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In its first stage of <keyword id="4180782" type="UNKNOWN" weightage="20" keywordseo="manpower-downsizing">manpower downsizing</keyword>, <keyword id="6360249" type="COMPANY" weightage="20" keywordseo="Aircel">Aircel</keyword> is looking forward to give pink slips to 700 staff or around 10% of its pan-India staff strength. The move comes amid a huge wave of consolidation that is going to engulf India's telecommunication sector. 
 
Currently, Aircel has around 8,000 employees in India. 
 
This shocker to the Aircel employees is probably the first of the many such announcements awaiting India's telecom sector, says experts. 
 
According to people with knowledge in this matter, this would be the first lot of people who have been given around a week's time to agree with the company's compensation package, which includes full month's salary in February and just the basic pay of the following six months. 
 "The entire exercise is being aimed at reducing duplication of human resources with the possible merger with <keyword id="46907" type="CITY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword> (RCom). The circle teams as well as corporate base is being resized now with an eye on cost restructuring," the source told TOI. 
 
The Gurgaon-headquartered mobile network operator has first taken a stock at its circle strength and then started serving termination letters to its sales and network team members across the country. 
 
"In the coming 7-8 months, we are planning to go slow on all segments as more stages of job cuts are on the cards," an insider at Aircel, told TOI. 
 
The next stage of job cuts, according to sources, would be done in April.

700 employee fear being shown the door as Aircel looks forward to jobcuts

<ul class="summary-list"><li>The British Army is now smaller than those of Romania and Bangladesh.</li><li>Its size raises questions about the UK's ability to support NATO, confront Russia, or fight a war.</li></ul>What has happened to the redcoats that defeated Napoleon and helped win an empire that stretched across a quarter of the Earth's surface?The British Army has shrunk to its lowest level since the early 1800s. Years of relentless budget cutbacks have left it with just <a target="_blank" href="https://www.telegraph.co.uk/news/2024/05/30/army-falls-below-73000-first-time-since-napoleonic-area/">73,000 active-duty soldiers</a>. That's a far cry from the <a target="_blank" href="https://www.businessinsider.com/china-corruption-rocket-force-water-fuel-xi-jinping-purge-scandal-2024-1">Chinese army</a> of 2 million soldiers, Russia's 1.3 million, or the 460,000 active-duty troops of the <a target="_blank" href="https://www.businessinsider.com/us-armys-new-plan-russia-china-glaring-problem-crs-2024-5">US Army</a>.Britain's Army is now smaller than those of Romania and Bangladesh, and just slightly larger than those of Canada and Armenia. Until now, its <a target="_blank" href="https://assets.publishing.service.gov.uk/media/5a81d66740f0b623026996e1/2017-04440.pdf">lowest manpower level</a> over the last two centuries came in 1823, when it had just 72,000 soldiers. But that understates the current problem. Britain's population in 1823 was just over 20 million, versus around 67 million today. Adjusted for population, the British Army of 1823 would have around 225,000 soldiers today.This raises questions about the ability of Britain to support NATO, <a target="_blank" href="https://www.businessinsider.com/putin-doesnt-want-nato-war-russia-would-lose-quickly-uk-2024-2">confront Russia</a>, or to engage in any major or long-term conflict. "As things stand, the British Army is a one-trick pony," Nicholas Drummond, a British defense expert and former infantry officer, told Business Insider. "It would deploy, fight for a maximum of six months, and then be fully depleted."The British Army has never had it easy. For centuries, it was the poorer cousin of the <a target="_blank" href="https://www.businessinsider.com/uk-navy-ships-breaking-down-britain-struggling-hms-queen-elizabeth-2024-2">Royal Navy</a>, which was seen as the guardian of an island nation and its empire. The writer Rudyard Kipling pointed out in poems like <a target="_blank" href="https://www.kiplingsociety.co.uk/poem/poems_tommy.htm">"Tommy"</a> that Britain doesn't support its army until there's a war:For it's Tommy this, an' Tommy that, an' "Chuck him out, the brute!"But it's "Savior of 'is country" when the guns begin to shoot;Thus the British Army's muster rolls have fluctuated depending on the world situation, and the perpetual parsimony of His Majesty's Treasury. In 1812, when it fought Napoleon and burned down Washington, DC, it had <a target="_blank" href="https://assets.publishing.service.gov.uk/media/5a81d66740f0b623026996e1/2017-04440.pdf">246,000 soldiers</a>. In 1918, it ended the First World War with 3.8 million personnel, and 2.9 million in 1945.In 1989, the British Army had 156,000 soldiers, or more than twice its present size. Like many armies after the end of the Cold War, it was downsized due to a perceived lack of need, difficulties in recruiting soldiers, and the belief that precision-guided weapons meant fewer boots on the ground.However, the shocking casualties and <a target="_blank" href="https://www.businessinsider.com/uk-learning-ukraine-russia-new-focus-trench-war-training-2024-2">trench warfare in the Ukraine</a> conflict suggest that future wars will be attritional, with victory going to the nations that have the most stamina, industrial might and resources to sustain losses. Yet with just 28,000 Army reservists, Britain lacks manpower to flesh out undermanned units in wartime, or to replace losses. Even the Army's current two combat divisions aren't fully capable."Right now, the British Army cannot generate a single division, let alone two," Drummond said."It simply doesn't have the supporting units needed to sustain it when deployed.""We have no second echelon force to provide a third, reserve division, casualty replacements, or to create the basis of a larger wartime Army."Drummond argues that today, Britain needs two readily deployable mechanized divisions, one using tracked vehicles and a lighter unit on wheels, each of 25,000 troops. "In addition to this, we need training regiments and Army schools, and a regular reserve. Historically this has required 30,000 to 40,000 additional personnel. So the irreducible peacetime strength of the Army is 80,000 to 90,000 soldiers."If money is the root of all evil, then the British armed forces have been sinned against for 35 years. In 1984, the UK's defense spending was 5.5% of GDP. It is currently a bit over 2 percent, with the newly elected Labor government of <a target="_blank" href="https://www.businessinsider.com/uk-labour-party-back-in-power-rishi-sunak-concede-defeat-2024-7">Prime Minister Keir Starmer</a> pledging to honor the previous Conservative government's to raise the defense budget to 2.5%. This is less than America's 3.5% spent on defense, though it exceeds NATO's goal — which many members have yet to fulfill — of 2% of GDP allocated to the military.It's not just the Army that is struggling. The British armed forces have been cut back to 183,000 personnel, and even then, they can't find enough recruits. A shortage of sailors has forced the Royal Navy to <a target="_blank" href="https://www.dailymail.co.uk/news/article-12928373/Royal-Navy-sailors-forced-decommission-two-warships-new-frigates-wont-unmanned.html">decommission warships</a>, and the <a target="_blank" href="https://www.businessinsider.com/british-raf-gets-f-35s-but-fleet-has-readiness-maintenance-issues-2019-1">Royal Air Force</a> can't attract enough <a target="_blank" href="https://inews.co.uk/news/politics/raf-admits-urgent-need-to-solve-shortage-of-trained-pilots-2083957">pilots</a>.To be fair, the problem is caused by more than stingy government bean-counters. With many nations abolishing conscription, and civilian careers seen as more lucrative, this is not a good time to be a military recruiter anywhere. But as a nation past its imperial glory, Britain has prided itself on punching above its weight. A skeleton army won't help.Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on <a target="_blank" href="https://www.twitter.com/@mipeck1">Twitter</a> and <a target="_blank" href="https://www.linkedin.com/in/mipeck/">LinkedIn</a>.

