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Challenges faced by first generation entrepreneur mamcet robert placement cdp
1. Challenges faced by first
generation entrepreneur
in
India
ROBERT MARIA VINCENT - HEAD - CDP
2. 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
3. 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
4. 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
5. 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
6. 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
7. 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
8. Its not BIG FISH
eating small fish
SWIFT FISH
eating
SLOW FISH
ROBERT MARIA VINCENT - HEAD - CDP
9. 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
11. • 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