Mumbai: Entrepreneurship has evolved significantly over the past decades. In the 21st century, it is characterized by rapid technological advancements, increased access to global markets, and a growing emphasis on sustainability and social impact. Entrepreneurs today are not just creating businesses; they are shaping industries, improving lives, and contributing to a more resilient and inclusive global economy. According to the 2023 Global Entrepreneurship Monitor (GEM) report, there are over 582 million entrepreneurs worldwide, and this number is expected to increase by 15 per cent in 2024.
World Entrepreneur Day 2024 provides an opportunity to highlight the achievements of entrepreneurs who have made significant contributions in various fields. From tech innovators disrupting industries with groundbreaking solutions to social entrepreneurs addressing critical issues such as climate change and inequality, their efforts are reshaping our world.
If we talk about India, the Budget 2024 has introduced significant changes set to impact the country’s startup ecosystem positively. One of the key highlights is the introduction of tax benefits for startups, aimed at encouraging more entrepreneurial ventures and fostering innovation across various sectors. According to NASSCOM, India boasts the third-largest startup ecosystem globally, with over 50,000 startups. Straits Research projects that the Digital Transformation Market Size will reach $2.1 trillion by 2030, growing at a compound annual growth rate of 23.72 per cent.
The new tax incentives are expected to further energize this expanding sector, offering startups crucial financial backing for their growth and advancement. A World Bank study reveals that India has advanced 14 positions to 63rd place in the ease of doing business rankings. The regulatory simplifications in Budget 2024 are likely to enhance India’s global business appeal, making it a more attractive destination for entrepreneurs and investors.
Another noteworthy element of the budget is the allocation of funds for skill development and training programs targeted at entrepreneurs. This initiative will help build a skilled workforce and support individuals in pursuing their entrepreneurial goals. As reported by the International Labour Organisation, India has the world’s largest youth population, with over 356 million people aged 10-24 years. Emphasizing skill development in Budget 2024 is crucial for leveraging this demographic advantage and promoting youth entrepreneurship.
Furthermore, the budget’s emphasis on advancing digital infrastructure and technology adoption will open up new opportunities for startups to utilize cutting-edge technologies and broaden their reach. McKinsey forecasts that India’s digital economy will hit $1 trillion by 2025, propelled by swift digitization across sectors. The Budget 2024 measures aimed at enhancing digital infrastructure will be crucial in accelerating this growth, providing startups with a supportive environment to innovate and succeed in the digital age.
As businesses grow, challenges evolve. According to GoDaddy’s Global Entrepreneurship Survey 2024, currently 34 per cent of business owners report customer-related issues as their primary challenge, followed by marketing (31 per cent), and technology challenges (26 per cent).
The survey also stated that while recent investments continue to place importance on developing new products and services (17 per cent), and marketing through traditional means (13 per cent), it also reflects their shift toward a digital transformation, with most funds now directed towards enhancing digital infrastructure with online marketing (21 per cent). For entrepreneurs, this transition to a more digital-centric approach can be the key to unlocking new growth opportunities and sustaining long-term success.
The 2023 GEM report also stated that experts in 37 out of 48 economies rated the social support for women as unsatisfactory. However, in a majority of economies (28 out of 48), women entrepreneurs’ access to resources, as compared to that of men, rated as satisfactory or better. Experts in only six economies assessed the social support for women entrepreneurs and their resource access compared to men as satisfactory or better.
Would-be entrepreneurs fear of failure still remains a formidable obstacle to the creation of new startups, especially for women. At least two in five adults seeing good opportunities would not start a business for fear it might fail in 35 of 45 participating economies. In 37 of these economies, a higher proportion of women than men that see good opportunities would not start a business for fear it might fail.
