Creating a business and growing it to generate a profit is entrepreneurship. But that definition is somewhat limiting. The more modern definition of entrepreneurship refers to transforming the world by tackling pressing issues. Social alternatives or bringing about a revolutionary product that challenges the status quo of our day-to-day lives are referred to as entrepreneurship. It's when people take control of their careers and dreams and lead them in the path they desire. The meaning of entrepreneurship involves an entrepreneur or a visionary who undertakes action to bring about a change in the world.
Sustainable employment is the capability of the employee to provide value addition for an organization presently and in the future, while also experiencing added value themselves. Research has shown the significance of entrepreneurship as a tool for the sustainable creation of jobs, a crucial factor needed to grow every country's frugality, especially in developing nations. In a country, entrepreneurship is a sure way to fulfill one's aspirations and a key weapon in fighting unemployment, poverty, and underdevelopment. For this reason, its importance to each individual and family cannot be exaggerated.
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Unemployment among highly educated or skilled youth is a significant challenge for many economies. If such young people were to become entrepreneurs and form new companies, they would not only create jobs for themselves but also create jobs for others. Presently, many developing countries are seeing unemployment as a rising issue. This has caused a spike in people's interest in starting their own businesses. Small businesses are for the most part regarded as the driving force of economic growth, job creation, and poverty reduction in developing countries.
Creating a new venture stimulates the economy by creating employment opportunities for different sections of society. Setting up a brand-new venture creates employment possibilities for laborers, providers of inputs and business systems, marketing traders, and so on. These opportunities provide impetus to the country’s economic growth. Multiple sectors benefit in parallel when new enterprises are set up and while existing enterprises expand. Employment opportunities are created by the entrance of new units in the economy. When there is an increment in the production capacity of the existing units, more employment opportunities are created. A new industrial unit will require raw materials, power, water, banking, communication facilities, plant and machinery, furniture and fixtures, etc. The providers of all these goods and facilities will get work from the establishment of the new unit. The suppliers of all the goods and services will be gaining from this demand. These inputs and services will be required regularly, causing an ongoing demand for these things. The goods and services produced by the entrepreneurs will be marketed. This would require the services of traders. The increase in commercial activity will further require the services of transport, insurance, warehousing or storage, advertisement, etc. The resultant effect would be the creation of more employment opportunities in the economy.
Mr. Anurag Jain, Secretary of the Department of Promotion of Industry and Internal Trade (DPIIT), stated that around 6.5 lakh Indians have got employment with the emergence of more and more start-ups in India. He also mentioned that DPIIT is strategizing to generate 20 lakh of new employment in the sector by officially registering 50,000 new start-ups in the upcoming three years, that is, by 2025. Hence, this shows how important entrepreneurship is for generating and sustaining employment.
In order to analyze entrepreneurship as a tool for sustainable employment, let us look at a company founded in the last decade that has helped create thousands of job opportunities in India, Lenskart.
Created in 2010, Lenskart is an Indian optical prescription eyewear retail chain founded by Peyush Bansal and Amit Chaudhury. Lenskart is India's fastest-growing eyewear business today. With over 5000 employees working for Lenskart, the company has provided thousands of employment opportunities to the Indian workforce. Not only that, it has managed to retain most of its employees by providing them with special benefits and taking good care of them so that labor turnover is minimum. Almost all the employees love to work at Lenskart.
In order to understand how a company helps employment in multiple sectors, it is important to break down the opportunities a company of this scale provides to the economy. Firstly, Lenskart comprises of more than 500 stores in over 40 cities across the country, providing retail, sales, and marketing employment opportunities to the people. Secondly, the company houses over 300 engineers, programmers, and data scientists, helping provide jobs in the technology sector, which is seeing a massive job crunch in recent times. Lastly, their production comes from a manufacturing facility in New Delhi, which produces over 3 lakh pairs of glasses every month. This factory not only helps direct employment for over 500 workers there but also provides impetus to the suppliers and transporters of the raw materials for these glasses, causing the generation of many employment opportunities.
As and when these companies grow, the opportunities provided also grow with them. For instance, Lenksart is planning to hire more than 1600 employees in the coming year with 1,500 more retail employees to oversee its stores, and more than 100 engineers to the technology team across Bangalore, Hyderabad, and NCR.
Such great was Peyush Bansal’s success from his start-up company Lenskart that recently he was invited as an investor on Shark Tank, India. He has invested in more than 15 start-ups on the show and has made his vision very clear that for every rupee he spends in India, he wants the betterment of his fellow Indians and wants India to prosper. This has shown that after he succeeded, he helped other budding entrepreneurs to emerge and helped in sustainable employment.
As of today, entrepreneurship has to a large extent contributed to the financial advancement of countries and has generated employment opportunities for a number of individuals. Apart from increasing national income by the formation of new job opportunities, entrepreneurship acts as a constructive force in economic growth by serving as the bridge between innovation and the marketplace and serving as a tool for sustainable employment.
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