The start-up scene in India is not as developed or evolved as it is in other countries. Indians still prefer to go by the tried and tested route of getting a job and working from 9-5 than starting up their own venture. With an array of start-ups cropping up in China and USA, Indians are still lagging behind in the entrepreneurship scene due to various reasons.
Here are a few reasons why Indians choose not to become entrepreneurs:
1. Risks involved are very high
Indians aren’t very willing to start-up their own business and turn into entrepreneurs because the risks involved are massive. Even with a brilliant idea and correct marketing techniques, there is a huge possibility that the business might not do well. And, nothing is more disappointing to an Indian entrepreneur than failure because then he needs to pay back loans and deal with the distress of a failed start-up. Instead, an Indian would rather take up a job that pays well and stay put for years.
2. Most Indians are family people
Most Indians consider themselves as family people and believe becoming a entrepreneur can hamper their family life as they’ll have to work for long hours which might detach them from their family. Women, in most cases, choose to give higher priority to their children and building a family than taking the responsibility of a start-up and a horde of people working under them.
Related Post: 6 reasons why India needs more entrepreneur
3. Indians don’t want to take up leadership
This is another reason why Indians are so scared to become entrepreneurs. They might be great at their jobs but when it comes to assuming the role of a leader and delegating jobs, they aren’t very comfortable. A start-up’s sole responsibility falls on the entrepreneur and so does the success or failure which is why even though they might be capable, they don’t want to be solely responsible for a start-up or a company entirely.
4. Education is rendered worthless
Some people stand by the belief that they’ve spent a lot on their education and it is rendered worthless if they don’t actually take up a job in the respective field. The money and time spent on gaining education is considered futile if one goes and starts up his/her company. Great entrepreneurs were college drop-outs which is a common belief amongst Indians and since Indians value education highly, they don’t want it to be considered a waste.
5. Making an idea work can be compelling
It is not easy task to become an entrepreneur. The task requires a lot of hard work, determination and research to make a company work. Even with a great idea, if a single set of skills is missing, it can lead to the whole start-up crashing down.
For instance, an aspiring entrepreneur might have an innovative idea but he didn’t promote it enough on social media. Thus, because of lack of research as to how one reach a specific target audience can lead to the downfall of his whole company.
6. Lack of funding
Another major and important issue which is hardly addressed is the difficulty to garner funds for a company. A person might have a great idea but because of lack of investors or required sponsorships, s/he decides to scrap it and stick to their job. However, things are changing on this front as budding entrepreneurs are now being looked at as assets by huge companies who can provide funds. Also, the current Prime Minister supports the idea of start-ups which can prove to be a huge boost to entrepreneurs.
However, things on the start-up front are changing as with evolving market strategies, SEO tools, funding schemes and more will to become the boss, people are actually giving start-ups a chance.
Related Post: 11 Heroes who helped build the Indian startup industry