Recently, interest in youth entrepreneurship has been fuelled due to high levels of unemployment amongst young people and as a way to foster employment opportunities or address social exclusion.
Youth entrepreneurship has gained more importance in recent years in many countries, with increased interest in entrepreneurship as a way of boosting economic competitiveness and promoting regional development. Unfortunately, the youths of Odisha are found not so keen on entrepreneurship, according to the findings of a new Utkal University survey. Most of the respondents, surveyed from across different streams of the varsity, preferred the safety of a secure white-collared job over taking risks and starting up a business. A meagre 7 per cent of students said they would consider starting their own ventures.
Based on survey and interviews of the young entrepreneurs through a structured questionnaire in Bhubaneswar, a few among them speak their mind to contribute to the promotion of young entrepreneurs to start up their own enterprise, to find out the constraints that impede and prospects that motivate the young people in starting and running a business and assess performance of the young entrepreneurs in Odisha. Syed Kashif Hasan owns an import and export business. In this role, Syed is responsible for managing and growing his business globally. An avid businessman and IT enthusiast, Syed at the age of 20 had started his career in component distribution. He holds a bachelor’s degree in Business Studies.
Syed believes beyond the cold hard facts of finance and digs down into the relationship each of us has with money. He tells how to get to a place of financial well being while maintaining, and even enhancing, your psychological well being.
Here are excerpts of an interview with Syed.
There are a lot of graduates with majors in finance out there. You’ve taken your field to a whole new level though. What has made the difference for youIJ What are some steps you took early on to become a recognised expertIJ
No matter what you study in college, I think the most important criterion in separating yourself from the crowd and achieving your goals as soon as possible after college is having five-year goals. Identify your skills, strengths and selling points and begin exploring the different paths you may want to take in the next five years. Where do you want to be professionally, personally and financiallyIJ The sooner you learn how to pick yourself up from defeat, the more successful you will be in the long run.
What are your thoughts on entrepreneurship for young people — especially in an economy where jobs are harder to findIJ
The market will always need new inventions, ideas, products, and services. So building a business is never a bad idea. Don’t let the recession fool you into thinking it’s a bad time to start. In fact, many household brands started or thrived during the great depression because a down economy is usually when other companies choose to downsize and slow production. Entrepreneurship is leadership. It doesn’t mean dropping your corporate life for starting a jewellery business or a restaurant. It may or may not mean owning a business at all. In its purest form, an entrepreneur is one who takes initiative, creates his or her own opportunities and accepts some risks. And being entrepreneurial can lead you to a more fulfilling life and secure future.
What three pieces of advice can you give to someone who wants to become an expert in their chosen fieldIJ
(a) Choose an area that connects with you on a personal level. To be trusted in your field, you want to not only have the academic or professional credentials to back it up. It helps if you live it, too.
(b) Invest in your presentation both online and offline. Make sure, as the saying goes, you “build your brand” along the way, which means developing a distinct character and voice that singles you out as an expert in your field. Have a blog, have a twitter feed, have a Facebook page, network with people directly at events, comment on other people’s articles, etc.
(c) Don’t be afraid to be contrarian. I explain the importance of taking risks. One example is acting out of the box and avoiding the ‘herd mentality’ of doing what others say is the right thing to do. Forge your own path to success and don’t feel pressure to compromise your values and personal goals.
How do you define successIJ
Success is financial security, happiness in your profession, and having a supportive and devoted community of family and friends. Mohammad Alim, CEO of Hotel Presidency and Vice-President Metro Builders Pvt ltd is an entrepreneur since the age of 23. Mohammad has taken his passion and his expertise and done what so many entrepreneurs strive to do: He’s turned them into a brand and a platform from which he has launched himself as a nationally recognised expert. Mohammad encourages students who believe that business is not their cup of tea and has grown up seeing their parents struggling in business ventures. He holds a bachelor degree on Civil Engineering from a reputed college of the State and is continuing his professional course in hospitality to become a real professional .So, here the young professional speaks his mind.
Tell us a bit about what you think how you can encourage the young mind of the State to choose entrepreneurshipIJ
My mission is to inspire and encourage young entrepreneurs to chase their dreams and launch new and exciting ventures that create positive social and economic impacts. My goal is to build a community of entrepreneurs who support each other through the launch of their business. I further aim to provide advice and encouragement in a respectful and creative environment.
Have you always been entrepreneurialIJ
Yes, absolutely! I was always looking for ways to make money from my hobbies and interests. Initially, I too had to face problems where people don’t take young minds seriously. But the right vision and approach towards goals help create path towards success.
Why are you passionate about supporting young entrepreneursIJ
Because I have been in their shoes! I had owned my first business for 5 years before I met another entrepreneur my age, and I was floored when I had that experience. The understanding and support that was shared was a feeling I couldn’t describe — it was a new kind of acceptance. My goal is to find these young entrepreneurs who feel “alone”, and bring them into our community to foster creativity and growth.
What do you think the young mind of the State lacks the mostIJ
By and large, our young minds lack entrepreneurial attitude. People normally look for long-term and stable employment, such as Government and public sector jobs. Another factor going against self-employment in Odisha is that it is not perceived to be socially glamorous, though it is becoming more acceptable gradually. Odisha is in a formative stage and it requires a missionary zeal to bring a change. A factor-driven economy like this requires a lot of support and sustaining activity from the Government. And students have to be oriented from school and college level about starting up their own projects. Business development service providers should come forward to promote budding entrepreneurs.
What is your best piece of advice for young entrepreneursIJ
learn to love the word “No”. No is really a yes in disguise, but needs a different approach. Every time someone tells you no, it gives you a “new opportunity” to continue to innovate and improve on your idea before it can be more widely accepted. Although it seems so hard to see it as a positive, you will be thankful for those opportunities later.
(The writer is a freelance journalist)