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Millennial Entrepreneurs: Opportunities and Challenges

, December 5, 2017, 0 Comments

millennial-entrepreneurs-marketexpress-inThe millennial entrepreneurs are known to value their independence of thought and creative freedom. These entrepreneurs are keen on collaborating around great ideas-Ideas that can solve real world problems with innovative solutions.

Driven by purpose, they seek opportunities to simplify life and to address the needs of people with varied demographics and backgrounds. Challenges cannot intimidate this generation of entrepreneurs who are ready to take up and face the problems that present along the way of entrepreneurship.

Let us look at the opportunities that abound the millennial entrepreneurs. First, the government’s role in fostering entrepreneurship by taking initiatives such as Startup India is unique and attempts to improve the ease of doing business for newly launched businesses. This initiative was launched after consultations with key players in the startup ecosystem and encompasses facilitation of the startup system at multiple levels.

Second, the “demographic dividend” provides a unique advantage to our country which has a young, vibrant, educated population with lakhs of youngsters graduating and entering work fields each year. This means there is no dearth of talent. The startups can channelize these demographic advantages and mold the future leaders into problem solvers as entrepreneurs and employees.

Any skill mismatch can be plugged with the right skill training and on the job training. Another initiative by the government is a Skill India Initiative, which attempts to address the skill gap.

Third, the policy environment offers various benefits and schemes to drive the entrepreneurial ecosystem in the country. Even banks (such as SIDBI) are actively supporting the cause of entrepreneurship by providing funding and information support.

Fourth, our country has vibrant availability of banks, incubators, venture funds and investors to fund the entrepreneurial growth story for deserving and scalable business ideas. Moreover, the society’s perception of entrepreneurs is changing.

Fifth, there is no dearth of experienced industry experts mentoring the young talent by coming forward to shape these millennial ideas. Coworking spaces and incubation centers are mushrooming across the urban centers to facilitate bright, innovative minds.

Sixth, passion and vision are the two cornerstones of Indian millennial entrepreneurs who exude confidence and creativity and are well aware of their unique need of timely results and sustainable solutions.

Execution is the key in any entrepreneurial setup. And the opportunities mentioned above provide an encouraging environment to ensure the dreams of new entrepreneurs are fulfilled in conjunction with writing the country’s growth story.

But along with the opportunities, the Millennials face some unique and some not so unique challenges in their entrepreneurial journey.

First among these challenges is the bureaucratic bottlenecks. The slack in the system is counterintuitive to the Millennials’ need for instant results.

Another structural problem that Indian entrepreneurs face is the price sensitive market. It creates a highly competitive pricing environment which then leads to the cost-cutting and rationalizing of the prices. All in all the modest pricing would mean long gestation periods for entrepreneurs to break even for new startups.

Next issue that needs deliberation is that of short attention spans caused by excessive use of technology and exposure to varied social and mass media, which leads to consumers being flooded with multiple alternatives for the same needs. Marketing to these people requires a multipronged approach to achieve top of the mind recall for their offerings. Social media is an essential ingredient of the same.

Information overload is also a challenge that Millennials need to address with struggling to take decisions in an environment which is dynamic and is continuously changing with new policies, perceptions, news, needs, disrupting ideas and world politics.

Millennials need to address a whole new bunch of needs and wants that come up at a constant pace.

Lastly, the most critical and crucial challenge that millennial entrepreneurs have to face is the discomfort of no steady paychecks in a startup (which varies from industry to industry) in comparison to the regular income of a plush job.

This challenge is a very real roadblock for many millenial, but not big enough for them to give up on their entrepreneurial vision.