India is now known as the emerging startup hub of the world, with multiple young and dynamic people taking the path of entrepreneurship in India, which is not only driving them forward but the entire country as well.
What is Entrepreneurship?
Entrepreneurship is the creation or extraction of value. The term is explained as bringing about a change, which may include other values, instead of just economic times.
The rise of millennials in India and the thinking of millennials has given rise to more and more startups in India. Startups cannot operate in a vacuum; they need a supporting ecosystem to nurture them.
Over the years there has been a rise in young Indians overcoming their phobia of failure and stepping up into the tricky world of start-ups. Success stories of start-ups like Infosys, Flipkart and Snapdeal from the prior years have been motivating the young generation to believe in their own ideas and smartly work towards turning them into reality, leaving no stone unturned.
The youth of India and Entrepreneurship:
Youth is the Future of every nation & inheritors of the earth tomorrow. This statement stands true in every sense. India has a high rate of youth percentage.
By all means, the rate of unemployment is higher in rural than urban territories and the rate of female unemployment surpasses the rate of male unemployment. In scenarios like this, there is an imperative demand for entrepreneurship in our nation. India needs work producers rather than work seekers.
Instead of searching for occupations, youth can endeavor to discover new open doors where they can begin their own undertakings deriving from their new thoughts. Youth have to be empowered with the necessary skills and motivation to spark innovation and economic growth. Winning youth as entrepreneurs can help build economic and cultural value as young people learn skills and develop knowledge that contributes to their communities in unique ways.
When more youngsters progress toward becoming business visionaries, at that point the issue of unemployment can be lessened to a huge degree.
Tools for the YOUTH:
One of the most powerful tools for engaging young people as entrepreneurs is education and learning. Education aids students from all socioeconomic backgrounds to think outside the box and nurture unconventional talents and skills. There are many ways entrepreneurship lessons can be integrated into the school curriculum.
There is always another opportunity coming down the road, but your job is to distinguish the good ones from the bad ones and make smart business decisions that will set you or your startup ahead in the long run. Business incubators, startup weekends, or economic development classes, can all transform the hearts and minds of youth and adults, and change communities forever.
Finding entrepreneurs or business visionaries can allow youth to expand their knowledge, learn from others’ challenges, and build their self-reliance. Mentoring ensures that knowledge, experience, and hard-won insight transfers from one person to another through personal interaction over time.
Reasons for choosing Entrepreneurship:
Some dig into the business since they would need to maintain their own particular business. Others hop into enterprise since they have seen that most successful entrepreneurs on the planet claim an effective business. There are a host of reasons why individuals choose to become entrepreneurs over the more traditional route of becoming employees:
They challenge risks
They don't want to have a boss
Their creativity does not tune with the corporate environment
Their ideas are unconventional
They want to transform the world
They have control over their destiny
They have the ability to create something from nothing
They add value to the society
They treasure the value of being able to work with like-minded individuals
Challenges to India’s growth:
Entrepreneurs face many challenges in today’s ultra-competitive business world; fortunately, contemporary times have also blessed entrepreneurs with more resources for tackling those problems than ever before. The business world brings many challenges to entrepreneurs.
This is the reason behind the launch of entrepreneurship programs such as Startup India and Make In India by the government for imparting adequate importance to business minds for our country’s economic growth. Here we hub on the top 5 reasons that hinder the growth curve of startups:
Cash Flow Management:
Cash flow is an integral part of all business ventures. If your business constantly spends more than it earns, you have a cash flow problem. Any business that's undergoing rapid expansion can run into cash flow problems. Business expansion involves high labor costs, higher rent for additional space, higher advertising costs and more capital investment for new equipped facilities and many more.
This is the biggest challenge faced by multi-tasking entrepreneurs who often fall short of time while accomplishing their objectives. As an entrepreneur, time is the most valuable, powerful resource you have. However, it’s also something that we often neglect. The better an entrepreneur becomes at time management, the better the business will be. The best you can do is work on your attitude and actions in managing it.
Choosing the accurate product:
Entrepreneurs are often in a dilemma about the products and services they wish to sell. However, it is imperative to take the right pick which can determine the ultimate success and failure in a competitive aspect. The most important thing you can do before deciding what to sell is to think. And the more you think about a product or service before you bring it to market, the better your decisions will be.
The hiring of Employees:
While it may seem simple on the surface, hiring the right employees can be overwhelming and taxing on many different levels. One of the biggest hiring challenges small businesses face is competing with large organizations for crown talent.
The thorniest problems you’ll need to be ready to tackle:
Choosing the right candidate
Balancing overtime and workload
Finding qualified applicants
Offering a competitive salary
Lack of Reliable mentors:
In Indian culture, the mentor is also known as the ‘guru’. A business mentor is someone with more entrepreneurial business experience who serves as a trusted confidante over an extended period of time, usually free of charge. Mentoring ensures that knowledge, experience, and hard-won insight transfers from one person to another through personal interaction over time. The problem seems to be the biggest contributor in Businesses.
India provides a thriving platform for entrepreneurship culture. Indian youth hasn’t completely reached the expectations of their involvement in entrepreneurship which ought to be a necessity in this present scenario. The entrepreneurs work as change-agents in the economy of a country.