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There has been an upsurge in young entrepreneurs in the global corporate sector belonging to 35 and under in recent years. This gives India a significant advantage over the rest of the world because, in 2020, the average age of an Indian was 29 years, younger compared to China (37) and Japan (48). As per statistics, about 65% of India’s population is under 35, making her the country with the most youth population of around a 356million youngsters.
With that in mind, it’s safe to say that the trend of young entrepreneurs might be slow-paced in India, but it is gaining momentum, especially during the pandemic. Let’s analyze the growing and welcoming youth intervention in the corporate sectors.
The Corporate World
The corporate world is a space of ethics, principles and most importantly, work! It is that environment where work comes foremost and is a workaholic’s high. Since the very start, this field was crowded by “baby boomers”, a term dedicated to those above 50. They led the business world, took all executive decisions, and controlled the entry of new members.
It wasn’t until recent years that the term “Millennipreneurs” started going around. It refers to entrepreneurs under the age of 35. Though the rise in young businesspeople has proved to be a boon, a deeper dive can tell us more about how they play a role in changing the corporate world as we knew it.
The Why: Reason behind the upsurge of young entrepreneurs
The critical factor in identifying the reason behind the trend of increase in this factor of production is to find out why so many youngsters turn to startup and self-employment instead of a 9 to 5 job, which is increasingly viewed as mundane.
Younger people are more resilient to failure and more creative and enthusiastic in nature, which are essential qualities of an entrepreneur. They bring a fresh and modern outlook to problems and have a different work ethic than people above 50.
These people like to increase the volume and number of companies with a more significant headcount and set a high target rate of returns. They are adventurous and bold and prefer to venture into new sectors of the economy, unlike most baby boomers who usually play it safe. A survey observed that people above 50 have, on average, 3.5 companies; millennials have doubled up that number.
A typical pattern is seen emerging were an estimated 78% of young entrepreneurs belonged to families with their own business. These people grew up learning the tricks of the trade and are exposed to failure and setbacks from a young age, helping them to launch successful startups in the future.
India’s Advantage Over The Rest
We know that India has the world’s youngest population. Despite this, it lacks behind among countries with young entrepreneurs. A recent survey shows that even though Indian youth has an abundance of creativity and talent, it lacks risk-taking quality.
India is long overdue when it comes to instilling entrepreneurship in high schools and colleges to give exposure to the business world to kids from a young age.
Suppose India can harness its potential youth and the power they hold. In that case, many of the country’s problems like unemployment can be solved, indirectly decreasing the country’s crime rate and poverty.
For any economy to grow, innovation and risk-taking are vital. To encourage the trend of young entrepreneurs, the government of India has started adopting and launching various kills like National Entrepreneurship Awards to recognize and honor outstanding young first-generation entrepreneurs and organizations/individuals committed to entrepreneurship development.
With the path that India is set on, it can impact the global business and corporate world and potentially act as a pioneer of young leadership and entrepreneurship in India.
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Connect with the author: Gargi Dave