Home » TANGENTIAL THOUGHTS: Why not consider owning a ‘business’as a career option by young graduates?

TANGENTIAL THOUGHTS: Why not consider owning a ‘business’as a career option by young graduates?

by IT Web Admin
1 comment 4 minutes read

By- Shanjoy Mairembam
Availability of government jobs has almost dried up in Manipur. There are almost no industry jobs within Manipur. Young graduates have to leave Manipur to look for jobs. So, the question is – ‘isn’t there any other career option for young graduates in Manipur? How about planning to own a business and become the ‘Boss of own life’.
Anyone who just passed 12th standard (i.e. 17/18 years of age) is already sufficient to be in the world of business. By that age and qualification, one has got the basic education (reading, writing, calculation, social common sense and knowledge of the world we live in) and also, the physical and mental strength to lead. May be what’s still missing for running/owning a business is the will power and extra guidance/tips on the business setup.
The ultimate formula for a business is based on the simple mathematics equation of ‘Profit/Loss – Selling Price – Cost Incurred’. By considering how to maneuver the parameters on right hand side of the equation, the result on the left hand can be impacted accordingly. To understand the concept of a business; try to imagine how a local shop operates, how a school functions, how a rickshaw driver works, how elderly women at Keithel (i.e. Potpham Phambi) make a living, etc.
If a Business is to be demystified, it can be viewed as activities happening in three aspects;
(1)Legal/Financial According – A business needs to be a legal entity thereby requiring a registration to operate and show financial statements annually for Income Tax filing. The government lays down specific regulations (including tax benefits and supports) for doing business in the industry sector and the region where it operates.
(2) Continued Justification of a Business Case – The logic behind the purpose of doing a business has to be appropriate at any point of time throughout the lifespan of the business. A business can’t continue to run if it incurs losses beyond a permissible limit of operation or business has failed to achieve minimum targets as expected by promoters or shareholders.
(3) Sales-Production-Procurement Logic – Any business goes with this concept of get something, ‘add value to that something’, and then sell off that modified something by making some benefits (e.g. money)’.
While studying a degree course in a college within Manipur, a youth can focus on how to set up a business ingredient that may be helpful to the business setup – such as access to libraries, buildings, high bandwidth internet, academic staff, like minded friends, local communities, industry professionals and govt. officials, etc. Also, similar resources in Manipur University, Central Agricultural University and other higher education institutes in Manipur can be utilized for a business setup support. There are development grants provided by various government ministries in each district which youths can apply for filling up a business. Also, youth can avail training support provided by state govt. departments (e.g. Manipur Skill Development Society) are central govt. departments (e.g. ministry of DoNER) from time to time.
What’s worth reminding herein is ‘Life is not a SPRINT, but a MARATHON’. Graduating from a college is not the end of life or the start of a career. Youth is a time to try to find out the purpose of life and what one’s calling. One may always fall back on parents to restart a life/career again till the age of 20-25 years. All the big businesses and organizations we treasure today (e.g. Facebook, Microsoft, Apple) were built by the young people in the age of 15-30 years. So, why not try and take the chance when feasible? Get a business mentor today and start thinking now.

(Shanjoy Mairembam (B.E., MBA) is a Business Strategy Consultant based in London (UK). He supports mentoring of young entrepreneurs in’ conceptualization of ideas into a business case, and offers the role of a ‘Business Doctor’ to local NGOs/SMEs in Manipur. He wrote this articles last year)
   

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1 comment

RAM June 21, 2016 - 3:47 am

Appreciate
Well written, but business needs political stability and harmony in the society, and good relation with counterparts of other state.
Which is completely lacking
No senseable person will invest if his or her life has no security.
Anyway appreciate the authors for his ideas.

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