Be Ready To Close Business If It Doesn’t Work : FM Sitharaman’s Entrepreneurship Lessons

Interacting with students in Kota, Rajasthan at a ‘Yuva Shakti Samvad’ programme on 8/ January 2023, Finance Minister Nirmala Sitharaman advised on the critical aspect of failure in entrepreneurship. Responding to a question on key steps to becoming an entrepreneur, Sitharaman said “you need to be ready to close shop if your business doesn’t work out and start a new venture. Closing is not a curse; nobody is going to black mark you on it but be ready to accept closure.” Sitharaman was on a one-day visit to Kota to attend a credit outreach programme to distribute loans to beneficiaries under Pradhan Mantri Swanidhi Yojana and Mudra Yojana.