Entrepreneurship bug has bitten many young and innovative minds of India. Thanks to the high penetration of internet and mobile networks in the Indian market, the Entrepreneurship ecosystem has become highly favourable for those aspiring to be one. With eCommerce to various technology based start-ups on the rise, Entrepreneurship has become not just a trend but a revolution!
Had there been a prescribed formula to become a successful entrepreneur, every business would have thrived. Hence the best way to prepare oneself towards Entrepreneurship would be to benchmark the qualities of some successful entrepreneurs. Below are some traits that can take you towards Entrepreneurial greatness:
(a) Leadership qualities: you see yourself as a person to whom people come for guidance and opinion, then you are a ‘People’s Manager’ – an important trait that an entrepreneur must possess. A good leader is also someone who possesses good communication skills and works with a strong sense of integrity and ethics. These qualities would lure people to work for you.
(b) Perseverance:an Entrepreneur should be a highly self-motivated person. He should not get let down by factors such as changing economic conditions, delay in getting clients and investors etc. His perseverance can help in reaching the desired goal faster.
(c) Deep knowledge of the industry: Many businesses fail due to lack of industry knowledge by its founders. A successful entrepreneur should be well aware of the industry his business is established. Constantly read about one’s industry from business magazines, daily’s and online media and also attend meetings and events pertaining to your industry. This will also help you to follow trends and learn about your competitors.
(d) Innovative thinking: Only those businesses that can come out with products that are unique or different from their competitors can sustain and succeed. So, it’s important for entrepreneurs to be innovative and brain-storm their ideas before the launch of their products.
(e) Focussed: make sure that your focus doesn’t deviate from the core line of business you are in. Stepping your foot in too many diversified areas
(f) Strong business network: business can grow only through proper networking. Build a strong network of contacts, business partners, financial partners and peers. For this it is important to frequently attend business seminars, events, and other formal and informal associations. Nurture the relationships with these contacts to help your business grow.
(g) Know what you don’t what: Just as how important ‘knowledge about your product’ is, it is equally important to know what your business is NOT into. This helps you in convincing and negotiating with your client better. It could also help you create a niche area of your business line.
(h) Understands failure is part of the game: No business grows without combating failures. Instead of getting dejected with failures one must learn to accept them as learning lessons.
Covering about successful business start-ups - their growth stories, interview of founder(s) etc., have become a mandatory news feature in media today. Since most of them cover only their success stories, seldom do we realise that nine out of 10 startups fail due to one more reasons. Hence, to become a successful entrepreneur it is also very important to know the DON’Ts of Entrepreneurship as much as the DOs.
‘Failure Post-Mortem’ has become a recent Silicon Valley cliché wherein the founder of a startup company that has failed is expected to pen down the reasons for its failure. Therefore, it is important for an aspiring Entrepreneur to know about the ‘Failure Post-Mortem’ of businesses that didn’t succeed. Common reasons for businesses to fail have been - lack of a cohesive team, differences of opinion among founders, inability to raise funds etc. Article by jubin Mehta highlights the Failure Post-Mortem stories of some Indian start-ups that shut down in 2014.
A successful entrepreneur can impact the lives of people in many ways. ‘Apple’ products are the examples of how technological innovations have changed the world. However, little do people know that in 1985, Steve Jobs himself was pushed out of his own company years after he founded Apple Computers. However, his ‘fighter’ attitude made him join the company back in 1997 to pave way for Apple to become the world’s largest and the most sought after Electronics Company.