What Can Project Mynt’s Entrepreneurship Capsule Teach You ?

At Project Mynt, one of the things we’re focused on is empowering a new generation of job creators, or aspiring entrepreneurs. And the need for job creation is being felt all over the world. Currently, there’s a huge gap between the supply and demand of jobs in most countries, including India. While the government is doing its best, the race between creating jobs and the population seems one-sided at the moment. Hence, we at Project MyNT,  have curated a entrepreneurship capsule course, that will help you pitch your big idea. But we must go over some essential stats first. Read on…

As per the leaked report of the National Sample Survey Office (NSSO) periodic labour force survey (PLFS) of 2017-18 showed that unemployment rate has risen to a 45-year high of 6.1 per cent. The 2018 International Labour Organization (ILO) report, World Employment and Social Outlook Trends, shows that the number of the unemployed is set to rise from 18.3 million in 2017 to 18.9 million by 2019.

Other findings, India Today reports, include the fact that the workforce has shrunk by 47 million during the period and that labour force participation rate (LFPR) has come down from 55.9% to 49.5% which, essentially means that more than half the working-age people (15-60 years) are out of the job market because there are no jobs. So we decided to step up to show the youth of our country that they can also create jobs, instead of just finding one, by conceptualising a holistic entrepreneurship capsule course. 

 We also believe that starting a company is a taxing journey for its founder(s) – if not financially, at least mentally. It only seems fair then that, while we establish the need for entrepreneurship, we also give these future start-up founders a sense of what they’re signing up for before they take the plunge. Our capsule does just that. 

What in the curriculum? 

Structured over six weeks, the curriculum of this capsule course is disseminated to a group of people that are passionate about solving problems. We want them to know that solving problems can help create a purpose in their life, or that it has been the purpose of their life all along, and satisfy their expectations of what it means to have a job or of the real world. 

This group is taken through the current scenario of their surroundings and asked to choose a problem that they wish they could solve. Then they are encouraged to think of a productized way of solving it. Project Mynt challenges their mindset to be creative rather than flow with what everyone in the startup community has been hearing nowadays. 

Next on the syllabus is understanding the key concepts like market and competition, followed by drafting a business model and studying the financial viability of their solution. 

Lastly, Project Mynt facilitates a real-world experience by inviting actual successful entrepreneurs and investors to listen to their startup pitch. 

By the end of it, we guarantee that you’ll know whether full-time entrepreneurship is your cup of tea as well as how to turn your idea into a living, breathing and thriving start-up company that can generate both employment and change. 

If this excites you, check out all the details about this course on Project Mynt here

 

What would billionaire hedge fund owner Ray Dalio do?

Ray Dalio is one of finance’s most influential figures—there’s simply no other way to put it. The legendary Bridgewater Associates, founded by Ray Dalio in 1975, is the world’s largest hedge fund with over $150 billion in assets under management. His net worth is estimated at around $18 billion dollars, making him one of the wealthiest men in the world. He’s also well-regarded for his philanthropic causes; according to Forbes, Ray Dalio has given $768.9 million to support microfinance, inner-city education and nature conservation through the Dalio Foundation.

The beginning

Ray Dalio was born in Queens, New York in 1949; an only child of jazz musician, Marino Dallolio and homemaker, Ann Dallolio, he was an average student at school but, by age 12, his entrepreneurial bent of mind was already beginning to take shape. From the tips he made as a golfer’s caddie, Dalio bought his first ever stock for less than $5 a share. And he was hooked to the market. 

Dalio’s biggest mistake

After completing his MBA from Harvard University, he started Bridgewater Associates from his two-bedroom apartment in New York City. Not seven years later, he almost ran his company into the ground. In 1982, Dalio was certain that the global economy was going to crash and so he traded his stocks accordingly. Instead, the market soared. In his book, Principles: Life and Work, he says, “I was dead wrong … The stock market began a big bull run, and over the next eighteen years the U.S. economy enjoyed the greatest noninflationary growth period in its history.” According to CNBC, Dalio had to lay off all of his employees and take a loan of $4,000 from his father to make ends meet. This was when he was 33. 

Dalio’s greatest learning

When Ray Dalio sat down for an AMA on Reddit in May this year, he shared this experience and told Redditors what he learned from it. “You can be worlds smarter and raise your chances of making better decisions if you could simply be humble and worried enough about being wrong to have the smartest people who are willing to disagree with you and challenge you so that you could examine their reasoning.” 

