Government should promote entrepreneur’s through startup’s
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]he job market the world over is becoming increasingly competitive. Old jobs (including some not very old) are fast disappearing and newer ones are coming up, due to automation, increasing efficiency in workplace and evolution of technology. The sad part is, a lot more of old jobs are disappearing than newer ones coming up. So, everywhere, solving unemployment problem is becoming increasingly difficult.
Let’s turn our attention to families. In most families, both the husband and the wife are employed
In India, though retirement age is advancing to 60 and beyond, compulsory retirement and retrenchment are also commonplace, even among young people. People are finding it extremely difficult to get and retain jobs.
Whether it is IT or other fields, the qualifications and skill sets required are increasing. MBBS doctors are becoming irrelevant in urban India. Newer and higher level IT skills are required by IT industry. PG in Engineering is becoming the preferred qualification for higher positions even in the engineering industry.
Let’s turn our attention to families. In most families, both the husband and the wife are employed (or want to be employed). Families are getting nuclear. So, the time parents are able to devote to their young children is shrinking. In most families, they decide to have just one child, as they find managing two kids demanding.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]W[/dropcap]owever, people understand the importance of work-life balance more than ever before, and so they find seek solutions within these demanding boundary conditions. In many families, either the husband or the wife explores options of flexi-time work in their jobs in order to devote time to their home and kids, but most often, the flexi-time options offered don’t solve the problems faced by the family and kids.
If Parsis, Marwaris or Gujaratis have business in their blood, it is because someday, in the distant past, someone in their lineage first ventured out, took a risk and built a business.
Even the double income from working couple is now seen as inadequate to meet financial commitments, due to higher levels of lifestyle that they want to lead, the high cost of private education of kids because of high aspirations, savings needed to buy homes on EMI and to provide for life after retirement, high cost of life and medical insurance, and in some cases, to take care of their ageing parents.
In this scenario, entrepreneurship is an option that could offer the right solution to such families. Though entrepreneurship (whether involving technology, products, projects, services, or even trading) involves investment and risk, apart from foregoing regular income, the rewards are extremely enticing, more than offsetting the risk.
Yet, such a thought frightens most couples, as they are used to secure lives. The risks and the other problems that go with business are so scary that they don’t even want to consider this option. But if they think cool-headedly, they will see the wisdom of exploring it.
If Parsis, Marwaris or Gujaratis have business in their blood, it is because someday, in the distant past, someone in their lineage first ventured out, took a risk and built a business. And the financial security of their families is ensured for generations. They create jobs and are an asset to the society.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]he advantage that a modern day employed couple have is that they are both educated, have stable jobs, and it should be possible for them to manage their household expenses within the income of one of them, even if difficult for a few years. One of them can take the risk and try out a business venture, with part-time involvement of the other partner after office hours, if required.
As to who among the couple will venture into business could depend on factors such as who earns less, who is more entrepreneurially oriented and who will have the time and mind space to manage the home and the kids.
Incubation period of the business may be a little difficult, but once it stabilizes, either both of them can continue the same way, with one in business and the other in job, or the one in job can quit the job and join the business, full time or part time, and try to take it to a higher plane.
We have heard of such success stories in our times, with the Narayanamurthy and co- promoters of Infosys being the most glaring examples. The interview of Mr Sree Iyer with Mr Karunakaran only reinforces the viability of this model.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]I[/dropcap]f the business succeeds, the family has the chance to become a business family for generations. In the event the business venture doesn’t take off successfully, the one in business can either try some other venture, preferably a safer one like trading or return to the full-time job.
Either way, these will be among the most memorable years in the married life of the couple. Human life is meant for not mere survival, but also for exploration and discovery. And since one of the family partners is likely to get more time to manage family and kids, there will be more peace and happiness in the home.
To make this succeed, PM should consider owning this idea and promoting it big time (like he promotes ‘Start Up India’ and ‘Stand Up India’ programs), and also offer assistance like incubation, financing, marketing, consultancy, mentoring, etc from the Government. Being a Gujarati, his words will carry conviction.
Experienced government employees can be given 3-5 years of sabbatical to try their hands at entrepreneurship, with an assurance of return to the job if they don’t succeed.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]his initiative can unleash entrepreneurship and create plenty of direct and indirect jobs in MSME sector, not counting the jobs given up by the entrepreneurs (which will be available for other job seekers). Coupled with other initiatives of the Government, this can help solve the problem of unemployment in a significant way.
If millions (if not crores) of families can be persuaded to sign up, by the law of averages, a few of them would succeed very well and go on to become big business, some would succeed moderately and hold on, while some would fail and get back to jobs.
And the Government would have created an entrepreneurial culture in India, very much required for India to advance to higher levels of growth, with very little of Government’s own investment.
1. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.