February 16, 2020

Entrepreneurship: A Creative Force for Economic Development

Dr Bilal Sultan

In Kashmir entrepreneurs still struggle with the essentials of operating and growing their businesses because the awareness and resources devoted to entrepreneurship promotion tend to focus on particular interventions, not systemic change. For entrepreneurs to prosper there needs to be a supportive ecosystem of complicated factors ranging from infrastructure to financial access. Guiding principle, framework and institutions play a particularly important role in entrepreneurship ecosystems . Creation a truly competitive entrepreneurship development in Kashmir requires a setting where businesses operate on a level playing field, where entrepreneur’s privileges are protected and the same rules apply to all, union territory Kashmir must find its own inimitable approach to change an ecosystem involves a number of interrelated key elements that frequently interact and jointly reinforce. An entrepreneurship ecosystem is no different, It encompasses a number of affecting mechanism that have to come together to facilitate innovation and growth. In Kashmir While different models exist, Favorable culture, enabling policies and leadership, availability of appropriate finance, quality human capital, venture-friendly markets for products, and a range of institutional and infrastructural support, Entrepreneurship ecosystem can be mapped out using the same domains; In Kashmir to remains unique because it is a result of hundreds of elements interacting in simple ways. Kashmir face inadequate resources and all Governments possess only limited political capital to spend on reforms. As a result, focus often shifts to the elements of the entrepreneurship ecosystem that are relatively easy to implement such as entrepreneurship training programs or special funds to provide entrepreneurs with seed money. While valuable in their own right, such programs rarely lead to the entrepreneurial take-off of an economy because they do not reach beyond helping individuals and they fail to address the larger underlying factors that stifle entrepreneurship. Addressing these obstacles is at the heart of a public policy and institutional framework conducive to entrepreneurship. However even though public policy and institutions are included as key factors in different entrepreneurship ecosystem models, in practice it is frequently the most neglected element. The cause is simple: while it is easy to give edge service to the need for policies that supports entrepreneurship in Kashmir.
Asustainable entrepreneurship ecosystem, financial, educational and other supports must be backed by a favorable policy environment.
Conclusion
Entrepreneurship provides the creative force of economic development and unemployment, and lead economic change by creating new goods and services, new firms, and innovative solutions to local. At the same time, entrepreneurship plays a vital role in the development of social equality. It expands opportunity, unleashes individual inventiveness, and cultivates independent youth who have a stake in society and democratic governance. For entrepreneurial ventures to take root and grow, the right environment must be in place. Startups require low hindrance at the outset; to achieve extent entrepreneurs require a legal and regulatory framework that rewards entrepreneurial initiative, ensures fair competition, and protects rights. While government has a significant role to play, moreover many entrepreneurship promotion efforts give the impression of being failed in planning, limited to investments in particular industries, incubators. In a sustainable entrepreneurship ecosystem, financial, educational and other supports must be backed by a favorable policy environment. Governments should therefore focus on building the legal and institutional basis for supporting bottom-up efforts of entrepreneurs.
( The author has completed post doctoral research program at the school of business and management at Jaipur National University Jaipur. Views are his own, darbilalsultan@gmail.com)

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