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Catching them young
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The Bharatiya Yuva Shakti Trust (Business and Youth Starting Together) has helped many young people to start business ventures on their own. The Trust is creating employment through entrepreneurship, writes RADHIKA RAJAMANI.
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An entrepreneur at work.
IT IS a trust with a difference. It helps the young set up business and realise their dreams of making it big. It is one where the entrepreneur and mentor are like the guru-shishya in their chosen path - business.
The Bharatiya Yuva Charitable Trust (BYCT) a public trust and non-profit organisation, helps young people in the age group of 18 to 35 who want to turn entrepreneurs.
Along with the Commissionerate of Youth Services, Government of Andhra Pradesh, the BYCT which also stands for Business and Youth Starting Together organised a one-day seminar on Creating Youth Employment through entrepreneurship.
What is so different about such an assistance-oriented activity? The BYCT provides not just finance but also professional advice, training, education and guidance till the enterprise takes off.
The Trust, modelled on the Princes Trust in United Kingdom, was launched in 1992 by Lakshmi V. Venkatesan with the support of the business community and eminent men like the late J.R.D. Tata, late H.P. Nanda to encourage and motivate entrepreneurs through `mentoring'.
"The Trust in U.K. has produced millionaires almost out of nothing," says Lakshmi, who decided to use the technical knowhow and impart this to the youth who have no alternative sources of funding or assistance.
In its ten years, the BYCT has helped about 700 people and has even produced a crorepati (with two more likely to become shortly). These entrepreneurs have in the process created jobs for 2500 people. The BYCT, headquartered in New Delhi, has been active in Chennai, Pune, Hyderabad, rural Haryana and Maharashtra. The Trust has built a strong partnership with the private sector - it partners with major corporates. The Confederation of Indian Industry (CII) provides administrative support and strategic linkages.
Anybody employed or unemployed who has a business spark or idea but not the wherewithal and professional guidance is helped by the Trust.
It selects applications from Indian Technical Institutes, polytechnics, district industrial centres and NGOs. At times entrepreneurs have a working model going before they approach for assistance.
The special feature of the BYCT's assistance is the mentor. The mentor is from the same area as the entrepreneur and is always associated with business and industry. He/she could be a businessman or consultant or even working in larger industrial houses having sufficient experience and expertise. The mentor adopts a holistic approach - professional advice (on the product, the market demand and so on) and also extends psychological and emotional help to the entrepreneur. Mentors are with entrepreneurs for two-three years. The association may continue beyond the required period. The BYCT steps in as a facilitator. It selects the mentor and even organises periodic orientation programmes for them. Mentors play a key role in regularly monitoring a project of BYCT.
The BYCT lends a sum of Rs. 50,000, and like banks, charges 12-and-a-half per cent interest. What is amazing is the recovery rate - 95 per cent, informs Lakshmi, Founder Trustee and Executive V.P.The success rate of this programme is so good that entrepreneurs have become job creators from job seekers and have turned into mentors after being successful in their ventures.
The entrepreneurs are from the rural and urban areas and the average education level is Class X. While selecting the entrepreneur, the economic criteria is taken into account. So far out of the 700 entrepreneurs about 70 are from Hyderabad. These men and women are engaged in various enterprises from welding, ice creams, embroidery to leaf plate making. Already many are registering good turnovers.
With this kind of mentor and financial support, entrepreneurs will surely go a long way keeping with the BYCT motto of people helping people. Trust the young and help them, entrepreneurship is the need of the 21st Century, sums up Lakshmi.
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