Starting Up Your Own Business Can Be Easy If Done Properly
Presently, India is at a very crucial phase of evolution. A lot is happening in the nation. The new government is not leaving any stone unturned to pull it from the phase of misery. Under that action, they are encouraging the importance of education in life. Furthermore, they are dedicated in providing a suitable environment for the start-ups so that nation could witness growth.
All these policies and efforts would go waste if the young population won’t make the use of it. There is still a ‘but’ attached with entrepreneurship. A large number of young people opt for a much more ‘secured’ job than starting something of their own. To get a better perspective to the entire scenario, we decided to meet Harish Keswani, Programme Director of Thadomal Shahani Centre For Entrepreneurs (TSCFE).
“Traditionally, with a few exceptions of business families, the Indian parents have directed their children towards secure jobs. They failed to realise that in this universe, risk is all around us, there is nothing called as ‘secure’ job in today’s rapidly changing business models,” says Keswani.
It is quite difficult to question people as it has always been our mindset. We grew in a society wherein moving away from the crowd always gathered questions and concerns. Nonetheless, amongst us few have been courageous to follow their heart and have been able to start their own ventures. These minds gathered desired publicity thus increasing the ratio of aspiring entrepreneurs. Keswani says, “Ratio of aspiring entrepreneurs versus campus placements is rising by the day. Overall a ‘feel good’ factor is supporting entrepreneurial ambitions.”
How to start a ‘start-up’?
Starting up a venture and sustaining a start-up are two different things. Often, people advocate the former neglecting the possible problems that lie ahead. In a year, more start-up are born but very few amongst those are able to take their business ahead. The reasons are: less knowledge about market and how to sustain a start-up, and no proper guidance.
It is always said that ‘achieving something is easy than sustaining it.’ In India, we still prepare our students from a job perspective. This is the reason the basics of business or entrepreneurship lacks on most of the aspiring entrepreneurs. This improper or no knowledge comes as the first hurdle to a start-up.
“While all experts are busy advising aspiring entrepreneurs to ‘follow their heart or gut feel’, my advice to wannabe entrepreneurs is to plan their ventures in advance, gain domain knowledge, acquire all round business skills, make a risk management plan, prepare sales, marketing, manpower, and funding plans in advance before you take the jump,” suggests Keswani.
Behind the successful start-up lies the proper planning and skill. No start-up can survive on mere luck or destiny. There are many who start a business without these essential knowledge and thus fail to take their dream company ahead. It is necessary that education world alter them to provide entrepreneur knowledge so that we can aim at giving right shape to the ideas.
There are various reasons to the failure of start-ups. Talking about the main problem, Keswani says, “Entrepreneurs feel that they have to solve all problems by themselves. They have to throw away this old belief system and either hire smarter advisors or then go back to school to acquire critical missing skills themselves.”
Around 99% of business problems have pre-experienced solutions; entrepreneurs should not delay solving challenges, because one of challenges will grow to become a monster that would eat away their capital and earnings.
The key to successful entrepreneurial society:
Today, if we compare the success ratio of start-up with the failure in this, we won’t reach a decent number. This negative number may hamper the growing scenario. While the government is taking necessary steps to improve the entire situation, it is necessary that corporate world come forth and join hands to make it a success.
Keswani expresses his belief and says, “I believe from my corporate experience that it’s about time large organisations train and nurture Intrapreneurs (corporate entrepreneurs) among all business heads in their companies.”
Apart from that, corporate companies should encourage ex-employees to become their vendors or partners when they branch out on their own. Corporate world can open their arms to the failed entrepreneurs and accept them as their employees. Their pre-skill would help corporate companies to handle individual P&L responsibilities.
Stressing on the education sector’s responsibility, Keswani says, “The most important ecosystem support is the development of entrepreneurial talent in educational institutions.”
Today, India’s higher education system generates a large number of graduates every year. However, our economy is not in a position to absorb the graduates passing out every year thus leading to an increase in the educated unemployed. Today, in India, most entrepreneurs (% of small businesses) are single owners, nil employees, and one-person, with little growth prospects. The so-called entrepreneurs do business mainly for self-employment and are not the ‘real’ entrepreneurs.
In order to catch up with the pace of developed countries, India needs many entrepreneurs willing to make their businesses bigger. If the university students with high entrepreneurial potentials get proper training, they will have the best prospects for becoming ‘real’ entrepreneurs.
What is TSCFE?
Thadomal Shahni Centre for Entrepreneurs (TSCFE) came into existence when like-minded people came forth to improve the entrepreneurial atmosphere in India. This was formed to meet the skill development, infrastructure, and execution needs of aspiring entrepreneurs, start-ups, existing small and medium business owners and middle aged corporate executives. The organisation fills the gap in the entrepreneurial ecosystem – that of a resource centre which spans across the entire lifecycle of entrepreneurship from ideation to implementation. TSCFE provides expert resources in training, assessments, advisory services, access to funding, and access to the online entrepreneur community.
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