Normally, if we ask anybody to define an Entrepreneur, this is what they say, “it’s a person who creates a business, works all the time, takes huge risks, becomes rich sometimes, goes broke most of the time.” And this is what scares many ambitious kids out there who end up taking some secure job and never work on their dream idea.
The biggest Misunderstanding
People believe Entrepreneurship and Technology are the same things and this misunderstanding kills millions of dreams every year. It’s a myth. People fear Entrepreneurship because they believe they cannot develop a Technology. According to a survey, only 2% economy comes out of technology, whereas 98% economy comes out of the application of the technology. Can you see the difference? So clearly, Technology is just the part of the Entrepreneurial journey, it’s just a small part, that’s it.
So what exactly is the Entrepreneurship then? Well, let me explain you with some examples. In Maharashtra, there is a very popular snack called as Wada-Pav, made from Potatoes and Bread, the stall selling this snack earns few thousand rupees every month. And then we have McDonald’s, who uses almost the same stuff to make their products but earn Millions every month. It’s possible for them because of the standardization and some innovation they brought in. Let me take another example, we have a kiranawala near our home who sells products looking at their MRP, earns few thousand rupees every month and then we have DMart or Big Bazaar who work very innovatively on supply chain by eliminating unnecessary steps ending up giving customers some discount and then make millions every month. Do you want more? Think about what Netflix or Amazon Prime did to TV, think what UBER/OLA did to traditional public transports. See in all the examples I mentioned, INNOVATION is the prime focus and definitely not the TECHNOLOGY. Here Innovation is the driver and Technology is just a component. So, don’t fall prey to this myth and enjoy Innovation, you can definitely get hold of Technology in the process.
It is surely about identifying problems around you, and instead of complaining about them, it is about asking what can be the solution, how can this be fixed or changed or made better with Innovation as a tool.
Endless Opportunities for Entrepreneurship
We all are aware how hard are people finding to get good jobs but have you ever wondered why it is so difficult now? Well, let me explain, because of automation in almost every industry the manpower required is drastically reduced and so many old jobs now do not exist. Let’s take an example of Google, it has made life so damn easy but in the process killed several old traditional jobs in Advertising Agencies and many other areas, but on the other hand, it has also lowered the cost of starting your own business, and we have failed to notice this. If Entrepreneurs take benefit of this and start a new business and employ hundreds of workers later, the employability problem can surely be under control.
Entrepreneurship Vs Business
This is no new fact that 90 % startups fail every year and this fact is really scary. It’s really important for one to understand that Business Mindset and Entrepreneurship Mindset are two different things. And to succeed at your Dream project, one must start an Entrepreneurial venture and not a business. Let me explain you the difference with a case study. Here at my beautiful hometown Pune, we people are crazy about Tea, I’m sure everybody in India is, but here we are way too much. And Yewale Amruttulya in Pune is highly responsible for this craziness. This tea stall makes a business of whopping 12 lakh rupees a month. 12 lakhs, you heard that right. The Franchisee requests are coming all the way from New York and Dubai, yes you heard that right again. Now let me tell you the story of this tea stall and explain you my point with reference to it.
Yewale Amruttulya was started by Mr. Nilesh Yewale’s father who used to sell milk and make a tea of the remaining milk. He was doing fine. After the death of his father, the business was taken over by his sons and then came the Entrepreneurial revolution to this business. Nilesh did all the necessary research and found out that people are moving away from tea because of the acidity problem they face, so here is the trick, they at his tea stall first boil the milk then cool it and then make tea from it. Even the boiling duration is fixed, it’s 7 minutes. Now, that’s standardization. And it is followed at all his branches. He also researched and came to the conclusion that people do not get a good feeling for the tea when the color gets dark (black) so they use Sulphurless sugar at their place. Now, that’s innovation. They never sell any snack or biscuit with their tea because they want people to taste only the tea and talk about it. Now, that’s sticking to the Niche. Mr. Nilesh is now planning to have a tea stall in every 3 km in Pune, now that’s upscaling. All the hard work and all the hustle is now paying off, no wonder investors from all across the world want him. So I hope you got my point when somebody just because he has the money and gets a random shop and starts a tea stall is running a business and what is Mr. Nilesh Yewale is doing is Entrepreneurship.
So, this ends my chapter 1 of this Entrepreneurship series, in the upcoming chapters I’ll talk about Common Fears in Entrepreneurship, Finding the theme for your Business, How to generate ideas, skills required for Entrepreneurship, Talent Management, Creating your Business Plan, Preparing your Sales Pitch, and many more things. Don’t forget to subscribe so that you get notified of my next chapters.
This post is written by Sushant Kokate