The rise of Indias entrepreneurs

A few decades ago, people were not very keen to leave a high-paying job to apply
their skills and challenge their destiny in a startup. Entrepreneurship was not so
prevalent. If you were an entrepreneur or part of a startup, it was likely a family
endeavor or enterprise. However, the present scenario is entirely different. Todays
youth are keen to experiment and take risks. At present, many young fearless
entrepreneurs have set the path for a wave of entrepreneurship in the country. This
entrepreneurial spirit has resulted in not just innovation but also in entrepreneurship
being recognised as the driving force of the market. Also, with government actively
endorsing startups and small businesses, the wheel of entrepreneur-driven
innovation has started rolling. Today, India is at a threshold of startup boom, as we
are worlds third fastest growing startup eco-system. With 3,100 startups, India is
closely behind UK with 4,000 startups and catching up to US which has 41,500
startups. India is changing and so are the aspirations of its people.
Fitch Ratings, a credit rating agency, recently announced Indias sovereign credit
rating at BBB with a stable outlook. Such progressive insights have positively
impacted the minds of aspirational youth of our country. People now aim to start
their own ventures. The countrys youth today are more inclined towards the idea of
launching a startup instead of settling down abroad with a high paying job. This
drive is also fueled by necessity.
It has been estimated that in order to accommodate the 300 million people who will
join Indias workforce between 2010 and 2040, India needs to create roughly 10
million jobs a year. This gap cant be filled by existing and large enterprises alone.
Therefore, India must increase employment opportunities by not only forging
partnerships with industries overseas, but also supporting and empowering its
youth to start businesses. As we have seen in the other countries, small businesses,
especially those positioned to grow both locally and globally, drive the economy and
employment.
With the spirit of entrepreneurship alight, there are two important factors for
success that the Indian governing bodies, founders, and investors should use to
ensure sustainable growth:
Invest in developing local leaders
With Indian-born and educated Indians leading most international industries and
with India producing the most number graduates-cum-billionaires than any other
country outside the United States, India has proven it has local talent that can be
groomed into impactful leaders. Instead of displacing foreign talent into India, it is
imperative that India develops and retains its leaders. Young and passionate
entrepreneurs as well as experienced professionals must be provided opportunities

for overseas exposure so they can get hands-on training from successful leaders
and businesses. The guidance and lessons learned from overseas entrepreneurs and
business models would help local talent apply their ideas more effectively and
accelerate their growth and success.
Besides, giving startups and their investors tax incentives will also help keep
startups going and growing. Startups are the buzzword in the Indian economy and
are the epicenter of economic activity and growth. India, however, is still not a taxfriendly country for startup investment which is forcing some startups to register
abroad. Currently, many Indian startups register themselves in Singapore, US, or
Hong Kong to raise capital. However, with the central government rigorously
promoting startups, I anticipate that the current scenario and lack of incentives will
change to support the startup culture in India.
Employ trainable talent and teach critical and creative thinking
Acquiring required skill sets is a costly challenge for most startups. Instead, hiring
candidates who are trainable and teaching them the skills that growing startups
require is critical. Moreover, the advantage of on-site training is both less overall
cost and higher quality training. For both employers and Indian educators, to
identity trends in startup requirements and invest in training for those skill sets will
expand the talent pool and fuel the growth of growing small businesses. Training
employees will not just help to achieve success but will also lead to employee
development. Applying critical and creative thinking to training curricula is also
critical to cultivating Indias entrepreneurial spirit and mentality.
Today, the emergence of entrepreneurs and their contribution to the national
economy is quite visible in India. In order to harness their potential and sustain
development, it is essential to devise apposite strategies that fuel the growth and
success of the entrepreneurs and their startups.
They say it takes a village to raise a child. To raise an entrepreneur and a startup, it
takes a nation.

The great Indian startup story in 2015

Startups were on a rollercoaster ride this year the highs arguably beat the lows.
Headline makers this year included everyone from bootstrapped startups to
investments from giants like Alibaba and Infosys. Yet, at the threshold of 2016,
startups are looking at the future with some amount of scepticism. The ups and
downs of the game boosted some sectors, just as it ruined others.

