Human resource management practices required for entrepreneurial ventures with special reference to attitude, skills and knowledge

Abstract

India has immense human resource and major part of this resource is channelized to foreign nations through Business Process Outsourcing and call centre Units. Factors of Production are different in nature and type like men, money, material, capital and technology. The Major differences between these factors are those with emotions and without emotions. There are different strategies to deal with these factors. This paper particularly deals with human factor. The management of human factor is especially needing to deal with emotions, intelligence, physical and mental efforts, knowledge and skills involved with human factor. Best utilization of human resources leads to good human resource practices and of course these resources are very much needed for Entrepreneurial development. Now a day’s getting employment is very big and difficult task and young graduates are waiting for placements. Graduation does not mean certification, it should equip the graduates to get placement or to give placement for others. As for as the status of unemployment is concerned, the recent survey made by Centre for Monitoring Indian Economy (CMIE, 2018) shows there are 31million Indians are unemployed and looking for job. This survey is also accounts only educated unemployed. But still unemployed means it must include illiterates and less educated also. Hence the problem of unemployment is very serious one. Lot of educational institutions is coming up day by day and produces more number of educated unemployed. Hence, self employment or entrepreneurship is the only solution to solve this unexplainable issue. It not only requires qualification, even without qualification entrepreneurs can shine with good communication, inter-personal skills, and problem solving and self-confidence skills. Human resource practices are very much helpful for successful management of entrepreneurial environment. Therefore, the development of Entrepreneurship with the inclusion of best Human resource practices is need of the hour. Government should also take effective steps to develop entrepreneurial qualities like attitude, skills and knowledge among the student community and general practitioners. All the government and private agencies must co-ordinate for effective implementation of Best HR practices in Entrepreneurial Ventures.