Kuldip Maity

Of late, I am being approached by many on issues related to the attitude of the recent generation. Be it the parent of an adolescent, or the manager of the fresh batch of recruits of older Gen Z or young millennials, most of them come with grudges for the difference in the attitude of the younger generation. And that is nothing new. I am sure our preceding generation also had similar complaints. That’s what we call a generation gap.

One cannot deny that the gap is far wider this time. Several factors, like technology advancements, access to the digital medium, and smartphone use by children, are influencing this widening gap. Add to that the never experienced effect of COVID and lockdown. But more of that later.

In this blog, I am just trying to raise a few questions I come across and keep trying to find answers. After all, I am no psychologist!

Let’s start with communication. Yes, every generation has had its communication standards, but the basics of interaction had remained physical. Nowadays, I hardly see much verbal communication between the new generations, leave alone meeting physically. But their hands are hardly free. The thumbs are working overtime. They are communicating non-stop, but just not the way we did.

The 2020 lockdowns of the COVID-19 pandemic forced a radical change on us. The world is not the same and may never be the same anymore. But if we look at the effect on age groups, while it disrupted the older generations, the generation in their pre-teens and teens spent a considerable part of their formative years going through it.

They got habituated to many things that were not normal in our lives before COVID. We can expect its effect on them, and the effect will be very different from what we consider common. Humans are not machines which can be operated by switches. To unlearn is probably the toughest thing in life, typically when there may not be a compelling reason, not because the older generations are asking the new ones to do it!

In my next blog, I will try to cite a few examples for consideration.

As it happens with all, even this new generation has come of age with their unique experiences, societal influences, and technological advancements shaping their psychological landscape in distinct ways. Dismissing that as wrong may not be the best approach for us to take. We must understand them, try hard to find the rationale behind their actions and approach them with a cooperative mindset.

As I mentioned in my last blog, it disturbs me to witness conflicts between entrepreneurs and wantrepreneurs. There is no need to show that your choice is better. The world needs both, so we should celebrate each other’s success.

Let us accept that “wantrepreneur” is a humorous or light-hearted way to describe individuals with entrepreneurial aspirations who haven’t yet taken significant action. But don’t we all have some dream or other that we cannot pursue till its fulfilment? Some wanted to become singers and got trained but are now running a business and running it well, while someone else might have wanted to be a painter but, owing to work pressure, has not found time to hold a brush. There are many such examples in life. It would be quite exceptional to find someone whose work life matches the dreams the person had during their formative years.

Both have their positives that should be acknowledged.

Entrepreneurs are known for their ability to act and turn their ideas into reality. They actively seek out opportunities, take calculated risks, and make decisions to take their businesses toward success. They typically possess or get trained in industry knowledge and skills and use their experience to navigate challenges. They may have learned from past successes or failures or built a network of contacts who help them in the journey. But let us face the fact the world judges entrepreneurs by the success of their ventures. A successful entrepreneur creates a sustainable business that generates profits, provides customer value, and contributes to the economy. But many may not reach that point and keep struggling throughout their journey, waiting for that one chance that turns things around. The positive part for these entrepreneurs is that while they may not earn high profits, they still earn a lot in experience.

On the other hand, wantrepreneurs often bring fresh and innovative ideas to the table, unburdened by the constraints that entrepreneurs may face. Their lack of experience may lead to unique approaches and solutions to problems. While they might be unable to take the plunge, wantrepreneurs keep observing and learning from successful entrepreneurs’ experiences and failures. They read case studies, attend workshops, and gain knowledge hoping that one day they will dive into entrepreneurship. Wantrepreneurs keep testing their ideas, conducting market research, and validating their assumptions investing significant time and resources into their dreams, even without starting a business. This can help them identify potential pitfalls and refine their strategies, reducing the risks of starting a venture. This gives them enough time to acquire relevant skills, build networks, and develop a strong foundation to enable them if they ever start their entrepreneurial journey. It is commendable how they focus on personal and professional growth without the immediate pressures and responsibilities of running a business.

Let me sum up by saying that nothing is constant in the industry. Do not be surprised if wantrepreneurs turn into entrepreneurs. Even if they don’t, instead of rebuking them, entrepreneurs should trying benefitting from their calibre while giving them a sense of entrepreneurial fulfilment in return. On the other hand, wantrepreneurs should respect struggling entrepreneurs and try to provide them with knowledge, ideas, or even investment so that their dreams may be fulfilled.

A win-win for both.

Two terms, so near to each other, but yet so far!

Moving around in business circles and interacting with business owners and salaried professionals, I often meet both types. But let me start with the definition of both.

An entrepreneur is a person who sets up a business or multiple businesses, taking on financial risks in the hope of profit. These individuals bring their ideas to life by acting on them and dealing with calculated risks. Their relentless drive and determination help them transform their vision into reality. Entrepreneurs do not hesitate to take on challenges and view obstacles as opportunities for growth. For them, failure is just a stepping stone toward eventual success.

On the other hand, wantrepreneurs would like to start a business, think and talk about it, but never get started. Wantrepreneurs may be enthusiastic and excited about starting their ventures, but they often struggle to convert their ideas into actionable steps. These people remind me of a cyclic equation: N = N + 1. Their time never comes. They are dreamers without action. They desire to become entrepreneurs but are reluctant to follow through with plans. Often, this is because they are unwilling to make the necessary commitment and are more scared of uncertainty. To them, avoidance is the only way of risk mitigation.

