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As we all know that entrepreneurship has no bar, on age, but nevertheless you get amazed to see a few youngsters making it really big as entrepreneurs. Read on to know more about the power packed investors.
Time has gone by when established businessmen used to top the priority list of franchisors. Now in demand are first generation entrepreneurs. In the ensuing pages we have featured a few young franchisors who have scripted their own success story. Not just this, we have also handpicked opportunities galore which are exclusively for young franchisees who fall between the age group of 24-37 years.
India has been witnessing an increase in young business-minded individuals who are setting out with their own firms and brands, taking pride in learning from scratch or are starting their entrepreneurial journey by partnering with an established brand via franchise route.
Out of the entrepreneurs profiled in the following pages, one is just 28 and has a fitness chain in the country, the other one has a chain of restaurants at 36, not to miss an entrepreneur in diet counseling too. Why Young entrepreneurs? Witnessing a sea change in the entrepreneurial rate of young investors and surge in increasing demand of young entrepreneurs as prospective franchisees by majority of franchisors has made this “young lot” clamour for fame.
Young favour franchising
As per a recent report by Francorp, India's young population is showing more interest in the concept of franchising. The growth fuelled by rising income and expenditure levels and pushed by the urge to increase wealth has led the youth to explore the opportunity. As per a survey conducted by Francorp among 1000 investors, more than half respondents were from the age group of 21-40.
There is good news for established franchisors, most of the respondents prospective franchisees want to associate with the established sectors which have a low risk profile like apparel, food and beverage, education and retail. Not many like to take a pitch into new sectors.
In another survey conducted by The Franchising World, more than 50% of the franchisors are in favour of associating with fresh and enthusiastic bunch of investors. When asked about priorities of selecting franchisees, Aditi Srivastava of Diet Mantra says, “Since our business model is well suited for the young entrepreneurs, almost 90% of our present franchise partners are in the age bracket of 24 37.”
Funding- a major hurdle
There is no denying the fact that young entrepreneurs have the maximum chances of failure but increase in the success stories of young businessmen across the world has left the established professionals in fright. The major hurdle faced by investors of lesser age is funding. But improve in the funding options by various means like Banks, Private equity firms and a few other resources have made funding an uncomplicated affair. The success rates of start-ups have gradually increased.
Commenting on the same, Sachin Sabharwal of Di Bella Coffee says,” We want at least half of our franchise partners to be young franchisees.”
Time is right for the young to make bold moves in India. Read through the informative opportunities in the following pages and reap rich profits.