Dr Bilal Ahmad Dar
Entrepreneurship offers an essential avenue for young people to support themselves and their families, grow businesses to provide employment to others, and play a part in strengthening their country’s economy. Small-and medium-sized enterprises have been the backbone of the recent economic growth in many countries around the world. Experience has shown that nations that support their entrepreneurs have grown and prospered over the past several decades, while nations that have placed barriers to the growth of small enterprises have done poorly.
The participation of young people is often overlooked in the economic sphere as well as the policymaking process. While youth are frequently the target of educational and employment-related reforms, they do not often play a role in shaping those reforms. However, their input is essential because it strengthens and improves policies that affect their lives. Young people in Kashmir are very familiar with the problems that they face in starting and running a business and have practical ideas on how to address those problems.
To increase entrepreneurship, young people in Kashmir need to develop the right set of skills also in conjunction with the development of an environment where it is easy to start and operate a business. While having the knowledge and the right skills is very important to running a successful business, it is equally crucial to pay attention to the quality of the business environment. Education: Math, economics, reading, and English language, as well as developed critical thinking skills, are used in business every day. Without a quality basic education, young people will not have the essential skill set that is required to develop and run a successful business. In addition to a general education, aspiring entrepreneurs needs business skills training. Most young people have never written a business plan, prepared a budget, or requested a loan. Knowing how to do these, among other standard business operations, is vital for long-term business success. For many young people, starting a business is a risky undertaking, and they do not always know how to manage their funds or take their ideas to the next level. The support and guidance of a successful businessperson can give aspiring entrepreneurs the confidence to turn their ideas into businesses because they know that they have a knowledgeable resource to turn to if they come across any obstacles. Additionally, Internships during high school or university can give students a good deal of exposure to the business world and help them acquire the skills that they will need when opening and running a business. To start a business, youth need seed money. However, they are considered high risk borrowers (with little access to collateral) and are thus denied loans by financial institutions. Microfinance programs can help to a certain degree, but to build a business that will grow beyond a subsistence-level endeavor, youth need access to larger, low interest loans.
Current Challenges in Kashmir
- Young people lack the skills to establish and operate a business.
- The educational system does not address the concept of entrepreneurship, and teachers do not provide guidance to students on this topic.
- Elders discourage young people from opening businesses.
- There is a lack of effective counseling and guidance for becoming a successful entrepreneur.
- There is a lack of access to finance for young entrepreneurs.
- Potential entrepreneurs are reluctant to take the risk to open a business.
- A number of Government policies create hurdles for establishing and operating businesses.
Entrepreneurship Policy covers measures undertaken to establish entrepreneur friendly legal and regulatory frameworks intended to foster the process of entrepreneurship development in any economy. The primary responsibility in developing entrepreneurial friendly policy environment and enforcing the legal and regulatory Policy framework rests with the governments. To help existing and potential entrepreneurs unleash their entrepreneurial talent. Governments need to create a regulatory environment that encourages them to formally start up and grow. This can be achieved by designing and implementing the apt Policies resulting in the establishment of an entrepreneur friendly ‘Policy Ecosystem’ necessary for the overall entrepreneurship development across the sectors. As such ‘Government Policy Ecosystem’ is central to the rate of generation of entrepreneurs in any economy and generally includes Policies relating to government spending, taxation, and regulation.etc. Governments through their laws, regulations, investments, and other Policies create a considerable impact on where entrepreneurs choose to establish new enterprises and the probability that those enterprises will succeed. The government policies should result in a framework or culture that encourages and promotes entrepreneurship throughout society and develops a capacity within the population to recognize and pursue opportunity.
PhD from Jaipur national university Jaipur
Department: school of business and management