Being an Entrepreneur is not an easy job and to identify whether you are an entrepreneur is more tougher job.The topic is covered in three sections listed below:
Important steps towards entrepreneurship:
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Are you an Entrepreneur?:
This is the most important question that is to be asked.Being an Entrepreneur is not a fashion label and hence,every person is not an entrepreneur.Hence,you should know whether you are an entrepreneur or not.Entrepreneurs not only make money but they are responsible to create jobs for others as well which would lead to economy boom in the country.
When an Entrepreneur thinks he/she is ready?:
One of the main challenges for any entrepreneur is to know when is the right time for him/her to start.As far as this is concerned, it is the gut feeling that would tell that person about that time.And yes, not to forget there should always be a sense of risk taking ability to start up so, be prepared for the same.
Uniqueness of your idea:
Everyone has ideas but it is important to know whether your idea is unique.So being in the entrepreneurial stage, you should always discuss this with some of your close associates to know whether your idea will work or not.This will give an unbiased opinion for your idea.The main point is “If you cannot convince a single person with your idea, how would you convince the masses about your idea”.Also,”Do not start a company for money.In the entrepreneurial stage,it should only focus on innovation and money would automatically follow inovation at a latter point of time”.
Try to be with the right set of people:
An entrepreneur should be in the right company.What I mean is, for the execution of any idea along with the technical team, you also require good experienced people from HR/management etc.This would complete the full circle for you and your team can focus on different aspects of your company.eg. “Mindtree Consulting” was founded by Ashok Soota and co-founded by Subroto Bagchi , similar is the case with Infosys(Narayana Murthy, Nandan Nilekani & others).
Have a proper business plan:
So once you have a UNIQUE idea and you are with the right set of people, you are ready to fire.Than comes the most important aspect of any startup is having a crystal clear “BUSINESS PLAN”.Have a very precise business plan.Your business plan should cover the following aspects:
- Who is you customer?
- Who are your competitors(if any)?
- Your short term and long term growth plans?
- Ways of cost cutting(for eg.in the entrepreneurial stage,it is important to reduce the cost on unwanted things).
- Market capitalization.
This is another important step in you product development phase.A successful management team needs support from the technical team and vice-versa.Hence, you should follow stringent steps to make your product a “Brand” since, in todays competitive market only brands can survive and not products.eg. Google is a brand in “Search Engine” market.
One of the simplest and cheapest ways to market your product is through various camps(or should I say unconferences) which happen eg BarCamp,BlogCamp and other shows like Proto.in(which I attended in Chennai recently).
When to approach a Venture Capitalist(VC):
This is also very important stage in the life of a startup company.It is very important to know at what stage of the startup,you want to approach a VC since, the main point is “Once your product has a good market cap, there would be VCs who would be surrouding you”.Also, once you approach a VC,you should know about how much fund you want from the VC,since VCs cannot give you ample amount of fund,without you providing a valid reason.
A general word on marketing:
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As I have specified in my “Brand Building” point, different strategies can be followed(in marketing some of which are given below:
- Through Ads in newspapers,pamplets etc.
- Free distribution of your product(evaluation version),if it is cost effective.
- A good way to reach a wide range of audience is through BarCamps,BlogCamps,events like Proro.in(which showcases startup companies).
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Being an Entrepreneur is not a simple job.It is not like working for 8 hours a day.Hence as I had mentioned previously, “Every Techie is not an Entrepreneur”.
Passion towards your goals:
An Entrepreneur is a person who is passionate about what he/she does and goes an extra mile to achieve his/her goal.Hence,”An Entrepreneur is a self-motivated person”.
Continuous learning:
Enterpreneur is a continous learner.He/she learns from his own mistakes and also tries to learn from the lives of other entrepreneurs.Hence,”Continuous learning is the key to entrepreneurship”.
Right kind of support:
It is very important that you receive the right kind of support from your family,friends and fellow entrepreneurs.Hence, being an entrepreneur is a clear test of risk taking and facing new challenges.Hence, your family should be supportive to help you achieve your goals.
Booming economy in India:
After the dot com burst,many companies suffered a heavy loss and saw the shutters go down for many companies.But now,the time has changed and especially for India,we can say “Every cloud has a silver lining”.There is a huge economy boom in India and there are more and more people leaving their heavy pay-packet jobs to fulfil their dreams.During my visit to Proto.in there was a statement made(by a Tech Evangalist)-“No would have thought that such a show(showcasing 30 startups and 25 VCs) would have happened in India and this is a clear indication of more and more entrepreneurs being born out of India“.
Events like BarCamps, BlogCamps and Proto.in are examples of emerging globalization and entrepreneurship in India.
More information for starting your venture in India : Startup in India
Good research work and again it’s full of information, will definitely help to explorer good ideas.
Cheers !!
Alok
Yes Alok,It involved some study and research as well.More important for me was to participate in the contest on Startups.in and I did pitch on time.
-Himanshu
“Booming economy in India” paragraph was really good one, else I found so many things was just like summary of “High Performance Entrepreneur” by Subrto bagchi.
But one thing I must say, you did really good analysis, I think now you are very close to do some concrete planning…I am waiting for the day, when you will give me party for your startup….
But keep one thing in mind always…”destiny will test you always…..especially those who dreams high!!!!”
Hiral Shah
Hi Hiral,
I would not agree that it is from the book “High Performance Entrepreneur”.This you would find it everywhere since when I started my jobI never thought of thinking about Entrepreneurship and this is what I have mentioned in my article “If I can change,than many Indian brains(who might be far better than me,but lack the courage to think big),can also change.
-Himanshu
Really good work done. Its a good learning for all who have willingness to be an entrepreneur.
Cheers,
Nidhi
Hey Nidhi,
Thanks so much,this blog would definitely help budding entrepreneurs though I am also one of them 😉
-Himanshu
Your dream brims with passion
That is so nice to know
May it so happen that you taste success
Wherever you go
My best wishes are with you
But I feel that the extra time that many spend in analysis can be better investedi n learning from experience
So, an early beginning is better than a seemingly safe one
Cheers!
Saurabh Turakhia
Hey Saurabh,
Thanks so much.Yes,I definitely think that starting with the right set of people and at the right time is very much important.
Thanks for all your support and wishes!!!
-Himanshu