Mon, 6 Dec 2021

What it takes to become a successful entrepreneur

Posted on Monday, October 22, 2018

Upasana Taku, founder Mobikwik shares the fool-proof plan to establish a startup

The Apple cofounder and one of the biggest innovators of his time, Steven Paul Jobs, had once said “Everything around you that you call life was made up by people that were no smarter than you and you can change it, you can influence it, you can build your own things that other people can use.”

Entrepreneurship is all about building your own things — that can bring about a change, solve a problem or maybe, drive a transformation of sorts. There are numerous examples in history of innovators who have been successful entrepreneurs and innovators. From healthcare, to life sciences, IoT, culture of co-working spaces, to fintech, digital payments and cab aggregators — examples are aplenty.

Here is a quick set of hacks that will come in handy for any aspiring entrepreneur. These are basis my own experience as a Co-Founder:

Set your goal, plan your work — It is important for any entrepreneur to set goals for the business as well as for his/ her own self. Work smarter, not harder. Plan your day, start your day early. Execution requires lot of effort on the ground level. Prepare and plan it in advance. You need to keep up the enthusiasm and passion, take a bit of risks wherever required. Hire people to handle tasks you aren’t good at. This will help you focus on the important areas of your business.

Start small and make it big — Start a small business. Don’t jump at setting up a big project and putting in whatever funds you have at that time. Understand the pros and cons before you get into expansion spree. It is important to take one step at a time and consolidate one’s offerings/ position as your business scales new heights. Learn the tricks of the business you are engaged in. Ensure that you are well aware of any consequences of your action before you start making your business big.

Develop skillsets — Ensure that you and your team are continuously upgraded in terms of their skill sets. Promote innovation. Develop business skills and gain the knowledge and tools you need to become a successful entrepreneur. Soft skill training is equally important and should be conducted for all the employees

Areas to choose – As an entrepreneur, you should look at venturing into new areas of expertise like data science, machine learning, artificial intelligence and internet of things. These are emerging areas, which have the potential of driving many areas of operation in the times to come. Hire experts in these domains. To be ahead of competition, it is advisable to identify such trends well in advance and work on building the right team and products around it.

Develop a network --- Network with people who matter to you in your business. Reach out and connect with relevant stakeholders at offline and online forums. Optimize the use of social media. A friendly introduction from someone known works best in this case. Spend time to socialize with cross section of people and ensure you travel across markets and other markets. In case you have a leadership team in place, it is advisable that they work towards building their network, in their areas of operation

Look for unexplored opportunities--- Opportunities are immense in home as well as global markets. It is important to spot them and make the most of the opportunities. Keep a close look at how you can expand. Many start-ups in India are doing fairly well in various foreign markets in different sectors. Always remember-In startups, speed to market is the key.

Use banking instruments – The government has multiple and massive schemes to fund small and start-up businesses. The funds are disbursed through banks and other government aided financial institutions. In India, the Micro, Small & Medium Enterprises development organisations, various State Small Industries Development Corporations as well as the nationalised banks have initiatives aimed at start-ups and businesses, at different stages of their growth curve. Make sure you create a convincing business proposal for the approval of funds. Consult and take help of experts and financial analysts if required. Keep yourself updated with government policies, especially around your sector of work.

The author is cofounder and director, MobiKwik


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