Published On: September 1st, 2020
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Entrepreneurship Risky For Youth In India: World needs Entrepreneurs!
“Entrepreneur” is usually perceived as a “Superman” having extraordinary skills and magical powers. But in reality, an entrepreneur is just a common man with a mindset that has idea and a vision. Regardless, entrepreneurship is still a risky option for India’s Youth It is a naturally born existing phenomenon since centuries.
Image Source – Pixabay
“India needs work producers more than work seekers”
India– The land of biggest youth population in the world needs millions of entrepreneurs, who can create jobs for another million. Thereby changing the lives of people and bring positive impact in the society.
Aren’t we all holding innovative ideas in our minds that could turn into a reality?
Don’t we all feel the urge to beat the 9 to 5 job model and setup careers that could bring a vast impact?
If yes, then what is holding back India’s youth from entrepreneurship? A very common answer obtained while investigating this question is, that the blame should go to the traditional patterns.
These traditional Indian patterns involve – completing academic education, taking up a regular job, marriage, kids, and of course, then teaching the kids to repeat the cycle.
Risks Involved In Entrepreneurship
“Although it’s challenging to break the monotony and unfollow the crowd, going against the old trends is never that complex.”, What is then stopping India’s Youth from Entrepreneurship?
To answer this much dominant question; we are sharing the top 5 influencing factors that make entrepreneurship a risky option for India’s Youth.
1. Yes, its Finance
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” Money is undoubtedly the most vital requirement to keep the wheels turning.”
India’s Youth delay entrepreneurship by thinking that in order to accomplish their goals, it’s crucial to earn money and build the nest egg for investment.
The fund providers usually perceive that, in case of investment into the business plan of a very young person, there is huge possibility of loss and failur. Thus investing would not turn fruitful. The absence of experience is treated as lack of abilities. Proof of capabilities is given to seek approvals.
The disapproval of loans from banks because of poor business plans tops the rejection lists.
Lacking awareness and knowledge about different routes through which young people can obtain finance is just another reason.
This has been evident in majority of the startups coming into picture in India but like they say, where there is a will, there is a way. Pune-based, Manisha Bhati fits into this situation totally. Although being involved in a 9 to 5 grind in Deutsche Bank, she always wanted to become an entrepreneur. She was cognizant of the fact that, how a vast proportion of people still lack soft skills.
Hence, an idea to start a counselling and development company popped up in her mind. But there was an impediment standing in front of her in the form of initial funds. She sold off all her jewellery and raised approximately $5,000 (INR 4 Lakhs). With the aid of her colleague cum business partner, she launched her first company, “Dreamhunt India” in 2017. Through this platform, they emphasize on giving one to one counselling and development sessions.With unwavering faith and consistency, Dreamhunt managed to earn revenue worth approximately $27,000 (INR 20 Lakhs) under two years.
Hence, if you are in a similar kind of trap, don’t let it outgrow upon you. Look around yourself, and you will definitely make your way through the problem.
2. Entrepreneurship – Still Risky For India’s Youth
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“Risk from Entrepreneurship cannot get separated. Its bonded.”
Risk is commonly examined from a financial perspective. But when surveyed, Indian youths voiced that the risk linked with entrepreneurship is not just financial.
Hampering reputation, losing job and messing the career – are some mind absorbing fears that makes entrepreneurship a distant dream.
Nidhi Yadav stands epitome to all the budding entrepreneurs whose spirit surpasses the risk they confront at initial phase. Nidhi was working at Deloitte earning a decent amount of money. Soon she realized that she was always inclined towards fashion. Hence, she enrolled herself in Fashion Buying and Merchandising at the Polimoda Fashion School in Florence, Italy.
After coming back to India, she launched her first venture AKS, a brand that provides ethnic apparels at reasonable price for women falling under 18- 35 age bracket, with an initial capital of approximately $4,700 (INR 3.5 Lakhs). Soon after that, she headed back to Indore. She got married and soon a baby as well. However, she didn’t let her personal life hamper her way. She started working from home and got immense support from her husband. In the first year itself, AKS clocked revenue worth approximately $212,000 (INR 1.60 Crores) and since then, it has been soaring in the following years.
Thus, it’s quite evident that no matter what nature of risk you are confronting, when you are determined towards your goal, nothing can stop you to surpass the stumbling blocks in the way.
