Why not consider owning a 'Business' as career option by young graduates?

Shanjoy Mairembam *

Availability of govt jobs has almost dried up in Manipur state. Getting recruited into govt jobs are also extremely tough requiring bribing and having contacts with govt ministers/officials. If one compares the amount likely to incur to get a govt job with the amount one will get as salary in the lifespan of that job, it's mostly obvious that one will be running into debt for the sake of getting a govt job. Young graduates have almost no industry jobs to work within Manipur except leaving outside Manipur to look for job. So, the question is - 'isn't there any other career option for young graduates in Manipur?'

There is the saying - 'Where there is problem, there is the opportunity waiting to be unlocked'. It's now left to self how one approaches the problem. Another interesting saying is - 'When you got nothing to lose, why not take the chance?' So, how about planning to own a business as one graduates and becomes the 'Boss of own life and other employees'.

Anyone who just passed 12th standard (i.e. 17th/18th yrs 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, world we live in) and also, the physical and mental strengths to lead. May be what's still missing for running/owning a business is the will power and extra guidance/tips on that business setup.

The ultimate formula for a business is based on the simple mathematics equation of 'Profit or 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 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. Photpham 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 Accounting - A business needs to be a legal entity thereby requiring a registration to operate and show financial statements annually for Income Tax filing. The govt lays down regulations (including tax benefits and supports) for doing business in that industry sector and the region where it operates.

(2) Continued Justification of a Business Case - The logic behind purpose of doing business has to be appropriate at any instant of time throughout lifespan of the business. A business can't continue to run if incurring losses beyond 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 on 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 setup a business before graduating. The college may have few basic ingredients that may be helpful to the business setup - such as access to library, buildings, high bandwidth internet, academic staffs, like-minded friends, local communities, industry professionals and govt officials, etc. Also, the similar resources in Manipur University, Central Agricultural University and other higher education institutes in Manipur can be utilized for own business setup support. There are development grants provided by various govt ministries in each district which youths can apply for business setup. Also, youths can avail training support provided by state govt departments (e.g. Manipur Skill Development Society) and 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 just the end of life or start of a career. Also, 'What's the difference of doing and not doing a degree course in Manipur?' in the sense that 'Will someone give the graduate a job in Manipur after graduation?' Time of youth is to try to find out the purpose of life and what one is best at doing things. One may always fall back on parents to restart a life/career again till age of 20-25th yrs. All the big businesses and organizations we treasure today (e.g. Facebook, Microsoft, Apple) are built by youths in the age of 15yrs-30yrs. So, why not try and take the chance when feasible. Get a business mentor today and start thinking now.