Entrepreneurship is defined as the process of starting a business from the scratch. It takes lot of hard work, dedication and patience to establish oneself as a successful entrepreneur. The business tycoons like Ambani, Mahindra, Narayan Murthy, and others did not just wake up one day to find themselves playing in money. Every now-rich-man, was once a middle class somebody. It is the bright eyed and busy tailed nature which helps in building up a business. But the scenario of entrepreneurs in India is second-rate. Not that the number of young minds opting for individual business, is less but the kind of mental set up that they begin their profession with is nor correct.
“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” — Martin Luther King, Jr.
Here are the major reasons why entrepreneurship among youths in India, lead them up a blind alley:
The desire to set up own business is survival driven
This reason is one of the most obvious reasons that causes the new ventures to fail miserably. Entrepreneurship demands patience and inputs. If the only intent of setting up a business is to reap all the benefits, then the entrepreneurs are sure to head for doom. Majority of the entrepreneurs engage themselves in acquiring more money in less time rather than focusing on creating more innovative and creative products. This supplants the need for technological innovation by the lust for money. It is high time that the youth of India start taking some soul searching lessons and begin afresh.
How many new entrepreneurs complete their graduation or post graduation? The number is quite low. Yet again the reason is money. The drive to earn money in less time stops the mind from working in the right direction. The entrepreneur who is on the verge of failing, won’t realize the importance of increasing his/ her IQ or knowledge about the business owned. Just like fuel keeps the engine of the train going, the process of continuous learning helps in mind in devising strategies that can be helpful when there is a chance to snatch success from the jaws of death.
Dearth of focus and determination
It has been rightly said, “genius is the ability to focus on one particular thing for a long time without losing concentration”. But probably the youth do not understand the essence of patience. Everybody is engrossed in catching up in the rat race. The young entrepreneurs are jack of only a few trades. They lack focus. If one thing does not work out well, they switch. Instead of finding a solution to the problem, they ignore the problem. This further increases the chances of their failure.
Fear of risk
Everything you want or desire is on the other side of the fear. But entrepreneurship is a venture where there is a constant canopy of fear on the minds of the entrepreneurs. One cannot ignore that. But there is always another side of the coin. Entrepreneurship calls for daring heart, one who would risk the reputation, the worldly pleasures and even the money for the sake of making the change happen. The youth of today, lacks the ability to fight his/ her own fear.
Lack of vision
Entrepreneurship is something which demands the presence of vision in the entrepreneur. This vision helps in analyzing the requirement of the product or service in the near future or how will the product or service be taken by the consumers. If there is lack of vision, the fate of business is doomed.
Improper management of funds
If one is an entrepreneur, then the extravagant attitude would definitely blow up in the face. Entrepreneurship calls for frugal attitude where the individual is careful and judicious about spending the right amount at the right thing at the right time.
The people of India resemble crabs. If placed in a bucket, they would strive to climb onto each other to get out and not even think about helping each other. The youth have their minds fixed on the money. If by chance or by choice a young mind becomes an entrepreneur, then the insecurity of sharing the pedestal with a partner, kills him and brings him back to square one. It is important to understand that man, being a social animal, cannot achieve everything by himself. Partnership and support from family and friends is equally important.
All said and done, probably these reasons are enough to have a peek inside what it actually takes to become Ambani or Mahindra. Not everyone gets to make a blockbuster. But those who get the chance, it is not completely luck but their efforts and the implementation of right skills.