Entrepreneurship is more than just Setting up an Enterprise Date:   Tuesday , March 03, 2015 There are more than a handful of aspects to look into before starting an enterprise. Setting up an enterprise is not one of the easiest things. An entrepreneur has to look at all the dimensions, which can help in the successful functioning of a business. One among the many aspects is to look into new emerging markets. The number of emerging markets has risen by 40 percent over the last decade. This shows there are many opportunities in setting up an enterprise in emerging markets. Entrepreneurs who are resourceful often do well anywhere. However, that may not be the case with everyone. Looking to get into markets, which are just emerging from the grassroots level, may prove to be very beneficial in the end. Choosing the right location is major factor, which hugely adds to do well in an emerging market. Hence, geography plays a key role when it comes to setting up an enterprise. Starting something in the right place can alter the business dynamics to a whole new level. Thus, setting up something in a proper location can shoot up more than other places. Today, Tamil Nadu has a vast scope for education and Maharashtra for agriculture, while Gujarat for its manufacturing industries. These are prime locations for specific ventures. Anything regarding those fields when set up within this geography will always turn out to be a solid investment. Entrepreneurs need to look into these places where the scope for emerging markets is vast. Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs are created by small businesses all around the country. There is a key role for institutions to play, as entrepreneurship education is a lifelong learning process. Institutions can develop the insight needed to discover and create entrepreneurial opportunities. The need of the hour is to help students in finding their market. Institutions and business schools can act as a bridge between industry experts and students. This will allow students to learn from real time mentors about the current market trends rather than receiving theoretical knowledge from the people who teach decade old business tactics. Schools need to educate students in a manner that the correct market is found right after they graduate. Institutions can also collaborate with students and team up to promote them. Close to one fourth of the young entrepreneurs today, are interested in taking a formal education in entrepreneurship. It is a wide topic with no shortage of opportunities. Agriculture as a manufacturing economy is second to education. While education has a lot of potential opportunities, manufacturing economies like agriculture usually generates the highest number of employment. These are the markets, which needs to be focused on and specifically studied. Innovation through Mistakes Many today use the word innovation for the next big thing or something which is really radical. However, innovation is as simple as doing something differently. Replicating and manufacturing things, which are unmet to the public, can be innovation. Students should learn and look to take such steps and stay ahead. The fundamental of innovation is to do something differently. Mistakes will be made but when an individual has the intellect to start an enterprise, that individual also has the wits to learn from those mistakes. Initial mistakes cost less than the mistakes that may occur in the latter stages. Students need to take that risk and look at them as learning opportunities. The best chance of learning from mistakes is when mistakes are made. Learning of this sort happens when students are fundamentally interested in learning. Unlike other professions, entrepreneurship has no specific formula. It usually happens when the need to solve something arises. Students need to find partners to work with. Starting anything alone can be more than one can handle. Partnering up with the right team is thus, very pivotal in solving any given issue. Business is about people, thus collaborating with likeminded individuals is very important while starting an enterprise. When a company does things differently at a better cost to provide better quality, while solving a problem, it will prevail. Do not start a business, solve a problem. (As told to John Angami) Raj Krishnamurthy Raj Krishnamurthy is the co-founder and board member of JagritiYatra, which is a is a 15-day long, national train journey that will take enthusiastic young entrepreneurs 8000 kilometers across the length and breadth of India, to understand and build the India of smaller towns and villages through enterprise. He is an Innovations Director at Interserveplc, a multi-national support services and construction company based in the UK. Raj is a graduate of IIT Bombay, Purdue University and Santa Clara University. He has lived and worked in Silicon Valley, Singapore, Israel and now divides his time between the UK and India.