How frequently do we hear about a startup in India these days? Well, there are almost hundreds of startups initiated by thousands of entrepreneurs each month! There would be another hundred startups registered by the time you get your next paycheck. It wasn’t the same situation a few years back, but as we see growth and development in almost every sphere of our daily lives, starting a new business just seems to be the right choice.
The masses now do not seem to be liking the old customary way of living, but want to take steps further and explore the unchartered. The teens, nowadays, don’t wait for their education to be completed, but are more forward to approach investors and pitch their creative ideas.
Thanks to globalization and PM Narendra Modi’s ‘Startup India StandUp India’ campaign, the statistics of teen entrepreneurs are just off-the-charts, an army of 20 somethings are raging into a war of startups with ideas, creativity and innovation in their arsenal. In one such statistical report, 73% entrepreneurs are below the age of 36 years (The age group of 26 to 35 has around 53% founders, age group of 36 to 45 years has 22%, whilst 20% of the remaining entrepreneurs are younger than 25 years) Further, the report added that 50% of the founders launched their business within three years of completing their education. With people starting their businesses from all over India, including many states as well as remote regions, there’s also no denying that women are showing that it’s not just a ‘Man’s world’ leading the race with many lifestyle, personal care and various other startups.
The startup fever has gone so viral that people no more choose IIT and IIMs to be leaders in their life. As per the report, a minimum of 40 students across IITs has chosen to commence their own startups instead of acquiring campus placement.
So, by the time these teens turn 25 they have their own full-blown powerhouse projects at their feet and a whole new world to conquer.
Starting at a young age has its own benefits, the following pointers tell us how:
• Next to no responsibilities: A new startup is like a child in its growing years, it has a little to no responsibility element. Due to its carefree nature, it can conduct a lot of trial and error before officiating on a final decision.
• Learning comes easy: It has been scientifically proven that young minds are usually more receptive to their senses, making them more susceptible to learning and picking up everything from their surroundings. Thus, allowing them to a host of possibilities that elevate their creativity.
• Time and tide wait for them: Since younger people have a long way to go before they take up on responsibilities or slog their way through the static work life, they have less duties and more time. Time which they can invest in churning up ideas.
• Networking: Due to the presence of social media, networking has never been easier for any generation. This can work as the most prominent tool to promote, enlist and sell their ideas and that too, without moving from their seat.
• Family Support: As much as your parents/family won’t condone falling into bad company, they would muster all the support they have for you if you tell them about your business plan.
• Willing to do, not something, but everything: Teenagers have a never-ending willingness to think outside the box, defy the authorities and make something out of themselves. Their competitive attitude helps them in achieving what’s not possible.
• Risk Tolerance: Every one of the teen entrepreneurs knows that ‘not all startups are going to make it’, even considering investment in both time and money. But they tend to focus on the ‘can make it’ part rather than the former.
• Get-up-and-go attitude: The youthful spirit clubbed with feats of determination gives teen entrepreneur a cutting edge over their elders.
• Fewer Economic Pressure: As a young entrepreneur, you can choose to live with your parents or share a condo. This way, the economic pressure is just of your own and not of your family. Expenses are less and you can survive on minimal capital
• Nothing to lose: Teenagers usually have nothing to lose, but a lot to expect. Say, they don’t have a job to meet deadlines, not a spouse to be taken care of, nor shouldering any responsibilities. Even if they fail in their first gig, they can always move on to another one.
In conclusion, getting involved in entrepreneurship at an early age impacts your life, not in one way but in many ways. It teaches you many lessons, which are never taught in schools.