The start-up scene has taken a major soar in the last couple of years. However, Indians still prefer to work in an office and go the 9-5 route rather than starting their own business venture.
Here are a few reasons why Indians choose not to become entrepreneurs:
1. High Risk Affair
Indians do not go for the whole starting up their own business and turning into entrepreneurs scene because there is a lot of risk involved. Even with a brilliant idea and correct marketing techniques, there is quite a possibility that the business might not do well. And, nothing is more disappointing to an Indian entrepreneur than failure because there are loans to pay and most do not want to 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. Family vs Startup
Most Indians consider themselves as family people and believe that 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 particular, prefer to take up a job instead of their own venture because of the whole juggle between family and professional life.
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3. Don’t want to Lead
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.
4. What about the years of fancy Education
Some people stand by the belief that they have spent a lot of energy, time as well as money on their education and it is rendered worthless if they don’t actually take up a job in their 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. How to Make the Idea work
It is not a cake walk 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. Where is the 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 sponsorship, he or she 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.
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