The recession and the mythical fear of the ‘pink slip’ that accompanied it actually made the youth in India more confident and motivated about starting up their own businesses rather than looking for jobs. They became more focused on entrepreneurship and self-driven ‘out of the box’ career prospects. They now consider themselves a part of the global talent pool, and the rest of the world has recognized their creativity, innovative ideas and skills. The internet, media and ‘reality shows’ are giving them the opportunity to showcase all this before a large audience.
Venture capitalist and Silicon Valley tycoon Kanwal Rekhi says that “Recession is the best time to be an investor and an entrepreneur”. In The Journal of Entrepreneurship, a research study by Nancy M Levenburg and Thomas V Schwarz under the title “Entrepreneurial Orientation among the Youth of India- The Impact of Culture, Education and Environment” states that “Despite a combination of social structures and cultural values within India that historically constrained entrepreneurship, a number of efforts in recent years seem to have significantly shifted the national mindset regarding entrepreneurship, particularly among India's youth who were found to demonstrate a significantly higher level of interest in starting new ventures than their US counterparts.” Accidental young entrepreneurs have discovered the value of using technology-aided collective intelligence to become successful with minimal investment and maximum exposure. Grassroot innovations and macro-finance-related businesses are growing faster as the young entrepreneurs increasingly understand the hidden treasures in rural India.
Moreover, the post-recession U-turn staged by many successful young NRIs has added to the knowledge resource and growth in many industries. Cities like Pune and Bangalore are now dotted with startups launched by NRIs who now want to invest in India due to its cheaper knowledge base, skills availability and steady economic growth.
more references to read: http://www.englishforums.com/English/GlobalRecessionIndiasYouth/lwwnm/post.htm
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