An Odyssey of Bold Determination: The Spirit of Nano Entrepreneurs

A tailoring unit - with multicolor threads spread out. A mini dal mill - making rhythmic sounds pushing flour out of it. A beauty salon - with the snipping sound of scissors and the lively chatter of women waiting in line. A weaving unit - where the ‘tak’ ‘tak’ of looms creates beautiful fabrics that flow like rivers of color. An oven toasting batter - filling the air with an inexplicable aroma. A basket, woven from golden threads of a local sabai grass, nearing completion. Small mirrors being carefully glued to a vibrant lantern, its colors reflecting the sky. Tiny batter mounds drying slowly on the roof, hardening in the sun for a local delicacy. A half-moon black cauldron working its magic over the fire, turning dal into crunchy snacks. A variety store with all the big brands available in small pouches.

This is what my eyes savor when I visit these local nano entrepreneurs.

What captures my heart more than my eyes is the way these entrepreneurs go beyond societal expectations and forge their own paths. Of the many things that these entrepreneurs will teach you, three distinct qualities that have stayed in my heart from interacting with these local #entrepreneurs are their focus on immediate profitability, building customers for life and their risk taking attitude.

Unlike many #startups that focus on a single idea with the goal of making it big, these entrepreneurs prioritize immediate profitability. They engage in multiple ventures simultaneously to ensure a steady cash flow. For instance, even after starting a food business, they continue to take orders for their tailoring services if they can spare even 1-2 hours a day. This approach ensures a consistent inflow of money each day, rather than investing months in establishing a single large business. Their diverse business strategies make them resilient to threats and unstoppable as #entrepreneurs.

Also, whether it's due to their smaller scale or their big-heartedness or both, these entrepreneurs excel in customizing their products to meet customer needs. I've seen them create customized packets for as little as Rs 10/-. Their focus on building social capital pays off in the long run, as their customers become loyal patrons who act as their marketing channels. This personal touch is something many big companies struggle to achieve and this customer base ensure their sustainability.

?

Thirdly, they are fearless when it comes to taking loans to expand their businesses. Even if their current profits aren’t enough to cover the loans, they still take the risk, invest in their businesses, and plan how to repay the loans by increasing their profits. I have met many such entrepreneurs who have charted their plans of how they are going to increase their profit ploughing this amount of money and repay their loans. With this idea they take the risk of expanding their business.

?

As the smallest subset of MSMEs, these #nanobusinesses drive #local and #grassroots #development and #entrepreneurship and have different perspectives in running their businesses and different needs in growing their businesses. With an estimated 11 million such businesses, they are part of our daily lives, from fruit vendors to tea stalls. While their scalability is debatable, and they face unique challenges, one thing is clear: they don’t fit into a one-size-fits-all solution. Their diverse perspectives and aspirations require tailored support to thrive.

#nanoentrepreneurship #entrepreneurship #nanoentrepreneur #dreams #MSME #local #startups