Rural Entrepreneurship: Need to promote it; what can be done?
As we know, entrepreneurship is the process through which enterprises are established. On the basis of that, the ‘Rural Entrepreneurship’ can be explained as entrepreneurship that emanates from rural areas indiversified fields of endeavors such as business, industry, agriculture and many more disciplines. Such kind of entrepreneurship plays a significant role inoverall developmentof developing economies such as India. Let’s see how –
Rural entrepreneurship can:
Create employment opportunities–entrepreneurship in rural areas is capable of tackling the major problem of unemployment as setting up of industrial units will enable employment generation and income creation. Rural entrepreneurship can awaken the rural youth and expose them to various avenues to adopt entrepreneurship and promote it as a career.
Curb migration of rural population – If people in rural areas get employment there, majority of them would stop migrating to urban areas in search of employment opportunities. Furthermore, entrepreneurship in these areas will bring in development of infrastructural facilities such as power, roads, bridges and more. Eventually, this will result in filling the huge gap prevailing between income of rural and urban people.
Promote Indian culture and heritage – We can promote Indian art and handicrafts, which form a great part of our heritage through rural entrepreneurship.
Check on social evils – Growth of entrepreneurship in remote areas can scale down practice of social evils like poverty, illiteracy etc.
Improve standard of living – entrepreneurship in such areas will initiate a wave of awakening andinspire the people to get education and use their skills and create something new. Their education and self-employment will prosper the community, thus enhance their standard of living.
What can be done to encourage entrepreneurship in rural areas?
Rural entrepreneurs invest their efforts in village industries such as Agro-based, Forest based, Textile, Engineering services, handicraft etc. However, rural entrepreneurs have to face several challenges in their journey which most of the times leads to their failure. This discourages entrepreneurial spirit in others who have ideas as well as skills to start an enterprise. Entrepreneurship in rural areas can be developed only if overall industrial and economic environment becomes conducive to its growth. The following measures can be taken to achieve that:
- As raw materials constitute the fundamental of industry, the continuous supply of raw materials must be ensured for smooth production process; a strong raw material-base is created in rural areas itself
- There should be policies for providing adequate capital on easy and flexible terms and conditions to facilitate establishment and development of businesses.
- Rural entrepreneurs must be supported in their marketing initiatives; there must be facilities for educating and facilitating them, especially in those areas which have great potential for growth
- Entrepreneurship in rural areas is majorly associated with risk taking and most of the entrepreneurs consider it as an option while planning their career. There is a dire need for Entrepreneurial Development Programmes, which can develop entrepreneurial aptitude in people through training. This can also be done by educating young minds about entrepreneurship and develop their skills in the schools, colleges, and universities in these areas