The Telegraph
Since 1st March, 1999
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Entrepreneurs key to jobs

Calcutta, Nov. 12: Leading management consultant McKinsey says India must produce at least 10 million jobs a year to keep a tab on unemployment. The best year so far was 1996 when five million jobs were created in the country.

It has been much worse in most other years. So what does the country do' Produce more entrepreneurs, says Larry C. Farrell, a leading American management consultant.

“In the US, most jobs are created by small and medium size businesses, whereas large corporations downsize,” Farell says. The government should encourage people to become entrepreneurs—they are the people who create jobs.

“Taiwan is a classic example. It has created an entrepreneurial culture. All you need to start a business of your own is a bit of money and a little knowledge. Students should be taught how they could produce something people would buy.

“You also need access to capital, but the average cost of starting a business in the US is as low as $ 14,000. You can actually start a business with two credit cards,” Farrell says, pointing out that a student spends around $ 25,000 per year for an MBA course at the Harvard Business School.

Farrell says it is important for every individual to develop entrepreneurial skills. “September 11 cost two million jobs in the tourism and ancillary industries. There’s no job security any more. You should know how to feed your family if you lose your job.”

Farrell, who is on his third visit to India this year, will be delivering a lecture on the need to develop an entrepreneurial culture in a seminar organised by the Confederation of India Industry (CII).

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