Abstract:
Professional services firms comprise of professionals (doctors, lawyers, engineers, designers, management consultants) offering specialized services to clients. Management Consulting, a type of professional service is itself a sector in
India with annual revenues of over 22000 crores. But research and cases on professional services firms in India is sparse. A large part of this industry revenue is earned by the Indian arms of foreign firms. In today’s knowledge driven economy, specialized knowledge is a resource and one that grows in value with time. But many do not seem to take up entrepreneurship in professional services. This is because of the mystery shrouding this space. Referring to existing literature and the author’s experience of setting up and running a management consulting firm, this paper builds a case for more academic work in the field of professional services, especially by entrepreneurship scholars. The paper suggests that the intersection between the two areas provides a greenfield opportunity for research. This could lead to enhanced levels of entrepreneurial activities in professional services.