The British Army has shrunk to its smallest size since the Napoleonic wars 

<keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, the parent company of Facebook, has announced that it was laying off about 11,000 employees, or 13 per cent of its global workforce. It's the first mass redundancy exercise for the 18-year-old social media behemoth. Its Asia-Pacific headquarters in <keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword> was not spared. Media reports speculated that out of the estimated 1,000 employees here, perhaps up to 100, have been affected, majority of whom are tech workers including software engineers. Based on 2021 Singapore Ministry of Manpower figures, about a quarter of the 177,100 employment pass holders or around 45,000, are from India. Employment pass holders are the highest qualified foreign professionals that are allowed to work in the country and must earn at least SGD 5,000 (USD 3,700) per month. No doubt many of these are impacted by not only Meta's layoffs but also other redundancies happening in the tech sector. Technology companies around the world and in Singapore, a major tech hub where many of the tech giants host their regional headquarters, are freezing hiring or downsizing in the face of sluggish consumer spending, higher interest rates and inflation. Singapore-based gaming and ecommerce powerhouse Sea Limited, the parent company of Garena, (publisher of games like League of Legends and Free Fire), and Shopee, made two rounds of cuts in June and September and rescinded job offers. Sea had 67,300 employees as at the end of 2021, double its headcount the year before, according to the company's most recent annual report. Following a net loss of USD931 million in the second quarter of this year, and amidst mounting cost of borrowing and a slowing global economy, the company scaled back its overseas footprint and periphery businesses with the aim to boost profitability by consolidating its position in its key markets and core products. The company did not reveal the number of job cuts but the job losses in Singapore and in its offices around the world is estimated to be in the hundreds. "Last year, a lot of what happened was a lot of cheap capital in the market flooded the market (which) allowed companies to grow really at any cost," said <keyword id="15509891" type="General" weightage="50" keywordseo="jessica-huang-pouleur" source="Orion">Jessica Huang Pouleur</keyword>, a partner at venture capital firm Openspace, to CNBC in June. "What happened was people hired very rapidly. You have a problem; you just throw people at it. I think we'll likely see more of it to come over the course of the next few months." Among the Southeast Asian companies that downsized in the middle of the year are Singapore-based digital wealth manager, StashAway which laid off 31 employees, or 14 per cent of its headcount, and currency exchange Crypto.com which let go 260, or 5 per cent of its workforce in Singapore. Meanwhile, Malaysian online shopping platform iPrice also retrenched 250 workers or 25 per cent of its employees, and Indonesian education tech company Zenius made more than 200 employees redundant. In November, digital payments startup <keyword id="944108" type="General" weightage="50" keywordseo="stripe" source="Orion">Stripe</keyword> and social media network Twitter were among the companies that reduce jobs in their Singapore offices. On November 3, Stripe announced said it would cut its global workforce by 1,000 or 14 per cent. After the job cuts, Stripe will have about 7,000 employees. Some Singapore-based jobs were impacted. A day later, Twitter chopped off half its global headcount or about 3,700 employees a week after Elon Musk's takeover. Those in the Singapore office were also affected. Singapore's Straits Times reported that the among those impacted were staff from its engineering, sales and marketing teams. Startups in the region were particularly badly affected due to a fall in venture capital funding levels this year. According to a Crunchbase report, funding in the region dropped by 7 per cent in the first quarter of 2022 to USD36.3 billion compared to the same quarter last year. Many tech companies expanded rapidly during the COVID pandemic as much of the world stayed at home and formed habits which created a spike in demand for online services. As consumer behaviour began to normalise after the lockdowns, some of these habits have shifted. This coupled with inflation and rising interest rates has put a squeeze on all tech companies. Some call the recent fall in share prices of big tech companies an overdue correction. While revenue and jobs in the tech will be impacted in the short-term, and market volatility is likely in the near future, the tech industry is expected to continue to grow in the long-term. A recent article published by consulting and recruitment specialist Mercer says that the demand for tech jobs and talent continues to outstrip supply in Asia. The evidence Mercer claims is in the starting salaries for graduates with a computing degree. Comparing Mercer's data from 2018 and factoring the time it generally takes for one cohort in most locations to complete an average degree course; there has been significant growth, primarily driven by massive hiring in emerging tech markets such as Vietnam (59 per cent increase) as well as lower-tier cities in China (22 per cent increase). Furthermore, economies across Asia are becoming more digital. According to research from Google, Temasek Holdings and Bain &amp; Co., the internet economy in Southeast Asia is projected to double to USD363 billion by 2025, surpassing the previous forecast of USD300 billion. The tech industry always goes through "periods of major adjustments and corrections", such as the "dotcom bubble" in the mid-1990s to early 2000s, said Dr Natalie Pang to Channel NewsAsia. Dr Pang is the principal investigator at the Centre for Trusted Internet and Community at the <keyword id="87108" type="General" weightage="50" keywordseo="national-university-of-singapore" source="Orion">National University of Singapore</keyword>. "Widespread adoption of tech at work and at home drove significant growth for the industry during the last two years of the pandemic, but the post-pandemic era has highlighted the need to adjust and correct," she added. "In the case of the recent layoffs, I would say that tech is in a major period of adjustment." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indices-open-flat-as-investors-await-october-inflation-data/articleshow/95500085.cms">Indices open flat as investors await October inflation data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cloud-lending-platform-lentra-raises-60-million-will-use-funds-for-product-strengthening-and-global-expansion/articleshow/95499744.cms">Cloud lending platform Lentra raises $60 million, will use funds for product strengthening and global expansion</a>

