Believe it or not, India has the third-largest start-up ecosystem in the world. Unfortunately, data suggests only 10-20% of those start-ups survive the enormous pressure of the first five years. This tells us two things - one, there is no dearth of entrepreneurship spirit within us. Two, aspiring entrepreneurs are in need of good mentorship from seasoned business gurus to make it big in the realm of business.
So, here are a few tips from the Soch Group - who have lived the journey and learned a ton from it. These tips are sure to come in handy for budding entrepreneurs.
Own Your Passion
Passion translates into successful business only when you put your heart and soul into bringing your idea to life. Even when everyone doubts you, and be warned they will, you need to have conviction in your idea. And, that can't be possible when your idea is borrowed. What a lot of people ignore is the fact that entrepreneurs can think outside the box to bring unique solutions to common problems.
Knowing your target market is equally essential. Before jumping into the business, conduct thorough research and analysis of the market you wish to excel in. Identify key attributes such as product pricing & positioning profit motive, risks & uncertainties, and marketing messages to appeal to a larger audience.
Keep a Backup for Finances
As a newbie in the field of entrepreneurship, it is advisable to keep reserves for any contingencies that may arise. Your hard-earned savings will most likely emerge as the seed fund. So, SAVE UP! While some would tell you to leave your job and "follow your passion",Make sure you've saved up enough to embark on that journey.
With an improved funding system and eager venture capitalists on the horizon, churning up additional funding for business growth is a much easier task today.
Subsidised bank loans are also a time-tested solution to your financial woes. We would recommend seeking professional financial advice from the very inception of your business to keep things running smooth.
Find Yourself an Excellent Mentor
Nothing can take the place of good guidance from an expert when you’re planning to start a business of your own. Advice from a good mentor will include traits like motivation, direction, support, and goal-oriented coaching. You must be able to completely trust and feel comfortable with the one you choose to mentor you.
Alongside this, you must also prepare yourself for making sacrifices. Any new venture will require you to forego off one thing or another. Overnight success is a flawed concept. A successful and profitable business is the outcome of numerous sleepless nights and endless hours of hard work. Put in the maximum dedication you can; in the early years of your start-up; to achieve your dream.
Reportedly, Jeff Bezos worked for 12 hours, 7 days a week during the initial days of Amazon. No week offs. Elon Musk has been quoted to work 80 hours a week on average. Nobody "ever changed the world on 40 hours a week".
Knowledge Is Power !