I have a dilemma on turning entrepreneur. Being an entrepreneur is the universal dream for Indians. In 2018, 63.7 % of Indians considered entrepreneurship to be a desirable option. The key to being an entrepreneur is to have an idea that fulfills a need or addresses a gap in the market. many people venture into entrepreneurship with a me- too idea and soon repent the decision. If you are an entrepreneur, then hope cannot be a strategy.
As an entrepreneur, I argue that you need a good founding team based on trust. The team must have the freedom and the inclination to challenge you, the founder. The worst thing for an entrepreneur is to have yes men and women around you. The quality of your product or service or business model will only improve if the core team challenges itself to be better. Entrepreneurs are very important for India. India has close to 64 million MSMEs employing about 110 million people. MSMEs account for nearly 25 % of the total workforce in India. India needs more entrepreneurs and technology access is helping fuel entrepreneurship. Apart from good people, you need the right technology and the right business model to succeed.
Entrepreneurs must have a frugal cost mindset. When people are used to large corporate budgets and large company trappings, they tend to be a bit profligate. Being frugal, being high on multitasking is key to being an effective entrepreneur. You must have the ability to look at the results of your strategy regularly and change it if it’s not working. In Silicon Valley, start-ups rethink their strategy every Saturday. Be brave to change just as you were brave to take the entrepreneurship plunge.
This story is from the March 2021 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2021 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
THE SUBMERGED ADVENTURES
Spearheading GetVantage, one of the leading alternate financing companies in the country, Bhavik Vasa knows that sometimes entrepreneurial journey can get tough and stressful, but he has his own way of clearing his mind -- a few feet underwater.
Robust Charging Infra Key To India's EV30@30 Ambition
WHILE GOVERNMENT AIMS TO HAVE 30% OF 2030 CAR SALES AS EVS IN THE COUNTRY, THE VISION SEEMS UNATTAINABLE WITH JUST OVER 12,000 PUBLIC CHARGING STATIONS IN THE COUNTRY AT PRESENT.
OWNING A SLICE OF PROPERTY
Real estate is a critical component of one's portfolio as it provides income, capital appreciation, inflation protection, and diversification.
THE FUTURE OF FINTECH
It's all about setting the house in order
ETCHING SEMICON DREAMS
Historically concentrated in regions like the US, East Asia, and Europe, there's a rising interest in expanding semiconductor assembly and packaging capabilities to emerging markets like India.\"
6 Lessons I Learnt In My First Startup Venture
EVEN THOUGH YOU PICK A BIG MARKET, IT’S IMPORTANT TO PICK A SMALL SEGMENT OF IT TO FOCUS ON FIRST AND UTTERLY DOMINATE BEFORE YOU SLOWLY EXPAND.
How AI and ML are revolutionising healthcare industry
Al ALGORITHMS CAN NOW ANALYZE VAST AMOUNTS OF BIOLOGICAL DATA TO IDENTIFY POTENTIAL DRUG CANDIDATES, PREDICT THEIR EFFICACY, AND OPTIMIZE DRUG DISCOVERY PROCESSES.
5 Lessons I Learnt As An Entrepreneur Over The Last Decade
TODAY, WE ARE A PROFITABLE BUSINESS WITH 2.5 TIMES OF OVER PRECOVID BUSINESS VOLUMES.
Revolutionizing the two-wheeler industry with technology
TO CATER TO THE INCREASING DEMAND FOR TWOWHEELERS, THE INDUSTRY IS CONTINUOUSLY EMBRACING THE LATEST TECHNOLOGIES TO ENHANCE EFFICIENCY, PRODUCTIVITY, AND SUSTAINABILITY.
Who's Stealing Your Time?
Do you have less time for the things you love? You might be blaming the wrong people.