Here's Why Most Indian Millennials Want To Quit Their Job Right Away And Become Entrepreneurs

Millennials in India want to remain independent, away from the gazes and instructions of their managers. They want to make their own career decisions without any bounds. They are using their energies to coin new business ideas and successfully running their start-ups based out of metropolitan cities across India.

¡°Any time, I want to quit this fixed hour job and devote my full time for being an entrepreneur, but, I am waiting for appropriate time,¡± says 25-year-old Rohit a software professional at Nokia, Bengaluru.

There is not even an iota of doubt that Indian youth is inclined more towards entrepreneurship. If a recent study is to be considered, a large number of employees here are seriously thinking of leaving their jobs to start their own businesses. The Indian average is more than any other country.

¡°I am harbouring this dream to become an entrepreneur from very long time but multiple challenges pull me back,¡± says Vasudha Shukla, 24, a management professional at ITC Infotech.

The aspiration to become an entrepreneur one day is not only confined to Rohit and Vasudha but this aspiration is prevalent among all age groups of working-class youngsters, cutting across all professions.

A survey conducted last year by Dutch multinational human consulting firm Randstad Workmonitor stated that 83 per cent of Indian workforce would like to leave their job and want to be entrepreneurs, much higher than the global average of 53 per cent.

It also revealed that the inclination towards entrepreneurship is highest among workers aged between 25 and 34 years.

Data from the successive rounds of nationally representative youth surveys conducted by the Lokniti research programme at the Centre for the Study of Developing Societies (CSDS) shows that the attraction of a Sarkari Naukri (government job) has not shown any signs of declining over the past decade. In fact, the share of youth who prefer a government job has grown slightly to 65% in 2016.

The share of youth who prefer a private job has nearly halved to 7% between the two rounds of the survey conducted in 2007 and 2016. The share of those wanting to start their own enterprises has risen marginally to 19% over the same period.

Ajay Tiwari, an entrepreneur, veteran HR professional and author, based out in Bangalore. He has interviewed more than ten thousand potential candidates personally and facilitated the hiring of more than a lakh employees. Happy Locate, a start-up started by two entrepreneurs Sainadh Duvvuru (an IIM graduate) and Ajay Tiwari. Transpiring the dream into a reality was not smooth for both of them as they had to quit their well-healed jobs. Now, after facing all the odds that came in their way this innovative idea of providing relocation services is doing quite good in market.

Tiwari is a quintessential example of how to grapple with multiple challenges that come your way and how to smash those challenges and emerge victoriously.

¡°Leaving coveted job and following your dream to become an entrepreneur is not an easy road to take, that way is full of thorns. But you have to take those challenges head-on and you will see you will trounce all those odds,¡± he says.

Throwing light on the challenges coupled with being an entrepreneur, Sainadh Duvvuru, broke into a statement that: ¡°Fear of failure is one of the prominent reasons that stop the desperate youngsters to become an entrepreneur.¡±

Amway India Entrepreneurship Report (AIER) 2017, launched by Doug Devos, President, Amway at the Global Entrepreneurship Summit, Hyderabad, also found in its survey that 71 per cent respondents cited ¡®fear of failure¡¯ as one of the biggest obstacles in starting one's own business. According to this report, 60 per cent of the youngsters want to become an entrepreneur.

Tiwari, tracing his trajectory from an employee to an entrepreneur says: ¡°My story is similar to an ordinary youngster, in whose heads brilliant ideas pop up but unfortunately lack of financial funding stops one or more success story from being created¡±

India is the third largest startup hub in the world according to Nasscom. Start-ups were originally seen as job creators and innovators who solve India¡¯s problems. Suggesting the way forward for the nation that has phenomenal youth population Sainadh and Ajay say in chorus, ¡°In a country like ours, we need to nurture the culture of entrepreneurship where ideas are discussed at length and where avenues to transpire your ideas into reality are conveyed to youngsters.¡±

Being nostalgic and recollecting his past memories from HR professional Ajay says: ¡°Having been to Indias premier B Schools for hiring, one thing got sorted in my head is that India¡¯s youth is brimming with one ¡®C¡¯ - that is creativity - but society lacks one ¡®C¡¯ that is conduciveness.¡±

¡°Now time is ripe that amidst of innumerable half-hearted schemes put forward by the government to boost entrepreneurship in India, we have to knock off the fear instilled in young hearts and minds that is acting as a roadblock for India to emerge as start-up hub in the world,¡± says Ajay Tiwari, a struggling entrepreneur.