Entrepreneurship has been identified as the primary growth engine of any Economy. In the early 1990s when India opened up its markets to Globalization, we saw the spirit of entrepreneurship receiving a tremendous impetus cited with several instances of Startups or Small and medium sized businesses growing leaps and bounds benefiting the nation’s economy. Infosys has been an excellent example of how entrepreneurship has contributed to India’s growth and that too both in tangible and intangible value terms bringing global recognition of India’s Knowledge driven economy. However Entrepreneurs face several challenges which impediments to their growth. A few of the challenged being
· Limited exposure to capital for running their businesses
· Limited access to experienced IT resources
· Lacking processes and systems which can help grow their businesses
· Inability to Innovate
IT has been the catalyst which helps businesses to foster growth, which Entrepreneurs have not truly been able to leverage very effectively. This primarily being due to the high entry barriers, primarily owing to the high capital which needs to be invested upfront in terms of hardware and software, associated in building applications and systems even before the Enterprise would have started earning any revenue. Due to this the traditional IT delivery model has not been conducive for Entrepreneurs to innovate as the risk associated with failure is very high.
With the latest computing paradigm aka “Cloud Computing”, the IT barriers have dropped and entrepreneurs can now look at leveraging IT as a tool for innovation which can script more growth stories.
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