YourStory looks at some of the biggest news in the startup world this past year.
Money Matters
Unsurprisingly, it was Sequoia Capital India that made the highest number of
investments this year as well 32 closely followed by Tiger Global Investments
with 29. But the surprises came from Infosys and titans like Ratan Tata, NR
Narayana Murthy, and Kunal Bahl, among others, who became angel investors for
numerous
startups.
Very soon, Chinas biggest e-commerce company Alibaba also entered India not
just with an investment in Paytm, but also in a mobile and commerce-focused
incubator in Bangalore. Another Chinese electronics giant Xiaomi followed suit,
announcing its plans to set up e-commerce warehouses and logistics, and to invest
in startups in India.

Taxi Revolution
Despite government bans and protests by taxi unions [in Mumbai and Kerala]
private car aggregators continued to ply throughout the year. Both Ola and Uber
faced protests from drivers who alleged that their incentives were being brought
down too often. However, both went ahead with expansion, and so did other players
like Meru and Jugnoo. In fact, now that India has become the second-largest
geographic market for American taxi aggregator Uber, it has declared its plans to
pour in $1 billion into Indian startups.
As per the authorities mandate, Ola converted its entire Delhi fleet to CNG by the
third quarter of 2015; however, they still had to fight in court to get a licence to
operate in the capital city. Major relief came their way with clear legislation from the
government that defined their services and provided strict parameters. The Ministry
of Road Transport and Highways, in October, provided the Advisory for Licensing,
Compliance
and
Liability
of
On-demand
Information
Technology-based
Transportation platforms, which clearly distinguished technology-based aggregators
and taxi companies. It mandated police verification on criminal background of
drivers, and strictly stated that the aggregators shall not own any vehicles, employ
any drivers, or present itself as a taxi service.
The Capital city sprung a pleasant surprise recently when the odd-even rule was
announced. It mandated that odd-numbered cars should be used only on odd
numbered dates, in an effort to reduce air pollution. This meant a field day for the
aggregators who all recently launched carpooling services. Uber, Ola, Meru and bus

shuttle service Zipgo have all taken the plunge preparing for this mandate, which is
set to be introduced in January as an experiment.
State Policies
Seeing the impressive growth of the startup ecosystem, the government also came
up with lenient policies this year. In July, the Union Cabinet allowed foreign entities
to invest in Alternative Investment Funds (AIFs), which will make more funds
available to startups, early stage ventures, and small and medium enterprises
(SMEs). Foreign investors are also allowed to invest in the AIFs.
Furthermore, the Securities and Exchange Board of India (SEBI) the regulatory
agency for the securities market in the country said that it is open to any changes
if there is reasonable need. With a panel on regulatory framework for startups
headed by Narayana Murthy of Infosys, it made raising funds easier for startups
through relaxed domestic exchange norms. It also went on to distribute the funds
from IPO irregularities to investors.
However, the best news from the State came when it decided to treat nonrepatriable funds from non-residential Indians (NRIs) as domestic money, effectively
saving it from foreign direct investment (FDI) norms. Yet, this was not a happy
ending to the FDI story. A month ago, the Delhi High Court ordered the government
to investigate 21 e-commerce websites for violation of FDI norms. But the irony was
that a handful of these 21 were not funded by FDI. The lack of clarity on FDI in ecommerce has restricted quite a few startups from looking for foreign funds.
International Forays
A few startups dared to venture into foreign waters this year. Backpacker hostel
chain Zostel went to Vietnam, and hotel booking app RoomsTonite having raised
$1.5 million has plans to enter Dubai. Online ticketing platform RedBus which
has had more than $8 million in funding looked towards South East Asia, and is
now serving in Malaysia and Singapore. Jugnoo is heading to the Philippines as well.
Ola made news internationally when it tied up with Didi Kuaidi, GrabTaxi and Lyft in
an alliance against US-based giant Uber, which has its second-largest market in
India outside its home country. Collectively, the four companies have raised $7
billion. Didi Kuaidi, in fact, has invested in Ola, GrabTaxi, and Lyft. Didi Kuaidi
operates in 360 cities in China; Lyft in nearly 200 cities in the US, and GrabTaxi
across Malaysia, Singapore, Indonesia, the Philippines, Vietnam, and Thailand.
Through this alliance, international travellers can access local rides in these
countries using the same app they use at home. Uber has definitely got a major

