Nowadays, it has become a trend for the younger people to start their own businesses rather than working for someone else. The youth finds it the best possible way to utilize their talents and to make money and hence are not hesitating to risk their careers through such initiatives. This has got a lot of advantages and disadvantages which are discussed below.
On the one hand, the modern education system, backed by the initiatives by the government to produce more job-creators, encourages people to become entrepreneurs. Students exposed to such an environment naturally have a mentality that being self employed is the best way to pursue their interests. Also, any good business idea is being welcomed by the private investors and governments are funded generously making self employment very attractive. Programmes such as Skill India, Start up India and angel investing are the best examples of the initiatives by the government and private parties.
On the other hand, most of the people who aspire to become entrepreneurs lack the first hand experience of running a business and fail to put up a proper business plan even though they have creative business ideas. A recent study by the Oxford University states that more than fifty percent of the startups have closed down within 2 years because of mismanagement of the business. Misplaced priorities, inefficient management of the funds, improper marketing have led to such failures making the lives of people who were employed in such businesses miserable.
To recapitulate, though the option of becoming an entrepreneur looks very attractive, it is very essential for the people to have worked in organizations which run similar businesses, understand the nuances of running a business and then venture into such activities. Such steps will help them run a sustainable business and achieve their goals.
Nowadays, it has become a trend for the younger
people
to
start
their
own
businesses
rather
than working for someone else. The youth finds it the best possible way to utilize their talents and to
make
money and
hence
are not hesitating to
risk
their careers through such initiatives. This has
got
a lot of
advantages and disadvantages which
are discussed
below.
On the one hand, the modern education system, backed by the initiatives by the
government
to produce more job-creators, encourages
people
to become entrepreneurs. Students exposed to such an environment
naturally
have a mentality that being
self employed
is the best way to pursue their interests.
Also
, any
good
business
idea
is
being welcomed
by the private investors and
governments
are funded
generously
making self employment
very
attractive.
Programmes
such as
Skill
India,
Start
up India and angel investing are the best examples of the initiatives by the
government
and private parties.
On the other hand
, most of the
people
who aspire to become entrepreneurs lack the
first hand
experience of running a
business
and fail to put up a proper
business
plan
even though
they have creative
business
ideas
. A recent study by the Oxford University states that more than fifty percent of the startups have closed down within 2 years
because
of mismanagement of the
business
. Misplaced priorities, inefficient management of the funds, improper marketing have led to such failures making the
lives
of
people
who
were employed
in such
businesses
miserable.
To recapitulate, though the option of becoming an entrepreneur looks
very
attractive, it is
very
essential for the
people
to have worked in organizations which run similar
businesses
, understand the nuances of running a
business
and then venture into such activities. Such steps will
help
them run a sustainable
business
and achieve their goals.