Mind Your Business


By Himanshu Mehta

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It is no use waiting for the opportunities to come; you need to get up and make them.

The greatest risk of all is not taking risk while one is young and learning from his or her mistakes. Entrepreneurship is something that can improve the standard of living of people and supporting it is very essential for the growth of the country. Small people remain small because they think small, act small, or don’t act at all. When the people get out of our smaller mindsets and try to invent new businesses, only then, it will help in nation building. It is said that the most important factor for the future growth of business is to foster and promote innovations and thus develop entrepreneurship. Till the time entrepreneurship is not developed, innovation will not succeed. Innovation and Entrepreneurship are two sides of the same coin and growth will only   work well if they are given the required support. The biggest failure you can have in life is not   trying at all. If innovations and entrepreneurship are given the required support/boost, they will flourish and will lead to a faster growth trajectory for India. Says the dynamic Mr. Mayur Vora of Mapro Foods, ‘’It is easy to give a job rather than get a job’’

RIGHT ATTITUDE

If you want to start your little business, it is just not enough have a will and a way. There have to be enough trigger points to make your ambition work out well. Firstly, creating the right environment for success; entrepreneurs should find it easy to start a business. Second, entrepreneurs have access to the right skills and access to ‘risk’ capital – for a long time to sustain windfalls in case! Lastly, enabling networking and exchange; entrepreneurs always learn from experience—theirs and that of others.

RIGHT MAN AT THE RIGHT PLACE:

There are various agencies that assist entrepreneurship. One of them, – the Centre for Innovation, Incubation and Entrepreneurship, a part of Indian Institute of Management Ahmedabad (IIMA) has been set up to assist entrepreneurs to start their businesses. The Indus Entrepreneurs (TiE) is another such organisation that is helping the young and budding entrepreneurs to succeed.

RIGHT FACTORS:

In our country enterprise is still yet neither a difficult word nor world to obtain – chiefly because

(i) The new market opportunities presented by a liberalizing economy,

(ii) Availability of financial support schemes from both official and private sources,

(iii) The existence of a large number of governmental programmes and public-private partnership   programmes,

(iv) The emergence of a number of private sector initiatives for supporting knowledge-intensive   entrepreneurship by complementing government programmes and by reducing information   asymmetries, and

(v) The increased availability of technically trained manpower due to a phenomenal increase in   the enrolment rate for engineering and technology education at especially the tertiary level in the   country.

WRONG MOVES:

But of course there is lots of scope for improvement! Chief of them being –

  • Lack of true seed capital. Venture Capitalists in India are mostly inclined towards later stage of the project
  • Lack of mentors who could inspire – there are very few success stories one can emulate and prove to be an inspiration for potential businessman. The strike-rich, strike-lucky syndrome still persists.
  • Very few good incubator programs
  • Lack of quality talent in India. Mediocrity is available in plenty
  • It is important to have a big addressable market and India lacks it despite its large population
  • Entrepreneurship is generally driven by young people who have the drive and flexibility.
  • In India the distribution of young people coming out of college is heavily skewed towards IT, crowding out other sectors.
  • Socially still not glamorous though increasingly getting more acceptance.
  • No ecosystem for entrepreneurship to succeed
  • People who can be active participants in entrepreneurial ecosystem are comfortable in their decent paying MNC jobs. Someone needs to reach to them and get them out.
  • The education system in India needs to be revamped. The age old systems prevalent in India copied from the British is not used even in Great Britain today!

BEST DEALS

If you want to get enterprising, the best 10 to bet on are :

  1. Tourism
  2. Automobile
  3. Textiles
  4. Social ventures
  5. Software
  6. Engineering goods
  7. Franchising
  8. Education and Training
  9. Food Processing
  10. Corporate demands

And you can take advice from J. Paul Getty, former oil tycoon and once the richest man in America when he claimed, “There is only one way to make a great deal of money; and that is in a business of your own.”

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