General

Entrepreneurship development is crucial to the economic growth and development of any country. Specially, India with it’s ambition of becoming 40-50 trillion economy by 2050 it is important for entrepreneurship to grow multi fold. While there has been a surge in entrepreneurship in Tier 1 cities like Mumbai, Delhi, and Bangalore, Chennai, Hydrabad etc., I feel we have just scratched the surface and we still have huge potential to be unleashed. Tier 2 and Tier 3 cities and rest of Bharat remain largely untapped in terms of their entrepreneurial potential. This is a missed opportunity as these cities have a large population and significant untapped resources that can be leveraged for the benefit of the country. One of the primary benefits of promoting entrepreneurship in Tier 2 and Tier 3 cities is the creation of jobs for locals and leveraging the uniqueness and strength of these diverse cities. By providing opportunities for entrepreneurship, individuals can create jobs for themselves and others, helping to reduce unemployment and underemployment in these areas. This, in turn, can lead to an increase in local spending, driving economic growth and development. Another long-term benefit of promoting entrepreneurship in Tier 2 and Tier 3 cities is the creation of a large pool of local businesses. This can help to promote local talent and creativity, leading to a more diverse and vibrant economy. Additionally, it can help to reduce the concentration of economic power in the hands of a few large corporations, leading to a more balanced distribution of wealth and resources. Moreover, promoting entrepreneurship in Tier 2 and Tier 3 cities can lead to the development of new industries and business models that are uniquely suited to the local context. For example, an entrepreneur in a Tier 2 city might develop a business model that caters specifically to the needs of the local population, taking into account local culture, customs, practices and consumption patterns. This can lead to the creation of innovative new products and services that can be scaled up and replicated in other parts of the country and world, further driving economic growth and development. However, promoting entrepreneurship in Tier 2 and Tier 3 cities does come with its challenges. One of the primary challenges is a lack of access to resources and support systems, such as funding, mentorship, and training. To overcome these challenges, it is important to seed the idea of entrepreneurship in young minds and also it is essential to develop a robust ecosystem that supports entrepreneurship in these areas. While setting up incubators and accelerators, providing access to funding and financing, and offering training and mentorship programs becomes mandatory for fuelling such growth it is also important for minimising the complexity to access such support and taking our hurdle of bureaucracy and deep rooted corruption. If India dreams of becoming economic super power then promoting entrepreneurship development in Tier 2 and Tier 3 cities becomes super important agenda and also, it  is essential for creating jobs for locals, promoting local talent and creativity, increasing gross production and driving economic growth and development. While there are challenges to overcome, the benefits of creating a large pool of local businesses are too great to ignore. By investing in the right resources and support systems, Bharat can unlock the potential of its Tier 2 and Tier 3 cities, creating a more vibrant and prosperous future for the world.

According to Deloitte’s research, 94 percent of executives and 88 percent of employees believe a distinct corporate culture is important to a business’s success. Workplace culture is one of those important elements that define what a company stands for by defining it from A to Z. Maintaining a company culture is not a responsibility of just a CEO, a council, or an HR. It comes from every corner of the organization. It also not lies in free snacks, break rooms, or monthly birthday celebrations. Especially after the COVID-19 era, it is observed that the way the management, and leaders communicate with their team has changed, resulting in creating flexible interactions and environments for people to work in – slowly but certainly adapting to a new culture of openness. The new model of culture and values is being adopted in many companies if not all. A strong corporate culture actually lies in “trusting & understanding” your team, valuing their physical health along with their “mental health”, emphasizing their professional life along with their “personal life”, involving them in “volunteering” for social service, etc. Also highlighting the importance of EQUALITY, INCLUSIVITY, and DIVERSITY among all the team members from time to time, from top to bottom has been widespread and inculcated by many organizations. Corporate culture is not just for the name’s sake, it can be seen as a strategic responsibility for the organization’s growth. When there’s a proper corporate culture defined within an organization, the work process runs smoothly – in the sense, there’s no need to pressurize someone for carrying out an operation. When the culture is right, you can trust anyone to do the right thing. What is your thought on corporate culture and how would you inculcate it within your team?