Amit Gainda talks about how to foster a culture of entrepreneurship study and start-ups at the under graduation level
India, at present is ranked second for the highest number of start-ups in the world after the US and has earned the reputation of being a start-up hub. Every year, the country witnesses the launch of an average of about 1,000 start-ups. This trend is attributed to increasing number of graduating students and employee talent venturing into the start-up world. They are armed with the zeal and dedication to find solutions and enhance customer or user experience through innovations, appropriate methods and experiments.
The present generation of millennials are innovative, creative, strong thinkers, quick learners, risk-takers and forward looking. They prefer flexibility and do not want to be confined to the corporate world. A start-up culture fits well into their lifestyle and preferences. Even employees with an entrepreneurial mindset working for corporates or large companies are weighing options between building a career working for other businesses or starting a business of their own.
The environment tends to recognise their creativity, contributions and innovations and encourages them to excel. The culture provides enough room for growth, experimentation improvement and opportunities to exhibit their skills. An individual working for a startup gains significant recognition for their contribution and performance.
However, establishing, running and sustaining a business or a startup requires a lot of effort, patience and investment. It requires the prospective entrepreneur to be equipped with the right skillsets and ethics to survive in the competitive, fast-paced commercial world.
Under Graduate students with potential entrepreneurial qualities need to be introduced to required skillsets and culture through theory, practical and on-the-job training.
All leading educational institution in the world are focusing on developing entrepreneurial skillsets in students. They develop a spirit of co-operation and unity amongst students coming from different school of thoughts, thus emphasizing on the importance of teamwork.
These universities go the extra mile to embed the abilities into the students and prepare them to build an entrepreneurial mindset. They foster leadership values and help students excel in their area of expertise.
Before launching a startup, an individual should be well aware of the funding and investment requirements and the avenues to source them. The individual should look for a business model which should be self sustainable in medium to long-term. To give an appropriate direction to the startup business, an individual should also partner with suitable consultants and counsellors.
Graduating with entrepreneurship as a Major provides insights on the required investments in finances and talent. There are universities that offer entrepreneurial majors and specialized courses which have become a lucrative option especially for students interested in starting an entrepreneurial venture or diversifying the family business. These universities also act as incubators that promote networking, dialogue and partnerships among like-minded individuals with business acumen.
Entrepreneurship training does not only focus on launching, sustaining and managing the business, product or innovation but also emphasizes on the finance, marketing and managing aspects, thus providing comprehensive knowledge to establish and grow the startup business.
Some start-ups do not have a separate finance or HR department, as a result of which they handover these responsibilities to the existing members of the start-ups. As employees in start-ups work in cross-functional departments such courses increase their capability of handling a start-up.
According to research, employers are increasingly seeking students with an entrepreneurial mindset or experience as they are accountable for their own actions. Employers feel that such candidates have a good understanding of end to end planning and execution.
Working in a start-up can change perceptions and working style. The individual is on their own and feels more proactive and engaged through the entire process. Their ideas are welcomed by teams and contributions are well-recognised.
However, working in a start-up may also mean minimal salary, smaller teams, extended work timings, dealing with ambiguity and uncertainty. In such situations, it is important for individuals to remain focused about their end objective.
Formal entrepreneurial education at undergraduate level prepares the individual well to overcome challenges and develop skills to work around limitations, emerge from unforeseen circumstances and prosper in the startup and business environment.
The writer is CEO, Avanse Financial Services.
