Hi, today I will discuss a very interesting as well as important topic. The topic is interesting because it is related to job and earning. And important because again it is associated with job and earning. And the topic is entrepreneurship. I am finding that with passing days the need for entrepreneurship qualities are constantly increasing. Let’s see why so.
An obvious question may arise that why we have to discuss entrepreneurship in an education related website like KridaTutor Consultancy. Afterall here we are doing the work of providing quality teachers for the aspiring students. Well the answer is hidden in the word “aspiring”.
When a student is asking for a home tutor for some extra help then what he is aspiring? He is aspiring to be good in his subjects. But what will happen if he becomes good in studies of subjects? He will be able to secure good marks and ranks in his school and board examinations. But does the matter end there? Obviously not. After getting good marks and ranks the next most usual aspiration is a good quality higher education. But what is that for? Then comes the aspiration of getting a good employment and earning well.
So we can see that an aspiration of a student for getting one good home tutor can be projected to an aspiration of good employment and earning. Well though it should not be the sole or prime reason for getting education and getting mentored by a good teacher. But still it remains a very important reason of highest priority as it seems.
It is undeniable that a good employment and earning is a necessary factor for a comfortable life though not the sufficient factor. That’s why I am here today to explore some alternative employment routes and as resultant very good earnings. But why alternative?
The world is rapidly changing. And I cannot say that it is changing for good. Though it is my personal opinion, still many would agree with me that the world is changing not towards too good and perhaps reverse instead. There is a famous term regarding this in modern management theory. That is the term VUCA. The current state of the changing world is referred to as a VUCA state. So what exactly VUCA stands for?
Volatile Uncertain Complex Ambiguous (VUCA). So if this is what the current state of the progressing world then can we say that we are actually progressing towards good?
The population is rising, the environment is sharply deteriorating, political and economic uncertainty and complexity are ever increasing. Social and psychological states are very volatile and ambiguous, and thus very unreliable. So combining and analysing every such aspect we can find that time ahead is tough.And with all these unemployment are bound to rise.
As unemployment will rise, more and more people will be unable to meet up their most basic needs with their earnings. Though many will be qualified enough by holding higher academic and professional degrees from universities.
The main reason for this is the disparity between the rate of increase of job-seeker students or professionals and the corresponding rate of job creation. If the rate of increase of job-seekers becomes too high compared to the rate of new job creation then how to accommodate so many job-seekers?
And I can find not a single very convincing solution to this problem. Do you find one?
So what I think is that we should try to look at and explore alternative employment options. Generally by employment we used to understand a job which may be government or non-government, or may be in a large corporate or in a small company. Whatever and wherever the job is, the most common aspect is every job is a means to earn, low or high irrespective.
But this traditional understanding for the words and concepts of job, employment, earning etc. are now gradually changing. There are more alternatives and options getting available. And the most prominent alternative option is entrepreneurship.
Now let us see what we should actually understand by entrepreneurship.
Wikipedia says entrepreneurship is the creation or extraction of value.
Wikipedia also describes entrepreneurship as the process of designing, launching and running a new business, which is often initially a small business….
Investopedia says that “An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business procedures.
Thus we can understand that an entrepreneur is that person who does not depend on another person or organization for his earnings. He also does not get employed in any job or service of another company. Instead he opens his own business, his own company and tries to create or extract values out of it. By the word value, though most basically is understood by economic and monetary values, it can be extended to more broad meanings like social, psychological, educational and even personal values.
So you may ask the next question as why to consider entrepreneurship as an essential skill? It is already an optional skill possessed by some percentage of the students and professionals. Let’s try to find the answer to this question.
Let us see the Indian domestic job market. And also relevant employment conditions.
India is a country with a very huge population and hence a very large workforce. By workforce we have to understand the active employed people as well as active job seekers together.
The population of India is increasing at an average rate of 1% yearly. And the total population of India in 2018 was approximately 135 crores.
And the current employment rate is going 7%. Which means that 7 out of every employable person who is currently searching for a job or already doing a job are still unemployed. And the percentage is increasing also.
Now let me tell you particularly about the youth workforce. Because if I have to say about the students’ employment chances then first let us see the youth unemployment conditions.
