The last few years have been a revelation of sorts. No amount of foresight and premonition helped any one and the forecasting for the future was as inane as crystal ball viewing or an ink test. Many economists, behavioural scientists, broached this subject in some of their seminal writings, but could not deconstruct the nature of the beast. In its aftermath, there have been some clear wins for finance and economics. There is a tremendous increase in the debate on matters of economy, which unfortunately was not there in the last century. The discipline of management has been enriched by several treatises and books in the past five years. What has also evolved is the additional impetus for entrepreneurship. We saw professionals who lost jobs using their creativity and the latest technology, starting companies online, transitioning into on-call delivery mechanisms and rewriting the fundamental rules of the supply chain.
Entrepreneurship as a viable career option has found its time and it is here to stay. It is the creation of new businesses, albeit small that will provide the impetus for growth and employment not just in the developing countries but also in the more prosperous cousins. Policymakers also need to reorient their key priorities which dictate economic measures. While current account deficit, public debt, GDP, and the regular economic ratios, the increased focus needs to be on creating avenues for self-employment and encouraging citizens to embrace entrepreneurship as a viable career option. Entrepreneurs provide one of the main engines of growth in any healthy economy. They act as important catalysts of change and growth by seeding innovation and creating new business models and industries. They also generate jobs, support local communities and build prosperous societies.
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