Road Map to Entrepreneurship: A Reflection of Success

Abstract

The basis sources of growth in any economy are performance in production, efficient allocation of resources across economical activities and innovation that creates products. This brings wider uses of the products and efficient use of inputs. Much attention is focused on stimulating small business (SME) development, development of industries by providing financial resources and deregulating restrictive legislation. However, success also depends on the initiative taken by individual entrepreneur in creating a viable business. Therefore, discovering the factors that motivate the individual to start a new venture also becomes equally important. .The study examines the major motivational factors affecting entrepreneur in starting a business for sustained economic development. The study examines the motivational traits among the Engineering students and it also identifies the gap based on analysis and it recommends appropriate and focused training programme for "would be entrepreneurs" along with identification of the development and support programmes to meet the needs for dynamism in entrepreneurship for the country’s high growth led economy. Many people explore the idea of forming their own venture based on the road map; however, there may be inertia in exploring start-up ventures. Individual may get preoccupied by a variety of forces such as job, family priorities, obligation and their routine life. The entrepreneurship community has been successful in breaking the inertia to meet their motive of becoming a successful entrepreneur. A motivational scale and open ended interviews of entrepreneurs as well as students of engineering institute were used to identify and assess the "motives for starting a new venture" to fulfil their dream of becoming a successful entrepreneur. Increasing openness by encouraging the dynamism in entrepreneurship plays an important role in spurring innovation, particularly as it occurs through learning by doing. Technical Education can play a major role in creating awareness for success in the competition era. The study also suggests the reorientation in the curriculum to meet the dynamism in entrepreneurship. The paper concludes with suggestion on rethinking on industrial perspectives which is presently an independent identity as a tool for prosperity of an individual adding wealth to family and nation.