One who undertakes an enterprise is an entrepreneur. Pioneer, adventurer, explorer, initiator, and leader are other allied words to entrepreneur. I wish to distinguish the word entrepreneur from other similar words and show how a nation's wealth grows out of it. As soon as a young man completes his education, he looks for a job. If he gets it, he becomes a salaried employee. Not many people have the courage to go in for self-employment. Today not even 5% of young educated men will opt for self-employment on their own. The truth is the entrepreneurs create the wealth of the nation. The salaried employees make their enterprise possible. A great many of those men who seek salaried employment will feel threatened by self-employment.
To seek self-employment, there should be a self. The Self with a capital S belongs to a great soul. Most young men are advised by their parents and friends to AVOID self-employment as a majority of these men fail. In these days of generous bank assistance, a certain section avails of it, with a clear intention of not starting a venture. We can leave them out. There are others who find their status suddenly raised by starting a venture. An illusion possesses them. Before founding an organisation - a company - they start living as though they have accomplished. At best, it is the best course to self-directed ruin. There are others who honestly and efficiently work. Some of them succeed, others fail. My interest is to show the difference.
The very first difference is those who fail start doing things they have not learnt. Unfortunately in our country, there are not many well-established organised schools that teach entrepreneurship. The lender lends on the security of property, not on the experience of the young man who ventures. There should be a law insisting on such people having passed such a course. Such a course could have avoided the bankruptcy of many honest men. Someone who starts such a course will be doing a service. The basic rules of successful entrepreneurship MUST be taught. Teaching does not ensure success. But teaching helps. The very first rule here is not to experiment with bank money or one's own capital, in a work in which they have little or no experience. Experience is important. A dozen other things go with it. But Experience is most essential.