Piyush Goyal urges Indian startup founders to set higher benchmarks

Union Minister of Commerce and Industry Piyush Goyal asserted that Indian startup founders need to elevate their benchmarks, adding that geographical boundaries should not stifle the growth of the founder mindset.

Speaking at the launch of The Bharat Project, a YourStory initiative that aims to create entrepreneurs from Tier II, III cities and rural India, Goyal stated that incubators in India should strive to be better.

“Our incubators are doing a fair job but we want them to do an even better job.”

Amid India’s burgeoning entrepreneurial ecosystem, Goyal noted that the true sign of an entrepreneur should be that of perpetual dissatisfaction. Innovation arises from wanting to build something better and bigger, he noted.

Speaking about the ideal founder mindset, the Minister cited the acronym BHAG, which stands for 'Big Hairy Audacious Goal'. The term was first coined by Jim Collins and Jerry Porras in their 1994 book, Built to Last: Successful Habits of Visionary Companies.

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Drawing from his own experience when he was a 17-year-old entrepreneur, Goyal recalled the challenges that had then plagued entrepreneurship. “The kind of troubles we faced back then, I hope no entrepreneur has to face it today.”

He also highlighted that there is a rising change in societal mindset when it comes to entrepreneurship. According to him, Indians have shifted our mindset of equating jobs to that of government jobs. “People are realising now that there is a deep value for working in different spheres beyond government.”

As globalisation progresses and the world gets increasingly interconnected, one is often presented with a plethora of choices. However, as citizens of this country, one should rely on domestic production and raw materials, the Minister opined.

“Sometimes the domestic or local option you have may not always be the most low-cost option,” Goyal noted.

However, by supporting local raw materials and its production, the country can escape the risk of being a dumping ground for cheap materials.

“Destiny is a whole round circle. So wherever possible, support Indian industry, support each other and other entrepreneurs,” he added.