Entrepreneurship is solely driven by passion and solving pressing social issues:

Entrepreneurship has become a very famous and fancy word in the 21st century. The Young fellows you might have heard say that they are entrepreneurs or they aspire to become one.

What really the game of entrepreneurship is, it is altogether a different career option compared to the traditional job market. A student who becomes an entrepreneur after his studies have to take a risk in developing his idea into an operable, and truly realistic solution. If you look at the entrepreneurs, they have really tried to solve the world problems, and many entrepreneurs started from a small scratch and they have become billion-dollar brands and organisations.

If you take an example of Tesla, a USA based electric car company, when Tesla had this initiative to launch electric cars similar to other fast cars, nobody thought this idea could work. The industry of electric cars had earlier failed because it had a problem with the mileage, in terms of the sustainability of battery in a long trip, and the pickup and speed factor.

The company considered all these factors as a social and industry challenge. When Tesla started, already there were many companies like Mercedes, Audi, General Motors, Ford and many more companies who had really made a mark in technology in traditional petrol/diesel based automotive. When these companies could not make a mark in the electric car industry, Tesla made a mark in the electric car industry, and now it’s a leader. Currently, all these biggies are following Tesla to make a mark in the electric automotive industry. But Tesla is far ahead in the race.

Tesla is a dream brand, billion-dollar club company. This cannot stop here, the Founder Elon Musk has ventured himself into many programs, Example, fast transport projects like hyperloop and space programs like SpaceX.

Creativity, Imagination, Results driven= Entrepreneurship

What makes entrepreneurs different:

Now it's a common question what makes entrepreneurs different. If you look at a traditional job a person might be either working in HR or marketing or finance or Business Development department. But when it comes to entrepreneur, he has to take care of all these domains solely in most of the cases. That's where a real risk factor is. When it comes to freedom in doing business and decision making, the entrepreneur has got all the freedom. He has got the freedom to implement the strategy in the way he likes, (there are some restrictions too when the business size grows).

What are some other entrepreneurship who have challenged the traditional market:

If you look at the companies like Uber, redBus etc. really these companies have tried to solve the social challenges like Uber has tried to solve the challenge of urban transport and RedBus has tried to close the gap in the Intercity travel forecasting and booking. Which in turn in some way both companies have tried to solve the environmental issue in a different factor. Uber in terms of carpooling and Redbus in terms of optimal utilization of bus capacity.

As quoted in the website of Redbus, “Through the application of Telematics, smaller buses, and other business improvements Red Bus has been able to reduce its carbon footprint per kilometre by 9.9% since 2015”. (https://www.redbus.co.nz/about/environment/)

Why there are very fewer entrepreneurs in India:

The challenges we are facing are very root level, the Business schools, Engineering Colleges are not trying to create the entrepreneurship passion and skill through their curriculum design and engagement. We should try to influence our students to prefer entrepreneurship over job placement. The students should be appropriately guided in this domain. Instead of waiting for a job, they should themselves become a job creator.

There are few colleges who are really trying to establish entrepreneurship cell in the campuses. Example, IIMB initiative, Azim Premji Univerisity Initiative. As per my observation, the best entrepreneurship is which comes out of the order of Self-action, Passion, and urge to really wanting to solve some social issues. This way for sure we will be able to make a mark because passion has got unlimited power.

Few of us might comment that the kind of piece I have written above is called 'Social-Entrepreneurship'. I purposely did not use the term 'social-entrepreneurship' because most of the successful entrepreneurs have really solved social issues.

Further Read:

Tesla: A Successful Entrepreneurship Strategy

https://www.researchgate.net/publication/316628561_Tesla_A_Successful_Entrepreneurship_Strategy

8 Startups That Are Making Waves By Solving Big Problems https://www.entrepreneur.com/article/244690

How Business Can and Should Solve Social Problems https://businessfightspoverty.org/articles/grow-the-pie-how-great-companies-deliver-both-purpose-and-profit/

Author:

Maaz Mohammed A.Q

Learning strategist / Trainer / People change management / Early Childhood Education / Life skills.

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