Though the risk factors can never be eliminated. A good plan and few strategies can shield entrepreneurship from failure.
3. Passion + Skills = Ultimate Winner!
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“More than degree, one needs skills.”
India’s Youth have radiant passion in their minds, but what’s missing are the skills that requires sharpening with the right training.
Deeper investigations reveal that, even those holding popular academic degrees and doing white-collar jobs feel lacking in some of the following skills:
● Communication skills
● Organizational skills
● Problem-solving skills
● Interpersonal skills
● Critical thinking
● Cognitive skills
● Emotional Intelligence
Thus, to enter Entrepreneurship, balance of passion and self-skills is mandatory.
The spirit of fuelled passion is truly exemplified by NIFT students Praween and Sindhuja, co-founders of famous clothing line “Young Trendz”. They decided to start something of their own in their seventh semester. Hence, in 2015, with an initial investment of approximately $13,000 (INR 10 Lakhs), they kicked off their own online clothing brand, “Young Trendz”.
Since both Praween and Sindhuja come from a non-business background, they picked up numerous skills and requisite knowledge along the way to excel in their venture. They resorted to Class 12th Accountancy books to understand the commerce.
Currently, they have around 4000 products uploaded across e-commerce marketplaces.
Fortunately, like in the above example, several skills can be developed with experience and practice. Passion is the oxygen needed for the survival of a creative mind and for mastering the skills.
4. Motivation – The irreplaceable supplement
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“Motivation is more powerful than Gravitational force”
According to studies, motivation is the irreplaceable supplement to enter entrepreneurship.
It is facilitated through personal or family money and connections in case of Indian youths from rich families. The contrast is the case for those belonging to lower and middle strata – stepping into entrepreneurship becomes very challenging and thus requires constant supply of motivation.
Why on earth only few people turn into entrepreneurs?
huge population of youth comprises of both middle and lower status and thus entrepreneurship for them is not a walk in the park.
Bhavesh Bhatia, founder of sunrise candles was once trapped in a similar kind of dilemma. Not only was he constantly struggling to earn a decent amount of money but he was a victim of failing eyesight too. At the age of 23, he not only lost his eyesight completely but was fired from his job too. He also lost his mother due to cancer.
In the times of adversity, his mother’s words used to echo in Bhavesh’s ears, “So what if you cannot see the world. Do something so that the World will see you.” Hence, Bhavesh decided to do something he was good at i.e. Candle making. This activity allowed him to sense the different shapes and smell. He started out to sell the candles in a cart at the local market. He used to go to the malls with his wife to sense the overpriced candles and would work to enhance his candles by giving them a new tweak everytime. With consistent hardwork, Sunrise Candles now offers 9000 designs of plain, scented and aromatherapy candles.
Hence, it’s quite evident, when you do something your heart truly resonates with, then the need for external motivation gets ruled out automatically.
“In the end its “self-motivation” that drives entrepreneurship and also its success.”
5. Knowledge(Most valuable Asset)
Image Source – Pixabay
“Knowledge is the only torch that guides.”
It does not mean holding academic qualifications. Knowledge in its core is a combination of education, information and awareness.
Why do only few individuals recognize opportunities even in the middle of tragedies?
Entrepreneurship is triggered by knowledge that is accumulated by an individual through different sources in his course of life.
Indian kids are often brought up in restricted and protected atmospheres. The chances of exploration, research and activity based practical learning are minimal. Innate Skills are never identified nor are given sufficient attention.
However, times are gradually taking a turn for better as our economy is switching towards artificial intelligence and cutting-edge technology. Ananya Gupta, a class 11th student stands a perfect example when it comes to seeking skill-based education. Being a student, she observed how gender bias is ingrained in the textbooks as well, where women are always portrayed to be a homemaker.
Hence, she leveraged her self-taught machine learning and artificial intelligence skills to bring out this issue at the forefront. She built and launched a product “Grit Parity”, an online kit which automatically detects gender representations in the textbooks. She is persistently working towards this issue and hopes to see an equal representation of men and women in the near future.
Hence, knowledge in form of 360-degree awareness, information, and constant learning leads a youth towards entrepreneurship faster than any other channel.
Working upon these problems, could turn the power of India’s youth in the league of entrepreneurship unmatched in the world.
“After all, Birds Are Born For Flying in Higher Skies, Not For Crawling on the Land!”
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