Entrepreneurship has given India up to 33 unicorns (1 billion $ valuation companies) in the year 2021.
That is more than India has ever produced. This and more such factors are actively announcing the fact that the fire of entrepreneurship is raging across India.
And soon this fire will alchemize the Nation’s economic conditions too. Such are the speculations. However, so far, the vast majority of entrepreneurs have been either Engineers or MBAs.
CAs however play a very short demographic role in this wave of entrepreneurship.
It is unfortunate because objectively speaking, CAs have the potential of becoming great entrepreneurs. Let’s take a look at why that is the case.
Why CAs can become incredible entrepreneurs
–They know about the intrinsic details of businesses more than anyone
A CA gets to work closely with the day-to-day work operations of a business.
This is the reason that an average freshly brewed CA just out of his articleship can be a better entrepreneur than most current entrepreneurs. (not to be taken verbatim).
Even in the articleship period, an average CA trainee gains incredibly rich experience about the workings of a business and its financial and regulatory structures.
–They are quick to adapt and jump on to the trends
CAs work in close association with markets and their fluctuations. So it is safe to say that they know how to hold down their houses in the midst of a storm.
Most CAs are already familiar with dynamically changing economies and markets.
This particular skill helps in businesses greatly as being able to quickly grasp change and modify accordingly can be a great advantage against competition.
–They know best how to avoid the dreaded non-compliances
Ask any entrepreneur or businessman, and one of the worse problems that they face is orders of non-compliances and penalties.
Indian companies often have to deal with a lot of regulatory restrictions and compliances however, Chartered Accountants are already experts in taxation and compliances and so they carry a big advantage in entrepreneurship this way.
–They have a grasp of finance
Allocating budget, business expenditure, taxation, and financial analysis are all the major financial aspects of the business.
CFOs in a company are hired for this exact purpose.
But why hire a CFO if you are already a Chartered Accountant yourself.
CFOs are needed. However being a CA, an entrepreneur can have a deeper grasp of his business’ finances and proceedings.
–A CAs discipline is second to none
Consistency and discipline are two very important practices to undertake while sustaining a business.
(Although these two are important for pretty much any task!)
And the unarguable fact is that a CAs discipline is second to few.
With such a long-drawn-out course, competition, and 3 years of articleship and industrial training, a CA student gains incredible additional skills such as patience and self-discipline.
So we see how CAs can absolutely rock entrepreneurship.
Clearly, the path of entrepreneurship demands more CAs to follow it.
But why should they?
They could easily get a high-paying job with all the efforts they put in to become a CA.
Why venture to lose that to start a risky business with no guarantees of absolute returns.
Well, glad the question arises, because here’s the answer for it.
How entrepreneurship can benefit CAs in more than one way
– Leadership experience
If there is one thing that a chartered accountant could take away from a self-sustaining startup, it’s the ability to lead and guide.
Leadership experience is crucial at all aspects of professionalism and entrepreneurship is one of the best catalysts to gain leadership traits.
– Work-Life Autonomy
The best part of being an entrepreneur and not being an employee or a part of the workforce; the work-life autonomy!
Sure, investment bankers get a fat paycheck and a lot of perks, but do they get the freedom to decide their own life and day structure? Nope!
That’s what entrepreneurship can do to a person, it gives them freedom!
– Close hands-on experience of business operations
If you are a CA and an entrepreneur, you gain an unparalleled understanding of the way business works.
Combining the analytical and financial aspects of being a Chartered Accountant and the spontaneity, responsibility, and business instinct of a company owner can truly transform an individual into a force to be reckoned with!
Clearly, the benefits between entrepreneurship and Chartered Accountants work both ways and are mutual.
It would be truly fascinating to see more CAs jumping in the entrepreneurship wave.
Some already did! Some are yet to!
But the sad reality in India right now is, 80% of recent startups founders are from engineering backgrounds. CAs have limited themselves to practice or corporate roles only.
Only a handful of them go forward to become entrepreneurs. Some reasons for this could be that after spending so many years studying and struggling, they just want to jump on the money train and want to have a relaxing life asap.
No doubt the option of practice and corporate role is nice, even worth the money. But seeing the vast domain of knowledge that a Chartered Accountant carries, We feel more CAs should take initiatives towards entrepreneurship.
And just like IIM and IIT Institutes are funding, encouraging, and shaping a path for more and more of its students towards entrepreneurship, so should the Indian Institute of Chartered Accountants.
Feeling inspired yet?
You will now!