When reached out to some industry experts for their thoughts, STAN CEO & co-founder Parth Chadha commented, “On World Entrepreneur Day, we celebrate the spirit of innovation and resilience that drives entrepreneurs to turn their dreams into reality. In the gaming industry, entrepreneurship is not only limited to creating games but also includes fostering vibrant communities of creators and gamers. Such gaming communities inculcate a sense of belongingness, and thus encourage social interactions, collaboration and competition among members. As a startup in this dynamic space, we firmly believe in the potential of the Indian gaming sector to grow on the global front. According to industry estimates, the sector is currently valued at around $3.1 billion and is expected to grow to $8.92 billion in the next five years. With entrepreneurs taking the charge, the future of India looks bright.”
VoloFin co-founder & CFO Roshan Shah said, “On World Entrepreneur Day, we celebrate the relentless spirit of innovation and perseverance that drives entrepreneurs to turn ideas into reality. At VoloFin, we understand that entrepreneurship is not just about starting a business; it’s about solving real-world problems, creating value, and driving economic growth. Every challenge faced is an opportunity for growth, and every setback is a lesson in resilience. To all the entrepreneurs out there, remember that your vision and hard work are the bedrock of a prosperous future. Keep pushing boundaries, embracing change, and fostering innovation. The world needs your creativity and determination more than ever.”
SahiBandhu co-founder & CEO Rajesh Shet, “On World Entrepreneurs Day 2024, SahiBandhu proudly acknowledges the vital role of entrepreneurs in driving innovation and economic progress. We understand the unique challenges faced by small businesses and are dedicated to providing comprehensive financial support through our Gold Loan services. With streamlined, and flexible repayment options, SahiBandhu Gold Loans empowers entrepreneurs to transform their visions into reality, bringing formal credit avenues to budding micro-entrepreneurs and helping people get out of unorganised debt traps. Together, we are fostering a self-reliant India, propelled by the resilience and dynamism of our entrepreneurs. Here’s to advancing growth, creating employment, and ensuring economic self-sufficiency.”
SMEST founder & CFO Harsh Punjabee commented, “World Entrepreneur Day holds special significance for me at SMEST Capital. As the Founder, my vision has always been to democratize India’s debt market, making bond investments accessible and transparent for every investor. Entrepreneurship, to me, is about transforming challenges into opportunities and driving meaningful change. At SMEST Capital, we’re breaking barriers in the financial space by offering Bonds at competitive pricing and client-centric services. On this day, I’m reminded of the resilience and innovation that define my journey and the entrepreneurial spirit that continues to fuel SMEST’s growth. As we mark this day, let us recognize the resilience and creativity that define entrepreneurs, and continue to support and nurture the entrepreneurial ecosystem.”
The Hosteller CEO & founder Pranav Dangi explained, “On World Entrepreneur Day, we celebrate the visionaries who dare to dream big and work tirelessly to turn those dreams into reality. Entrepreneurship is not just about starting a business; it’s about solving problems, creating value, and making a positive impact.
At The Hosteller, our entrepreneurial journey is fueled by a commitment to innovation and community. We strive to redefine travel by offering authentic and sustainable experiences. To all entrepreneurs out there: keep innovating, stay resilient, and remember that your passion can change the world.”
Aspect Global Ventures Pvt Ltd executive chairperson Aksha Kamboj said, ”World Entrepreneur Day serves as a potent reminder that women can transform industries through passion, perseverance, and strategic vision. In my capacity as the head of Aspect Global Ventures and an advocate for diversity, I urge women to take advantage of this day to be inspired, creative, and courageous in pursuing their business goals”
Finally, TAS World founder & managing director Anmol CP Sachdeva, “On World Entrepreneurs Day, visionaries who turn obstacles into opportunity are honored. The path from idea to creation in the real estate industry demands tenacity, vision, and an uncompromising dedication to quality. In order to fulfill changing customer demands, real estate entrepreneurs today must embrace sustainability, stay flexible, and harness innovation in a dynamic market context. This day serves as a reminder of the amazing power we possess to influence the course of our towns and cities and create settings that are alive and well. As business owners, we not only construct buildings but also set the groundwork for a brighter future.”