rival in this alliance, since the four can now exploit each others local market
knowledge and resources starting from the first quarter of 2016.
More Unicorns, Less Foodies
Paytm, Zomato and Quikr joined Ola, Flipkart, Snapdeal, Inmobi and Mu Sigma in
the unicorn club this year. In fact, Zomato stayed in the news throughout the year
with its acquisition of Urban Spoon to enter the US market, the launch of a separate
app for food delivery, and the mass firing of about 300 employees in November.
Zomato also partnered with travel planner TripHobo allowing the latters users to
access deals on restaurants through Zomato.
Curiously, Zomato managed to stay afloat in a year when many food-tech startups
starved to death. Spoonjoy, Eatlo and Dazo shut down due to low funding, while
TinyOwl fired about 200 employees and shut down its offices in some cities.
The power of unicorns was visible again when Flipkarts Sachin Bansal and Binny
Bansal were featured in Forbes Billionaire list. Snapdeal went on to invest $1 billion
in startups including FreeCharge. Interestingly, Flipkart, Ola, and Amazon joined
the hyperlocal grocery delivery race with Peppertap, Grofers, and Jugnoo.
E-commerce Advances
E-commerce biggies stayed in the news throughout the year, what with their
acquisitions, app-only strategies, funding in the millions, and festive season sale
numbers. Unicorn Paytm made waves when it entered the online shopping space, as
did Flipkart and Snapdeal, when they launched their respective lite mobile sites.
Although Diwali 2015 did not see as many discounts and offers from e-marketplaces
as it did in previous years, sellers had a field day. Advancements in logistics and
supply chain brought about bigger numbers for these players with about 60 per
cent of its orders coming in from Tier II and Tier III cities, sales numbers were twice
and thrice as much compared with previous years.
The Startup India Standup India campaign is set to be unveiled in January 2016.
But at the end of a happening year, there are many questions left unanswered in
the startup world: Grofers and OYO Rooms have joined the $100 million club will
they be the next unicorns? Snapdeal and Quikr have gone multilingual so is
vernacular the next hyperlocal? Infosys has invested in six startups, only one of
them Indianwill that trend continue? Or would Indian startups be able to capture
their attention? Uber is all set to invest $50 million in Hyderabad to set up its
biggest global office. Will higher competition bring about better transport facilities?
Only time will tell

Increasing trend of Entrepreneurship in India and its current

scenario in comparison to foreign countries
Before 1991, Indian business success was a function of ambition, licenses,
government contacts, and an understanding of the bureaucratic system.
In 1991, the Indian government liberalized the economy and therefore changing the
competitive landscape. Family businesses, which dominated Indian markets, now
faced competition from multinationals that had superior technology, financial
strength and deeper managerial resources.
Entrepreneurship has been on the rise as a global phenomenon much before India
began becoming sensitive to the development of entrepreneurship. However the
awareness towards the path of entrepreneurship is now picking up a quick pace in
our own country, and as a matter of fact is seen as one of the countries that
is par excellence with the rest of the Asian countries as far as growing
entrepreneurship is concerned.
The reason for these are quite simple, its no surprise that the uncertainty of
employment, move towards growth in confidence of the youth of India towards non
conformity to taking up job and newer policies being introduced by the government
towards encouragement of micro or small business development.
During the global financial crisis , in the past 10 years India as the rest of
the world has also been feeling the heat where downsizing has been the
fate of many. Probably the start-up decision or the business idea that was
collecting dust all along in the minds, suddenly came to fore and it proved to be the
right opportunity and time to realise that start-up business or nurturing that
business idea. Notwithstanding the slow but significant change in the thought
process of young adults today, institutes and colleges are now encouraging
students by way of introducing entrepreneurial courses/subjects into their
curriculum. Looking at the future, the average Indian is expected to be 29
years old in 2020 as compared to 48 in USA, and 37 in China. Therefore , it
is no surprise that we see awareness and many a student movement
creating forums for entrepreneurship today. On the other hand the state
governments have not stayed behind in playing their bit and we also hear of a
National Entrepreneurship Policy in the making , which currently seek inputs and
ideas towards finalising it to conclusion. A 32 page draft prepared by Ahmedabad
based Entrepreneurship Development Institute of India, does not focus on measures
relating to financial incentives, instead it aims to focus on raising awareness,

