Young and first generation entrerpreneur - the issues

     Many may want to start their own business, organization and to make more money ultimately. Many will see great pride in establishing a business organization and running it successfully. Establishing an organization and running it successfully is not a simple thing and in course one has to sail through some difficulties and one must be prepared to be patient, adjustable and courageous. Than before, with the globalization, the overall economic development and communication technology, many are venturing to start their own business rather investing all their talent for someone. Many look at Bill Gates, Steve Jobs, Lee Iacocca, Infosys Narayana Murthy etc. in the course, but, may not concentrate on the hurdles they faced to become what they are now. But, in an era, where knowledge is believed to be power and with the excellent communication technology connecting the entire world, the scope for establishing an organization without much background has become more.

     But, establishing and successfully running an organization requires great ability and qualities. We often see two kinds of young people who want to start their own business. In first category, we will see the young people with good financial and business background and in the second category, we will see the young people with enormous zeal and ability, but, without much financial and business background. We are concerned with the second category of young and first generation entrepreneurs. We need to see many young entrepreneurs to come-up and there should be fair environment for them to grow. It is believed that the environment for the young to grow is more in developed countries like USA and UK and it is true in part. But, under any circumstances, one can rise and come-up in life if he puts his heart. Barrack Obama has once again proved that nothing is impossible.

     The young and first generation entrepreneurs should first realize that nothing will come so easy in business. To realize this fact, they should look at the success stories of young and successful entrepreneurs like Bill Gates, Steve Jobs, Sir Sorabji and Infosys Narayana Murhty etc.

     Let us know in brief about the two great personalities as below:

Steve Jobs:

      1. Steve Jobs is a drop-out from Stanford University and he had to struggle alot to get admitted at Stanford.

      2. Steve Jobs could venture discontinuing his education and there was something else in his mind at that time.

      3. Steve Jobs has shown an enormous courage to pursue what his inner heart says.

      4. Established Apple at a very young age and it was successful.

      5. Steve Jobs has brought one management guy into Apple and because of that guy, Steve Jobs had to quit Apple at the age of 30.

      6. Steve Jobs wanted to leave the valley with the big setback at 30, but, finally decided to stand.

      7. Steve jobs had started two companies after leaving Apple and one is Next and the second one is Pixar Communications.

      8. Both companies have become successful and in a dramatic turn of events, Steve has returned to Apple again and he leads a very happy and successful life now.

Sir Sorabji:

      1. Many may not know about Sir Sorabji, but, he is the founder of first Indian Bank being Central Bank of India.

      2. Sir Sorabji had to discontinue his education and shoulder the family responsibilities at 19.

      3. Despite having enormous energy and will, he has to wait for 6 months to join a Bank as a clerk.

      4. Despite working as a clerk in Bank, Sorabji had bigger dream to become big.

      5. Despite all the success wherever he works, he had to face all the discrimination from Europeans at that time.

      6. Among Indians who works for European Banks, Sorabji had a great recognition.

      7. Sorabji had pursued his quest for knowledge along with working experience.

      8. Sorabji had pursued his education simultaneous to his work and in the course Sorabji had rejected good offers from other corporates.

      9. Sorabji had patiently waited for 10 years before taking a decision to start an Indian Bank run by Indians only.

      10. There were no endorsements for the Sorabji's idea at that time and even family has not supported him.

      11. Sorabji has done his level best to raise finances and to get endorsements.

      12. A Small Bank started by a young entrepreneur has become very big soon and now it is one of the successful banking networks in India.

             By looking at the struggles of Steve Jobs and Sir Sorabji, it is clear that there tend to be struggles in the process and one has to tolerate and come-up.

            An entrepreneur has to concentrate on funding, the management, the legal framework and contacts apart from understanding about industry. Management is a key issue among this where a person without having god knowledge at industry, engages the services of an expert and gets the needed results.

            Though, it is very difficult to put it exhaustive, in inclusive terms, the issues connected to the young and first generation entrepreneur, are as follows:

       1.  He must have a clear plan and discipline to pursue the plan.

       2.  He must concentrate on contacts which can be useful for raising needed funds.

       3.  He must be broad minded to work in joint ventures and to strike deals.

       4.  He must understand that managing people is one of the toughest jobs and he must master at that with special concentration on human behavior.

       5.  He should acquire theoretical knowledge as much as he can.

       6.  He must have basic understanding about the laws, corporate laws, the auditing issues etc. without which an organization can't function.

       7.  He must be patient, planned, vigilant, determined and courageous to pursue his goal.

            Thus, for young and for the young without business background, it can be a thrilling challenge to establish an organization, to start a business and to make it big and global ultimately.