How Singapore tech layoffs are impacting Indians

New Delhi, Apr 7 () Around 80,000 jobs expected to be cut by various retailers due to the ongoing coronavirus pandemic, according to a survey by industry body RAI.Retailers Association of India (RAI) had conducted a survey of 768 retailers, which employ 3,92,963 people across India, to gauge their view on the impact of COVID-19 on their business and manpower."Small retailers are expecting to lay-off 30 per cent of their manpower going forward, this number falls to 12 per cent for medium (sized) retailers and 5 per cent for large retailers. On the whole, retailers who responded to the survey expect layoff of about 20 per cent of their manpower," RAI said.The expectation of retrenchment of 20 per cent of employees by those featured in the survey amounts to 78,592 people.According to the industry body, small retailers featured in the survey employ less than 100 persons and accounted for 65 per cent of the respondents. Medium retailers have 100–1,000 employees making up for 24 per cent of respondents, while large retailers employ over 1,000 people and accounted for 11 per cent of the respondents.Ever since the lockdown was imposed on March 25, more than 95 per cent of non-food retailers have closed their outlets and are looking at practically no revenues during the period and they expect to earn only about 40 per cent of last year's revenue in the next six months, the survey said.As for food retailers, in the next six months they expect to earn 56 per cent as compared to last year's revenues. With most of food retailers also selling non-essential goods in the same or different stores. The non-food business in the stores has come to a standstill during the lockdown, leading to revenue loss, it added.On the business outlook, 70 per cent of retailers expect business recovery to happen in more than six months, while 20 per cent expect it to take more than a year.On expectations from the government, RAI said two out of three retailers employing substantial workforce want employee salary and rent support to manage their fixed costs and limit manpower downsizing."Without this support the retailers are looking at around 20 per cent manpower reduction due to Covid-19," it added.RAI further said two out of five retailers want concessions and relief on GST, taxes and loans to ensure business continuity in the face of the revenue downfalls and heavy losses for 2020-21.The retailers are requesting for additional 60 days for payment of electricity charges and waiver of minimum demand charge for the same period with one out of ten retailers considering this as a key ask from the government to manage finances in this period of uncertainty, RAI said. RKL BAL

Lockdown: Retailers expect around 80,000 job losses, says survey

Mumbai, May 6 () At a time when the Indian job market is going through increasing uncertainty surrounding the COVID-19 pandemic, most employers in the country are keen to retain their existing manpower, says a survey. According to staffing company Genius Consultants '9th Hiring, Attrition and Compensation Trend 2020-21', around 81 per cent of the respondents have shown interest to carry on with existing manpower and retaining them. The survey, however, noted that almost 53 per cent of employers are not going for new recruitment, even as around 15 per cent respondents indicated that there will be replacement hiring. Interestingly, 10 per cent respondents said there will be new job opportunities this financial year, the survey said adding that the northern region will provide more opportunities for job seekers. But this year, the increment scenario seemed "unwelcoming" with 61 per cent with companies saying no to increment due to the current economic situation, whereas 27 per cent thought increment will be less than 5 per cent and around 11 per cent thought the increment will range between 5-10 per cent. In terms of downsizing employee strength, the survey found that 21 per cent respondents said layoffs are on the cards and indicated that junior levels are more susceptible over middle and senior management people. Moreover, there will be an increase in temporary workforce as companies are keen on hiring "gig employees" for their various projects, it said. Gig employees are independent, online platform workers. "The entire world is going through an unknown and uncertain situation and the economic growth has shown a steep decline. The overall industry sentiments do not showcase an encouraging outlook of the market. "To be relevant in the job market the job seekers need to keep themselves updating and always look for upskilling themselves as per the industry trends. Hiring is happening in the health industry, essential retail, some IT or web enabled services and e-commerce sectors," Genius Consultants Chairman and Managing Director R P Yadav said. As it will take around 6-7 months to the recovery process of the current financial crisis, hence the job market will also see its upliftment accordingly, he added. The online survey was done over a period of three months with over 1,200 respondents who are at management level across various sectors including auto and auto ancillary, banking and finance, construction and engineering, education, FMCG, and hospitality among others. SM DRRDRR

