What drives young entrepreneurs?

Being an entrepreneur is considered “cool” by young and new-age students pursuing their graduation in engineering or management. There are several reasons for this trend. The reasons behind the increase in student-led small businesses are many. Analysing them throws an insight into the industry and the kind of education that should be imparted.

The urge to solve problems: There is a plethora of problems that exist today, both in urban and rural areas. Today’s new-age student entrepreneurs aspire to build business models that can solve these problems in an effective way. They can afford to do it without bothering much about the EMIs to pay or the family to manage. Many are supported financially by their family, which gives them the luxury to take the entrepreneurial plunge.

The urge to have full control over their destiny: As entrepreneurs, they call the shots while dealing with all the problems at hand. They have the freedom to take fast decisions that ultimately determine the success or failure of their business. Also creating their own startup gives them the opportunity to have full freedom over its destiny. No one can get in the way of the vision that they have created for the company.

The urge to take on bigger challenges early in life: The new-age student entrepreneurs want to take on bigger and more complex challenges early and want to solve them in an innovative manner. Leading a startup and the team members on a growth path is a huge challenge. The obstacles that they would face along the way will provide them with an experience that they won’t find anywhere else. This is one more reason for new-age student entrepreneurs to go the entrepreneurial route.

The urge to be a role model for others: The new-age student entrepreneurs want people to look up to them. They want to become role models for their family and friends by building a successful startup. They know their success can serve as motivation and inspiration to many. This is one reason among many for new-age student entrepreneurs to choose entrepreneurship as a career option.

The urge to constantly innovate and never be bored: The new-age student entrepreneurs want to constantly innovate and they always have a bucket list of to-do lists which are futuristic. They get an adrenaline rush when presented with new challenges, which their startup does and keeps them on their toes.

The urge to get evaluated as a unicorn: The new-age student entrepreneurs want their startup to be evaluated as a unicorn which is worth a billion dollars. The sooner this happens, the more delighted they are. They do everything possible for the valuation to increase and leave no stone unturned for the same. With several startups getting funded, getting the buck from High Net worth Investors or angel investors is also a possible route that they aspire to go to build their dream. Some of them plan for an IPO and make the startups really large.

The urge to have full control over their workspace: There are a few new-age student entrepreneurs who want to express their creativity by having a highly creative office environment. An office with no dress code or an office with dry-erase paint allowing anyone to write their to-do lists on the office walls and then erase the same or even a full espresso bar to keep them and their employees full of caffeine! They can make all of this happen!

The urge to contribute to society: There are a few new-age student entrepreneurs who aspire to solve societal problems. Social entrepreneurship excites them and hence they take the entrepreneurial plunge and make a difference in society and also in themselves.

The urge to make their hobby, their career: Earn a living doing what they love is not a possibility for all. The present-day new-age student entrepreneurs want a comfortable living doing what they love and also earning money. The aspiration for converting their hobby into a career and making good money from it makes them turn to entrepreneurship. So it’s a win-win situation for them!

The urge to get publicity and limelight: There are several avenues where new-age student entrepreneurs are awarded and respected for the business that they build. The government also awards and recognises innovative startups. So, the hunger for media and press acknowledgement that their startups get is extremely satisfying for them. The recognition for the hard work that they put in helps fuel their inner fire and this is one more reason for them to take the entrepreneurial journey.

(The author is the director of SIBM, Pune)