promotion, skill development , networking and mentoring. The Kerala

government have also introduced recently an entrepreneurship scheme
for students at universities and colleges that provides for accessibility to
incubation centres and academic incentives to those who approach such
centres.
At an individual level, while India would rank righ on the increasing number of
entrepreneurs, but at an institutional level , it has a long way to go , as laws in India
towards encouraging entrepreneurship are not very clear or the ones available dont
seem to support or back the entrepreneurial eco-system such as those relating to
investments made by angel investors or loans for entrepreneurs free of collateral
/suitable rate of interest or low awareness and low reach (although there is a
dedicated fund in existence for micro and small enterprises, called the Credit
Guarantee Fund Scheme). However , one of the most successive and thriving
factors that is helping ensure individuals realise their entrepreneurial dream , is
family/friends backed funding. This has been traditionally present particularly
in Tier 1 and Tier 2 cities and a prevailing trend. While US and Europe
traditionally have a stronger share of funding source from venture capital
firms and /or angel investors. In the United States, three keys to entrepreneurial
success are easy accessibility to technology , availability of capital and the ability to
fail. In India, failure is a stigma and knowing when to let go of their business idea /
decaying growth is has never dawned easy in the mind of the Indian entrepreneur.
Although this attitude is changing in newer industries and with the newer
generation of start-ups. Apart from the low accessibility of funds , as mentioned
earlier, access to technology is also an existing hurdle, however with the success
and penetration of the internet and social media marketing , this gap is believed to
be getting smaller. Finally, venture capital (VC) in India, until about three
years ago, was not as strong as a funding source and financing was
entirely debt-oriented. But that is now changing as Both Chinas and
Indias strong VC industries are expected to continue their rapid growth
and development as they capitalize on strong GDP growth, growing
domestic consumption and a dynamic entrepreneurial ecosystem.
Entrepreneurship has gained greater significance at global level under changing
economic scenario. All in all, the global economy in general and Indian economy in
particular is poised for accelerated growth driven by entrepreneurship.

Changing Entrepreneurial Mindset in India

Today
Traditionally if one asks me what are the three main challenges faced by entrepreneurs
in India an experts answer would be: firstly removal of state-imposed barriers for
starting businesses; secondly the availability of finances; and thirdly education &
nurturing.
First, entrepreneurship is now being encouraged in India by systematic attempts at
removal of state-imposed structural and regulatory roadblocks. But it may be still a long
road ahead to cut the red tape completely.
Second, there are attempts to make finances available to businesses. In the current
banking paradigm, it is easy for an established businessperson to get loans for starting
new ventures or expand current businesses. However, a new entrepreneur wishing to
start a new business, still finds it very difficult to procure basic funds to set up and run a
business till he has sufficient assets for offering as security. Some new age solutions
are being attempted in form of collateral free funding for entrepreneurs by SME
focussed banks and the new e-ipos for equity investments, where entrepreneurs raise
equity without giving away too much stake to foreign investors.
A third form of support is the development of entrepreneurial talent in educational
institutions. Indias higher education system generates a large number of graduates
every year. However, its economy is not in a position to absorb the graduates passing
out, leading to an increase in the educated unemployed. In India, most entrepreneurs
(% of small businesses) are single owners, nil employee, and one-person shows with
little growth prospects. The so-called entrepreneurs do business mainly for selfemployment and are not the real entrepreneurs.
In order to catch up with the pace of developed countries, India needs many
entrepreneurs willing to make their businesses bigger. If the university students with
high entrepreneurial potentials get proper training, they will have the best prospects for
becoming real entrepreneurs.

