Some of these ventures have survived and grown to become large corporations, while others have failed. For instance, it is said that there were 3,000 automobile companies in the early 1900s in the USA, many of which were in people’s garages. However, this number quickly reduced to only a few a couple of decades later as most of these ventures failed.
The world we live in, with the higher quality of life that we experience compared to the nobility of the past, is all due to entrepreneurs’ efforts over the last hundred odd years. India was a bit different – for many decades entrepreneurship was stifled due to the license raj, and only those with connections could obtain licenses to start their ventures. However, this changed due to liberalisation.
Two Waves of Entrepreneurship
Since India liberalised, there have been two waves of entrepreneurship. The first was in the 90s and early 2000s, which built on the cost-arbitrage of talent as the underlying business model.
The second wave of entrepreneurship, starting in 2007, was more akin to the larger accepted construct of entrepreneurship across the world. However, many companies still copy successful business models from China and the West that focus on valuation, not unit economics. With the funding winter, only those with superior business models will survive. However, there has been a silver lining in the growth of unicorns – these entrepreneurs have become popular subjects in the media.
Entrepreneurship As a Career Option
This story is from the 20 May 2023 edition of Business World India.
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This story is from the 20 May 2023 edition of Business World India.
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