Amitabha Ghose, Author at Adamas University

Given that India’s GDP growth has dropped below 5%, consumption is further dwindling due to pandemic corona virus outbreak, and GDP is further estimated to go down, and the world economy might go to a recession. Wages are not keeping with labour productivity, and unemployment is at a 45-year high, every means to counter this trend must be deployed. Promoting entrepreneurship among the youth to create employment, generate new wealth and boosting consumption is one of the answers.

India’s startup ecosystem is not a recent need, but has been there for over decades and went through phases of evolution. Today, the startup ecosystem in India has seen a tremendous growth in both the quantum and variety, with an increasing advent of technology start-ups. In 2017, the country witnessed an addition of more than 1,000 tech start-ups, taking the total count of approximately 5,200 thereby strengthening its position as the third largest startup ecosystem across the world, after the USA and UK (NASSCOM).

Inquisitive young minds are like soft clay forms easy moulds. Every young entrepreneur has an inquisitive mind, ready to experiment, prepared to learn and ready to take risks. Indian entrepreneurship and start-up scenario is changing phenomenally. There is amalgamation of synergy between talents, financial support, proactive government policies and an eco-system have resulted a favourable environment for entrepreneurship to germinate.

India has a multitude of successful start-ups in recent time such as, Flipkart, Ola Cabs, Oyo, WoW!Momo, Zomato, Pepperfry, Paytm, Byjus, Treebo Hotels, AddressHealth, FreshToHome, FreshMenu, Flyrobe, Myra, Cure.Fit, Dunzo, Shuttl, Urban Ladder, Cars24, Vedantu, Overcart, Doctor Insta, Cowrks, Meesho, Milk Basket, Policy Bazaar, Nykaa, Toppr, Travel Triangle, Cool Berg, The Minimalist, Nineleaps, and so on. These start-ups and several others have grown on the premise of technology and other critical resources, and have made enormous contribution in job creation and created wealth for the entrepreneur as well as for the country.

It’s the right time for start-ups, because government has gone an extra mile to facilitate administratively by relaxing various norms, networking and incubation support, financial support, long term tax holidays, thus enabling young entrepreneurs to take-up new ventures, and multiply job opportunities as job provider rather than job seekers.

Over the years, Indian economy has become increasingly supportive towards initiating business in the country. The fact can be validated by referring to the 2019 ‘Ease of Doing Business’ ranking released by World Bank, wherein, a total of 190 countries are assessed on various parameters. As per the rankings, India made significant improvement by reaching the 77^th position from 100^th in 2018. Several parameters witnessed improvement including starting a business, dealing with construction permits, trading across borders, getting electricity and credit facility.

Amidst such encouraging entrepreneurial eco-systems and encouraging government support, gaining knowledge on entrepreneurial practices, getting familiar with the systems and frameworks promotes creative thinking among potential young entrepreneurs. Adamas University, School of Management has come forward in preparing such young entrepreneurs, who will embrace entrepreneurship as a career without any inhibition. We are confident that the knowledge, skills and incubation facilities provided to the bright young students will enable them to emerge as a successful entrepreneur of tomorrow. The bachelor and master degree on entrepreneurship offered by Adamas University, School of Management is an application-oriented programme which ensures evolution of individuals into a successful entrepreneur.

“We have got to assume it is going to get worse and worse and worse”*

*Dr. Anthony Fauci, MD of the National Institute of Allergy and Infectious Diseases, USA.

Unlike some of the recent natural calamities in India or abroad e.g., the catastrophic storms of Fani or Bulbul, tsunami, earthquakes, floods, draughts, and their impact is most often local or regional or national.

Pandemics by nature, are global. When we combine a pandemic with uncertainty, we get a scary message of fear and even panic. That is why those in leadership position either in corporate or institution, need to come forward and make a positive contribution for those they lead. When adversity comes, people look for direction and guidance, and that’s why leaders must exert their influence to shape the best way forward.

Action for Leaders in this Testing Time

Avoid Exaggeration– Be true with people. Reveal what you can about the business, but do not make promises you cannot keep. Stick to the facts and remember that even what you think is valid now, may not be so tomorrow.

Stay in Touch– Whether your employees are in the workplace or working from home, make yourself available for them for any support. Employees are stressed with work as well as their family members. Listen to them and extend your helping hands, whenever they need.

Self Care– The stress on leaders is enormous now. Uncertainty looms heavily on them. There is always a tendency to push aside personal concerns. But if you are in charge, you must make sure, you eat healthy, get enough sleep and exercise whenever you can.

Remain Safe– Leaders should follow all health and safety precautions, starting with stay home if you are vulnerable. Cough into your arm, avoid shaking hands, wash hands regularly with soaps or alcohol based liquids. “Adversity does not build character, it reveals it” (James Lane Allen). And it is the revelation of character that is most important. Employees are looking to leaders who do not shirk from responsibility, but rather embrace the challenges. Such leaders do not hold themselves apart, rather they bring along others with them. They delegate responsibility and authority, even while remaining in the loop to monitor what is happening around.

As worse as this pandemic crisis is, it will present us with opportunities. What those opportunities are may be unknown to us, but as the saying goes, “never waste a good crisis.” Leader must be thinking ahead of others, as early as possible they are able to do so.

As a result, adversity reveals more than character, it also shines a light on talent. Men and women, who have gone unnoticed suddenly find themselves in the limelight with an opportunity to apply their skills to current crisis. People who are able to do so, will mark them as competent one, to give more responsibility and eventual promotions.

Though, we all hope this pandemic corona virus crisis will pass in short time, health experts warn that more novel viruses will plague us in the days to come. How leaders act today, will set the tone and tenor for how we deal with future crisis.

I end, with a quote of Dr. Anthony Fauci:

Troubles have a way of shrinking some,
But elevating the minds and hearts of others,
Follow me, they say. I will lead.
Come along, they say.
Together we will make our way.

Author: Amitabha Ghose

Entrepreneurship as an alternative to jobs

Corona Virus Pandemic: Reveals Character of a Leader