We students think: we’ll kick off our own start-up, hustle like there’s no tomorrow, and then….
In a study conducted by Morning Consult and commissioned by Samsung Solve for Tomorrow, it was discovered that 50% of the surveyed students aspire to become entrepreneurs! (Source: Samsung Newsroom U.S.)
Ah, the dream of being your own boss and watching the money roll in – it’s a classic ambition. But let’s face it, the journey from envisioning yourself as an entrepreneur to making it happen can be a bit of a maze.
Fear not, though! Let’s decode how you can turn that dream into reality and become a first-gen entrepreneur!
Before we jump into the practical ‘how-to’ guide on becoming first-gen entrepreneurs, let’s take a moment to soak in some inspiration and get that adrenaline pumping!
So, let’s kick things off with a dose of motivation – real-life tales of Gen Z personas who turned their aspirations into entrepreneurial realities
YouthHustle#1:
FROM PAIN TO PURPOSE
In the depths of grief following his father’s death, Harsh Maskara, a 24-year-old, was searching for a source of income to sustain his family. He spotted a gap waiting to be filled – hip-hop jewellery, a cultural phenomenon in the West, was an untapped market in India. In 2021, he launched The Drip, a brand pioneering hip-hop jewellery in India.
(Image Source: Fibre2Fashion)
THE RESULT?
- The Drip Project is now poised for an annual turnover of Rs. 8-9 crore in 2023-24.
Harsh’s vision didn’t just turn heads; it turned profits.
- The brand has collaborated with Bollywood stars like Kiara Advani and Ranveer Singh, transforming this brand from a local sensation to a national one.
- The Drip Project is gearing up for global expansion, eyeing markets in Dubai, Indonesia, Singapore, and beyond.
Harsh’s ability to identify an unmet need and strategically position The Drip Project as the answer propelled his brand into the spotlight.
(Source: CNBCTV-18)
YouthHustle#2:
FROM FRUSTRATION TO FORTUNE
At just 13, Tilak Mehta faced every student’s nightmare: crucial study materials forgotten at a relative’s house just before exams. Frustrated by the lack of affordable same-day delivery, Tilak founded “Paper n Parcels,” drawing inspiration from Mumbai Dabbawalas’ efficient parcel delivery service.
(Image Source: Entrepenuerstories)
THE RESULTS?
- Backed by his father and teaming up with Mumbai’s Dabbawalas, Tilak’s venture became a shipping and logistics powerhouse by 2018.
- It achieved a remarkable Rs 100 crore turnover by 2021, propelling Tilak’s net worth to Rs 65 crore and a monthly income of Rs 2 crore.
Your everyday issues can be your come-up, Gen Z! Roadblocks are often the birthplace for the most creative and successful ideas!
(Source: TimesOfIndia)
Drum roll please!!
Let’s roll up our sleeves and dive into the ultimate ‘how-to’ guide on becoming first-gen Z entrepreneurs!
Let’s get into the nitty-gritty of What A Startup Mindset Is all about:
Think of a startup mindset like cooking up a packet of Maggi! Startups need the right mix—passion, innovation, and a bit of uncertainty, risk-taking, and a strong focus on improvement just like the perfect Maggi recipe.
Just like Maggi loves a good boiling pot, the startup mindset thrives in the heat of uncertainty. Challenges in the startup world are like seasoning for Maggi—they’re not roadblocks but opportunities to spice things up and make it better.
Entrepreneurs with a startup mindset are like master chefs in the kitchen of continuous learning. Maggi doesn’t settle for the same old recipe, and neither do they. It’s about experimenting with new business flavours, adding a pinch of risk here and a dash of innovation there. For instance:
- Tech-Infused Innovation: Integrating cutting-edge technology into products or services to stay ahead in the digital race.
- Social Impact Initiatives: Aligning business goals with societal needs, contributing to meaningful causes, and building a brand with purpose.
- Personalized Health and Wellness Tech: Developing wearable technology that caters to individual health and fitness needs, reflecting the growing trend of personalised well-being.
So, as you stir up your pot of Maggi, remember, embracing the unknown and seeing challenges as opportunities are not just cooking tips but the essence of the startup mindset. It’s about creating something uniquely delicious, just like a perfectly cooked bowl of Maggi!
Let’s dive into the hustle of the startup game, where finding the gaps in the market is like discovering the cheat codes. Ready for some real talk on kickstarting your first-gen startup journey?
Let’s break it down into 4 puzzle pieces:
Puzzle Piece 1: Uncovering Market Gaps:
- Identifying a market gap is a key step for startup success. Prospective entrepreneurs must conduct thorough market research, analysing existing products, customer preferences, and emerging trends to pinpoint unmet needs.
