Entrepreneurship
and self-employment are among the two of the most important pillars of any
growing economy. They are even more significant in the context of growth of
unemployment, displacement of traditional jobs and new opportunities in doing
business. There is a growing need for employment generation more than ever.
With a growth in job receivers, there has been almost zero growth in the number
of new jobs leading to a never ending competition. The need of the hour is to
tackle unemployment and close the skills mismatch that needs to be shared,
replicated and scaled to solve the unemployment-skills equation. Once this is
done, the path becomes simpler. The need is to equip the people with the
requisite knowledge. The rest is up to them.
The 6
entrepreneurial solutions to unemployment are:
1. Create
multiple segment partnerships
They help
to leverage every partner’s expertise in favour of the other in a complementary
manner. This is an absolute necessity in finding solutions to employment and
solutions. These partnerships are very complex and can get you in troubles but
they are mostly complex keeping in mind the widest range of interests. It can
be cheaper with overall greater benefits.
2. Develop
successful approaches
Enterprises
matching mass interest with private interest are mostly effective in the long
term. They have a great impact on communities they cater and can be successful
in the long term for the business sustains for a longer period of time while
being connected to a core business sector. Research and feedback are two of the
most important things. They must be analysed and the objectives must be defined
in the initial stages of an enterprise.
3. Be
relevant to the context
As per
Keith Davis, business environment includes ‘all conditions, events and
influences that surround and affect business.’ Entrepreneurs must target the
specific needs of the audience as it is critical in achieving sustainable
results.
4.
Committed leadership
Management
and leadership are vital to sustain entrepreneurship, engage partners, gain
greater leverage within the organisation and motivate employees. Leader need to
evolve continuously and give in all they have and need to be committed to their
jobs. They need to have self-awareness and a keen sense of strategy-both in short
term and long term.
5.
Futuristic design
The
entrepreneurs must work keeping the future in mind. They need to use a
pro-active and long term approach as it holds the key for entrepreneurial
success in today’s scenario for economic and technological disruptions.
6. Leverage
information communication technology
The
business landscape now thrives on technology. For IT to produce results, it
needs to be used effectively. Capitalising on things like these can produce
unimaginable results and have enhanced impact.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.
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