Entrepreneurship is Not Sexy; It's Hardwork with Frustration, Says this Ex-ISB Dean
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When someone mentioned to Ajit Rangnekar that 83 per cent of India's young population aspires to be Entrepreneur, his immediate reaction was - what happened to other the 17 per cent?
Rangnekar, the former Indian School of Business (ISB) Dean, is presently the Director General of Research and Innovation Circle of Hyderabad (RICH), a State Government of Telangana initiative. As a platform, RICH ties up with research institutions, academia, and the domestic industry to venture capitalists, angel investors, and incubators.
The focus segments for the network are industrial frameworks, life sciences, and innovation, however, in the future, the state government plans to extend it to other industries.
According to him, India is breathing the spirit of entrepreneurship as it is the mood of the country. But is entrepreneurship for everyone?
Entrepreneur India asked the ex-ISB Dean three tips aspiring millennials should keep in mind before taking up entrepreneurship:
Need To Solve the Problem
Rangnekar suggests if you don't feel the burn to solve a real problem or create a huge impact, stay away from Entrepreneurship till the bug bites you. And once it does, leave everything and get on to be an entrepreneur.
An MBA graduate ? Entrepreneur
According to the gentleman, today, it is no longer enough to have a broad education and hence, Rangnekar is convinced that an MBA education is necessary to be an entrepreneur.
"You need in-depth knowledge not just about tech but also the industry you are operating in," he shared.
Therefore, he advised entrepreneurs to be realistic about their capabilities and choose his team wisely.
Entrepreneurship is not chic
Contrary to the popular notion amongst millennials, Rangnekar says, entrepreneurship is not sexy or glamorous instead, it is a lot of hard work with frustration.
Lastly, he says that he really admires people who do not take no for an answer and keep trying even after repeated failures.
"Entrepreneurship is not about glamour or money, but the sense of fulfilment," he concludes.