Most employers keen to retain existing workforce amid COVID-19 crisis: Survey

<ul><li>According to TeamLease's Apprenticeship Outlook Report, 46% of employers are keener to increase their apprentice pool in the period July to December 2020. </li><li>Employers are now looking for apprentices predominantly to offset the workforce scarcity and to reduce costs. </li><li>Employers are eyeing to hire an apprentice who possesses technical knowledge, is willing to learn, and have sound communication skills. </li></ul>The spread of coronavirus has shaken our social system, rattled our economies, shut down businesses, and led to a surge in unemployment. College graduates and soon-to-be graduates — who were supposed to join the workforce — were staring at an uncertain future for a while. However, an increasing number of employers are now looking for apprentices to offset the workforce scarcity and to reduce costs. According to TeamLease's Apprenticeship Outlook Report, 46% of employers are keener to increase their apprentice pool from July to December 2020. The net apprenticeship outlook for this half-year stands at 3%. Reasons for increase in apprentice hiring <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">To offset the workforce scarcity due to COVID-19 pandemic </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">As part of regular workforce restructuring </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">To optimise the manpower cost of work at basic levels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capacity building to handle frequent demand surges due to the pandemic </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-availability of training staff </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">As a step towards workforce downsizing specifically due to COVID-19 pandemic </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr></tbody></table>Source: <keyword id="617603" type="PERSON" weightage="20" keywordseo="TeamLease-survey">TeamLease survey</keyword> “Despite the predicament that the current pandemic has brought, the overall sentiment amongst companies to hire apprentices has been very positive. While in the initial months of the lockdown, we witnessed a dip, the hiring intent has bounced back quite aggressively, especially since June/July,” Sumit Kumar, Vice President - NETAP, TeamLease Skill University, said <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top sectors where apprentices will be in demand </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Healthcare &amp; pharmaceuticals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing &amp; engineering </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">E-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38% </td></tr></tbody></table>Source: TeamLease survey <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sectors where apprentices will not be in demand </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Travel &amp; Hospitality </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Beauty and Wellness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr></tbody></table>Source: TeamLease survey Employers are eyeing to hire an apprentice who possesses technical knowledge, is willing to learn, and have sound communication skills. “The current pandemic has made many realize the potential of investing in apprentices and building a talent pool, especially local talent, to mitigate workforce scarcity in such situations. Close to 24% of organisations have increased their apprentice hiring during the pandemic,” Kumar added. The report contains insights on employer sentiment regarding apprentice hiring for the period of July 2020 to December 2020. The analysis is drawn based on historical data of apprentice hiring and findings from a survey of 600 employers across 18 sectors and 14 cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/three-people-are-hired-every-minute-on-linkedin-says-satya-nadella/articleshow/78905854.cms">Three people are hired every minute on LinkedIn, says Satya Nadella</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/ajay-piramal-believes-that-if-banks-wont-lend-to-long-term-projects-india-will-need-to-revive-the-likes-of-idbi-and-ifci/articleshow/78906135.cms">EXCLUSIVE: Ajay Piramal believes that if banks won't lend to long-term projects, India will need to revive the likes of IDBI and IFCI</a>

Indian companies are hiring more interns than before to save costs and make up for workforce shortage

