Indian youth is having a very strong appetite for entrepreneurship and it is becoming a very strong tradition. There was a time when entrepreneurship was restricted to some particular segments’ of the society. Not everyone was an entrepreneur and it was generally considered as a family business which the next generation will carry forward. Manufacturing and trading were the major entrepreneurship opportunities and it was not for everyone!
In India, particularly the last decade has seen a wave of entrepreneurship. Technology has changed the traditional methods of doing business and at the same time open windows of new idea and ways. Do you even remember the concepts and ideas like PayTm, Bankbazaar, Grofers, Urbanclap, Oyo, Airbnb, Ola, etc. existing in the past 10 years? Internet and technology has changed how people think and work. Every market is now looking interesting and innovative methods and that’s why the start-up culture is flourishing in India at such a high rate. On top of it, in the last 2-3 years, the major problems faced by startups was FUNDING. Till the time people were not open to new concepts and ideas, nobody wanted to invest in these ideas. IITians contributed a lot in upbringing the concept. By creating new platforms for their age-set of people, they have been an inspiration for many to take the leap of faith and start their entrepreneurial. They have changed the face of entrepreneurship with technological and social revolutions in their own way. Going by the common saying, “There is one thing stronger than all the armies in the world, and that is an idea whose time has come.” With the impetus that India is giving to these budding minds, the startup entrepreneurs are emerging as pioneers, the dreamers and leaders who not only have an idea but also the vision and mindset to execute it. Supported by the investors, it feels like there should be no looking back. They say that an entrepreneur's mind is always in motion. Its the age when they are merging their robust solutions with great business models and taking the road ahead!
What held entrepreneurs back: A few years ago, there were a lot of things that held the entrepreneurs back. For an example, access to finance was not at all easy, the approach to failure was very different, the corporate culture was in at that moment, etc. Nobody wanted to leave cushiony corporate jobs with fixed incomes to invest their time and money to the innovative ideas. At the same time it is very amazing to see that the successful entrepreneurs of today started their journeys in the early 20s. While everyone kept running after colleges and gaining work experiences; they had passion, commitment and a vision to achieve what they have achieved today. Entrepreneurs are now playing at a global level. It takes time and guts to think and execute their ideas and concepts beyond the home markets and those who have done it, are enjoying the glory.
Increasing count, increasing competition: The current generation entrepreneurs are setting the right stage for our coming generations. Entrepreneurship is becoming as an elective subject in a lot of B-schools so that they have a good exposure and knowledge. A lot of successful young entrepreneurs are being invited to address the students where they share their journey and hardships. In addition to it, social media giants like Facebook, Twitter, LinkedIn, etc. have helped in developing so many platform through which people can interact and learn from the success stories of these entrepreneurs. We are coming across so many ideas and concepts being developed in Tier 2 and Tier 3 cities. The wave of entrepreneurship is hitting every corner of the country in a big way and the way the government is trying to support them is something worth mentioning.
Govt Initiatives: In additions to initiatives like Startup India, Standup India, Atal Innovation Mission etc., internal resources have shared that every department of the government is making an effort. Tie-ups are being made with educational institutions so that these young entrepreneurs can be identified at a very initial stage. Getting them right mentorship from an initial stage so that they can start taking steps in the right direction is what the government is aiming for.
Contribution from the big corporate’: A lot of established corporate’ have also laid stress on innovation and impact as the key drivers of growth and productivity. Through various online and offline mediums, they have been constantly interacting with the young minds. The aim is to channelize their entrepreneurial spirit in the right direction with an emphasis on ‘Innovation’. Wearing the shoes of a business leader is a tough task. One has to test your determination against the world and competitors to showcase what new you’ve got. Proper nurturing and promotion of the talent in the young generation along with the spirit of design, innovation and creativity is what every corporate is trying to do. The central idea behind every initiative is to make space for a culture of growth, entrepreneurship and innovation in India. Concepts like Meet your mentor, Innovation focus, Innovation quiz, Campus Connect, etc. are all aimed at breeding entrepreneurs.
There has been a great rise in the number of startups from the year 2010 to 2016 now. A time has come when there is always somebody who knows a founder. Younger entrepreneurs do not want to walk with a baggage of corporate thinking. Investors want ideas that have a strong foundation and deliver a good customer experience. It takes a lot of time and hard work to build a business, but we can for sure expect to witness an era of entrepreneurship!