Dalio believes that the surest way to success is to critically examine one’s own ideas, without getting too attached to them, by defending them to people who are opposed to them. 

Principles: Life and Work 

Today, Dalio’s Bridgewater Associates runs on this principle; the billionaire calls it ‘idea-meritocracy’ or “a decision-making system where the best ideas win”.  Ray Dalio explains, “No human being has anywhere near the capacity to make the great decisions as great collective decision-making.”

Not just this, Dalio has codified an entire set of tenets or investment principles that skyrocketed his company’s growth, starting from the year 2006. He believes that identifying best practices and the creating processes out of those is an incredibly effective way to minimise risk and improve channels of communication. 

The lesson

The tendency to think that you know what’s best is not unique to Dalio; most of us feel this way, especially when we’re younger. However, experience (and failure) teaches you humility. It’s only when you fail can you re-examine your decision-making process and tweak it—at this stage, it is crucial to listen to what others have to say and learn from their mistakes. Or, in other words, to hedge your bets. 

Have an idea and want it to take shape? Join our entrepreneurship capsule course today. 

 

Why do early entrepreneurs have a better chance at success in India?

Before you read this article, it’s imperative that I put out this disclaimer –

This article isn’t to demotivate anyone at any age to start their entrepreneurial journey. However, it definitely states why the day was always yesterday when you had to start.

Being an entrepreneur doesn’t have any standard formula for success. This is a fact, and it’s important for you to realize this today because today, this moment, is the best time to start. Apart from time, another key attribute of any mildly successful entrepreneur is PERSEVERANCE. Let’s understand this in the purest form of how it’ll all start to make sense for you –

1. A startup being successful has no fixed formula and it’s not a 100% success rate for sure. But it’s true that if an entrepreneur keeps trying, he’s going to learn from the mistakes he makes. Once you apply this learning – you’re bound to reach to your definition of success in a matter of time (This time factor can vary, but you’ll definitely reach there).

2. The only prerequisite for an entrepreneur to start is to identify a real problem, figure out a solution (Idea) and have the confidence to solve it. Now this solution to become convincing for yourself, your target audience, your investors are going to be the serial effect of events and will take some time. Let’s say it’s going to take 5000 hours for you to solve a problem in form of a start-up that you start today. It all depends on you. Potentially, these 5000 hours can be translated in many ways –

4 hour work day = 1250 Days = 41 Months

8 hour work day = 625 Days = 21 Months

12 Hour work days = 416 Days = 14 Months

16 Hour work days = 312 Days = 10 Months

3. There is no guarantee that your new idea is going to become a business. But your next idea? It may take some time to build it all up again but it’ll have a greater probability of success. Keep at it. You don’t fail if an idea doesn’t work, you just end up one step closer to an idea that will work. Always remember – Be comfortable to believe in data when it presents the facts to you. Numbers don’t lie. Now depending upon qualitative factors like smartness, openness towards adaptability, perseverance, time invested and more – you’re bound to be successful. If not today then tomorrow or maybe in a few months or even a few years. It takes real conviction and lessons from your last businesses/experiences to decide whether an idea is something you really want to be a part of.

Also read: These entrepreneurs did a little extra in their lives. Time to take some lessons!

Mark Zuckerberg uploaded his Music Taste App for free online because he understood that it won’t become the best business for him. While the same guy turned down a few Billion Dollars when he knew Facebook is worth a lot more. What’s common? He knew how to read businesses after failing (When you invest time on something and don’t reap benefits – it’s a business failure, but a good entrepreneur uses it as a learning success).

Just by virtue of the factors mentioned above, this is what we derive –

  • Your entrepreneurial success is based on reaching the finish line in a race.
  • While you start running, the finish line isn’t visible.
  • If you keep pushing harder (invest more time, brain and effort), you’ll start to see the finish line.
  • Your success is dependent on you covering the distance in the shortest time – which is a mix of learnings, implementation, and more pure work.
  • If you start early, you have more time and if you have more of the key asset – you’re anyway has a more probability of being successful.

Start today, this moment is the best time.

You lose something if you think about starting tomorrow, next week or next month. It should’ve been the moment when you decided to read this article. It’s always late, I sincerely hope you don’t go on to the next article and start NOW.