WHY ARE PEOPLE AFRAID OF STARTING A BUSINESS

We all know that entrepreneurship is the future of the global industrial market. The industry has the potential to change the entire outlook of the business system. With more and more big names coming up in recent years, aspiration among youth is growing exponentially. Every young mind now, dreams of having their business empire. However, this interest surge is quite low in India as compared to other countries. Surveys state a whopping 61% of final-year university students consider business as a potential career. But at the same time, 71% of them feel restricted from persuading their business passion. The biggest reason behind it being the fear of failure, as stated by the majority of them. In this article, we forward you all the probable reasons behind this fear of Indian youth and some possible solutions as well. 

Business ideas are budding in the minds of people every minute, but only a small fraction of them earn revenue. So, what is the difference between those who execute profits and the ones that fail to do so? Mentioned below are 8 points that can elaborate the difference for you. 

• RISK TAKING ABILITY:  Do you know that the biggest quality that an entrepreneur entails is his risk-taking ability? Yes, a successful businessman does not opt for safer options and has the quality to overcome the fear of failure. This is exactly what we are lacking in Indian youth. Even with a ground-breaking start-up idea and correct plan of execution, some businesses still don’t make it far. Indian minds are just not ready to take this chance. They the afraid of the upcoming disappointment and backlash that they will face, if the business fails. They would easily take up a 9-5 job that pays way less to remain safe and secure for the future.  

• MONETARY RESISTANCE: The first and the most important tool that you need to give shape to your business ideas is funding. And most Indians do not have ready cash in hand. A person might have a feasible business plan, but due to the lack of available funds, he/she chooses not to go forward with it. However, circumstances are now changing for the better. The government of India has come forward with several measures to close the gap between business planning and execution. The MSME scheme launched by the government aims at providing easy credit to micro, small and medium business without any collateral guarantee. This scheme provides MSME loans of up to 20 Lakhs to budding business owners. All you have to do is to go to the official website and complete your MSME registration online. 

• NO LEADERSHIP QUALITY: Indians are great at the job they do. Their work talks about skills and mastery in every field. However, when it comes to assuming the role of a leader, they choose not to do it. This is partly because they avoid being responsible for a task on their own. This particular trait also applies in the business field. Even though they are capable enough, they do not want to be held responsible for the success or the failure of businesses. Entrepreneurship is all about creating job opportunities for others through your idea. This responsibility of the group is what deters an average person in our country. 

• SOCIETAL STRUCTURE; A big reason for this fear comes from the structure in which the Indian society is made. Almost every Indian parent wants their ward to be a doctor or engineer or to take up a white-collar job. The ideas of new creativity are not even encouraged among the kids. This upbringing becomes a barrier in the future for them. Indian youths are afraid of disappointing their family in case their ideas fail. Lack of encouragement for the society is wholly responsible for it. Moreover, Indians consider family to be their priority. Entrepreneurship calls for long working hours and very little security. Our people are afraid that it will hamper their family life as a whole. Women, in particular, face this problem more and opt for a safe professional life. 

• LESS SCOPE FOR EXPANSION: Expansion of a business in India is quite tough and needs a lot of consideration. Even if you want to expand your business in other states, the path won’t be easy. However, things are simplified quite a bit in recent years. The government has introduced GST registration which brings all businesses under a single roof and facilitates the equal distribution of facilities. If your start-up has a basic turnover of more than 40 lakhs, then you must apply for a GST certificate. The certification allows you to have maximum benefits as a businessman and help to expand in the industry. 

• NO PROPER PLAN OF EXECUTION: Starting as a beginner in the business world is not easy at all. If you don’t have a full-proven plan of execution in hand, then failure is inevitable. Without proper marketing, your business will not reach many people however great your idea may be. Fortunately, there are thousands of ways to market your gig in this net-driven world. You can even consult an advisor for a customized, back-tested execution strategy. Researching for ways to reach the target audience is a very crucial step of execution and should be kept in mind by all. 

• EDUCATION GONE ASTRAY: Yes, you read that right. Many of us sill believe that business won't do justice to their educational qualifications. They believe that the years of hard work that they have spent educating themselves can only be justified by an appropriate job. What they don't understand is that successful businessmen are educated too. And their education has helped them quite a lot in gaining the position they are at now. In a society like India where education is preferred the most, this futile thinking is not astonishing at all. The masses need to be aware that business and education can go quite well together. 

CONCLUSION

Having read the full article, you know by now the reasons behind this fear in Indians. Well, in the end, we can say that the thinking is changing. We the resources available to us now, entrepreneurship won't be too far for us.