Entrepreneurship
The lonely journey: Mental health and entrepreneurship in J&K
Sarwar Malik
Freeman’s research has shown that startup founders are:
– Twice as likely to suffer from depression
– Six times more likely to suffer from ADHD
– Three times more likely to suffer from substance abuse
– 10 times more likely to suffer from bipolar disorder
– Twice as likely to have a psychiatric hospitalisation
– Twice as likely to have suicidal thoughts
Becoming an entrepreneur in J&K can be emotionally draining and time-consuming. It can turn into a very stressful situation for youngsters and their families. This problem is exacerbated when family members are unsupportive or resentful of the new business. The family must give you the respect, support, and trust you need to succeed.
The rising unemployment in J&K has put youngsters into deep trouble and a confused state, where they usually have no idea regarding their prospect and the source of their income. They often tend to lose hope and start working somewhere they don’t belong to and usually earn less to stay independent and ask no money from parents. In Kashmir, the widespread sentiment that many college graduates are overqualified for their jobs that do not need their high level of skills and for which they are paid much less than those college graduates who are in jobs that do use their skills.
Small business experts say that significant tensions arise in the household when the family doesn’t share the same expectations as the entrepreneur with regard to the direction of the business. Even more so if the family believes you are indulging a pipe dream and that the business will not succeed. They may tolerate your business in the beginning but grow resentful down the road. If your spouse doesn’t believe your business is a serious venture, there will be conflict in the relationship. Say that you buy equipment for the business; your spouse has to understand this is a necessity and not view it as you are wasting money.
Our society plays a harsh role especially with unemployed youth and that’s why youngsters prefer to stay isolated, which often leads to depression and anxiety. To simplify, the men and women are combined because their stories are virtually the same in relative terms. Consequently, the penalty for being overqualified was largest over a decade because overqualified men and women earned 58 percent less than those in a good-fit job.
Entrepreneurship is important for a number of reasons, from promoting social change to driving innovation. Entrepreneurs are frequently thought of as national assets to be cultivated, motivated, and remunerated to the greatest possible extent. In fact, some of the most developed nations such as the United States are world leaders due to their forward-thinking innovation, research, and entrepreneurial individuals.
Our approach with struggling entrepreneurs should be very soft, supportive and encouraging. In most cases Kashmiri parents want their kids to study hard enough just to acquire government jobs. While looking at the sufferings and miseries of the business fraternity, no parents would want their kids to become entrepreneurs. In certain cases, some parents often show their support towards their kids for setting up a small business but often restrict them from innovations and new startup ideas and they usually end up with simple traditional businesses that too under the supervision of their parents. Such type of entrepreneurship won’t lead to financial freedom rather it tends to create more frustration among youngsters.
In certain cases, many youngsters quit their jobs to begin ventures and many succeeded spectacularly. Even graduating students began to choose entrepreneurship over employment. Financial freedom meant one could choose how to earn their income.
Financial freedom in the mind of a young first-time earner is the joy of not having to ask the parent for money. To have money in the bank to allocate as one desires, and to make all the decisions associated with that earning is financial freedom to savour. Whether that leads to reckless spending and debt, or conservative savings and sacrifice, or a prudent balance of both is a reflection of how a young person learns to deal with newfound financial freedom.
My own struggle of setting up an FMCG factory at Lassipora Industrial Estate was full of challenges and hurdles, I felt like quitting most of the times but I never gave up, and above all, the social and mental pressure from the family added up to the miseries. I was often made to feel regret for my bank loan and instead of showing their support, I was put down to fight my own struggle alone. But yes, definitely things would’ve been different and better if I had been encouraged instead of demoralising. Family plays an important role during the development phase of any entrepreneur, it acts like a painkiller and a ray of hope, it motivates an entrepreneur to conquer more heights. At the beginning of any business, an entrepreneur requires some tiny amount of seed capital for market-related surveys and other developments, and as per my opinion, it becomes the responsibility of family members to support them for such cause.
At last, I feel like I have won the battle by self-motivation and fighting instead of taking a flight to run away from my problems. Today everyone may be proud of me but I know how hard it was and I know how hard it is going to be in future for those who are running their enterprises during such a sensitive period when Kashmir is going through lockdown after lockdown.
Great entrepreneurs have the ability to change the way we live and work, on local and national bases. If successful, their innovations may improve standards of living, and in addition to creating wealth with entrepreneurial ventures, they also create jobs and contribute to a growing economy. The importance of entrepreneurship is not to be understated.
For the government, I advise setting up special counselling cells for aspiring entrepreneurs and guide them through government-related schemes so that they can have a better future. There should be face-to-face interactions with existing entrepreneurs and at the same time, the government must come forward to help those sick unitholders who shut their units post-August 5, 2019 and support them in the form of soft loans or capital infusion.
The author is CEO of Huckleberry Industries and MD at Proactive Premium Water and also general secretary at Consortium 0f Young Industrialists representing young industrialists at various economic platforms