Tuesday, May 24, 2011

The Next Generation Will Be Those Of Entrepreneurs

I want to start this post with this status update I did over the weekend on my Facebook wall.

"When I went to school, college it was all about Engineers and Doctors. That's it. No questions asked. It was all the rage then. In the next generation it will be all about Entrepreneurs. If you are in dilemma to choose a country to settle, then go where Entrepreneurs are treated like Rock stars. Ever heard of Chile? Search about their Entrepreneurship program."

Although it didn't received it's share of discussion, I think Entrepreneurship is something everyone should strive for. No matter how big or small is the competition, you should not be deterred by it. Even if you are against Google or Apple, you can still be different and sell.

However, the point of the update was if you are in a dilemma to choose a place to settle then choose a place where Entrepreneurs are treated like Rock stars. Where lawmakers are pro-business, who can get things done in order for a new business to flourish in his/her area. Why? It becomes a lot more easier to focus on your core competency when you don't have to focus on government bureaucracy. Have you ever heard of Tata Nano Project? Yeah, the one that got shifted to a different state(Gujarat, India) within less than 3 days due months of agitation by farmers and West Bengal state's incompetency in handling the situation. That's true within 3 days. Waiting for months just to get approval from government to start a manufacturing facility is very damaging to a company.

An interesting point I mentioned in the status was about Chile's startup program. The program is sponsored by Chilean government, where a qualified entrepreneur gets $40,000 subsidy(no equity) to participate for six months, and a temporary 1-year visa to develop their projects along with access to most potent social and capital networks in the country. Chilean government is inviting global entrepreneurs to their country to solve their local problems with innovation. It is amazing endeavor by a Government.

The kind of environment(government and place), you choose for your business to operate can make or break the future of your business. The future entrepreneurs will solve real world problems and the businesses they will start will be global. Pay close attention here. The next generation will focus on global markets right from the start. Just see how Groupon has reached global markets within such a less time. Amazing. So if your place is not entrepreneur friendly then go where entrepreneurs are received with a red carpet, because going global is much easier than before.

And if you think what if there will be too many entrepreneurs then, I think it doesn't matter because there is a scarcity of entrepreneurs in the world and the world is still struggling with big problems. Almost half the world over three billion people live on less than $2.50 a day(see here). Answers to world's problems is not easy and not something even Google or Apple as figured it out. So I think there is lot of room for innovation and market opportunities. Just go pursue your dreams.

And if you are worried about millions of entrepreneurs then just think about the long tail. In the future, markets will be more fragmented and so much more opportunities will be created. It is just how you see it. And I don't say that stop pursuing engineering or medicine and hardly would anyone do on my words. But I believe our current and future generations will be more entrepreneurial.