First Generation Entrepreneur India

Who is First Generation Entrepreneur India?

An entrepreneur of the first generation is one who is the very first member of his family to begin the business of their own. This means he’s the first to try his hand at the business of business. He is the only anyone else in his family who is also from the field of business or has a backgrounds. There is no support from the family of this first-generation entrepreneur to assist or direct the business venture.

For entrepreneurs of the first generation most times they aren’t given any support or encouragement from their family members. They are the ones to start the seeds of business within their families. They create and invent every procedure and strategy for setting up their businesses. For the third or second generation of business owners, the foundation is in place and they need to simply run the business procedures as they did in the past and then innovate using the same process to enhance their results.

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A well-known Indian businessesmen that was also a first generation successful businessman was Ghanshyam Das Birla. He was the first within his family to establish an enterprise around the turn of the century running a textile and cotton mill. In 1919, Birla also included paper and sugar production at his manufacturing facility. When he passed around 1983 Birla Group has grown into a global multi-sector corporation.

There are numerous obstacles that stand in the way of success for the new generation of entrepreneurs. It is because of these challenges that many of them quit their businesses and enter the service industry to pay for their expenses. The primary issue is that these businessmen do not have prior experience working within their families or outside the home if they’re just college graduates. Another issue is the legal and financial issues that arise when operating an enterprise. The third issue for businessmen is the need to find capital and manage their cash flow. A lot of time is wasted when talking to people and convincing them of their concept.