The COVID-19 unleashed headwinds which have deeply impacted the airline and hospitality sector, now pose a major risk to the job security of over 2,00,000 workforce employed with the country's private airport operators. Accordingly, the <keyword id="8906128" type="COMPANY" weightage="20" keywordseo="association-of-private-airport">Association of Private Airport</keyword> Operators (APAO) has urged the Centre to come out with an economic relief package not only to stop downsizing but also to maintain the key infrastructure assets that the sector maintains. At present, approximately 2,40,000 people employed on airport sites, including airport operators' employees jobs are at stake. The downsizing impact will be felt across the country as New Delhi, Mumbai, Bangalore and Hyderabad are some of the major airports which are handled by private entities. Currently, no foreign or domestic passenger flight operations are allowed till the deadline of April 14. Only cargo operations are taking place there by hitting the bottom lines of these companies. Not only is the income low but these entities are also in stress for paying up a huge chunk of the revenue to the government under the various management deals of respective airports. "We have approached the government requesting to immediately provide certain relief measures for the private airport operators, which will directly alleviate the financial burden for airports due to the COVID-19 outbreak," Satyan Nayar, Secretary General, Association of Private Airport Operators told IANS. "In the absence of any relief measures it is just a matter of days and not months that the operators might go in for a massive downturn to contain costs. This sector won't be able to sustain the manpower, it does right now." According to Nayar, the industry has sought deferment of taxes and other statutory dues, and one time waiver of revenue share being paid to state run pa rtner entities (AAI). "Plus as an infrastructure provider we need urgent lending lifelines to maintain and keep ready these critical facilities," he said. "India's air traffic in 2020 might plunge heavily. This will cause defaults on our side as well as airlines and other related sectors such as hospitality and tourism. It is vital that the government quickly moves to institute relief measures." Recently, Moody's Investors Service has downgraded the rating of <keyword id="4612385" type="COMPANY" weightage="20" keywordseo="delhi-international">Delhi International</keyword> Airport Limited, the firm which manages the IGI Airport's (DIAL) to Ba3 from Ba2. "The downgrade to Ba3 reflects our expectation of a sharp decline in passenger and aircraft traffic at Delhi Airport in the coming months and the uncertainty over the timing and extent of a recovery, which coincides with increased debt issuance as the airport enters the peak stage of its Rs 98 billion expansion project," Spencer Ng, a Moody's Vice President and Senior Analyst said in a report. Furthemore, Moody's Investors Service has placed GMR Hyderabad International Airport Limited's (HIAL) Ba1 corporate family rating (CFR) on review for po ssible downgrade. Similarly, <keyword id="125045" type="COMPANY" weightage="20" keywordseo="Fitch-Ratings">Fitch Ratings</keyword> revised the outlook on DIAL's Long-Term Issuer Default Rating (IDR) and bond issue ratings to "Negative from Stable, and affirm ed the ratings at 'BB+'". Fitch Ratings also affirmed GMR Hyderabad International Airport Limited's "Long-Term Issuer Default Rating (IDR) and its bond issue ratings at 'BB+' with a Negative Outlook". On its part, Angela Gittens, Director General of Airports Council International (ACI) in a letter dated March 31st to Prime Minister Narendra Modi said that revenue forecasts show the 2020 impact of the pandemic now stands at $23.9 billion for Asia-Pacific only, impacting airports of all sizes. "Analysis of preliminary weekly passenger data from January to the middle of March at 12 major hubs in Asia-Pacific handling around 22 per cent of traffic in the region, including <keyword id="89772" type="LOCATION" weightage="20" keywordseo="Indira-Gandhi-International-Airport">Indira Gandhi International Airport</keyword>, shows the increasing traffic deterioration, culminating in an average decrease in traffic by more than 80 per cent by the second week of March compared to the same period in 2019," Gittens said. "Airports are the engine of your national economy in terms of jobs created and GDP growth... Every passenger lost by an airline is equally a passenger lost by an airport. We would urge your Authority to provide relief measures for the aviation sector to benefit all affected parties of the aviation sector and which will be strategic for the relaunch of the economy as soon as the crisis is over." SEE ALSO:<a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a> <a href="https://www.businessinsider.in/india/news/how-to-check-coronavirus-symptoms-at-home/articleshow/74960334.cms">What are the Coronavirus symptoms and how to check for them at home</a>

Coronavirus risks over 2 lakh private jobs at airports; private airport body seeks intervention

