Do's & Dont's for young entrepreneurs

Jacinta Shibong, Marketing Head, EFactor, Asia highlights the increasing trend of fresh graduates opting for a
Startup rather than taking the standard route to success

 How do you envisage the current trend of Young Entrepreneurs in the Country? 
           

            The current scenario for entrepreneurship development among the young minds of India is gaining momentum through educational Institutes and their entrepreneurial cells or government backed incubation centres, rise of Angel Investors for start up funding etc. all of which are geared towards nurturing the young generations of entrepreneurs. The recognition and success stories of some young Indian startups in the recent years have instilled a sense of confidence among students and as a result more and more people are considering entrepreneurship.

What motivates young Indians to take entrepreneurship when compared to the regular 9 to 5 jobs? 
           

            With entrepreneurial courses / subjects as part of their curriculum, graduates are exposed to a new dimension for shaping his / her career. An entrepreneur imbibes qualities such as passion, determination, never-say-die attitude, which are inherent in the minds of today’s young entrepreneurs. The positives that come with it, of making big windfalls, is another trait that comes with managing own business. This further adds to the adrenaline of being out there on your own. Additionally, the youth is not expected to get hassled with failures that are possibilities of a Startup Business. Having said that, any soft skills traits don’t get complete without the effective intervention of education and skills training.

What necessary precautions should a young entrepreneur take before starting his or her business? 
           

            Discovering a passion to start his / her own business venture –because without it many entrepreneurs have lost speed by the scent of their first failure.
Embarking upon an idea that has found a value or that can be measured in terms of commercial realisation.
Teaming Up to contribute and expand the business
Finally, Starting Up, could have never had a better time than today and now.
Other external factors include getting familiar with legal aspects, market size, scalability, execution, customer acquisition strategies that need to be in place to ensure a sustainable future. Finally networking one’s way through proves beneficial in finding that ground to survive.

What challenges do entrepreneurs face in this country?
           

            Entrepreneurship in India is not a smooth ride, there are many challenges that an entrepreneur faces. There are regulations which are not always user-friendly and sufficient to perpetrate the thickness of bureaucracy, rise of global competition that challenges level of technology in our own states to meet demand, funding issues in terms of avenues, low penetration rate of those in need, and requisite resources for operational purposes such as high cost of real estate or retention of highly skilled employees.

Though the Indian Entrepreneurs segment is growing at a faster pace, it is still at a nascent stage when compared to some big western markets? What role does the government play to boost the industry in terms of policies and aids?
           

            The government in other western states such as the United States have a provision named –Self Employment Assistance(SEA) that allows an entrepreneur with a viable business plan to receive unemployment benefits. Similar initiatives have started to appeal fresh entrepreneurs in the Sate of Kerala, which recently launched its student entrepreneurship scheme for universities, colleges and polytechnics. The initiative allows incubation of student entrepreneurs and also provides grace marks who apply for the course.

What are the future trajectories of India’s Entrepreneurial Aspirations? 
           

            Both China’s and India’s strong investment industries such as Venture Capitalists and Angel Investment are expected to continue their rapid growth and development as they capitalise on a dynamic entrepreneurial ecosystem. Unlike earlier times, aspiring entrepreneurs can also maximise from entrepreneurial development platforms such as TiE, CIIE, NEN India, EFactor India, that creates positive breeding ground for start-ups in the country today.