How to Become an Entrepreneur in India: Here are seven steps to follow and achieving Success.
Being an entrepreneur is never easy; it is a journey full of ups and downs. It can take a year and that means patience, if you are not patient, it can hurt you.
Always keep in mind; a successful business is not a result of educational qualification, position, or bank balance. It is all about ideas, skill, determination and energy.
You should never expect your company or business overnight, business growth can take time, you need to watch it carefully and wait.
Are you young, poor, college dropout, or a student? It does not matter. If determined to work hard to reach your goal in heart and mind.
May lack of educational qualifications come your way. No matter where you are, to become an entrepreneur or a businessperson, the most important thing you must have is determination and energy.
If you have enough courage to dream something, you will surely have the courage to make it happen.
To start the discussion, let us ask you a simple question, what do you want to be, an entrepreneur or a small business owner?
While there are those who believe that becoming a small business owner is always less than becoming an entrepreneur, this assumption is wrong. No matter the world we live in today. All that matters is really success.
Here are seven steps to follow and achieving success. It can help you become a successful entrepreneur in India today.
1. Identify profitable Business ideas
If you don’t know where to start, use these tips , these may help you:
- Use an internet.
- Read the Entrepreneur Magazine.
- Start reading internet articles (learn how to market).
- Subscribe to Start-Up Schools, e-Magazines and Entrepreneur e-Magazines.
2. Start with an “Idea”
India is blessed with a lot of ideas that people talk about but never start. Thus, by following this method you are well on your way to starting a business, company or an industry, that makes a living out of the ideas you talked about with your friends and colleagues.
Start with an “idea” When you brainstorm an idea for a startup, what you’re really doing is coming up with an idea that will inspire people to become your customers.
Before you begin this process, you need to know what you want to do. If you are trying to start a computer, company in India, your main purpose is to sell computers to people and they buy them because they want to. In the software industry, the idea is a bit different.
3. Think outside the box
When you start a business, be it a product, service or an idea, you are limited by the current opportunities.
If you are limited by existing market dynamics, be it the products that already exist or the services that already exist, then don’t waste your time and effort.
If you are limited by the market on a particular topic or have no idea what your product or service might be yet, then start small.
The entrepreneurial mindset is to “think outside the box”. Think about the things that are not currently in the market that you can do.
Also think about the things that are currently in the market that can be improved. Your idea should be about how you want to change the current market dynamics and how you can make a difference to it.
4. Start a company based on your idea
So when you get an idea for a startup, what comes to your mind? Do you sit down and think about the business model?
Do you think about the skill sets required? Maybe you come up with lots of ideas – the only way to choose the right one is to approach an investor for funding.
We would suggest to go ahead with your plan and list all your possible “selling points” for the startup idea – from market research to product concept, from initial capital requirements to business model, and most importantly, market acceptance.
While it is easier said than done, the most critical aspect of any startup is that it has to have at least one idea worth investing in. If you cannot agree on a company that you can sell, then create one yourself.
5. Extracting yourself
First of all, it is important to define the meaning of this phrase to ourselves, so that we know exactly what we want.
As mentioned, for example, men are generally associated with financial planning and care about money.
So it would mean that extracting yourself means taking control of our financial freedom. The more we talk about being “invested” or “entitled” to what we own, the more we empower ourselves.
So you should think about the things you want, and understand the gap between what you own and what you need.
And make a plan to live beyond your means and create a financial goal. 1. Start a company or an industry based on your idea The next step to “extracting ourselves” is to think about the reason why you want to do this.
6. Financing for the Business
The number one reason to consider starting a company is the amount of startup funding that is available in India.
If you can’t get funding from any other source, then consider starting a business in India. There is no better place to grow a business or get funding.
This is because the startup funding is almost unlimited in India. You can get huge amounts of money for a startup. There are many funding options available to entrepreneurs. One way to start with is to ask friends and family for funding.
7. Scale the Business
Becoming a successful Indian entrepreneur requires a very strong will to succeed. We have to first realise what it is that we are actually up against and start working towards our own success.
We are highly disciplined people and therefore, our understanding of “Fail Fast, Fail Often” is critical to successful business entrepreneurs.
Think Outside the Box Is the way you currently operate the only way to survive? Sure, there are ways to survive the competitive Indian startup environment.
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You must be doing something right. It is our job to identify and then exploit those different areas. We know that you are working 24/7. That means that you are working a lot smarter. You must be the smartest entrepreneur.
By now, you are almost ready to become an entrepreneur. Now, you should invest time in grow your business and building yourself by acquiring new skills.