<ul class="summary-list"><li>Despite <keyword id="13473" type="COUNTRY" weightage="60" keywordseo="North-Korea">North Korea</keyword>'s flashy displays of weaponry, <keyword id="5565" type="COUNTRY" weightage="60" keywordseo="South-Korea">South Korea</keyword>'s military is still seen as having qualitative and technological advantages.</li><li>But Seoul's foundering effort to modernize its forces over the past two decades means it may not be equipped to fend off a North Korean attack.</li></ul>In the dead of night on January 14, North Korea <a href="https://www.theguardian.com/world/gallery/2021/jan/15/kim-jong-un-puts-on-show-of-force-at-end-of-workers-party-congress-in-pictures" target="_top">held</a> yet another military parade in Pyongyang.It was essentially <a href="https://www.businessinsider.com/north-korea-showed-off-new-missiles-armor-weapons-in-parade-2021-1" target="_blank" rel="noopener">a repeat of the military parade in October</a>, which was <a href="https://www.38north.org/2020/10/ichun102120/" target="_top">described</a> as a "new look" for the Korean People's Army (KPA), showcasing new tanks, missiles, armored vehicles, uniforms, and other military equipment.The parades are likely to compound already significant fears among South Koreans about the strength of their military.According to a 2020 survey by the Korean Institute for National Unification, 40% of South Koreans believe North Korea's military is stronger than the South's, while just 32% believe that South Korea's military is stronger.While that may come as a shock given the South Korean military's qualitative and technological advantages, it stems from very real problems it faces in its demographics, the pace and scale of its modernization, and its funding.Together, these are serious issues for South Korea's military, especially its Army, and could seriously affect its ability to fend off an attack from the North.<h2>Defense Reform 2020</h2><div type="image" title="south korea" height="3456" width="5184" msid="80672462" hostid="261"></div>The South Korean military's current predicaments were foreseen. In 2005, the South Korean government, noticing the country's <a href="https://www.voanews.com/east-asia-pacific/south-korea-aims-turn-around-extreme-birth-rate-crisis" target="_top">declining birth rate</a>, enacted a plan to downsize the military, well over half of which is made up of draftees.The intention was to replace it with a much more technologically advanced force - a quality-over-quantity model similar to that adopted by Western militaries during the Cold War.To that end, the government created the <a href="https://www.rand.org/pubs/occasional_papers/OP165.html" target="_top">Defense Reform Plan 2020</a> (DRP). It called for a reduction from about 682,000 troops to 500,000 by 2020, with almost all of the cuts coming from the Army. Additionally, the length of required service was reduced for each branch.It also called for an annual increase to the defense budget of up to 10% to replace aging hardware with modern systems.At the time, South Korea's armored force was made up mostly of early Cold War-era M48 tanks, while its Air Force relied on F-4 and F-5 fighter jets. These were to be replaced by modern K1 and K2 tanks and F-16, F-15, and eventually F-35 fighters. The Navy was also expected to get a number of new vessels, including submarines and amphibious assault ships.<h2>Budget cuts and technical issues</h2><div type="image" title="South Korea Army soldiers troops self-propelled howitzer" height="1333" width="2000" msid="80672464" hostid="261"></div>The plan ran into financial trouble almost immediately.The budget increases never hit the 10% mark, and the military was also forced to increase monthly wages for draftees to address the growing unpopularity of conscription. Volunteer wages were also increased in order to attract badly needed full-time professionals. Neither of these additional costs were part of the original plan.To make matters worse, technical issues caused cost overruns on the K2 program, and <a href="https://www.nytimes.com/2010/11/24/world/asia/24korea.html" target="_top">North Korean a</a><a href="https://www.nytimes.com/2010/11/24/world/asia/24korea.html" target="_top">ttacks</a> on South Korean islands in 2010 forced the military to invest more in its Marine Corps and in <a href="https://www.koreatimes.co.kr/www/news/nation/2016/11/205_217259.html" target="_top">preemptive and retaliatory measures</a>.These unforeseen costs, along with other domestic political priorities, forced cuts to the reform plan, mostly to research and development and acquisition.The original order of over 1,000 K2 tanks was reduced substantially; about 260 are in service today. Only two of the planned nine domestically built KSS III submarines have been launched, and neither have been commissioned.<h2>An Army left behind</h2><div type="image" title="South Korea F-35" height="933" width="1400" msid="80672466" hostid="261"></div>South Korea's military is now one of the most modern in Asia, but most of the modernization funding that has arrived has gone to the Air Force and Navy.The Air Force now has over 100 F-16, 59 F-15, and 24 F-35A fighter jets. The Navy operates 17 advanced guided-missile destroyers and frigates, one Dokdo-class helicopter carrier (with another on the way), and a number of capable submarines.The Air Force and Navy <a href="https://www.navalnews.com/naval-news/2020/09/south-korea-to-double-down-on-f-35-and-procure-stovl-variant-for-lpx-ii/" target="_top">pla</a><a href="https://www.navalnews.com/naval-news/2020/09/south-korea-to-double-down-on-f-35-and-procure-stovl-variant-for-lpx-ii/" target="_top">n</a> to acquire another 40 F-35s, with 20 of them to be based on the Navy's future <a href="https://www.navalnews.com/naval-news/2021/01/south-korea-officially-starts-lpx-ii-aircraft-carrier-program/" target="_top">LPX-II light aircraft carriers</a>.The Army, by comparison, has been left behind, with some units <a href="https://www.brookings.edu/research/korean-defense-reform-history-and-challenges/" target="_top">lacking</a> basic equipment like night-vision goggles, <a href="https://www.nknews.org/2015/09/defenseless-lawmaker-experts-decry-south-korean-body-armor-shortage/" target="_top">body armor</a>, machine guns, and optics for weapons.The shortages have been so bad that an Army <a href="https://thediplomat.com/2018/03/risky-business-south-koreas-secret-military-deal-with-uae/" target="_top">deployment</a> to the UAE had to borrow equipment from special forces units.<div type="image" title="South Korea military soldiers troops" height="1333" width="2000" msid="80672468" hostid="261"></div>The Army is also expected to take all of the manpower cuts. The current defense reform plan, dubbed Defense Reform 2.0, <a href="https://www.mnd.go.kr/cop/pblictn/selectPublicationUser.do?siteId=mndEN&amp;componentId=51&amp;categoryId=0&amp;publicationSeq=846&amp;pageIndex=1&amp;id=mndEN_031300000000d=mndEN_031300000000" target="_top">shrinks the Army</a> from 463,000 troops now to 365,000 in 2025.The Army's "domination" of the South Korean military "has been largely overthrown," Dr. Bruce Bennett, a senior defense analyst at the RAND Corporation, told Insider."All of the manpower has been coming out of the Army, and yet the equipment acquisition has favored the Navy and the Air Force," Bennett added.The idea is that the Air Force's and Navy's new and advanced hardware, used in support of ground forces, will make up for shortcomings. But most of the likely combat scenarios on the peninsula <a href="https://www.vox.com/world/2018/2/7/16974772/north-korea-war-trump-kim-nuclear-weapon" target="_top">involve</a> North Korea making widespread tactical use of nuclear weapons. (North Korea is also expected to deploy <a href="https://www.nti.org/learn/countries/north-korea/chemical/" target="_top">chemical weapons</a>.)South Korean Air Force and Navy assets are largely concentrated in a few areas, leaving them extremely vulnerable to those weapons. They could be largely destroyed in the first few hours of fighting."If you're in a big war, those things are dead very quickly." Bennet said. "And the hordes then come running South."<h2>A larger enemy</h2><div type="image" title="North Korea's new ICBM" height="791" width="1055" msid="80672469" hostid="261"></div>The threat is similar to what NATO commanders <a href="https://nationalinterest.org/feature/revealed-how-the-warsaw-pact-planned-win-world-war-three-16822" target="_top">faced</a> from the Soviets along the West German border during the Cold War - an enemy targeting important bases and cities with nuclear weapons, followed by waves of soldiers rushing to occupy what is left and declare victory.If that were to happen in South Korea, it would largely fall to the Army to fend off the onslaught. And while the South Korean Army is getting smaller, North Korea's military, the KPA, will be much larger.Current estimates place the KPA at around 1.28 million troops, with 1.1 million ground forces, and a reserve estimated to be as large as 7.6 million, compared to South Korea's 3.1 million reserves.North Korea's military includes a roughly 200,000-man Special Operations Forces branch, which has likely received most of North Korea's conventional modernization efforts and would likely spearhead any invasion.<div type="image" title="North Korea soldiers troops parade" height="1334" width="2000" msid="80672471" hostid="261"></div>The overall quality of the KPA is unknown, and full-scale fighting on the Korean Peninsula would involve the 28,500 US troops stationed in South Korea, possibly including American nuclear retaliation.But with North Korea's ability to destroy the airfields and ports that would be used to deploy reinforcements with nuclear weapons, combined with its <a href="https://www.janes.com/defence-news/news-detail/north-korea-developing-nuclear-powered-submarine-tactical-nuclear-missiles-says-kim-jong-un" target="_top">intention</a> to build up its intercontinental and submarine-launched ballistic missiles to be able to reach the US mainland, the South Korean military may not be able to rely on the American cavalry arriving to save the day.To many, then, the challenge for South Korea is modernizing all of its branches while maintaining the large force needed to fight off the KPA."The character of the investment has been more, 'how to we maintain stability in peacetime and prevent provocations?' than it has been, 'how do we maintain the ability to fight and win a war, and convince [North Korea] that if they start a war they are going to be defeated?'" Bennett said.

