Theme:-Skill management: An initiative towards entrepreneurship or

self-employment.

Title:-Entrepreneurial Skills: Stand Out To Succeed

By
Sam Richard and Sylvester William
SIES College of Commerce And Economics, Sion (E).
&
Dr. Seethalekshmy.N
Associate Professor
SIES College of Commerce And Economics, Sion (E).
&
Dr. Shanti Suresh
Head of Commerce Department
SIES College of Commerce And Economics, Sion (E).
 ENTREPRENEURIAL SKILLS: STAND OUT TO SUCCEED

ABSTRACT:
Out of the vast population of students that graduate from various institutions each year,
majority opt to work under someone rather than being self-employed or being an
entrepreneur. Thus it can be established that a certain skill set is required to become an
entrepreneur, which one needs to develop at an early stage. The research paper focuses
on the skills set possessed by the current entrepreneur’s vis-à-vis the present generation,
thus aiming to study the skill gap. Skill gap refers to the difference in the skill set
possessed by the present generation and the industry requirement. The reason why
majority do not go for self-employment is due to this gap. The researcher has conducted a
survey, in which, entrepreneurs and students were required to answer a certain set of
questions related to the skills they possess, skills they lack and skills which they consider
are vital to be an entrepreneur. Through this research paper we aim to study the skill gap,
and reason as to what the younger generation lacks in terms of skills and come up with
suggestions to reduce the gap. Further, we analyze the skills which the entrepreneurs
suggest, will be required in future, to set up an entrepreneurship and face the obstacles
that the younger generation may come across.

INTRODUCTION:
An entrepreneur is an asset to the economy. The entrepreneur not only creates
employment opportunities for the society, but also incentivizes the mobilization
and optimum utilization of resources. Keeping this in mind, the Make in India
campaign was launched by the Government of India on 25 September 2014 to
encourage companies to manufacture their products in India and also increase their
investment. However, due to the cut throat competition prevailing in the market, it
is necessary for the entrepreneur to possess a certain set of skills to survive and
flourish. It is essential to take care that the millennial cultivate and develop these
skill set so that they can survive in any field.
OBJECTIVES OF THE STUDY:
1. To study the skill set of the current entrepreneurs.
2. To study the skills of degree college students.
3. To find out whether the skills possessed by the current generation are at par
with the industrial requirements.

REVIEW OF LITERATURE:
India’s Prime Minister, Narendra Modi has quoted, “When we talk about Skill
India Mission, we do not merely talk about filling the pockets of people. We have
to instill a sense of self-confidence among the poor.”

LIMITATIONS OF THE STUDY:

1. The study has selected an area with only a small sample size.
2. Students going through graduations were surveyed. Students from the
following courses were surveyed: BCom, BMS, BscIT and BFM.
3. Only Sion area was considered for the study.

HYPOTHESIS:
The study is based on certain assumptions:-

H01: The student population knows about the skills required by an entrepreneur.

H11: The student population doesn’t know about the skills required by an
entrepreneur.

H02: The student population doesn’t possess the skills required to become an
entrepreneur.

H12: The student population possesses the skills required to become an

entrepreneur.

METHODOLOGY:
This research is based on both primary and secondary sources of data collection.
Primary data is collected with the help of a survey which was conducted to know
the skills possessed and desired by an entrepreneur. 22 businessmen were surveyed
for this purpose. 48 students were asked to fill up a questionnaire to know the skills
that they possessed and the ones that they thought had to be developed, in order to
become a successful entrepreneur. Secondary data is collected from books,
journals and websites in order to throw light upon the concepts and facts related to
the topic.

Entrepreneurship refers to the capacity to develop, organize and manage a business

venture along with any of its risk in order to make a profit. The most obvious
example of entrepreneurship is the starting of new businesses. In economics,
entrepreneurship combined with land, labor and capital can produce profit.

An Entrepreneur is a person who sets up and starts a business. Usually, he has to

start from scratch with a view to develop a dynasty. He aims at profits and is
willing to take all the risks associated with it. In this process he benefits the society
and the economy in numerous ways. A business creates employment opportunities
in a big way. It pays taxes, which forms revenue to the government. When such a
business is established and is in the initial stage, it is called a start-up company.
India is said to be third largest host for startups in the world. It is estimated that by
the year 2020, there would be around 11,500 start-ups in India. These start-ups
would be able to employ around 300000 people. We can clearly see that setting up
of businesses is helping the economy in a big way. But, the amount of businesses
and businessmen is not enough to sustain such an enormous economy.

Each year, 5000000 students pass out as graduates in India. Majority of the
students prefer to be employed by someone, due to various reasons. But it has been
a major issue. More and more graduates must undertake a business in order to
revive the economy. However, not every graduate is capable of running a business.
This is because being an entrepreneur requires certain set of skills, and these skills
must be developed.

