Startup India” will surely start up the “Millennial India”.
– Raj Nehru
If Abraham Maslow comes back to life for a day to review his theories, he will be shocked to see that millennials of today are proving his theories wrong. Goldman Sach in their millennial report has found some interesting data which says that “must have’s” of previous generation are no more important to the new generation. They are either putting off major purchases or avoiding them entirely. Take the case of buying a house or a car. More than 60 % of millennials do not find a need or a necessity to buy a house or a car. Instead they are exploring new set of services that provide them access without the burden of ownership giving rise to what they call a Sharing Economy. More and more millennials are getting attracted to technology that is being leveraged by them for instant access for information on product, price, and features and also peer reviews. This new attraction is actually shaping the new market and is transitioning the conventional economy to millennial economy.
In fact I recall some months back when my daughter familiarized me with Play store, I found some wonderful apps that helped me to get rid of driving through the erratic traffic that would drain my energies during high traffic hours, almost every day. Precisely, I would not had even bothered to explore technologically enabled solutions to various existing problems but when I decided to explore alternatives, I also found Ola and Uber apps and many other. Since last few months I have travelled 90% of my daily transportation requirements, using these innovative tools. The Ola share has in fact further helped me to save on my petrol bills. I also asked couple of drivers about their experience and believe me in some cases I have found well educated youths driving these cabs who claimed to earn between 60k – 90 k per month, depending how far and how long their wheels keep moving. Millennials have sharp appetite for simplifying things and will suggest very different ways to handle our daily problems. Skilling them in the right manner and harnessing their capabilities will shine our nation.
Millennials of today are very different in their perceptiveness, thought process, judgement and action. Their expectations and challenges are also different than the conventional ones. They are looking for more in life than just a job and are driven by the desire to do something worthwhile. Money is no more a top driver. There is a very unique diffusion of social and economic factors that is driving most of the millennials to experiment, innovate, take risks and embrace challenges. As rightly said, “GenY of today is turning into a Generation “Y not…start this in my parents Basement”. Personal Learning & Development is a big driver and is linked to faster growth and progression. Millennials of today are no more motivated by stability and security and will prefer to change the business and organization faster. They are no more attracted to one role for longer time anymore. They are committed to their experimenting thought process than to any company. Opportunities that provide flexibility and opportunity to grow and progress are their biggest attraction. Millennials prefer to work in a decentralized environment.
They operate with a no blame mentality and have tenacity to take personal responsibility and accountability for their success or failure and hence prefer to work in a more empowered and decentralized environment. I work in a BPM organization where we have more than 80% of millennial staff. In all my interactions with them, I have noticed that majority of these youngsters bring variety of skills and are also passionate to pursue them and therefore do not want to limit themselves to one box of interest or skills. Most of these millennials that I meet are looking for opportunities that enable them to make a difference. They would prefer to work in an environment that is open and values individual differences.
Today’s India predominantly comprises of this young population thus making it world’s youngest economy and allowing itself with a natural potential of transforming that has not been done for decades. The opportunity of being a young millennial economy is an assurance to progress and growth given that millennials thrive on challenging “status quo” and would want to create and recreate, find new and efficient ways to work. Given their high appetite for taking risks, they can help in nation building by letting their inner ideas and thoughts taking shape in the form of new ventures, startups. The opportunity for the nation is to meet their expectations and also transform it into a progressive feature that contributes not only to the nation but to the world as well.
Startup India, Stand up India launched by our Prime minister, is a great thought in this direction. It is a clarion call for the young population of India, that bubbling with energy, ready to work on new and innovative ideas that can help set new businesses and produce the young entrepreneurs of the millennium who will help the nation to outperform all other nations in the years to come with a phenomenal positive impact on our economy. The objective of Startup India is to boost their potential of entrepreneurial capability, harness their ideating capacity, and leverage their energy and sense of urgency. This is being ensured through various steps that this program has ensured in the form of single window system, easing bureaucratic hurdles, providing incubation centers and facilitating through financial assistance through financing options consequently leading to economic progress and employment generation. Start Ups are the perfect tool to address and channelize the ideas, creativity, freshness, aspiration, flexibility and innovative mid set of millennials in India. Startup India will help our youngsters to find answer to most of their challenges that they encounter in traditional work environment and conventional work set ups. Read More