South Korea's military has big problems that are much closer to home than North Korea

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Pascal Le Segretain/Getty ImagesStarting a business isn't always exhilarating. Elon Musk pictured.</div></div></div><ul><li>Starting a <a href="https://www.businessinsider.com/category/business">business</a> isn't as exhilarating as it can seem, experts say.</li><li>The rise of "entrepreneurship porn" is luring many ambitious young Americans into launching their own companies, when they might be better off joining a more established organization.</li><li>If they do decide to found a company, these entrepreneurs should at least be adequately prepared, instead of simply diving in headfirst. Entrepreneurship isn't just about risk-taking and passion.</li></ul> Tomas Chamorro-Premuzic has been teaching MBA students for more than 15 years.When he first started teaching, all his students wanted to work for corporate giants like Goldman Sachs, IBM, and Unilever.A decade later, Google, Facebook, Apple and Amazon were the big draws."Now," he told me when we spoke by phone in July, "the vast majority tell me, 'You know, I'm going to be a startup guy. I'm launching something. I'm going to create the next big X, Y, Z.""Who are we to crush their spirits?" Chamorro-Premuzic said. "But I think we have a responsibility to inform people that the probability of attaining that is really, really, really low, and that to actually attain it, they're going have to sacrifice so many things."Today, Chamorro-Premuzic is a psychology professor at Columbia University and the chief talent scientist at <a href="https://www.manpower.com/wps/portal/ManpowerUSA/home">Manpower.</a> In one of the opening chapters to his 2017 book, "<a href="https://www.amazon.com/dp/B01NAMW1FD/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1">The Talent Delusion</a>," he explains why many ambitious young Americans today would be better off working for an established company than trying to build their own business.And yet many of these young Americans are hypnotized by stories of entrepreneurs who, against the odds, made it big. Even if they're not prepared - personally or professionally - to launch a business, they forge ahead anyway."People feel like, 'Oh, I have an idea. I don't like the idea of having a boss. I'm going to be the next Elon Musk,'" Chamorro-Premuzic said. "It's not that easy."<h2>Telling people you're an entrepreneur is 'sexy'</h2>The rate of new-company failure in the US is unclear. In 2017, <a href="https://www.usatoday.com/story/money/business/small-business-central/2017/05/21/what-percentage-of-businesses-fail-in-their-first-year/101260716/">USA Today</a> highlighted data from the Bureau of Labor Statistics, showing that about 20% of new businesses survive longer than one year. In fact, according to BLS data, that number hasn't budged since 1995.But "entrepreneurship" is notoriously hard to define. Do mom-and-pop businesses count? Or is it just high-potential ventures? "Failure" is even harder to define: What if a startup pivots or downsizes?<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Paul Marotta/Getty ImagesMark Zuckerberg.</div></div></div>Still, Chamorro-Premuzic's observations about entrepreneurial overeagerness are echoed by academics and business people alike.<a href="http://www.womenandwork.org/">Morra Aarons-Mele,</a> the founder of <a href="http://www.wearewomenonline.com/">Women Online</a> and <a href="https://www.themissionlist.com/">The Mission List,</a> appears to have coined the term "entrepreneurship porn" in a 2014 <a href="https://hbr.org/2014/01/the-dangerous-rise-of-entrepreneurship-porn">Harvard Business Review</a> article, to describe "an airbrushed reality in which all work is always meaningful and running your own business is a way to achieve better work/life harmony."In the article, she makes the point that entrepreneurship is hardly as liberating as it can seem: "Starting a company doesn't mean being freed from the grind; it means that the buck stops with you, always, even if it's Sunday morning or Friday night."When Aarons-Mele launched her companies, "I just wanted to make a living," she told me, and she knew that "I just never wanted to go an office again for 10 hours a day." But a couple years in, something changed."I drank the Kool Aid," Aarons-Mele said, "of being not just an entrepreneur, but a woman entrepreneur. It was sexy." She started going to conferences and speaking at events for founders."It was only after I realized that I did not want to scale, that really becoming this sort of entrepreneur with a capital 'E' would make me have to live a lifestyle that I didn't want, that I became a happy small business owner instead."Aarons-Mele knows firsthand that the word "entrepreneur" can sound infinitely more appealing than "small-business owner." She suspects that can play a big role in people's desire to scale their company, and quickly. That is to say, entrepreneurship can be as much about the founder's ego as anything else."It's a very American thing to be an entrepreneur," Aarons-Mele said. "'Small business' implies small. It's a lot of what ambitious people might even want to escape versus create."<h2>Too many aspiring founders think entrepreneurship is about 'diving in'</h2>Then there's the problematic notion that starting a business is all about taking risks."There's something a little bit inherent in a lot of founders' psyches of, 'You've just got to dive in,' that it's the type of thing that you can't go and learn about before you do it," said <a href="https://www.marshall.usc.edu/personnel/noam-wasserman">Noam Wasserman.