The disparity between entrepreneurs and wantrepreneurs lies in their mindset, commitment, ability to take action, and resilience. While entrepreneurs thrive on challenges and pursue their goals relentlessly, wantrepreneurs romanticize the concept of entrepreneurship but fall short in execution.

While many might say that wantrepreneurs lack the commitment and dedication to take the necessary actions, I disagree. Many may have ideas but are also content with their life, even if it lacks a sense of fulfillment. For them, the unknown causes more trauma than the joy of reaching a goal. And it is quite fine if a person thinks that way. Not everyone who loves adventures needs to go out trekking unknown territories. Some may opt to watch adventure movies and find joy in them.

I understand that entrepreneurship is the talk of the town. But to succeed in the entrepreneurial world, one must embrace the qualities of an entrepreneur, constantly strive for growth, and transform aspirations into reality. Not everyone can become an entrepreneur. Furthermore, we will have a severe workforce shortage if the world gets filled with entrepreneurs.

The conflict starts when entrepreneurs and wantrepreneurs run into each other’s territories and try to score brownie points. My next blog will have those examples.

As I wrote in my previous blog, I am often approached by young people asking me if artificial intelligence will take jobs away from humans. It is a complex question, as the answer may be Yes and No.

Let us start with Yes. Undoubtedly, AI will help automate many tasks, especially repetitive ones. Automation may replace human workers in certain sectors such as manufacturing, transportation, customer service, etc. While some workers will find alternative employment, others, especially those who lack specialized skills, may struggle to transition into new roles, There may be a situation where the high-skilled workers with expertise attained through AI will enjoy an increased demand and higher wages, but for the low-skilled workers in industries susceptible to automation the reduced employment opportunities and lower wages will pose an issue for society. That is why we must start investing in retraining and reskilling programs.

Let's look from the other side since unemployment and underemployment are still persistent challenges to impoverished communities. We could use AI solutions to create jobs, develop skills, and train entrepreneurs, especially in areas that are not so well connected. We could use digital channels to offer facilities available only in urban areas until yesterday.

AI can play a pivotal role in reducing this gap by creating new job opportunities and enhancing skills. We could use AI-powered platforms to provide vocational training, equipping individuals with in-demand skills for emerging job markets. By tapping upskilling and reskilling programs, seeking training in emerging technologies, and picking up skills that are in demand, our young generation can get exposed to various emerging areas of employment. This route can help connect individuals with organizations that value their talents, regardless of socioeconomic background.

As for finding the right employment opportunities, AI-based algorithms can match job seekers with suitable opportunities, reducing the barriers to employment. AI-powered platforms can match job seekers with suitable positions, considering their skills, interests, and geographical location.

Even in areas where we use AI-enabled automation, there could be positive outcomes if optimized manufacturing processes and enhanced productivity creates new job prospects. After all, repetitive tasks are not the only activities where employment can be generated.

By fostering entrepreneurship, AI may empower individuals to start businesses and become self-reliant. As mentioned in my earlier blogs, we could exploit several initiatives for this. These initiatives will also address unemployment and pave the way for sustainable economic growth and poverty reduction.

Ultimately it is quite likely that by offering the underprivileged better employment prospects, AI may be instrumental in breaking this cycle of poverty and promoting economic growth.

After my blogs on the positives and negatives of Artificial Intelligence in the business of microfinance, I want to write a third on how AI can help rural India. After all, we should use such transformative technology to uplift the poor and marginalized communities.

The first aspect that comes to mind is education, as access to quality education remains a fundamental challenge for the poor. AI-powered applications can offer personalized learning experiences. Tailored content is the best way to facilitate personalized adaptive learning. Such targeted interventions can enhance learning outcomes ensuring that learners, regardless of their socioeconomic background, receive tailored education through which they may break out of the cycle of poverty.

After content and learning capabilities, another major factor that hampers education in villages is access to quality tutors who can handhold the student beyond traditional academic institutes. Solutions with AI-powered chatbots and virtual assistants may be able to support students by providing instant feedback, answering questions, and offering guidance through online platforms and e-learning tools.

After education, let us move to healthcare, another major area where our rural segments lag. While India has progressed a lot in taking quality healthcare to the remote corners of the nation, there is still a big gap between urban facilities and what is available in the villages. Access to quality healthcare remains a significant challenge for the poor.

We should be able to bridge the gap through AI, especially by improving prevention, diagnosis, and treatment. In the coming days, we can expect AI applications to analyze medical data, identify patterns, and provide much better diagnoses, even in remote areas with limited healthcare resources, which can then be taken to the telemedicine platforms for patients to connect with healthcare professionals for remote consultation. On this note, I hear that with AI, prevention will play a much bigger role since early disease detection will help individuals take remedial measures for their health and well-being.

In our world of finance, we can expect much accelerated financial inclusion if we use artificial intelligence. While organizations such as VFS Capital keep increasing their footprint, one of the biggest hurdles the poor face is limited access to financial services. Better applications providing support with credit scoring while also leveraging non-traditional data points to assess creditworthiness will help minimize defaults and mobilize the funds to serve underserved populations through microfinance and other services that were previously out of reach. Chatbots and virtual assistants will also help our customers make informed financial decisions, manage their expenses, and improve their financial literacy, hopefully in the vernacular.

Leveraged well, AI can empower rural India in multiple ways fostering the well-being of the underprivileged. However, it is also crucial to prioritize ethical considerations and ensure that the collaboration between communities, organizations, and government is intact.

I am frequently approached by the panicking youth, especially from the villages, asking me if AI will steal jobs from humans. The answer demands a separate blog altogether.