Motivational Empowermentand Growth Strategies in making Informal Groups into Entrepreneurs and Leaders

Abstract

Since the emergence of and revolution in Industrial, Agriculture and Services sector spreading from 20thto 21stcentury and incremental growth seen in all of these sectors with the passage of time, the general belief of all the stakeholders of Formal as well as Informal Groups had been that the Formal Economy is the only way forward for security and inclusiveness. It s been only in last few decades that the emergence of informal groups venturing into leadership and entrepreneurship positions has changed and rewrote the way business is done or inclusive growth is seen. This has literally put brakes on traditional mind-set and conventional school of thought that informal groups venturing into leadership positions and entrepreneurship are passé. Dating back to late 19thcentury era, the natives in parts of Europe and United Kingdom felt the need and scope of informal groups and they started with a concept known as ROSCA which is Rotating Savings and Credit Association. The concept which was incubated at that time gained importance and went through consistent improvements in the times ahead. The scope and wide spread emergence of Informal Groups and Entrepreneurship concept led to the World witnessing a Noble Prize winner Mr Mohammad Yunus in 1970s who founded Grameen Bank in Bangladesh which resulted into financial inclusion and participation of informal groups into the development of economy, increased economic activity, corresponding increased consumption and savings and ploughing back of profits which eventually resulted in overall growth. The Informal Groups realise that their endeavour of joining hands together aims at being self reliant and personal economic prosperity as well. The people in informal groups can be compared with Bonsai Tree which promotes the concept of Union is Strength and when being together can boost everyone s financial, cultural, social and personal fortunes. The same has been highlighted in Bollywood movie named Sui Dhaga in the year 2017 where in a few weavers understand the importanc