I feel, there is another undocumented root challenge, that is, entrepreneurship can
develop only in a society in which cultural norms permit variability in the choice of paths
of life. Unfortunately, many of us, even today, think that taking up a job is much better
than taking a risk and starting a venture. If a job is taken up after college, the person will
soon have a comfortable existence. The other scenario could be starting a venture after
working for four to five years. This requires a lot of commitment and courage to leave
the present job. As time passes by, the risk-taking capacity goes down.
This challenge can be overcome, although slowly, by imparting entrepreneurial
education since high school or junior colleges. It will still take a generation to overcome
the cultural challenges completely.
A survey done by the Entrepreneurship Development Institute, India (EDII) shows
that young people are afraid to start their own business because they are not confident,
not capable, and lack knowledge in starting a business. Many people have the
opportunity to change jobs or become an entrepreneur if they are properly trained. The
students in India are not satisfied with the hands-on support of their university in the
founding process.
I looked at some other research to analyse current trends. In the recent GEM 2014
Entrepreneurship survey, it is found that around 55-60% of Indians now perceive that
entrepreneurship is a good career choice and that it receives sufficient media attention
to raise the entrepreneurs status in society. I was happy reading this, until I read that
only 38% of Indians perceive that there are sufficient opportunities for them to jump in
and start up. And only 8% participants intended to start their own ventures. The
research also indicates that the fear of failure among Indians is high, and motivation to
start up is lower than many other developing economies.
To conclude: The entrepreneurial training in the higher education system should,
therefore, satisfy the need for entrepreneurship by training aspiring entrepreneurs,
guiding/mentoring even the existing businessmen, supporting their ventures by
providing them with access to funding and by creating a peer community for knowledge
sharing. Unfortunately, the present entrepreneurial training in India just concentrates on
related management courses & lots required to be done by incubators, accelerators,
and meetup groups to make entrepreneurship a mass movement. We have the
capability to succeed as entrepreneurs, we will see that happen when we believe it from
the bottom of our heart & top of our brains.

The 9 Forms of Entrepreneurship

The word "Entrepreneur" conjures up many images, beliefs, and stereotypes.

For some, the word points them to determined, ruthless businessmen like
Donald Trump or Carlos Slim. For others, it might mean free-spirited, peoplefocussed folks like Oprah Winfrey or Richard Branson. Perhaps we're thinking
of the introverted geeks like Bill Gates or Steve Jobs. Or maybe the humble
and reserved Warren Buffet.
They're all great entrepreneurs in their own right.
But entrepreneurship is much more than personality tendencies, though our
approaches and behaviors do play a major role in determining the type of
industry, business, or business model, one is most likely to succeed in.
There are at least 9 types of entrepreneurs - and while some may disagree
with the term and how it's used here, in some small way each of the following
9 carry a little bit of that thing we call "entrepreneur" in them.
1. Small Business Owners/Self-Employed - The most basic unit of
entrepreneurship is the classic mom-and-pop shop. These guys wear all the
hats and do multiple jobs to keep their typically-small operation afloat. While
I'm sure most doctors and attorneys would resent being labeled as such, most
of them are operators in their own small businesses. While there are
exceptions, almost every successful business starts out at this fundamental,
basic level.
2. Small Team Developers- For those who succeed in expanding their small
mom-and-pop operations beyond themselves as owner-operators, the work
turns to training and developing others. Team building becomes the next
phase, and those who succeed here know the value of delegation,
accountability, and in many cases, dealing with the people-drama issues of all
sorts.
3. Innovators & Inventors - For those who venture out into new and uncharted
territory, there's the innovator or inventor. Think of innovators as those who
create new business models, which typically have a far higher likelihood of
success than those who simply come up with a new invention. There are
millions of new inventions and patents that are developed each year, and only
1 out of 500 of those will actually pay for the development costs, let alone
make a profit. However, those who invent new business models, or what W.
Chan Kim would call "
Blue Ocean Strategies

" will increase their likelihood of success in business significantly.

4. Brand Expanders - These business types use joint-ventures, strategic
business relationships, and in many cases, a classical franchise model to
expand their brand or system. Those who do well with these types of
businesses are typically marketing-driven, strategic, big-picture thinkers.
5. Economies of Scalers - These types do well in manufacturing or in creating
efficiencies on a large scale. Those capable of getting inputs in bulk for low
cost, while creating outputs efficiently and profitably as the market demands
do well here. These types of businesses require strict attention to detail.
6. Capital Switchboarders - These types are capable of bringing together and
integrating money with opportunities. Like those of the Economies of Scalers,
Capital Switchboards require strict attention to detail, as leverage is nearly
always employed in sustaining this type of business. Banks, insurance
companies, or even venture capital groups are all examples of capital
switchboards.
7. Acquirers - These types pursue the course of buying other businesses,
typically as a means of diversification from a core-business. They buy their
way into other industries, shrinking the risk and learning curve that would
normally be required to start a business from scratch. Buying into unfamiliar
territory posses many risks however - the most notable being the lack of focus
such a course engenders.
8. Conglomerators - These types buy into a diverse portfolio of businesses.
Unlike the Acquirers, however, they rely more upon the management of the
business remaining intact. They're more receptive to the idea of being a
minority owner, buying the idea that owning 5 percent of a great company is
better than owning 100 percent of a mediocre company.
9. Buy-Fix-Sell Dealers - These are the classic takeover artists. Whether it's a
takeover of a publicly traded company to clean house of entrenched
management, or a bankrupt private company in need of restructuring to
survive, these types get in for cheap, do their work, and if they're successful,
get out at a profit.

