A number of management students in India are embarking on their entrepreneurship journey because of the profits and perks that a start-up offers. Many of them refuse to work with the top notch companies at lucrative packages so that they can implement their business ideas. These youngsters not only want to be managers, but also entrepreneurs. Let’s look at the reasons why the young Indians should come up with start-ups.
Innovation and creative freedom
When Narayan Murthy quit his job to start Infosys, he had a vision and an innovative idea. Similarly, start-ups allow you to turn your dreams into reality. Sky is the limit when it comes to innovation and experiments. You don’t have to wait for approvals from your superiors. Instead, you can implement your ideas and have creative freedom.
Be your own boss
All those management students who wish to work and make profits for themselves, starting your own firm can be a great idea. You can work according to your timings, your own rules without being answerable to a higher authority. If you want to work on your own terms then it is a suitable career option for you.
When a management graduate initiates a start-up, a number of others get employment. If that firm grows, then the people associated with it also grow in their career. In short, upcoming start-ups are generating employment in the country, thus leading to progress and development.
Excitement and personal growth
The initial years of a start-up can be compared to a roller coaster ride. You get ample opportunities to explore and learn new things. Being in a corporate job gives you very less exposure. It is limited to your job profile. In sharp contrast, entrepreneurship opens many avenues to you. As an entrepreneur, you have to be the jack of all trades and master of one.
The government has declared three year tax holiday for start-ups. The Finance Minister announced 100% deduction of profits for startups adhering to certain conditions Make in India Policy. Arun Jaitley said, “I propose to assist their propagation through 100% depropagation through 100% deduction of profits for three out of five years for startups set up during April 2016 to March 2019. MAT (minimum alternate tax) will apply in such cases.
Mobile app and portal
A mobile app and portal is provided for ease in registering the start-ups, tracking status of registration, filing for compliances, collaborating with various start-up ecosystem partners like VCs, incubators, etc. and to apply for various schemes under the Action Plan. This has made things simpler for the new companies.
Employee provident fund
The Government will pay an EPF contribution (employer’s contribution) of 8.33 per cent for all new employees for first three years, which shall save straight 12 per cent cost for the startup companies and provide security benefits to the employees. This will reduce the burden on the start-up in its budding stage.
It is recommended that the young management graduates should start their own firm. It may not be a success overnight, but perseverance and hard work will surely pay off.