Here’s why today’s entrepreneurs are more successful than their predecessors

It’s like a race car driver in a modern Formula One car versus one in a 1920s-era jalopy – the driver in the modern car has better technology and a smoother ride, allowing them to get to their destination faster.

Today’s entrepreneurs have access to more resources, such as technology and information, which can give them a competitive edge. They are also more likely to be supported by their peers, family, and mentors, which can lead to increased success. Finally, startup culture is more prevalent today, and there is greater acceptance of taking risks and trying creative ideas.

From a struggling economy to becoming the third-largest ecosystem in the world, opportunities have risen in the Indian entrepreneurial ecosystem of late. In the transition from being an exception to the rule, entrepreneurship is what today’s generation lives by. Let’s decode the generational shift.

1. Fast and furious: Startup founders’ agility to think fast in terms of launching a campaign, and bringing an innovative product to the market is fast if we compare the kind of go-to-market strategy we saw in yesteryear. There was a time when the execution of an idea took time immemorial. Today the thought-to-execution process depends on the founder’s agility.

2. Marketing is their play: Today’s start-ups know where the customer is so they will put their money towards the right digital media strategy or sponsoring an IPL series, which wasn’t clearly an option earlier. The new-gen entrepreneurs clearly know where they have to be seen whether it is the face of the brand or the product.

3. We are in it together: Today’s entrepreneurs realize the effort of a talented team and what retains them for the long term. They share the monetary gains and do not just treat their employees simply as workers, whether they offer Co-founder status or ESOPs to early employees who stick with the company.

4. Celebrating failure: There was a time when second or third-generation founders talked about their fathers setting up businesses and continuing the same business. Today’s entrepreneurs tend to be middle-class Indians who are the first in their families to break the norm and the first to fame. That’s why their work is doubly dedicated. Their failure will be celebrated rather than viewed as a stoppage sign in their process. The word dropout became common folklore when we began seeing edgy entrepreneurs like OYO founder dropping out of college or Zepto founders dropping out of Wharton.

5. Start young: Today’s founders will not wait to finish college or work for a corporate for a decade or two before starting a business. They want to start in college, they want to hustle at a young age.
6. Full of fresh ideas: Their ideas resonate well with today’s generation. Fast delivery, India-made electronics, and food on apps were ideas today’s generation demanded and Indian entrepreneurs delivered them. Their ability to execute and bounce is far superior to their yesteryear contemporaries.

7. Living the cool quotient: Today’s entrepreneurs live and talk freely with their customers and want to communicate with them whenever they get a chance. That’s what makes them cool. As consumers, we don’t want brands we don’t connect with. They must be reachable by me as a consumer.

8. Know the art of storytelling: Today’s entrepreneurs understand how to tell their stories the right way. They know nobody can tell it better than us. They are aware that the customer wants to hear my story – who I am, where I come from, and who buys into my ideology. Entrepreneurs like Alakh Pandey clicked with the Indian audience as the masses loved to hear their stories. Mamaearth founders shared their story as if it was today’s parents’ story.
9. Achieve success in less time: Today’s entrepreneurs want to succeed early. They can’t wait 30 years to succeed. Ten years is a period of multiple iterations. So, they strive to achieve success in less time, aiming to get the most out of every day. For instance, many entrepreneurs have been successful in establishing a business in under five years and achieving their dream goals.