How should we be nurturing the entrepreneurs of tomorrow?

What comes to your mind when you encounter a problem? What do you generally do in such situations? Complain? Or face the problem and promise yourself a solution to it? Not all of us choose the latter. The courage to choose the long path is what makes them “successful entrepreneurs”. People who find solutions to existing real life solutions with all their skills, ability to coordinate and work with people who are able in different domains. Starting from scratch, to making a multi-million business out of a problem that once seemed unsolvable to all, is what the entrepreneurial DNA is.

Entrepreneurs are not the people who would just follow other people. Entrepreneurs create their own identity. They work on their personal goals and don’t define themselves by the standards set by the society. It’s this motive that doesn’t stay in each and everyone who gets excited to become an entrepreneur. They eventually lose out on becoming a great leader; rather they tend to become ‘achievers’ which is a glorified ambitious term, not a business-oriented scale of success. They not only focus on the growth of the business but their professional and personal growth as well.

It is in this need that the young entrepreneurs of today, need to be nurtured, developed and made hard enough so as to make them a ‘tough nut to crack’. Entrepreneurs of today get along quite easily, but often fail to sustain the journey that lies ahead.

Following are some points to be taken care of:

Engage them with gross reality of building things to solve problems – Letting them find their comfortable domain 

No person is a master of all trades. Nobody can perfect in all the tasks that one has to perform in business. So, an entrepreneur need not be someone who is good at each and everything, but a person who is able to get people on board with all the different skills. He/she must be able to choose the area of expertise and allow other leaders to work on theirs. Conflicting interests mark the first stage of non-execution of start-ups. The future entrepreneurs need to be certain about the people they choose to work with, because technology will always be growing, but having people as sharp business acumen as a business will always be a key.

Teaching them to create something from scratch and successfully completing it

It takes complete knowledge and guts to start something from scratch and then fulfils it not just as a task but as a solution to the entire problem. Entrepreneurs need to work on real-life problems which enable them to accommodate, think and reason out on each and every aspect of growing and sustaining a business. Management is a very broad term. There are many tasks involved in the word ‘Management’ which the Entrepreneur has to fulfill. Starting from people management, resource management, time management, as well as business management, each and every factor needs to be closely looked into. This is what makes them deal with the real life situations such as creating things from scratch and accomplishing it successfully. Young and aspiring minds need to work on such problems to know the exact way how things happen in this fast paced start-up world.

Exposing them to real Start-Up stories, also to some which failed

It is equally important for future entrepreneurs to realize why a start-up fails. They need to analyze each and every issue behind how and why a start-up failed. Examples coupled with detailed as well as statistical analysis will help the young leaders to work on each of the prospects in a much more mature way. They will be able to handle the issues, learning from the experiences of the failed start-ups. Entrepreneurs need to realize that everything which is new and innovative does not necessarily be successful in today’s market. There needs to be a driving potential to move it forward as well as propagate the product to an increased number of users.

Slowly engaging them in the understanding of the market – expanding their horizons

Young aspiring minds need to learn the basics of economics, and a good understanding of how the market reacts to a new dissolution in it. Learning about market trends, resources and employing them in the best possible way is what would help them optimise their resources and know how they can benefit from them is very necessary for every new Entrepreneur. They also need to realize and work upon idealising the time which is appropriate for launching something new. Every single time a small factor acts as a hindrance to them, they should note it as a new trend in the every changing market of today. The scenario is bound to change drastically in the near future as different types of consumers from different demographic regions encapsulate the market. As builders of solutions to problems faced by the masses, entrepreneurs work upon making things effective, within the reach of the public as well as cost-effective.

Learning tech – for ones who’ve been into non-tech stuff totally

Everyone hasn’t been involved at all with tech. However, the era being a technology-based era where software as well as artificial intelligence are slowly becoming dominant, it is equally important for entrepreneurs to know and learn new technologies – at least the basics so that it helps them in incorporating new stuff into their business. It also helps them in making staff related decisions- helps them in hiring better-learned staff. They should be proactive themselves when it comes to technology learning and implementing in their business.

Thoughts to end with:

The art to learn from one’s own mistakes is about being committed and taking things positively. The hunger to Succeed is something that needs to be nurtured from the very beginning. Make it a habit of thinking out of the box strategies and solutions with strong stats and market learning to back it up.