Parents are running out of money for admission – Book My Colleges
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Supporting Demonetization Despite Its Challenges: The Journey of Gaurav Jain and BookMyColleges
The Entrepreneurial Journey
Gaurav Jain, a 29-year-old entrepreneur and counselor, turned his passion for guiding students into a startup, BookMyColleges.com. His mission was simple: to provide the guidance he once lacked during his educational journey. However, like any entrepreneurial venture, the road to success wasn’t easy.
Reflecting on his experience, Gaurav shared, “I have seen many ups and downs. There were times when we didn’t have a penny to spend. Starting a business requires funding, which I lacked, but perseverance and hard work eventually paid off.”
The Impact of Demonetization on Startups
When India underwent demonetization, the move had a direct impact on startups, particularly those reliant on cash transactions. Startups like BookMyColleges.com faced slowdowns in receivables, funding, transactions, and expansion plans. However, Gaurav saw a silver lining—the push towards digital payments, which he believes will yield long-term benefits for businesses and consumers alike.
Challenges in the Education Sector
Despite the evolution of international education systems, India’s admission and counseling processes still rely heavily on cash transactions. Demonetization led to a sudden cash crunch, which directly affected businesses like Gaurav’s. Parents, who typically preferred cash payments for their children’s admissions, struggled with the lack of liquidity. This created a bottleneck for students wanting to enroll in colleges.
Embracing Digital Payments
To counter the lack of cash in the market, Gaurav and his team actively promoted digital transactions. Though transitioning was challenging and offered no immediate recovery, he remained optimistic. “I am not against demonetization, but it has undoubtedly affected my business. However, I believe it will encourage people to adopt digital payments, making processes easier and faster in the long run.”
The Bigger Picture: A Cashless Economy
Despite short-term difficulties, Gaurav acknowledges demonetization as a promising step towards a cashless economy. Beyond eliminating fake currency and black money, it fosters awareness and trust in electronic payments. Although India faces challenges in adapting, the shift will ultimately enhance the country's economic framework.
Conclusion
The journey of BookMyColleges.com underlines the resilience required to navigate economic shifts. While demonetization initially disrupted operations, it also paved the way for digital growth. As the education sector embraces digitalization, Gaurav believes the long-term impact will be positive, transforming the admission process for the better. His story stands as a testament to how adaptability and vision can turn challenges into opportunities.
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