By Sairabell Kurbah
Paradoxically, Meghalaya, meaning ‘the abode of the clouds’, is nowhere near the clouds but is in fact ranked almost the lowest in terms of economic and social development (Government of India surveys). This is strange given the vast natural and mineral resources in the state. The state also has 74.4% literacy rate (GOI Census 2011) and the profiles of the people from tribal background display their rich heritages and genetic endowment. So, what is the problem and can we transform the dismal picture?
The word “entrepreneur” is derived from 17th century French ‘entreprenendre’, and refers to individuals who undertake the risk of new enterprise and act as the “change agents” of progressive economies. The term entrepreneur may be properly applied to those who incubate new ideas, start enterprises based on those ideas, and provide added value to society based on their independent initiative. Entrepreneurs generally have vision for growth, commitment to constructive change, persistence to gather necessary resources, and energy to achieve unusual results. In practice entrepreneurship has historically altered the direction of national economies, industries, or markets.
A recent doctoral research done in East Khasi Hills district by the author, using a variety of individual in-depth interviews, focus group discussions and case reports, makes critical observations on the making of a successful entrepreneur, and concludes that it is not nature but lack of nurturing the mindset, the root cause of the problem. Two outstanding qualities of the mindset which distinguishes the successful entrepreneur were hard work and positive commitment. Even 70% of the unsuccessful entrepreneurs said that failure is the result of lack of adequate effort and interest. How do we nurture commitment? 60% of the successful entrepreneurs said that interests and enthusiasm makes a person to push oneself. The passions that they have within themselves made them survive and fight all the hardships. 60% of the unsuccessful entrepreneurs also believe that their status is because of their lack of interests and enthusiasm, which discourages and pulls them down.
The Government of Meghalaya has come forward to encourage budding entrepreneurs and advised Banks to offer loans for start-ups which go a long way in promoting and encouraging entrepreneurs. The author’s research revealed that despite several bureaucratic obstacles and delays, more than 50% of the successful entrepreneurs took advantages of these offers.
Innovation is the key to successful entrepreneurship. In this competitive world, it is only “innovations” that will spell success, and should therefore be nurtured in the minds of the entrepreneurs. They must try and do things newly and differently, different from what others or their competitors are doing in terms of producing or marketing a product or a service and also in terms of managing their internal and external factors. According to international experts, although higher education may not contribute much to the success of entrepreneurship, but many successful entrepreneurs feel that higher education does play a very vital role in making one a successful entrepreneur. In terms of experiences, most of the successful entrepreneurs do have many years of experiences. 60% of the successful entrepreneurs believe that perseverance is the way to success in their business venture. These entrepreneurs waited for more than 10 years to really enjoy the fruits of their venture. And from then onwards, business activities has started getting easier. They are wiser in decision making and in handling many managerial activities than in earlier years.
70% of the successful entrepreneurs set up their businesses without the support of any of the family members or friends. The support, if there is any, is very minimal. The Khasi people by nature are known to be very brave and independent. And in one of the case studies, a Khasi woman went from villages to villages to do businesses. She has 11 children and is still in good health at the present age of 87 years. As per the study, 70% of the successful entrepreneurs come from the business family back ground and only 40% of the unsuccessful ones are from the business family back ground. Hence, those offspring having their parent (s) from business background should take the advantage of it, because they get many ideas and suggestions from home and even the entrepreneurial spirit is imbibed in them genetically. 70% of the successful entrepreneurs said that astute observations and learnings rapidly increase the chances of being successful. The willingness to learn more always enables a person to handle difficult circumstances. Studies of Stanford alumni (USA) have shown that people with a greater variety of roles in their previous jobs are more likely to become entrepreneurs. According to international professionals, not all entrepreneurs are experts, but successful entrepreneurs always have a broad skill set. Following one’s instincts is another great advantage. A survey by the Kauffman Foundation, Kansas found 98% of the company founders said the willingness to take risks is the usual stepping stone to entrepreneurial success. Business etiquettes like, manners, politeness, spirit to serve, humility and understanding people are the other factors that can increase the chances of being successful entrepreneurs.
Finally, as part of nurturing the mindset of an entrepreneur, it must be emphasized that developing communication skills is extremely important and helps in obtaining cooperation as well as active involvement of stakeholders. Communication skills help the entrepreneur to get resources, develop innovation and support, business improvements, and increases customers. This brief article has listed about 10 traits that need nurturing as they may not come naturally. The question arises as to who takes the responsibility to nurture the mindset? Should it be the family, the educational institutions (Schools/Colleges/ Universities), the government, entrepreneurship institutes or community organizations? Or, should this be a collective responsibility of all the above agents? Who will coordinate or “bell the cat”? Perhaps the process should begin from the high school, reinforced by the family and encouraged by Government and Universities.
One aspect of the author’s research focused on ascertaining the knowledge and attitudes of high school students on entrepreneurship and the findings were very positive and needs intensive follow-up. Given the time constraints and dwindling resources in the country, there is a sense of great urgency to equip our youth and strengthen their desire to be economically stronger by nurturing their minds with great expectations but realistic outcomes.
(Dr Sairabell Kurbah is a faculty of Martin Luther Christian University, Department of Management and Commerce Studies)