Confident young India taking the business world by storm Wave of startups by new bold entrepreneurs
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As the economy grows, people are more inclined towards taking risk. In the recent past, India's young generation has taken bold strides towards their entrepreneurial dreams. This has led to numerous startups mushrooming in the last decade.
These young entrepreneurs are focused towards their goals and undeterred by occasional setbacks. The results have been phenomenal.
It is interesting to note that many people associated with these startups are from the Silicon Valley. It is believed that authorities in Bengaluru are more flexible and accommodating when it comes to enforcing guidelines and rules.
A case in point is Ola's Bhavish Aggarwal. Initially, Ola was set up in Mumbai. However, it soon ran into trouble due to operating taxi services without a permit.
Aggarwal did not give up and instead decided to shift base to Bengaluru due to relaxed norms there. He got some time to put things in place.
Avnish Bajaj, managing director, Matrix Partners India was among the first few investors in Ola with an investment of around Rs 128 crore.
He was impressed by young Bhavish's persistence to make the model work inspite of whatever hurdles that came his way.
It took quite some time for the returns to be substantial; however, Bhavish never gave up. That precisely explains the success of Ola!
Ola's cab services network has increased almost 10 times since 2013 when it was still at a nascent stage dealing with challenges. In fact, its valuation has reached a level where it towers over the global giant, Uber.
This has been possible due to the audacity to challenge established firms, authorities and ways of doing business by the new generation entrepreneurs.
Their simple mantra seems to be "do whatever it takes to be successful'. They are mostly in the age group of 21 to 35 years when they are starting.
Thus, the aggressiveness and fearless attitude that surface at this age have eventually aided the process of chasing their dreams.
These young founders are technologically-sound too which means that they want to build forceful global innovative solutions as part of their technology and business models for wide reach.
This is a domain that the earlier generation of entrepreneurs were not willing to explore due to the lack of demand. However, now technology is a vital tool to make your startup successful. In today's scenario, survival of the business depends on its technological reach to a large extent.
Moreover, previous generation of entrepreneurs had a different style of working as most of them started after nearly a decade of corporate career.
The new budding entrepreneurs mostly kick-start their journey towards their entrepreneurial dreams right after college or after two-three years of experience in corporate jobs.
Therefore, corporate baggage and doing everything according to the rule-book is not part of their style of working.
This has led to taking more risks and generating revenues from apps, online sites and brilliant ideas which they are ready to analyze, ponder upon and ultimately implement.
Whether it's OYO Rooms' Ritesh Aggarwal or TinyOwl's Harshvardhan Mandad or hugely popular Zomato's young Deepinder Goyal—the courage & tenacity shown by these young entrepreneurs to keep pursuing their end goals by giving up the alternative choice of grabbing a safe high-paying job has been lucrative and a satisfying decision in the long term.
However, patience shown by them also reaped the rewards and was essential. Furthermore, venture capital investors are willing to bet big on them. SAIF Partners has funded many such startup dreams of young budding entrepreneurs.
With enough funding and passion to succeed, the new generation is even working towards expanding globally slowly but steadily. Goyal of Zomato is gearing up to take on big established players in the restaurant discovery business globally.
The zeal shown by these young founders is not only generating worldwide interest but also making a point that young Indian entrepreneurs are here to stay and succeed.
The Indian business world and the country's growth will also hopefully zoom ahead with the dreams of these young entrepreneurs in the near future.