We cannot ascertain how time flew from the ‘put your mobile aside and study’ era to ‘take your mobile and study’. Things stranger than science fiction are actually happening thanks to the advent in technology. Moreover, people are getting accustomed to such novel technology in no time. So how can the world of business and entrepreneurship be left behind? In today’s world, the scope of entrepreneurship has also expanded. Definitions have changed fundamentally. There are many types of entrepreneurships in this virtual world. For instance, companies like Uber, Dunzo, Swiggy act as mediums that provide actual services and goods online. Many companies, banks, airlines etc. are now making their existing services available online. But along with all these big companies, a large class of nano and micro entrepreneurs has emerged in this new world – solo entrepreneurs. Solo entrepreneurs have become successful by building their business solely on YouTube. So much so that ‘YouTuber’ or ‘Blogger’ has now become a career branch. Among the individual YouTubers in the world, Jimmy Donaldson is a YouTuber who earns almost five and a half crore dollars a year just from YouTube videos. Many such famous YouTubers are earning millions of dollars. Although big companies like T-Series, Sony etc. are the leaders in the Indian YouTube world, individual YouTubers are popular. What are the dynamics of this business?
These YouTubers earn from advertisements and premium subscriptions on YouTube. In India, if a video is viewed 1000 times, Rs. 53.46, and 10 lakh views gets Rs. 53,460 through YouTube. Apart from this, as a channel gains popularity, it also starts earning from advertisements. So, gaining maximum popularity and membership is the measure of success. The investment required for this is also modest. Most of the time, anyone can become a YouTube professional with a smartphone having a good camera and their own skills and creativity. Knowingly or unknowingly, everyone today is a citizen of the online world. Some YouTubers engage in catchy and eye-catching content; however, their success is temporal in nature. It is not appropriate to call them entrepreneurs since an entrepreneur is a creator who creates some value for others through their own creation. Especially after the pandemic, YouTube professionals in healthcare, technical training and arts have become popular. They are doing good for themselves and others. The best examples of such professionals are Bhuvan Bam, who is in the entertainment sector, Sandeep Maheshwari, Vivek Bindra (finance-investment sector), Pranjal Kamra, Rachna Ranade, Madhura’s Recipe (culinary field) etc. Constant efforts, proper use of expertise, understanding what customers need and creating something that will benefit them are the things that are essential for any business to succeed. Be it the old traditional industry or the modern-day virtual YouTube business.
This article by Dr. Lalitagauri Kulkarni was originally published in Marathi in Sakal Newspaper on December 19, 2023.
