organizations Universities Service providers Funding organizatio ns Big Companies Research organizatio ns
- 17. Startup India is an initiative of the Government of India, first announced by Indian Prime Minister, Narendra Modi during his 15 August 2015 address from the Red Fort, New Delhi. The action plan of this initiative, is based on the following three pillars: • Simplification and Handholding. • Funding Support and Incentives. • Industry-Academia Partnership and Incubation. Official site: http://www.startupindia.gov.in/ Key points:- • 10,000 crore startup funding pool • Reduction in patent registration fees. • Freedom from mystifying inspections for first 3 years of operation. • Freedom from Capital Gain Tax first 3 years of operation. • Freedom from tax for first 3 years of operation. • Improved Bankruptcy Code, to a ensure 90-day exit window.
- 18. Prime Minister Employment Generation Programme provides subsidy for entrepreneurs. It has been implemented by Khadi and Village Industries Commission (KVIC) through identified banks, only for new projects. Key points:- • Subsidy varies from 15% to 35%, with 5% to 10% beneficiaries’ contribution, and the balance through banks as term loan and working capital loan • Aspiring entrepreneurs, Self Help Groups (SHGs), etc can apply The Commission has three main objectives which guide its functioning. These are – • The Social Objective - Providing employment in rural areas • The Economic Objective - Providing saleable articles • The Wider Objective - Creating self-reliance amongst people and building up a strong rural community spirit. Apply from Khadi and Village Industries Commission (KVIC)
- 19. Mudra Yojana Scheme for Women is a scheme launched by the Government of India that aims to improve the status of women by providing them loans and encouraging them to start new ventures and thereby empowering them by providing a financial security of individual income. Under the scheme, if the loan is approved, the women entrepreneur will be provided with a Mudra card which will function the same way as a credit card however the funds available are limited to 10 per cent of the loan amount granted to you. Official site: https://www.mudra.org.in/ The loan, which doesn’t require any collateral security, can be availed as per 3 schemes: • Shishu– Under this, the amount is limited to Rs.50,000 and can be availed by those businesses that are in their initial stages. • Kishor – The loan amount under this scheme ranges between Rs.50,000 and Rs.5 lakhs and can be availed by those who have a well-established startups. • Tarun – The loan amount under this scheme is Rs.10 lakhs and can be availed by those businesses that are well established but require more funds for expansion purposes.
- 20. Entrepreneurship is the core foundation for the great businesses, and for the economy as a whole. People should carefully analyze the aftermath of starting a new venture. Entrepreneurship is also a great way to contribute to social development.