Democratizing Entrepreneurship in India

“Every problem to solve is a job”.

Entrepreneurs are natural problem solvers. Wherever people see problems, they see opportunity. Even with an abundance of problems, ideas, and all the efforts made in India, ‘entrepreneurship’ has not gained the much-required momentum yet. If data is to be believed, micro-entrepreneurship is the way forward for the GDP to grow.?

Let’s start by defining Democratizing Entrepreneurship. The term implies the process of enabling people to start their businesses, regardless of their socio-economic status, their previous expertise, or other factors.??

One might argue with numerous tools, incubation platforms, and accelerator programs, and the obvious question is what is stopping the largest democracy in the world from democratizing entrepreneurship. Let’s delve deeper and find out.?

Fear the unknown:

Getting a degree, getting a job, and getting a monthly salary are concepts we are familiar with. But, starting up an idea and building something new is an unknown venture for most of us. The entrepreneurs often feel responsible for the outcome of their idea and, with many detours and deviations that are bound to happen from the initial plan, lose confidence in their idea. Moreover, a lack of financial planning is another issue to tackle. No business becomes successful overnight. And in our effort to democratize entrepreneurship, we need to figure out how to support the initial days of lukewarm response.?

Lack of mentorship:

Having a mentor who can give advice or help them brainstorm is an invaluable luxury for any entrepreneur, especially in the initial days when there are so many moving pieces, finding someone who feels like a companion on the journey. Thankfully, many mentorship platforms allow you to connect with the right mentors in this digital age. Nentr is one such platform that allows entrepreneurs access to mentors and provides a DIY platform to build their businesses. Naturally, platforms such as these are a crucial piece of the puzzle for democratizing entrepreneurship.

Attracting the initial buyers:

Many powerful ideas have failed just because they could not find customers. Many entrepreneurs struggle to sell their products or service due to a lack of marketing knowledge and an overall distaste for self-selling. With powerful tools available to us regarding social media, planning and using the platform can prove beneficial and crucial for establishing a democratized entrepreneurship. As they say, charity begins at home. Similarly, the initial sale needs to come from friends and immediate network.?

Peer pressure:

Sadly, in India, we foster a culture that holds great regard for jobholders and continues to see business owners as someone who did not find a job. Moreover, our educational system doesn’t highlight the importance of entrepreneurship. The goal of earning good money and “getting settled” as soon as someone steps out of the college discourage many from taking up entrepreneurial activities. Without the paradigm shift in our society, democratizing entrepreneurship is impossible. However, thankfully, the scene seems to be changing over the past decade.?

Entrepreneurship is a rewarding experience. Perhaps, what makes it most exhilarating is the challenges you overcome in reaching your goal. Moreover, the world benefits from the democratization of entrepreneurship as it creates more opportunities and a strong workforce that contributes to overall growth.??