The initial phase of entrepreneurship is generally associated with failures until that business has witnessed exponential growth or reached breakeven.
The idea of entrepreneurship is invariably circumvented by most of the early aspirers because of the risks and incertitude affiliated with it. Nevertheless, many have shown the world that entrepreneurship is worth a try.
Entrepreneurship will boost economic growth, employment and individual recognition and many have embraced it despite it not being a walk in the park.
In fact, the world has witnessed the rapid rise of young entrepreneurs across every sector, likewise India too had an unprecedented rise of youngsters embracing entrepreneurism and becoming successful.
Over the last decade, India has significantly demonstrated a prodigious rise in entrepreneurism, especially among youngsters. Now, India has the third largest startup ecosystem in the world.
Most ventures cater to technology, e-commerce, sports, transports & logistics but one of the most significant industries, the realty sector, has only been paid moderate attention among entrepreneurs. Though there are quite a lot of players in the market, the industry needs young minds to make headway as it is one of the pillars of the country’s economic development.
The realty sector is the second-highest employment generator after agriculture, and it is expected to reach $1 trillion by 2030. The sector will contribute 13% to the country’s GDP by 2025.
Although technology has been amalgamated into many industries lately, the realty sector has fallen far behind in advancements compared to the other sectors because it widely counts on the traditional method of operations, which might be one of the factors stalling its growth.
The realty sector’s growth has predominantly co-existed with the development of the other sectors in urban areas., Unfortunately its growth so far has been vertical, but it ought to have been more horizontal. With a huge potential in the sector, all it needs a fresh, adaptive mind to be creative and to comprehend the necessities.
Creativity and innovation
The industrial environment is constantly on the move and never stagnated. As Pre- Socratic, Ionian philosopher Heraclitus once said, “No man can ever steps in the same river twice. For it’s not the same river and he is not the same man”.
Everything is in flux, therefore; the realty industry needs to embrace the theory of flux to stay in the race. The realty industry has been growing tremendously which cannot be ignored, yet it needs creativity and innovation to balance the demand and supply of the sector.
The realty market’s demand and expectations are growing rapidly and cannot be fulfilled by the contemporary setup.
Young entrepreneurs will bring enormous knowledge to the table to meet contemporary needs as they have been living in the millennial era. They have been exposed to the world of internet, technologies, unique design, architectures and advanced planning & execution which is the need of the hour in the realty sector.
The young entrepreneurial minds would help to bridge the business gap through innovativeness and creative thinking ability. This will help meet the needs, tastes and preferences of the market environment.
Risk takers and business acumen
Young entrepreneurs carry several edges over traditional entrepreneurs. They may appear to be credulous but more willing to take risks in the process. They always stay away from preconceived notions on standard practices and techniques.
That ignorance helps them to think out of the box and uncover life-changing ideas. They compare taking risk to a game, the bigger the risk, the bigger the reward, which allows them to extensively effectuate their visions.
This might lead to a lot of trial and error which they cherish, because it is time to upgrade rather than fall behind.
They habitually count on novel ideas that are both practical and profitable. Having profound knowledge of which are the arenas, the young entrepreneurs know that if those arenas are handled in a sagacious manner, they will yield high revenue.
Young realty entrepreneurs constantly endeavour to provide the best value and service to whoever seeks to build their home, offices etc and how to attract investors by giving all stakeholders optimum contentment for their investment.
Indian real estate is encountering unprecedented circumstances lately and modern-day developers will understand this. It necessitates creating an ecosystem that provides greater customer experience and more transparency. To create such an ecosystem, young realty entrepreneurs’ avant-garde thinking and steadfastness would come as a breath of fresh air.
Young entrepreneurs comprehend the present-day skyrocket customer requirements and they conceptualise a solution that meets the flux of the demand. They consistently refine and reconstruct their business strategies to align with the industry’s future and society.
The proliferation of technology has been one of the paramount forces to reshape the reality industry. This became more evident in the last two years during the COVID-19 pandemic when everything was halted and technological advancement came as rescuers of the industry to avoid an economic collapse.
Young entrepreneurs’ analytical thinking kept the industry afloat and invented technologies that can reduce hassles for the entire construction process, making the industry cost-efficient and environment friendly.
Technologies like 3D printing, Augmented and virtual reality, and block chain become more prevalent recently which provides transparency to the customer and builds trust among them. India’s first 3D printing house was built within five days, and India needs more homes in the coming days, and it will become a solution.
These young entrepreneurs have burnt the midnight oil learning the nuances of doing business and experimenting with their innovations. Their enterprising nature is a testimony to their grit and gumption. It is time for plenty more young entrepreneurs to step into the realty sector.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)