Puzzle Piece 2: Smart Funding Strategies:
- For first-gen startup success, securing funding is crucial. Consider avenues such as bootstrapping, engaging with angel investors, exploring venture capital, or leveraging crowdfunding. Students today can tap into government funding, angel investors, private equities, grants, and business plan competitions. Minimise reliance on debt; use business cash flows wisely and prioritise enhancing monthly inflows.
Puzzle Piece 3: Forge Strong Networks:
- Building a robust network is vital for first-gen entrepreneurs. Seek mentorship for insights and guidance. Leverage digital platforms like LinkedIn to connect with professionals, join industry groups, and actively participate in conversations.
Puzzle Piece 4: Effective Marketing:
- Establishing a brand presence requires strategic marketing on relevant platforms. Increase awareness of your business and its offerings. As visibility grows, attract
potential customers, turning satisfied clients into valuable ambassadors for business growth.
Picture this: you’re on the brink of every student’s worst nightmare – a daunting maths exam. The kind that sends shivers down your spine and makes you question every life choice that led you to this moment.
And, let’s be real, you didn’t exactly hit the books as much as you should’ve.
Panic mode: ON.
But hold up, your unexpected hero swoops in – none other than your reliable friend, the Government of India (GOI)!
They get that you’re figuring out this startup maths, and maybe your prep game is not A+. They’re rolling out these super helpful programs, like Start-Up India, giving you a break on the startup tax stuff and making the whole rulebook thing way less complicated.
PMMY (Pradhan Mantri MUDRA Yojana) acts as a supportive companion, extending a helping hand by offering loans of up to Rs. 10 lakh to non-corporate, non-farm small/micro-enterprises. It is tailored to empower first-generation entrepreneurs in the micro-units sector, helping them realise their small business aspirations.
Unlike PMMY, the Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGMSE) does not directly provide loans. Instead, it serves as a safety net by offering a credit guarantee to financial institutions. This assurance mitigates risks for banks when extending collateral-free credit facilities to micro and small enterprises. CGMSE operates as a support system, empowering entrepreneurs to pursue their goals without the burden of collateral worries
In the spectrum of support available, various initiatives are designed to empower aspiring entrepreneurs like yourself, including the SIDBI Make in India Soft Loan Fund for Micro, Small,
and Medium Enterprises (SMILE), samridh scheme, Startup India Initiative, Startup Leadership Program, and ASPIRE. It’s like having all the cheat codes to ace the startup exam with flying colours.
Now, let’s lock in the key takeaways from this entrepreneurial adventure:
In the dense jungle of business, survival favours the fittest, underscoring its competitive and dynamic nature. The ever-evolving landscape, shaped by new technologies, market trends, and competition, demands entrepreneurs to embody constant improvement and adaptability.
Learning from mistakes, staying abreast of industry innovations, and actively seeking personal and professional growth are key strategies. In this relentless environment, the entrepreneurial journey thrives on a mindset of resilience and an unwavering commitment to staying ahead of the curve.
Consider these simple yet powerful questions as guideposts to begin with:
- How are you getting ready to handle the ups and downs of business to make sure your startup stays strong?
- If you see yourself making a mistake while starting your business, how do you plan to use it as a way to make your startup even better?
Samsung Newsroom-AG. (2023, October 19). Gen Z is Defining the Future of Work – on Their Own Terms, Reveals Morning Consult & Samsung Survey. Samsung US Newsroom. https://news.samsung.com/us/gen-z-defining-future-work-own-terms-reveals-morning-co nsult-samsung-survey/#:~:text=Recognizing%20the%20significance%20of%20this,of%2 0work%2C%20their%20perceptions%20of
Image Source: Fibre2Fashion. (n.d.). Harsh Maskara | CEO and Co-founder | Drip Project & Metaman. https://fashiongear.fibre2fashion.com/fashion-talks/harsh-maskara-interview
Pandey, N. (2023, November 9). This 24-year old Mumbai entrepreneur expects Rs 8 crore this year selling hip hop jewellery. cnbctv18.com.
https://www.cnbctv18.com/startup/with-hip-hop-jewellery-all-a-rage-with-gen-z-india-thi s-24-year-olds-startup-is-growing-400-yearly-17875371.htm
Image Source: Contributor. (2023, May 3). 16-Year-Old Tilak Mehta’s Papers n Parcels: Digital Courier Success.
https://www.entrepenuerstories.com/latest/how-16-year-old-tilak-mehta-founded-papers- n-parcels-a-digital-courier-service/)
TIMESOFINDIA.COM. (2023, August 23). Meet Tilak Mehta, who became an entrepreneur at 13 and now owns a Rs 100 Crore company. The Times of India. https://timesofindia.indiatimes.com/etimes/trending/meet-tilak-mehta-who-became-an-en trepreneur-at-13-and-now-owns-a-rs-100-crore-company/articleshow/102401504.cms?fro m=mdr