Till 2018 youth unemployment rate of India was about 24% almost. That is 24 youth out of 100 potential youth workforce, who are either doing a job or searching a job, will not be getting any job.
Now I have a small question for you. You already know the rate of population growth and total population of India. And you also have an idea of the ever increasing number of students around you and all around this country. So do you expect that the youth unemployment rate of 24% is going to come down any sooner? Or perhaps it will increase?
So as the statistics says and current socio-economic conditions suggest, I am afraid that the condition would become more complex and grim in future. Many students who are now in schools and colleges are not going to find suitable employment as they will pass out.
This situation can be best handled if we all can encourage an ecosystem of entrepreneurship at even micro level. By the word entrepreneurship we usually understand some corporate entity with large fundings and so on. But that is not exactly the case. There is a very high developing sector of business called SME. SME stands for Small and Medium Enterprises. And enterprise at even the micro level of SME can be viewed as entrepreneurship.
I think you all know the impact and implications of a large entrepreneurship venture. But even the smallest entrepreneurship venture has its own obvious benefits. Let us see some
- The stress and load on the country’s employment conditions will be little eased. Less number of students and eligible youths will apply for a job. Thus unemployment rates are expected to decline significantly.
- As the unemployment rate will decrease, with that the economics of the job market will get better. Work conditions will improve, salary and remuneration of the employed workforce will also improve. Exploitation possibilities at job will also decrease.
- As more and more small entrepreneurship enterprises will develop, then with that new employment possibilities will also develop. If through his entrepreneurship.
- With the growth in the number of SMEs (Small and Medium Sector Enterprises) overall economic conditions of India is expected to increase. With an increasing number of businesses our GDP (Gross Domestic Production) will increase. Also various revenue collections will also increase.
This was the story of business and employment. There is another story in the job sector also. Let us see that.
This is one of the latest developed concepts. Even if you are not an entrepreneur in true sense…i.e. you don’t own your business and if you belong to the job workforce then also you will benefit by learning and adopting entrepreneur skills.
Nowadays most of the mid-level and high level managers are trying to work in some kind of entrepreneurship model. Even though they are in a job, still good entrepreneurship skills are always an additional pluspoint.
Managers, mainly mid-level and above are expected to show some degree of entrepreneurship skills within their office with their team and also in management of projects. They are expected to take ownership of their projects and team just in a similar fashion an entrepreneur takes ownership of his own projects, teams and ventures. Thus the model is like multiple micro-businesses within the main business.
For this reason, modern management curriculum put enough importance on entrepreneurship models irrespective of whether a student will go for own business or some corporate job.
So now you know why entrepreneurship is becoming a very essential skill nowadays. Even during any crisis, if you are entrepreneur minded or trained then you can handle the crisis more efficiently and diligently. From crisis management to conflict management all comes well under your practice of entrepreneurship.
And most importantly, the entrepreneur mindframe would devise new paths and ways, even sometimes innovations within the domain of any job or business you will undertake in future.
As the writer I have been asked to write this special note on behalf of KridhaTutor Consultancy as an important message to convey.
We ourselves are entrepreneurs. We are a small startup. But with great aspirations and visions of a wonderful future. For you and for us. Because if you have a good future then that converts to our success. Thus we take a partial ownership of your future. And that is our entrepreneurship mission and vision.
Being entrepreneurs we would like to thrive and survive within the circle of entrepreneurship all around us. That is the reason why we want to instill this vogue of entrepreneurship within you and all our teachers and students. We want to make everybody feel, realize and be responsible about their ownership.
The students must learn to take ownership of their studies, teachers should take ownership of their teaching and also the parents and guardians take ownership of the academic environment and ecosystem at home. And we take the ownership for providing a good teacher for every student. If everybody understands and takes his or her ownership in a right way then we all can find great conversion of our aims and aspirations. And thus we all become successful.
So it is our endeavour and commitment to make every teacher with us, every student with us and also every parent with us to grow and understand the inner vibes of entrepreneurship and its proper implementations.
Following this line of belief and aspirations we would like to keep continuing this anthology of entrepreneurship in our blog articles, mail contents, events and by all possible means. Please subscribe to us with your email id so that we can send notifications of new releases and events on entrepreneurship from us.
Thank you everybody from KridhaTutor Consultancy. Wish you all and also ourselves for success and happiness.