Critics don’t want any failures to happen in the success story of entrepreneurs and start-ups. They claim the stories of failures are well-hidden as if a state-run media doesn’t want the truth to come out. The risk-taking ability of an entrepreneur is squarely equated to a gambling nature and anyone succeeding is just a rare occurrence.
They are not ready to accept that overcoming failures is the only way to success, not giving up. Did we not learn even the most basic activities by overcoming failures or giving up after the first few attempts of walking, eating, or dressing? Rather, making systemic changes to reduce the chances of failure and positively dealing with such failures to fight back should be prioritised. As Prime Minister Narendra Modi outlined, “First, to liberate entrepreneurship, innovation from the web of government processes, bureaucratic silos. Second, creating an institutional mechanism to promote innovation & third, handholding of young innovators, youth enterprise.”. Indeed, Wealth Creators need to be respected by doomsday predictors.
A simple yet powerful framework of risk assessment is a 2×2 matrix of known, unknown and manageable, unmanageable. No one has any issues with ‘known, manageable’ and ‘unknown, unmanageable’ can’t be planned for. You bring in experts for ‘unknown, manageable’ and build a protection mechanism in the form of insurance, etc for ‘known, unmanageable’. This is precisely how an Entrepreneur operates when deciding on team expansion and bringing in investors, she is not a habitual gambler.
What helps with this process is continuous learning opportunities and India is proving to be on the right track. India has the third-largest ecosystem for Startups and is the fasted growing ecosystem for Unicorns. “India has more than 1,000 universities, over 11,000 stand-alone institutions, 42,000+ colleges & lakhs of schools…India is constantly learning & innovating…it’s ranking in Global Innovation Index has jumped from 81 in 2015 to 46 in 2021… In a bid to spread startup culture far and wide across the country, 16 January will now be celebrated as ‘National Startup Day’”, said Prime Minister Narendra Modi in interaction with more than 150 startups which had been divided into six working groups based on themes including Growing from Roots; Nudging the DNA; From Local to Global; Technology of Future; Building Champions in Manufacturing; and Sustainable Development.
With the advent of the digital age collecting and handling a large amount of data has become possible and cheap as well in recent years. This allows any motivated youngster to look around and spot opportunities to solve problems ailing the residents of his family, mohalla, village, town, district, state, country, or internationally. The rise of entrepreneurship has been a big equalizer too as 45% of startups in India are from smaller cities, and 45% of enterprises are run by women. India needs to trust and support its young, they are leading the country to a better future.
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