What is the Role of an Entrepreneur in Economic

Development ?

The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering
economic growth and development. Entrepreneurship is one of the most important input in the
economic development of a country. The entrepreneur acts as a trigger head to give spark to
economic activities by his entrepreneurial decisions. He plays a pivotal role not only in the
development of industrial sector of a country but also in the development of farm and service sector.
The major roles played by an entrepreneur in the economic development of an economy is discussed
in a systematic and orderly manner as follows.
(1) Promotes Capital Formation:
Entrepreneurs promote capital formation by mobilising the idle savings of public. They employ their
own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial
activities lead to value addition and creation of wealth, which is very essential for the industrial and
economic development of the country.
(2) Creates Large-Scale Employment Opportunities:
Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic
problem of underdeveloped nations. With the setting up.of more and more units by entrepreneurs,
both on small and large-scale numerous job opportunities are created for others. As time passes,
these enterprises grow, providing direct and indirect employment opportunities to many more. In
this way, entrepreneurs play an effective role in reducing the problem of unemployment in the
country which in turn clears the path towards economic development of the nation.
(3) Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities through setting up of industries in less developed
and backward areas. The growth of industries and business in these areas lead to a large number of
public benefits like road transport, health, education, entertainment, etc. Setting up of more
industries lead to more development of backward regions and thereby promotes balanced regional
development.
(4) Reduces Concentration of Economic Power:
Economic power is the natural outcome of industrial and business activity. Industrial development
normally lead to concentration of economic power in the hands of a few individuals which results in
the growth of monopolies. In order to redress this problem a large number of entrepreneurs need to
be developed, which will help reduce the concentration of economic power amongst the population.
(5) Wealth Creation and Distribution:

It stimulates equitable redistribution of wealth and income in the interest of the country to more
people and geographic areas, thus giving benefit to larger sections of the society. Entrepreneurial
activities also generate more activities and give a multiplier effect in the economy.
(6) Increasing Gross National Product and Per Capita Income:
Entrepreneurs are always on the look out for opportunities. They explore and exploit opportunities,,
encourage effective resource mobilisation of capital and skill, bring in new products and services and
develops markets for growth of the economy. In this way, they help increasing gross national product
as well as per capita income of the people in a country. Increase in gross national product and per
capita income of the people in a country, is a sign of economic growth.
(6) Improvement in the Standard of Living:
Increase in the standard of living of the people is a characteristic feature of economic development of
the country. Entrepreneurs play a key role in increasing the standard of living of the people by
adopting latest innovations in the production of wide variety of goods and services in large scale that
too at a lower cost. This enables the people to avail better quality goods at lower prices which results
in the improvement of their standard of living.
(7) Promotes Country's Export Trade:
Entrepreneurs help in promoting a country's export-trade, which is an important ingredient of
economic development. They produce goods and services in large scale for the purpose earning huge
amount of foreign exchange from export in order to combat the import dues requirement. Hence
import substitution and export promotion ensure economic independence and development.
(8) Induces Backward and Forward Linkages:
Entrepreneurs like to work in an environment of change and try to maximise profits by innovation.
When an enterprise is established in accordance with the changing technology, it induces backward
and forward linkages which stimulate the process of economic development in the country.
(9) Facilitates Overall Development:
Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an enterprise is
established, the process of industrialisation is set in motion. This unit will generate demand for
various types of units required by it and there will be so many other units which require the output of
this unit. This leads to overall development of an area due to increase in demand and setting up of
more and more units. In this way, the entrepreneurs multiply their entrepreneurial activities, thus
creating an environment of enthusiasm and conveying an impetus for overall development of the
area.