Focusing on small business and startups

Tejas jain, Founder of BimaKavach

Small businesses and startups are the backbone of our economy, serving as engines of innovation, job creation, and growth. Over 90% of businesses in India are MSMEs creating employment, especially for youth and women. As talent incubators, they introduce ideas, products, technologies, and services impacting various sectors.

However, these promising ventures face constraints around financing, infrastructure, market access, and risks. We must support entrepreneurs' spirit of enterprise and contribution by providing skill development, access to credit, and risk management.

With frameworks supporting small business growth cycles and market access, alongside risk mitigation tools, entrepreneurs can thrive, spur competitiveness, and advance India's vision of a $5 trillion economy fueled by entrepreneurship. Collective action to promote and secure entrepreneurs will drive dividends for the economy and society."

~ Kiran Rudrappa - CEO & Co-Founder, Posspole

"Being an entrepreneur building a product, service, team and a company is challenging specially in a market which is changing continuously.

National Entrepreneurship Day marks a celebration of the role played by those individuals who went beyond their comfort zone and put their efforts to build small , medium and big businesses and startups in driving economic growth, fostering innovation, and creating employment opportunities. These dynamic entities significantly contribute to a nation's GDP by introducing novel products, services, and business models. Their ability to adapt swiftly to market changes makes them vital for sustained economic development. Small businesses and startups act as catalysts for innovation, challenging norms, and offering creative solutions to societal challenges especially in a country like India where we live with multi cultures. Moreover, small businesses and startups are major contributors to job creation, especially startups known for rapid scaling. Beyond economic impact, these enterprises promote diversity, adapt to technological changes, and contribute to the resilience of communities. National Entrepreneurship Day is an occasion to acknowledge and support the entrepreneurial spirit, recognizing its profound influence on local and global economies."

Arjun Naik, Founder, and CEO, Scandron

"National Entrepreneur Day 2023 is a tribute to the drive for innovation that small businesses and startups embody. We acknowledge the role these enterprises play in driving growth, fostering creativity and generating employment opportunities. Small businesses are the heartbeat of our economy injecting vitality and variety into industries. They serve as incubators of originality giving birth to groundbreaking ideas that reshape markets and entire industries. As we honor and recognize the efforts of entrepreneurs we admire their ability to persevere through obstacles and their unwavering dedication to transforming aspirations into achievements. We exemplify the transformative power of entrepreneurship, inspiring others to take the plunge, innovate, and contribute to the fabric of a thriving economy. Today, we salute the risk-takers, the dreamers, and the doers who drive our collective progress, making National Entrepreneur Day a poignant tribute to the engine of our economic vitality."

Amit Bansal, Co-Founder of 91Squarefeet- a YCombinator startup

"Start-ups and small businesses foster innovation, create jobs, and contribute to the diversification of the economy. By introducing new products, services, and technologies, they stimulate competition, driving established companies to innovate and improve. Furthermore, they often target underserved markets, providing goods and services to those who may have been overlooked by larger corporations. This leads to a more inclusive and equitable economic growth and contributes directly to national income.

The rapidly shifting technology landscape presents a wealth of opportunities for startups. Emerging technologies such as artificial intelligence, machine learning, and IoT are revolutionizing industries and creating new markets. It's essential to remember that sustainable growth and long-term success require a viable business model and a solid financial foundation. Innovating new products and services presents a tremendous opportunity; however, without a focus on profitability, a start-up may struggle to secure necessary funding, attract investors, or achieve self-sustainability in the long run. Therefore, balancing innovation with profitability should be a key consideration in any start-up's strategic planning."

Gaurav VK Singhvi, Co-founder of We founder Circle

I made the bold decision to leave my well settled corporate job at reliance Industries Limited and venture into entrepreneurship. My mentor told me there “The Finest Steel has to go through the hottest fire” and I started my practice in Surat, a city where I had no familial connections. It was a humble beginning with just one employee, but I was determined to make my mark.

Fast forward to 2013, I ventured into the world of startups with Finmart.com, India’s firstonline portal for Chartered Accountancy services. I thought that I would succeed because I know my subject very well, but at that time I didn’t know that I don’t know how to market my subject very well with a startup. I didn’t know a thing about social media and how better can I promote this to the correct set of audience. When you are doing business, being master in your subject area is not what is necessary rather you have to adapt yourself to the ever evolving environment. You have to know how the digital medium works, the right set of audience behaviour and for that my CA knowledge also didn’t come to rescue. However, Despite my efforts and a significant investment of my own, the venture did not succeed. It was a hard pill to swallow, but I learned a crucial lesson: either innovate or invest in innovation.