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REPORTS 116
EDII

entrepreneurial activity – the total early-stage entrepreneurial
activity (TEA) has declined signicantly due to the COVID -19
pandemic. Of the total population in the working age group in
2019-20, TEA was 15 % but has come down to 5.34%.’ Let me
add that the study noted how the TEA decline is more severe in
the case of female entrepreneurial activity which decreased by
79% as compared to the male entrepreneurial activities that fell
by 53%. The overall entrepreneurial intentions fell to 20.31% in
2020-21 as compared to 33.3% in 2019-20.

While I highlight these statistics to show that entrepreneurship
did get affected as a career choice, during the pandemic, I also
hastily add that a good percentage of the respondents, i.e.
53% said that they knew someone who had started afresh
during these difcult times. So, can we draw the conclusion
that business has not been a vulnerable option for all? Some
could still think ‘differently.’ No wonder the COVID years, ie,
2019 to 2021, have seen the rise of maximum unicorns. 44, 10
and 9 in the years 2021, 2020 and 2019 respectively.

Many entrepreneurial businesses pivoted to meet new needs
for goods or services borne out of the crisis and did not just
survive but grew. Many learnt to think fast and innovatively, mobilize their resources to create sustainable
and protable ventures, betting the times. So, while the overall scenario seems to have got affected, the
COVID times, did unleash a wave of innovation. The agility of entrepreneurs to leverage their networks and
repurpose their expertise and equipment, has seen success. These are the ones who have combined
ingenuity and resources to create a safer future.

I vouch for entrepreneurship that is supported by the right kind of knowledge, skills and focus.
Entrepreneurship has undoubtedly become a key factor for sustainable economic growth and has huge
potential in every possible way. Efforts to improve the country’s entrepreneurial ecosystem should also
keep owing. Entrepreneurship education at school and college levels could be extremely helpful in
creating ‘thinking & aware entrepreneurs’ who do not crumble under crisis; instead curate ways and
methods to survive. Also, let me add, focussed research, policy advocacy and a pool of mentors would also
greatly benet in improving the entrepreneurial landscape of the country.

I look forward to multitudes opting to learn the dynamics of entrepreneurship and adopting it as a career.

Best wishes !!!

- Sunil Shukla

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