Corporations and entrepreneurs must give a helping hand to deliver the ambitious growth targets set by the government while building new capabilities, states a report by PWC.
It has suggested that established corporations in India can play a critical role in developing entrepreneurial growth in virtually all of India’s sectors. The report states that corporations can help by linking new ventures to their supply chain, and by mentoring and coaching entrepreneurs on best business practices.
A range of stakeholders — including government and entrepreneurial companies — would need to help develop and in some cases, deliver new solutions, recommends PWC. The entrepreneurial sector must therefore also play a major role; it has the nimbleness in operations and the depth in ideas to create the kind of radical new solutions required for a vibrant future of the economy.
Entrepreneurs and the entrepreneurial sector as a whole also possess other qualities critical for developing innovative solutions: the willingness to take risks, an aptitude for fast decision-making, and bold leadership, suggest the report.
It further recommends that the entrepreneurial sector will also need to expand, in both size and impact. India must cultivate entrepreneurs on a scale unprecedented in its business history. Furthermore, the notion of entrepreneurialism should not be limited to growth-oriented companies rooted in India’s major urban centres. Entrepreneurialism must also percolate into smaller towns and districts, throughout the country.