Entrepreneurship in times of recession with Kaushik Mukherjee, BITS Pilani, IIM Ahmedabad, Co-Founder COO SUGAR

If you have got the entrepreneurial bug, we have got you covered. Read about the landscape of entrepreneurship in times of recession and know what can be done to tackle it like a pro!

In turbulent times, especially when you aren’t sure about the gravity of a situation, it is advisable to tread with caution. But what exactly does “tread with caution” mean when a pandemic governs the economy?

To delve deeper into the pros and cons of launching a start-up in these testing times and what it means to graduate during a recession, we have Kaushik Mukherjee, the co-founder and COO of SUGAR, a Cosmetic brand that competes with major players in the industry like Lakmé, L’Oréal and MAC. Bearing the much-celebrated tags of BITS Pilani and IIM Ahmedabad, he has worked with Finance and Consulting giants like Goldman Sachs and McKinsey & Company before starting his own venture - SUGAR Cosmetics. Let’s get to know his view on the pandemic and what the industry holds for young entrepreneurs today. 

We will start with 10 hygiene points that every aspiring entrepreneur should keep in mind while stepping into the world of entrepreneurship in times of recession and then move forward to fix some mind-boggling questions. 

• To all the students who will be graduating during the economic slowdown, do not go haywire by thinking of the irrefutable implications of the pandemic on your career. Rather, 

1. Try assessing the marketing scenario
2. And understand that nothing is permanent

• Utilise the lockdown to chalk things out. Introspect your entrepreneurial plan with a hawk-eyed view and keep it aligned as per the latest industry trends.
• Unclench your fists and relax your forehead. Instead of snapping away your project, or thinking of making any impromptu changes, take a deep breath and prep up the existing plans. Make it more brilliant.
• The journey of success is not as easy as we think. There is always another side to the equation. What if your on-paper idea does not translate well into real life? Be prepared. Cultivate a mindset for it from the beginning of your journey. Take that plunge and give your cent per cent efforts. And if it doesn't go well, learn from it and move forward with an improvised idea.
• Have your own mind, think about what you want to do. Don’t waste time trying to meet your unending quest of some golden rule for setting a successful startup in one go. Figure out your own audience, media, resources, and demands.
• Make realistic goals. If you have a fairytale-target of doubling the invested money in a year, then you need to come out of your fantasy. First, set a neat and clear agenda. Focus on the praise of customers, their feedback, if you want to thrive your start-up. 
• The foundation of a good start-up relies on a good team. Pick a team that resonates with your goals and aspirations, is action-packed, and ready to work with you in the thins and thicks of the journey.
• An important element for sustaining a start-up is funds and investments. They will give you the buffer to experiment and even sail past the failures with tranquillity. 
• Grabbing funding is not everything, the real game starts after that. Get your analytical skills to work. Figure out what should be the best course of action to utilise those funds, divide it in tiers, invest it in building products, distribution and then the brand.
• The thought of entrepreneurship in times of recession may give butterflies in your stomach. But first things first, this is not yet a recession and even if the circumstances are not cushy, one can plan things ahead. Talk with your team, do the R&D, learn how to survive the coming months, and how to alter the strategies.

Is this a good time to launch a start-up? 

To all the young entrepreneurs who are a year into their business and are stuck mid-way due to the ongoing crisis or someone who wants to take entrepreneurship in the future, pacify your racing thoughts. Yes, not every sector is performing well during these unprecedented times and are pretty much facing a fight and flight situation, but there are other sectors like healthcare and online education that are gaining momentum. So, if your start-up aligns with the concomitants of these sectors, you can give a green signal to your project. 

The word of caution, do not aim at making money at this point in time if you want your start-up to thriving. Instead, focus on gaining experience and creating goodwill. This is a perfect time to prepare a good runway so that your project can finally take off later. Remember, without buffer entrepreneurship cannot work. Last but not the least, talk to your family and friends before implementing your plans into the real world if you do not want to be called anti-social and erratic.

Is an MBA degree enough for a successful career during an economic slump?

Whether a degree is enough or not is a subjective opinion. Do not be a blind sheep and weave your own opinion. Crack the answer to this question by first figuring out what you want. What are your objectives? Analyse what is enough for you? Don’t worry about the market, things will fall into its own place. What matters is your aspirations and goals. And it is not your degree. It's you. You are enough! 

What one can do to ensure a job in hand after graduation?

‘Graduation or entrepreneurship in times of recession’ - well this is the most buzzing question these days. And the aptest answer that can fix this is to,

• Build a mindset where your focus is not just a job
• Think about building a strong and influential network
• Pursue your passion, do what it takes to hone it
• Go for online courses and certifications

Not all days are the same. Don't be too hard on yourself. But for staying ahead of others, you can definitely start your day early. Plan your day in advance and try sticking to it. Instead of panicking, work on your wellbeing, personal, and professional aspects. 

Some other articles that can be of your help are:

• A dose of motivation, 5 business books based on real-life stories!
• D2C B-School Employer Branding Report 2020: Voice of students!
• Attention young grads, the formula for finding the right job has been decoded!
• Affected by economic slowdown? Use these steps for tackling unemployment trauma
• How to become a purple squirrel for employers