Understanding Entrepreneurial Aspirations among Youth in India: A Focus on Key Drivers and Challenges

Abstract: This study aims at exploring the Entrepreneurial aspirations, inhibitions and traits of youth. Youth in India is most powerful and realistic to create positive change than any other generation. They are the agent of social mobility. Constructive aspiration of youth has positive consequences in society. Developing entrepreneurial skills among youth is more important for the growth of an economy like India. This paper focuses on the several key drivers of entrepreneurial aspirations and entrepreneurial motivations. It will create employment opportunities and increase the country’s exports, which in turn will lead to improvement in the standard of living. Job aspiration is directed among youth towards correct path according to their ability. The word ‘Aspiration’ denotes ‘a will to succeed’. It helps to move an individual from one socio-economic position to other. For occupational mobility young minds need to have corrected planning and correct training through proper guidance. This paper focuses on the several key drivers that contribute to and impede the creation and organization of their own business by the youth and covers entrepreneurial aspirations and entrepreneurial motivations. The paper identify key areas for activating the entrepreneurial activity of young people and draw conclusions that the implementation of such areas helps to achieve the main goal - the development of youth entrepreneurship and, consequently, the provision of an innovative way of economic development. This paper also highlights the support from Government of India for Innovation and Entrepreneurship in India. In India, various initiatives have been taken by the government from time to time for entrepreneurship development in the country. The article considers the problems of the development of youth entrepreneurship as a factor in ensuring long-term economic growth of the country as youth segment of entrepreneurship faces a number of problems, so it covers the challenges and issues faced by young Entrepreneurs in India.

Keywords: Entrepreneurial Aspirations, Motivation, Youth, Challenges, Schemes