Nurturing Entrepreneurial Ecosystems in India: Lessons Start-up Entrepreneurs

In a country like India, even though various important projects have been introduced to tackle the hurdles of entrepreneurship activities, most of them fail to address the peculiar challenges raised by start-ups. Extensive research is being conducted in the arena of start-up entrepreneurs and the positive influence of a good entrepreneurial ecosystem in their development. In this attempt to comprehend factors that allow the fostering of start-up ventures, several researchers focus on the part of stakeholders in the nurture of business ecosystems. The understanding of the diverse stakeholders that can influence the nurturing of entrepreneurship ventures in itself will help business enthusiasts in organizing and managing these diverse aspects in order to produce combined positive output in entrepreneurship. The paper studies diverse stakeholders in India ranging from universities, government, private organizations to incubators and other accelerators in order to conceptualize their roles in development of a good entrepreneurial ecosystem. In this study, the emphasis is on how to collaborate and intervene these factors in framing a proper network of individual entrepreneurial ecosystems, there by expanding them to a large network of business ecosystem through holistic approach and eventually boosting innovative start-ups in India.


Introduction
Entrepreneurial ecosystems refer to an interconnected network comprising innumerable stakeholders and resources managed, directed and organized in a constructive manner in order to ensure growth, advancement and sustainability of entrepreneurial ventures. In the recent times of globalization, with ever expanding market economy and emerging diverse demands of population, innovative in business is a prerequisite for the effective growth of capital of a nation. Start-up innovative have a primordial role in developing the potential of human resources as well as in managing the financial capabilities and progress of a territory. Nurturing entrepreneurial ecosystems is crucial for promoting entrepreneurship roles and it plays a major position in the growth of the above-mentioned start-up ventures in a country.
There are several stakeholders that affect and influence the growth of entrepreneurial ventures of a country. These stakeholders include diverse sectors ranging from universities, research organizations, private firms to government, incubators and accelerators. They, being the critical stakeholders with immense potential in aiding the growth of business ecosystems, nurturing of these ecosystems can only be ensured by promoting effective collaboration of the above- Furthermore, in the case of a country like India, there is requirement of interventions and changes at various government policies in order to make certain nurturing of entrepreneurial ecosystems.
The policy makers have to persistently address the challenges and take necessary steps to tackle the hurdles that start-up communities face at all stages of their establishment to a successful firm.
These challenges primarily revolve around lack of finance resources, limited management in market structures as well as several hurdles regarding regulation of business matters. It is only through holistic approach from the side of policy makers and government regulations one can ensure a proper, nurturing ecosystem that promote the growth and success of start-up ventures in a country like India.

Objective
To measure the factors contributing to nurturing entrepreneurial ecosystems in India

Methodology
This study is descriptive in nature in which the data were obtained from the 217 respondents who have knowledge and experience of hospitality sectors. The respondents could include entrepreneurs, investors, incubators and accelerators, academics, government officials, industry associations and non-profit organizations. A checklist question was used to analyze and interpret the data. In a checklist question respondents choose "Yes" or "No" for all the questions.

Conclusion
Nurturing entrepreneurial ecosystems in India plays key role in promoting economic growth, entrepreneurial ecosystem not only aids the growth of economy and create more opportunities particularly for the youngsters, but also contributes to the overall progress of society by creating space to interact with new skills, technology and hence forming ideas and perspectives that drives the betterment of living conditions. However, there are several challenges that start-ups in India face varying from lack of access to finance, insufficient resources, limited guidance about technology to improper networking facilities in managing business encounters. Persistent researches in parallel with advancing technology and evolving social demands is a requisite in tackling these challenges that start-up communities face and it is only by expanding the study on how to nurture a good entrepreneurial ecosystem one be able to facilitate the same.