Skill is the ability and capacity acquired through deliberate, systematic and
sustained effort to smoothly and adaptively carry out complex activities or job
functions involving ideas (conceptual/cognitive skills), things (technical skills)
and/or people(interpersonal skills).

The 3 main entrepreneurial skills are technical skills, human skills and conceptual
skills.

Technical Skills:-refer to the ability to apply your specialized knowledge or

expertise

Human Skills:-refer to the ability to understand, communicate with, motivate, and

support other people, both individually and in groups.

Conceptual Skills:-refer to the ability to analyze and diagnose complex situations.

In the survey conducted, the entrepreneurs suggest, in order to establish a business,

the students (next generation) must develop these skills by the means of practical
exposure in the industry.

In 1991, the Government of India realized that the government norms are too
stringent for setting up and running of business in India. It introduced the New
Economic Policy (1991) for encouraging liberalized and free running of business,
thinking that business enterprises will flourish. It was very helpful.

However, the government noticed only recently that the development of skill is
very essential in order to become a successful entrepreneur and compete in a global
market. ‘Make in India’ campaign was launched by the Government of India on 25
September 2014 to encourage companies to manufacture their products in India
and also increase their investment. When this program was getting implemented,
the government realized that the people who were expected to become
entrepreneurs lacked the essential skills. Hence, Skill India was launched by Prime
Minister Narendra Modi on 15 July 2015 with an aim to train over 40 crore people
in India in different skills by 2022."National Skill Development Mission",
"National Policy for Skill Development and Entrepreneurship, 2015", "Pradhan
Mantri Kaushal Vikas Yojana (PMKVY)" and the "Skill Loan scheme" are a few
programs included in this campaign.

H01: The student population knows about the skills required by an entrepreneur.
The survey proved that the student population knows about the skills required by
an entrepreneur. Hence, this hypothesis is accepted.

H02: The student population doesn’t possess the skills required to become an
entrepreneur.

The survey proved that the student population doesn’t possess the skills required to
become an entrepreneur right now. However, by following the suggestions and
recommendations, these skills can be developed.

ANALYSIS AND INTERPRETATION:-

In the survey conducted among the students, they were asked if the current skill set
that they possess help them to be a successful entrepreneur. The answers are
compiled and shown through a chart.

12.5% of the students surveyed think that they can definitely become a successful
entrepreneur with their current skill set.

35.6% of the students think that they can become a successful entrepreneur with
their current skill set.
43.8% of the students are not sure if they can become a successful entrepreneur
with their current skill set.

8.3% of the students think that they cannot become a successful entrepreneur with
their current skill set.

More than 50% of the students either don’t know if, with their current skills, they
could be a successful entrepreneur, or, they know that they can’t become one.

SUGGESTIONS AND RECOMENDATIONS:

The suggestions given by the entrepreneurs to enhance the skill set of the students
are:-

 Get practical hands on experience of running an entrepreneurship, along with

having academic achievements. Go for internships.
 Have mental and emotional strength to face challenges and failures without
losing hope.
 The entrepreneurs want courses that give practical knowledge to the students, to
be added in the curriculum. Students should acquire additional diploma courses
in skill development.
 Include student mentoring programs to keep their attitude emotional quotient
balanced. Attend workshops and get help when needed.
 Master the art of time management.
 Be up to date with the technological advancements taking place every minute,
world over.
 Be creative. The future entrepreneurs will not survive if not creative and
innovative.

CONCLUSIONS:
The entrepreneurs have a particular set of skills pertaining to industry which they
belong. They either possessed these skills or developed them, in order to be
successful in their business. Now, the present generation has to produce a huge
number of entrepreneurs in order to sustain the growth of our economy. Hence, the
required skills must be inculcated in these students. In this research paper, we have
seen what are the skills regarded as vital for carrying out an entrepreneurship and
how these skills can be developed in the youngsters of today. To make and sustain
a powerful Indian economy, the government has also taken extraordinary
initiatives.

However, there is a long way to go for India to turn the dreams to reality. I
would like to summarize this scenario and end this presentation on a poetic note:

The woods are lovely, dark and deep,

But I have promises to keep,

And miles to go before I sleep,

And miles to go before I sleep.

-Robert Frost

BIBLOGRAPHY:
Robbins S.P., Judge T.A. (2009) Organizational Behavior, Dorling Kindersley
(India) Pvt. Ltd.

Murthy E.N. (June 2018) The IUP Journal of Soft Skills, IUP Publications.

http://www.spjimr.org/blog/entrepreneurship-india-then-and-now

http://m.authorstream.com/presentation/macmba95-1804980-current-scenario-
entrepreneurship-india/

http://www.grovine.com/indian-startups-current-scenario-and-key-highlights-of-
2017/