India ranks third in the number of technological start-ups with around 4,500 start-ups with an average valuation of approximately $2.3 million. US ranks 1st with approximately 50,000 start-ups. With ours being around 4x the population of the USA this huge gap is a serious issue haunting the economists. But that being said, it definitely allows us to gauge the potential of our market. Hence, nurturing a business from its infancy to maturity is the elephant in the room that needs to be addressed.
With the emergence of automation and disruptive businesses, the so-called traditional jobs have taken a backseat and the need to develop skills that stay relevant for today and future is what needs to be evangelized. The need of the hour is to have an environment that allows entrepreneurial ideas to sprout. With the largest young population (average median age being 28.5 years) walking the face of the earth right now, the need of the hour is definitely to create more jobs to support our country’s growing economy.
Ever wondered how we come across so many success stories in life and often try to comprehend the extent of the balance of their hard work and smart work. We all have high hopes but we often fail to convert them into real success stories. We are left hanging or rather always in the dark when it comes to knowing their story. A common trait these success stories share is the presence of a mentor who helped them with laying strong foundations that let them retrospect and move forward without causing waste.
The reason these success stories have come to fruition in the past is because of the direction the said company used to put forward their hard/ smart work. A mentor who guided them with the nitty-gritty's of the business world and also helped save time and resources. The impact of having guidance in the right direction is a visible phenomenon.
Over the past few years, Hyderabad has been evolving into a hub for start-ups with an increasing number of professionals leaving their traditional jobs to become entrepreneurs, using technology and innovation to drive their businesses. But, a significant number of promising ideas do not see the light of day, which may be due to lack of access to skilled human resources, financial assistance, professional mentors, etc. To overcome these hurdles an individual needs to find an ecosystem which is committed and focused on providing timely support.
Anyone with the zeal to invest in not just an idea, but in oneself is an entrepreneur in the making. Be it an early or ideation stage start-up founder or any corporate employee. Everyone is required to learn the basics of a business, be writing a business proposal, devising a marketing strategy, building a team, defining target audience, and also finding solutions for traditionally recurring problems, along with staying relevant in this day and age.
Want to tread the path of Entrepreneurship? Get yourself equipped with the critical skills and knowledge first before taking the plunge.