The thought of entrepreneurship gets triggered only in those who have an unusual DNA. And then, it’s up to these individuals to look around for a professionally managed support system for entrepreneurs, if any exists. There are a good number of successful entrepreneurs in our country; and I wish to take this opportunity to give a call to all the others to come forward and encourage entrepreneurship. There is a huge mismatch in the employers-to-employee ratio at present, and a dire need for many more stable employers. This situation will improve only by encouraging entrepreneurship.
Entrepreneurs are born and not made. The attempt here is to awaken the zeal in those who are inclined that way. Aren’t these people different from the common category? Then why is it that they get lost among the masses? They ought to embrace their different talent and grab any opportunity to take centre stage.
Second or third generation entrepreneurs are not always as good as the first. They may sometimes need more guidance and handholding, unlike the first generation. The reason is that they could be over-confident and take many things for granted, which in turn, could lead to failure. The rate of success for the second and later generations is low and hence, I repeat, they need more mentoring and proper guidance.
A word of advice to parents
It’s always a great feeling to savour the fruits of the seeds we have sown. Parents have done the great work of sowing the seeds, nurturing the plant, feeling proud when it grows to its full height, and yet, when this tree starts yielding fruit, some parents resent the fruits benefiting anyone other than themselves. They should come out of that mindset. They need to think big and expect the tree to serve as many people as possible. And when that does occur, they ought to take pride in their offspring’s achievements and encourage entrepreneurship.
The family environment and support matters a lot when it comes to first generation entrepreneurs. I request parents and children not to hesitate to involve a third party whom they feel can motivate, inspire and guide them and their organisation in the right direction.
” Our collective target is to make India 100 percent employed nation for which entrepreneurs count must grow, then why wait, do it today. Make India proud!”
Scope for entrepreneurship
The announcement of 20 smart cities across the country has pumped up the entire electronics industry and the people associated with it. The concept of a smart city can’t be restricted to just 20 cities. Instead, gradually, it will spread across the country. This is just one example of creating opportunities for entrepreneurs in the Indian electronic system design and manufacturing (ESDM) sector.
India is a vast country with a growing economy and a high rate of unemployment. People should have the fire in them to explore the possibility of being an entrepreneur.
Important points to remember
People experiment with new applications, products and services for entrepreneurship. They need to make a note of one important point, which is that India is a price-sensitive market. Abundant ground work should be done before making an investment in launching the product.
Innovation leads to products and services that enjoy a longer life than copies of existing designs. Thus, one should invest more time in thinking and on the drawing board, than in making the final product. In spite of the knowledge level one possesses, entrepreneurs should always associate with those more experienced than them. This way, they can avoid missing out on the key issues that someone with experience will not.
For an aspiring entrepreneur, apart from the technical knowhow, equally important are HR management skills, as well as a good grasp of finance, banking, statutory obligations, etc. If you don’t have the temperament to mix with and understand people, you could be risking too much. Developing innovative products is just 25 per cent of what entrepreneurship demands.
I would suggest that entrepreneurs reach out to experts, meet people, undergo short-term courses and make sure that they are well prepared and have a good, all-round understanding of their industry before kickstarting their business. They should also do some thorough homework before starting anything.
Entrepreneurship is not determined by how young or old one is; a business can be started at any age. While one should have some expectations of what support one can get, it is also good to assume that you will not get any support. So, if something comes along, it’s a bonus. In general, entrepreneurs lack the skill to get special support as they believe they are self-made. I wish the government would identify entrepreneurs and support them with what they need. This would give entrepreneurs more time to address other key issues.
Advice to entrepreneurs
Entrepreneurs should keep a tight control over their investments and have them insured. Every entrepreneur enjoys working extra hard to prove the viability of the product. In doing so, one should ensure that the young startup does not come under financial pressure. This requires good planning. So the best option is to get good financial advisors.