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 !

Fine-tuning your business knowledge gives you an upper edge in your entrepreneurship journey. This knowledge will help you to identify potential business ventures, build a customer-centric approach, become a leader and develop your organization by equipping you with better decision-making skills. From conducting surveys to researching hours on end. FIND EVERY DETAIL ABOUT YOUR VENTURE. 

In the initial years of your journey as an entrepreneur, mind-map your business strategy for the next 3-5 years. The ability to foresee the future and plan in advance is one of the most essential qualities an entrepreneur must possess. Place key actions on a timeline and focus on improving your accountability to free your upcoming journey from avoidable obstacles. Right from the beginning, maintain an attitude that prepares you well for dealing with any setbacks that you might encounter. 

 Patience & Perseverance Is Key

Take up new challenges every day and accomplish as much as you can before you go to bed. Make a to-do list with activities listed in descending order of priority. This habit will not only help you set a benchmark for yourself but also let you stretch your limits. Nothing can beat the attitude of being consistent with your tasks and having the patience to see your hard work yield results.

Despite the many difficulties you may face, stick to visualising your ideas and giving them time to fetch you the desired outcomes. Journaling is a great way of visualising the future and to get a detailed look at the growth you're achieving every passing day. 

Note everything down. Make use of calendars. Free up brain space for other tasks instead of memorising your day's agenda. This is also going to make you feel less fatigued.

Don’t Shy Away From Taking Risks

 What’s a business without risks? Uninteresting! Being risk-averse is a basic human trait but if you plan to become an entrepreneur, you must have a clear vision that can recognise upcoming risks and plan for remedies accordingly. Along the way, your experiences will give you a better understanding of which risks to take and which ones to avoid.

It is important to keep in mind that risks do not only bring danger along with them. More often than not, risks bring along rewarding opportunities you can’t even think of. Having said that, it is essential to trust yourself throughout the process for if you won’t believe in yourself, who will? At times when you feel uncertain, do not forget the knowledge you equipped yourself with and all the hard work you put in for getting yourself to the place you’re in today. Ask for help when need be. Also, there’s no harm in turning into a mentor for an entrepreneur who is at the same place that you were, a couple of years back.

 Soch Group is a thriving proof that budding entrepreneurs can fulfill and champion their dreams to turn them into successful realities.