Overview of entrepreneurship
There are a lot of ways to collect funds for your project if you have a great idea...
Entrepreneurship can be defined as the process of developing a business with a new idea or a business process.
Entrepreneurs are the ones who are involved in the process. Entrepreneurs are the hidden heroes of the societies.
You may know some of the famous entrepreneurs like Steve Jobs, Michael Dell, Dhirubhai Ambani, and so on, but you obviously don't know most of them who have changed your life in a positive way.
Inventors invent new things, but entrepreneurs are the ones who bring them in the market for common people. These people impact the economy of a nation in a positive way. In the next section of this article, we will discuss why developing economies like India, Sri Lanka, and others are great places for entrepreneurs than other advanced economies.
Why India and other developing economies?
After looking at the state of developed nations, you might be thinking that the places like the United States, Australia, United Kingdom, and others are heaven for entrepreneurs, but this is a myth. According to the statistic, around 90% of the startups fail in the United States.
Why does this happen? It's because most of the problems are already solved in the United States. Entrepreneurs should think of solving the problems in a better way. However, it's not in the case of India and other developing economies. Most of the problems are still unsolved, and there is are huge business opportunities.
Have you ever wondered why so many companies choose emerging economies to expand their businesses? It's because the people have not yet capitalized on the market opportunity. There is a greater opportunity for the people who are looking for a job, but it's tough for the people there who are looking to start their own business.
Here are some of the top reasons why India and other developing countries are better places for entrepreneurs than other advanced nations:
1. Many unsolved problems: Entrepreneurs love problems, and they try to make money by solving the problems of the society. In advanced nations, you will find many companies trying to solve every single problem of a person. However, it's not in the case of developing nations, and there are many problems that are still unsolved.
2. High potential for growth: In many developed nations, there is a very minimum opportunity for growth. For an instance, it's a difficult task to make people buy additional cars or try a new washing machine in a nation where everyone already owns a car or have a washing machine.
However, there are many people in developing nations who are willing to buy a new car or a washing machine because they currently don't own them.
3. No need to capture other's market to earn money: There is a need to capture other's market to grow your business in a developed nation. We can see how Tesla Inc is slowly capturing other automobile companies' market to grow its market. In the case of the developing nations, it may not be a necessity.
4. Low labor cost to start: Unlike advanced economies with higher wage demands, the startups can start employing people at a comparatively cheaper rate to get their company running.
Conclusion
If you're thinking of moving to other nations for a better lifestyle, then you should consider the points mentioned in the above section of this article. There is a great chance for common people like you to capitalize on the opportunity before other companies capitalize on it.
You can search for the various ways to collect the fund for your idea to bring a change in your nation.
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