Entrepreneurship “redefined”

The planning of the financial year begins with the release of the budget document which has recently come up with a few unique features. These features include the early presentation of the budget document, combining the general budget with the railway budget, doing away with the planned and non -planned segregation of the expenditure in the budget and so on.

As it is evident, budget is a forward looking activity and its analysis is significant for getting further guidance. It is a document which requires one to analyze interrelationships between various social sciences and to further analyze the upcoming trends in the society by taking into consideration the social and economic life of an individual. Every budget is a fresh opportunity to analyze such relationships. A close analysis of the budget needs to be done so as to get an idea of the causes behind some current trends in the society and most importantly to anticipate the required solutions for maintaining the grace of the most important asset of any society i.e. “Human Resource”

An era of uncertainties

Every budget document or any policy decision is based on some conjuncture of future course of action circled by uncertainties. Having said this, one can also mention that society is not static but a dynamic entity and the uncertainties at all levels in the society can be said to be emerging out of dynamism.

The process of social change is a continuous process which also proves society to be an entity which develops on its own. The era of uncertainties seems to have emerged out of the pace of the dynamism. The pace of dynamism, if not matched with grasping at the level of the individuals, may lead to the stage wherein the process of dynamism becomes too much for the individuals to handle. An eminent Sociologist, Emile Durkheim, makes a mention of an “anomic stage” which can here be related to the mindsets of the individuals in the era of uncertainties. Individuals have been living in this era of uncertainties which gets reflected in socio-economic spheres. The uncertainties regarding employment, the uncertain status of the relations among the individuals in the society can be mentioned to be a few among the examples.

What are Uncertainties?

Uncertainties can simply be defined as the situation wherein the individuals are unsure. The current era represents such uncertainties with respect to every social institution. Be it the uncertain relations between the individuals, job insecurity, changing structure of family or the situation of being educated and unemployed at the same time. Such situations make one ponder over the complex era of uncertainties.

Today, the economic world is characterized by risks and uncertainties. In the technology driven economies, pace of change brings uncertainty and discomfort in economic life of a person which then percolates to the other walks of life. To quote Keynes “we are suffering from the painfulness of readjustment between one economic period and another. The increase of technical efficiency has been taking place faster than we can deal with the problem of labor absorption…..”

Automation and use of cost cutting techniques have raised the concerns regarding jobs. Individual engaged in keeping up with the pace of changing world finds a little room for family life and gets no time for any aesthetic and literary pursuits. Uncertain income prospects make family life unstable leading to fragile emotional ties making the society prone to panic reactions and intolerance.

Further, one would not be wrong in bringing about the concept of “inequality” here to mention that the rewards that are distributed in the society are different for different individuals. According to Robert Merton, individuals in the society will always try to evaluate themselves and aspire to be like the “Reference groups” which set the benchmarks in the society.

According to William Thompson and Joseph Hickey, “Reference groups are groups that people refer to when evaluating their (own) qualities, circumstances, behavior, values and attitudes” This evaluation can further lead to the mindset of comparisons and at this point, limitations can end up in frustration and a complex situation which becomes difficult to tackle in the society.

An era of “creating” job opportunities: redefining entrepreneurship

The “Uncertainty and risk theory of Profit” attributes rise of profits with uncertainty out of dynamism of the economy and it would not be wrong to point out that the process of technological change and innovations bring about dynamism. This is the time when the “dynamism” of the individuals can match up with the “dynamism” of the society.

To be precise, uncertainties are developed because of stereotypical set up of the society and the unwillingness of the individuals to go offbeat in their endeavors along with the unwillingness of the society to accept the offbeat endeavors. Thus, to tackle this problem with respect to mindset of both – the society and the individuals, George Herbert Mead comes to our rescue.

Mead presents profound concepts of “I”, “Me” and “Self” which can be said to be developed through education. “I” is the individual, “Me” is the individual shaped up by the society and the “self” strikes the balance between both – “I” and “Me”.

Thus, to solve the problem of uncertainties, one needs to redefine “Entrepreneurship” by creating the job opportunities with the help of the profound “self”. While it is said that India is soon going to experience the “Demographic Dividend”, the recent initiatives like “Skill Development” present a ray of hope however, they can be used to bring about temporary outputs only.

If at all India wants to develop the quality human resource which is a need of an hour, it will have to inculcate the idea of “self” in every individual which can be achieved by striking a balance between the socialized aspect i.e. “Me” and the active aspect of the person i.e. “I”.

The sooner we move towards the development of the “self” the more we will be turning our “demographic dividend” into an asset rather that keeping it a liability. To tackle the uncertainties it is required to redefine entrepreneurship along with refreshed mindsets.