Why is it that some people create fabulous businesses? Why are they financially independent and generally live the life of their dreams? However, others sit on the sofa, watching TV and thinking about how life could have been if only ???? In short, a buzzing question that is making the rounds today is – “Why Entrepreneurship”?
The time is changing with technology. It is the era of the psychological revolution. Gone are the days of sitting on the sofa and thinking about “if only”. ..
People have started coming out of their shells. Youngsters are getting more inclined towards entrepreneurship and this comes from the feeling of doing something you love and creating an income out of it. Youngsters have more risk appetite and believe in creativity.
It seems like the past tense when people wanted to go into government jobs for financial and job securities. They believed that government jobs are comfortable and a safe option for them as well as for their families.
Then came the era of lucrative private jobs, the young lot felt that it was not a secure and comfortable job that gives them satisfaction but working in multinational corporations, glitz, and sparkle, working culture, challenging jobs and huge packages is what gave them the satisfaction.
Now came the era when the same lot working in the Multinational Corporations felt that how disturbed their work-life balance was. The schedule became monotonous and seemed robotic. Many working professionals landed in severe depression. They realized that if they do what they want to do, work would be fun and they could mint a lot of money in the long term and they would be their boss. How exciting does that sound? Believe me, you would always look out for Monday mornings. Thus began the culture of start-ups with its varied set of benefits!
Apart from perceptions and change in mindset, other external factors have led to a boom in entrepreneurship.
Other external factors leading a boom in entrepreneurship
1. New technology
Technological progress is the final but crucial ingredient behind the boom in self-employment. While the broader impact of the internet age may be questioned by some, its transformative effects on the world of business are plain to see.
A survey found that over a third of self-employed people would not have been able to start their firm at all without recent advances in technology such as the internet, while another third said they could but it would have been less successful.
Simply put, these technologies have reduced the cost of doing business and have made it easier to start your own business with less capital and resources. This has encouraged people to take the initiative and risk to enter into business ventures. Success stories of many start-ups are a proof of how a good idea with proper execution can go a long way!
Whereas 20 or even 10 years ago you would require bricks and mortar shop to stock goods, distribute them and build awareness of your brand, today all that is required is some form of workspace, a laptop, and access to the internet.
The average cost of starting a business is now just INR 5000. Crucially, what these new technologies have created are ‘variable cost structures’ that allow businesses to operate on a plug-and-play model.
2. Educational Institutions
The traditional Indian practice of chasing jobs immediately after graduating from a B-school or tertiary institution is changing even as academics encourage innovation and creative thinking within the nation’s lecture halls.
With well-funded project incubation facilities in academia prompting students to go it alone, attitudes to work are changing rapidly. The faculties are encouraging students to think practically and let their creativity flow in all directions.
The concept of college entrepreneurship cells is motivating students to transform their business ideas and plans into realities.
You have got to accentuate the positive,
Eliminate the negative,
Latch on to the affirmative,
Don’t mess with Mister –in-between.
The good news for budding entrepreneurs is that former IIT and IIM students who’ve made it big are increasingly transforming into angel investors, providing financial assistance, and mentorship to fresher with million-dollar ideas and concepts but not the resources or knowledge to start a business.
But with greater awareness today, a growing number of B-schools and other institutions of higher education. Reputed institutions have started offering entrepreneurship courses, as the trend of entrepreneurship is rising.
3. Booming service sector
Gone is the era of manufacturing and heavy industries, the service industry is the new booming sector. The service industry accounts for a large proportion of Indian GDP.
Small businesses everywhere thrive in service industries. This is one of the biggest reasons that have led to a boom in entrepreneurship. Small businesses require less capital and resources, there is more ease of doing business unlike the manufacturing and heavy industries. Earlier it was very tough to open one ‘s venture.
Believe in what you do,
If you do not,
Then change what you do …