</a> The common misconception is that "you have to fail, learn from that, pick yourself back up."Wasserman is the founding director of the Founder Central Initiative at the University of Southern California's Marshall School of Business. When we spoke by phone in June, he told me that this myth "heads off at the pass any of that inclination to go and learn before you go and dive in."Wasserman's observations recall those of Wharton professor Adam Grant. In his 2016 book, <a href="https://www.amazon.com/Originals-How-Non-Conformists-Move-World/dp/0525429565?tag=bisafetynet2-20">"Originals,"</a> Grant wrote that, contrary to popular belief, the most successful entrepreneurs <a href="https://www.businessinsider.com/the-biggest-myth-about-success-unraveled-2016-2">don't quit their day job</a> to start a company. <a href="https://journals.aom.org/doi/abs/10.5465/amj.2012.0522">One University of Wisconsin study</a> found that entrepreneurs who kept their day jobs were 33% less likely to fail than those who don't.Recent research also reveals just how important it is to wait until you have enough experience before building a company.An <a href="http://mitsloan.mit.edu/uploadedFilesV9/180325%20Age%20and%20Successful%20Entrepreneurship.pdf">MIT study</a> found the <a href="https://www.businessinsider.com/young-startup-founder-myth-average-age-of-entrepreneurs-42-mit-study-2018-4">average age</a> of a successful startup founder is 45. The study authors found that work experience explains much of the age advantage. They write in the <a href="https://hbr.org/2018/07/research-the-average-age-of-a-successful-startup-founder-is-45">Harvard Business Review,</a> "Relative to founders with no relevant experience, those with at least three years of prior work experience in the same narrow industry as their startup were 85% more likely to launch a highly successful startup."Indeed, Chamorro-Premuzic said that technical expertise in the area where you're founding a company is one of the most "underrated" attributes of a successful entrepreneur.<h2>'It's your baby, your everything'</h2>I asked a few entrepreneurs to tell me about their experiences, about how entrepreneurship porn had (or hadn't) influenced their decision to launch a company.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Daniela SpectorJen Rubio, founder of direct-to-consumer luggage company&#xa0;Away.</div></div></div>Sophie Kahn took a relatively cautious approach: As she <a href="https://www.businessinsider.com/aurate-founders-corporate-experience-2017-7">told Business Insider's Libby Kane</a>, she kept her job at Marc Jacobs while developing the plans for <a href="https://auratenewyork.com/">AUrate New York,</a> the jewelry company she cofounded with Bouchra Ezzahraoui and that's raised $2.6 million. Entrepreneurship, she learned, was both harder and easier than she'd anticipated."Harder, because it's truly all-consuming and you never ever have a day off. It's your baby, your everything, and always with you," she wrote in an email.And "easier, because it doesn't feel like work in the sense that it's your passion and you want to work on it, and of course since you're free to make your own choices and set your own schedule."Jen Rubio left her job at Warby Parker a few years before cofounding direct-to-consumer luggage company <a href="https://www.awaytravel.com/">Away,</a> which has raised a total of <a href="https://markets.businessinsider.com/news/stocks/away-raises-50-million-announces-it-reached-profitability-in-under-two-years-1027325784">$81 million.</a> But Rubio says she and her cofounder, Steph Korey, another Warby Parker alum, learned a lot from their experience there: "Being on the ground floor of an early-stage startup with that mentality allowed us both to build something entirely new every day," Rubio wrote in an email.Rubio's best advice for anyone considering starting a business is "to be really specific about why you're doing it and what problems you'll be able to solve in a meaningful way for your customers; don't start a business just because you think you have have a great idea."<h2>'Passion can become your peril'</h2>Another persistent myth about entrepreneurship is that, once you've got the product and financing in place, the people stuff will come naturally. Many entrepreneurs, Wasserman said, are completely oblivious to the importance of the people side - i.e. who you hire and how you manage your company.For example, some entrepreneurs figure that they're already best friends with their cofounder, so everything should be fine. "Unfortunately, those happen to be the least stable of founding teams," Wasserman said.But perhaps the most destructive misconception around entrepreneurship is the<a href="https://www.businessinsider.com/psychology-finding-passion-2018-7"> importance of passion.</a>At the start of every semester, Wasserman asks his students: How important is passion for the "entrepreneurial magic?""We get a resounding, 'Passion is critical. Passion is going to be the main ingredient that is going to enable me to go and succeed as a founder,'" Wasserman said. Then he presents them with a case study "that drives home to them that passion can become your peril."Specifically, Wasserman said, passion can mislead you into thinking you're readier to start a company than you are, or make you believe that your idea is more valuable than it is. "You have to really go and grab the founders by the lapels and have them think deeper about these people issues," Wasserman said, "where the person that they're dealing with is themselves." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/sara-blakely-spanx-ceo-offers-advice-redefine-failure-retail-2016-7">Learning to celebrate failure at a young age led to this billionaire's success</a></h3> <div> </div> </div>

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