Start Up India, Stand Up India - Prospering Entrepreneurial Culture
Posted in Entrepreneurship & Startups Articles, Total Reads: 824
India was one of the few countries which were not impacted because of the 2008 crisis. Though we faced some trouble in the following years but at that point of time also we were much better than many European nations. However that incident made an impact on the psychology of the Indian Youth. They noticed that MNCs in which they were working have been affected a lot. This incident made them think that for how long they can stay dependant on the MNCs for their job, their aspirations and their dreams. This was the point when the youth was bitten by the bug of start-ups. They started coming up with various ideas of their own companies and this number has been increasing since then. They are coming up with all types of ideas to solve the problems of the world. So this crisis in 2008 gave an opportunity to the youth of our country to reflect upon on what they are doing and what they can do. Thus they have taken a new path and courageously treading towards their goal.
Nowadays students have started opening their own Start Ups just after completing their graduation. Not only that many of the youngsters are so confident of their ideas they leave their colleges before even completing their graduation. Rahul Yadav is the first example that comes to our mind, one of the cofounders of Housing.com. The positive thing about this is that the investors are also ready to invest in the ideas and such companies have started getting good funding.
There are various reasons why the youth is more willing to go and start their own company rather than being a part of MNCs.
1. Youth is more risking taking and ready to take up even the most challenging task. Equipped with self confidence, knowledge, ability to work in teams and other skills which are pretty much required to succeed in the corporate world.
2. They are very much hard working and have a go getters attitude. They want to put in a lot of efforts and in return expect an equivalent returns. The MNCs demand dedication but they are not able to reciprocate it with their rewards causing a feeling of frustration.
3. Start Ups give the freedom to the person to way in which he always wanted to work. Setting their own rules and the chance to realise the dreams. It requires a huge effort to make a Start Up successful but the youth is ready to face the challenge and deliver despite the hindrances that he may face.
4. They want to solve the problems of the world, they want to contribute in the nation building and money is seldom their end motive. They want to generate values by their hard work and work passionately to achieve their task.
Before India, US had also developed on the similar lines i.e. the Start Up Culture and it is an integral part of their “The Big American Dream”. The same thing has been started in India but we have been different in many ways. These start-ups are mushrooming not only in the metros but also in the small villages of some remote part of our country. It is not only the tech start-ups which are becoming successful but also an as simple a solution as of providing clean solution to the households in village has been successful. The ideas have become successful not only because of the funding that the idea has got but because of the passion with which they pursue their ideas.
What has really changed in the past few years that has led to this new revolution of start ups in our nation?
1. Access to internet: - is an important factor because of which we are able to find some start ups even in the remote villages these days. The information available has change the mindset of youth even in villages and many of them are very much willing to change the problem of their society by starting their own start-up. By sharing their ideas they are able to discuss it on various platforms. It is as god as brainstorming an idea many a times and each discussion is fruitful to the entrepreneur. Also many internet based start-up are solely a result of the internet penetration that we have been able to achieve in the past few years.
2. Role Models: - In the recent past we have seen many Indians starting up very successful start-ups which are competing with the western MNCs. Sachin and Binny Bansal, the founders of Flipcart tops the list as revenue wise their company has come up a long way and it is growing stronger day by day. Other role models are like Rohit Bansal and Kunal Bahl who have come up with start-up like Snapdeal. These are just a few names from the list which is growing longer and longer every day. They serve as the inspiration to many Young Indians and make them believe in their ideas.
3. A failure start-up is no more a failure: - Gone are the days when the failed start-up was seen a career disappointment. Now even a failed start-up is a CV point and the work experience ensures that you get a good job if you want to come back to the corporate world. So this has given the freedom to try test fail and come back again in the entrepreneur world once you are ready again. However it has been seen that an entrepreneur is so much in love with his idea that he will stick to it and will try to make it successful at any cost. So chances are less that he will like to come back to the corporate world. Having said that the fact that the doors of opportunities will remain open for him, gives him the confidence to plunge in the Start-up world
4. Favourable economic environment: - This has been a very crucial factor why we have been able to see so many start ups in the recent past. Government schemes like “Make In India” is a booster for the start-ups. We have also seen that foreign investors have also shown a lot of a faith in the Indian Start-Ups and they are getting regular funding from them. Institutions like IIMs and IITs have started promoting incubation cells in their campuses and also they have opened up the option of deferred placements.
Summing up we can say that we have made a good start but it is just the beginning. We need to see more and more start ups that can turn into giant organizations and become the engine of Indian economy.
This article has been authored by Tarun Sharma from IIM Kashipur
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