Parents find it difficult to imagine their kids not finding a job after passing out of college. After all, they spent all their hard-earned money in their children’s education with one objective – so that they could find a ‘good’ job. Fair, isn’t it?
But, the millennial is different. We all know that. Today, several students don’t even look out for a job when they pass out of college. They want to start something on their own, right away. They take entrepreneurship head-on without waiting for the experience or the financial cushion from a job by working for a few years. Millennials are fundamentally different from the older entrepreneurs who used their years of wisdom and salary gained from a job to start something at mid or end of their careers.
More and more young students are now being bitten by the entrepreneurship bug. Rohan Khaund, a fresh MBA graduate from IFIM B-school says he is a victim of it. “I totally get them. I myself have a management degree with a major in Operations, but it has been a difficult ride out there, as most HR systems are geared towards hiring professionals with prior work experience and not the carefully suited professionals straight out of business school. A vicious cycle of ‘No job-No experience-No job’ drove me more and more towards a desire to work for myself. Not to mention, the constant rants of my friends and fellow mates about their not-so-exciting 9-5 jobs have only made me more sceptical.”
Rohan has joined his friend and batch mate, Souvik Biswas, who got so frustrated with his ‘unfulfilling’ sales job that he quit and started his own venture called ‘Maa Ka Khana.’ The startup promises to deliver home-cooked food through the convenience of the app. “The impact on entrepreneur can have on society is far more significant than what an employee can have. Being visionary is common; ability to execute them is uncommon,” says Souvik.
Yes, a regular salary (also known as security) might be the most difficult thing to part with but entrepreneurs take in a different spirit. “I have realised that an entrepreneur may not be able to enjoy the text message saying, ‘Salary Credited’ at the end of each month, but the satisfaction of a day’s work compensates for it in every way,” Rohan says.
The trend of starting up among millennials seems to be more global than local. As per a 2017 report on millennials in America by the Center for Generational Kinetics, 61% of millennials believe that owning a business offers better security than traditional employment. 49% of millennials hope to start a business within the next 3 years and 54% of them would be willing to quit their job to start a business if they had the resources.
Taking cognizance of the growing trend, several colleges today, both B-schools and tech institutes, offer entrepreneurship-centric courses to help them get going from Day 1. BITS Pilani has one of the leading student-run entrepreneurship cells in India known as Center for Entrepreneurial Leadership (CEL). Given that in India about 67% of the businesses are family-run, many B-schools including Indian School of Business (ISB), IIM Bangalore, and SP Jain Institute of Management & Research (Mumbai), are also offering specialised management programmes in Family Business.