Youth Entrepreneurship: An emerging trend in India

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08 Apr 2021

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Youth Entrepreneurship: An emerging trend in India

Promoting new solutions, generating jobs and expanding the overall economy, entrepreneurs in India are continuously grabbing eyeballs, and for all the good reasons. That explains why, as reported by Nasscom, India is now widely viewed as a startup nation. With success stories of several private startups like OYO, Ola, PayTM etc. making rounds in the market, the emerging trend of youth entrepreneurship has gradually gained momentum, leading the young generation to be ambitious, and hyped enough to give a shot at being the modern day entrepreneurs. In fact, with almost 83 percent of the Indian workforce now willing to become an entrepreneur, India is in a position much higher than the global average of 53 percent. The changing attitude towards the startup culture in the recent years, also has a lot to do with the government offering an array of promotional schemes to foster the India youth towards entrepreneurship and business startups.

Why do we need it?

Today unemployment can be considered as one of the biggest global challenges, and it has been made worse by the ongoing pandemic. Whatâ€™s even worse is, according to a report by the International Labor Organization, 73 million of the worldâ€™s unemployed are young people.

Entrepreneurship, largely, has to do with transforming the world by solving problems, big and small, and the relevance of youth entrepreneurship in the world has never been clearer before 2020. At a time when Indiaâ€™s unemployment rate shot up, with around 12.2 crore people losing their jobs in just a few months, and the economy held back indefinitely, entrepreneurs from every sector are joining hands, sharing ideas to work towards minimizing unemployment.

They say the future of a nation lies in the hands of its youth, as they are the leaders of tomorrow. With more than half of its population under the age of 35, and about 15 million entering the workforce every year, India is one of the youngest nations in the world, and that is obviously an advantage. However, generating jobs for a population that large, is not just tough for any government, it is impossible. Hence, the Indian government is focusing more on providing a stable business environment, market oriented reforms, and key initiatives like Make in India, Digital India, Mudra Yojana, Atal Innovation Mission, 59 minute loan, Stand-up India and Start-Up India, to encourage aspiring and ambitious young Indians.

Emerging Trends of Entrepreneurship

While it is a wonderful thing to see young people, increasingly encouraged to become entrepreneurs, resulting in the idea taking deep roots in almost every young Indianâ€™s mind. However, not every aspiring entrepreneur ends up with a success story, owing to the endless hurdles and challenges that prevail in the ever-changing business landscape. Survival of a start-up requires not just an utmost dedication of the ones involved, but also an eager mind to keep up with the evolving trends in the market.

Speaking of trends, let us quickly look at some of the emerging trends in entrepreneurship that will change the startup scenario in upcoming years:

Entrepreneurs indulgence in IOT

Internet of Things (IOT) has been the most hyped up emerging trend across sector for the past few years, and the hype is not going away anytime soon. In fact, the ecosystem around it is developing now, faster than ever. By 2026, the IOT space will grow up to $1B, as estimated by Fortune Business Insights.

Super-specialized skills Gaining Demand

In todayâ€™s excessively competitive world of entrepreneurship, greater specialization is a must-have to secure a winning edge. It is a race of bringing out the best in both entrepreneurs and businesses, thereby gaining an advantage over the competition. They do not shy away from reaching out for help from virtual assistants for administrative or other secondary tasks, in order to focus on delivering more value in their specialty.

Rise of the Gig Economy

Gigs or temporary employment setups is a rising trend, which is quite attractive to workers and employers alike because of the many perks it entails. It is pretty ludicrous for entrepreneurs, as well, as they can leverage its elaborate benefits in order to eliminate overhead expenses.

Hyper-local Businesses making a Comeback

Hyper-local businesses are the ones that goes after uniqueness, without any aspiration to make it big. It is an attractive trend rising among the millennial entrepreneurs. Their common ground is to sell products and services uniquely relevant to their localities. More and more people driven by passion are coming up with businesses based on this concept.

Wide Adoption of Disruptive Technology

Disruptive technologies and ideas have always been closely linked with the concept of entrepreneurship. After all, they are the foundation of novel solutions. Owing to its wide applicability across industries, more and more businesses are adopting disruptive technologies, like AI, Blockchain, AR/VR, Cloud technologies, etc. to strengthen a companyâ€™s competitive advantage, while enhancing the customer experience.

Conclusion

It is usually a ticking concern about a cause that gives birth to an entrepreneurial thought, which further leads one to work tirelessly towards the goal of solving the toughest problems. However, more often than not, this intense process leads to building of an empire, for hundreds and thousands to be employed. The entrepreneurial ecosystem has the largest potential to create employment across sectors and geographies for all socio-economic categories of our youth. If you, too, are thinking of making it big in the world, try your hands at upgrading the worldâ€™s current status by solving some of the biggest problems. Consider youth entrepreneurship, and you could just become the next big inspiration for the upcoming generations. All that it requires is your best entrepreneurial ideas, and prompt action on the same.