Entrepreneurs are creating a new India. Their breakthrough ideas have not only given rise to the startup industry but also created millions of jobs and contributed to the country’s economic progress. The government, from time to time, takes measures to improve the ease of doing business and cut the compliance burden to encourage people to start businesses. As a result, according to Global Entrepreneurship Monitor (GEM) 2021/2022 report, India is among the top five easiest places to start a new business. This puts India on top of entrepreneurial journeys.
The government just revised the definition of small companies which will further improve the ease of doing business. The revisions will allow more entities to come under the category of small companies.
Ameer Merchant, an entrepreneur who hails from Gujarat, said that an entrepreneurial journey of a person doesn’t involve him/her only instead it has a larger impact on the surroundings. He said that entrepreneurship and jobs creations go hand in hand, adding that small companies represent entrepreneurial aspirations and innovation capabilities. “This contributes immensely to growth and employment.”
Tips For Successful Entrepreneurial Journey
1. Clear Vision
A successful entrepreneur is someone who has a vision and a desire to create it. Keep your vision clear at all times. Keep challenging yourself and learn every day and you can achieve what you aspire.
2. Innovation & Strategy
There are many successful entrepreneurial stories. Multi-millionaire Bill Gates had once said speed is the essence. Success is determined by how quickly you create a buzz. There should be a precise and time-bound strategy.
3. Flexibility & Optimism
Speaking about the tips for a successful entrepreneurial journey, Ameer said that the right channelisation of energy can take you to the next level in your business. Focus, flexibility, agility and optimism because opportunities are key to success and sustainability. He said that opportunities sometimes come in the garb of a crisis.
4. Stay Relevant
It is important to stay relevant and turn around the ravages into an opportunity for taking the business to new highs.
5. Overcoming Challenges
“Without overcoming the challenge that threatens to stop you from taking advantage of opportunities, an entrepreneur cannot advance. One can enter the world of entrepreneurship with confidence if they are aware of business plans, priorities, emerging trends, innovation and creativity, network building, targets, competitors or adversaries, how to deal with unforeseen challenges and more,” he said.
Ameer, whose skills have helped him to achieve milestones, said that learning skills and utilising them in driving your business are the key. He said that the right approach in his entrepreneurial journey helped to establish the bases of his compound chocolate factory and water facility in Dubai and Iran.
7. Finding Solutions
Success is driven by a competent team. Prepare a team that comes up with solutions and foresees the growth. Without invention and ingenuity, entrepreneurs cannot advance to a new level.
8. Learn From Competitors & Mistakes
Study products or services of competitors and evolve a plan or strategy to take a leadership position in the market. Taking lessons from mistakes and preparing yourself not to repeat them is important for every entrepreneur/start-up that exists.
9. Ready To Work 24×7
An entrepreneur has to be ready to work 24×7. It is vital to realise the value of delegation. Set up a dedicated team that shares your vision. The ability to select the right person for the right job is vital. “Conduct thorough market research to understand the domain,” Dushyant Sinha, founder, ICCPL, said.
10. Assess Regularly
It is crucial to assess regularly what is and isn’t working. Raj Das, co-founder & CEO, Hirect India, said that knowing ‘WHYs’ is crucial since the answer may keep you on the right business path. Another important factor is cash flow. It is the lifeblood of any business. It is important to keep track of cash flow and make sure enough cash is available to meet business obligations.
Entrepreneurship is a heady proposition and can become an exciting journey if you have the right approach.
(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)