Social opinion remains a barrier for entrepreneurship in India

livemint.com:

In the mid-late 90s, Indian Institute of Technology (IIT) Bombay started thinking about setting up a school to encourage entrepreneurship. An infotech incubator, KReSIT, was created and funded by eminent alumni Nandan Nilekani and Kanwal Rekhi. What was the culture of entrepreneurship in India at the time? Professor Deepak Phatak, professor emeritus at IIT Bombay, recently shared an interesting anecdote about his interaction with an entrepreneur looking for incubation at KReSIT.

During the selection interview, the person mentioned that his father wanted to meet Professor Phatak, who agreed without knowing what it was about and then found the father had a worry to express: If the startup were to fail and his son was saddled with debt, how would he find a suitable bride? In a society where stable jobs were the norm, the idea of an IIT graduate from a middle-class family opting for entrepreneurship, risking debt and societal judgement, was unthinkable. The anecdote points to a key but often under-appreciated barrier to entrepreneurship: social opinion. Usually, discussions on entry barriers revolve around topics like large established competitors and the difficulty of acquiring crucial resources.

However, almost everyone has an opinion on how individuals and communities should make their living. Experts often have well-developed mental models that address questions like whether everyone should pursue entrepreneurship, who is likely to succeed and how one should go about it. Non-experts also have opinions on these matters, often held with stronger conviction than experts.