Challenges faced by first generation entrepreneur

in India

ROBERT MARIA VINCENT - HEAD - CDP

Entrepreneurship is trend of the day. Just recently IITans have rejected offers of a job that would have paid them in 8 figures.

This is not new and has been going for quite some time now. For various reasons youth today is more inclined towards entrepreneurship.

Business environment is also more conducive than before. Still for first generation entrepreneurs challenges remain the same.

ROBERT MARIA VINCENT - HEAD - CDP

1. No prior experience of doing business

• Are they first  in the history of their family who is going to start a business.

• So no experiential input is available to them from closest people.

• They might have gained some industry experience by working for few years still doing your own business is completely different ball game.

• And unlike in your job where your boss and seniors mentored you in your business there might be no body to guide you for quite some time.

ROBERT MARIA VINCENT - HEAD - CDP

2. Financial and legal complexities

in India

• In India it is evident that most of the rules and policies laid down by government or private agencies generally works against you especially if you are first generation entrepreneur.

• Raising fund is biggest challenge and grasping all the evil law that have been made to eat your money even before you start making profits is quite a challenge.

• If you go for professional help outside then again you need to pay money for their service which you never have unless you have access to a big bank balance of your own or your family.

ROBERT MARIA VINCENT - HEAD - CDP

Corruption that prevails all over discouraging entrepreneurs big time

Whether you choose to go for service or product that you will offer the moment you have to deal with the stake holders of your business be it vendor, a high ranked officer in a company or whosoever you find it difficult to get through them in order to build what you really set to build.

Then you realize that major chunk of your effort is wasted in dealing with these people in place of focusing on your targets.

Whether you decide to be a part of corruption or go against it in both the cases it is very challenging job for first generation entrepreneur.

ROBERT MARIA VINCENT - HEAD - CDP

Building strong team and retaining them for sufficient time

• After managing all the hustles noted above your second line of challenge starts right there. You want to have a great team but you cannot pay them much or sometime you cannot pay them at all.

• Now many if not all job seeker sitting in a college is looking for big brand, fat salary, bright and secure future from day one.

• You don't know how to pitch your idea and philosophy to them so that they are ready to work and stay with you even when you are not offering them what established companies would offer them.

ROBERT MARIA VINCENT - HEAD - CDP

You might be an issue yourself too

Huge expectations in your family from you and you showed them big dreams coming true while you discussed your business idea with them.

• Now when you start facing external challenges if you are internally not well settled then you will be a challenge to handle for yourself too.

• You need to be cool headed, strongly determined and extremely passionate about your work as a first generation entrepreneur in order to face all the challenges except you.

ROBERT MARIA VINCENT - HEAD - CDP

Its not BIG FISH eating small fish

SWIFT FISH eating

SLOW FISH

ROBERT MARIA VINCENT - HEAD - CDP

All you need

• TRUST – On yourself and on your employees

• Self – Confidence – To overcome all hurdles.

• Expect the unexpected.• A good Team the ultimate elixir

for any business

ROBERT MARIA VINCENT - HEAD - CDP

Finance - Business

ROBERT MARIA VINCENT - HEAD - CDP

• Finance is like a FURNACE if you can handle it good you can make wonderful dishes.

• If not it will be a hot seat for you to sit.

ROBERT MARIA VINCENT - HEAD - CDP