In recent times there has been a remarkable rise in entrepreneurship. The young generation is not much more interested in 9 to 5 jobs. They want to explore new avenues in business by using their skills. A start up gives them the freedom from routine job and be their own boss earn and be successful.
Factors influencing entrepreneurship:
- Work _life balance : The youth today understands the importance of work-life harmony. They have seen their parents struggling to strike a balance between work and life . They hardly had the time to spend with family. Youngsters today knows the importance of work _life balance.
- Job insecurities: Due to unemployment and massive layoffs, there is no job security, today you are hired and tomorrow if more capable person applies for the job then you are fired. None of the private companies gives job security. So opening a business is safer than looking for a job. here you are the boss and you are creating jobs for others.
- Digitalization : Digitalization and advancement of technology it is easy to have access to different resources and platform which helps them to plan each and every stage of business. Social media platforms, E- commerce and remote work has given the freedom to operate from anywhere in the world.
- Passion: Youth wants to make his passion his business and have financial success. Online programs ,courses and workshops provide the required knowledge and skills.
- Availability of funds: Like government grants, crowdfunding ,” Start up India” has helped them to start their own business.
- Supportive ecosystem: Due to supportive ecosystem young entrepreneurs can effectively deal with complexities of entrepreneurship. Supportive ecosystem refers to motivation, funding avenues, supportive policies etc.
Therefore economical, technological, cultural and personal factors are responsible for youngster to get attracted to entrepreneurship. By starting their own business they can generate income and create jobs.
Very nice short and crisp