How can we as a country accelerate out of the crisis?
There is only one way – supporting the entrepreneurs.
But how? Funding is not the answer.
Entrepreneurs need more than just capital.
They need a support system.
Right from educating them to helping them access debt to helping them protect their IP, there have been various initiatives over time by the Govt.
What always lacked was a focal body to ensure it reaches the entrepreneurs.
Someone they could consult on anything from ‘how to set up a small business’ to ‘how to write a business plan’ to ‘how to apply for a loan’.
In 1953, the US set up the Small Business Administration (SBA).
A body whose task was to solely be a guide and connector for early entrepreneurs.
Nike, Callaway, Ben & Jerry’s, FedEx, Under Armour, Chipotle are among the brands that used the assistance of the SBA in the early years.
So what did they do so differently?
They subsidized IP services.
They guaranteed working capital loans.
They educated entrepreneurs on schemes available.
.....among other things.
For a country like India, 40% of our workforce works for small businesses.
Shouldn’t we be paying more attention to ensure they succeed?
[ View on LinkedIn ]