Many Indians are now jumping onto the startup bandwagon and that is fuelling economic growth as well as improving employment within the country. With such a thriving community and more and more aspiring entrepreneurs coming in, there is a need also to learn from the existing ecosystem about how to succeed in this space. One of the big ways to do it is by undergoing entrepreneurship certificate programs which will allow you to gain the knowledge that is critical for success in this area.
Meanwhile here are some important tips from the entrepreneurship community in India.
- The idea should meet an existing need – Many ideas arise and while several are great, the big question to ask is if it is filling an existing gap or need for individuals who form the target customers. Many entrepreneurs assume that all interesting or good ideas are necessarily implementable as well as viable as business propositions. This is not the case.
- Keep your eyes on the goals – At times it becomes easy to lose focus of what you want to achieve. The day to day challenges of running a new business with small teams and limited time frames are high. Even so, remembering the goals you defined and are working towards is important because that will help you re-align if you ever move off-track.
- Making money is important – You might have started the venture as a passion or an idea that needed to take a bigger shape. But you need to make money to keep your venture sustainable and afloat. Even though it takes time, not losing your commitment to making it financially viable or profitable is what it take for the venture to grow.
- Keep a business plan that is agile – Sometimes we are so enamoured by our own business plan that we fail to revise it based on the changing needs of the venture itself. So remember that a business plan is crucial and gives you the roadmap. But when the road might need to change, so does the roadmap and hence using business plans to drive your strategy is a good idea. But keeping them flexible to ensure that your strategy is also feeding back into the plan and changing it if needed, is as important.
- People are crucial – Whether you decide to hire a small or a large set of an employee, talent is critical. At all levels of the organization, you need to have the right set of people.
These are some big tips that can serve as guidelines for any new entrepreneur as he or she embarks on this exciting journey.