India has secured the third position in the list of leading start-up hubs, following the US and the UK, as per the ‘Indian Start-up Ecosystem Maturing’ report by Nasscom-ZINNOV, released in 2016.
Given the upsurge in foreign incubators supporting these budding ventures, in addition to government policies that further encourage entrepreneurs to Make in India, there are innumerable businesses that have seen the light of day in the past few years.
Yet, despite the flowery bed of India’s start-up culture, there lies a deeply intertwined sheath of issues, which has led to the uprooting of over 1,000 start-ups in the past two years.
While every minute can be game-changing for entrepreneurs, who are in this business Kurukshetra, there persist various reasons for them to be slow and sure, rather than sudden and sorry in their decision-making.
Here’s a few critical concerns that Indian entrepreneurs need to bear in mind as they race against their competitors in this challenging business landscape.
Aggression Vs. Patience: While it is understandable that many entrepreneurs are excited about their venture and modus operandi, it is crucial to strike a balance between emotion and ambition. Emotional stability and patience are virtues that bring equilibrium to the entrepreneur as well as the organisation. Aggression may be a magic charm for quick successes. However, for business sustainability and long-term scalability, it is important to take time, soundboard perspectives with mentors and take decisions, bearing in mind all the consequences. This also helps prioritise quality in whatever it is that one aims to deliver.
Self-awareness: A business leader needs to take time to reflect on his/her decisions, gauge the implications and mould the plans of action accordingly. More often than not, bumps can occur on the journey, and it helps one know one’s own strengths and weaknesses in order to make the best of them. Believing in oneself and constantly innovating are the entrepreneur’s mantras during such times.
Look Before you Leap: As easy as it may be to take decisions on the go, the consequences may not be as smooth to cope up with. In the beginning of the journey of entrepreneurship, there is a possibility that too many opportunities may present themselves. In this scenario, it is wise to not hurry into expansion and take stock of long-term losses, rather than account for short-term profits. It takes years to build something, and only one decision can bring the empire crumbling down. In keeping with this, the business leader must be cautious and make sure that the idea is fool proof.
Don’t Get too Worked Up: Although an entrepreneur hardly gets a vacation, especially when their brainchild is in the primitive stages of development, my suggestion for all the budding leaders would be to take sometime to relax and do the things you really love. These mental or physical exercises will definitely help leaders stay in the right frame of mind to constantly be on their heels and keep innovating.
Life will keep throwing lemons only because one is capable of making lemonades of them. It is advisable to take things slow and enjoy the sourness as much as the sweetness. Whatever it is that one may choose to do, think innovation and don’t be afraid because it’s okay to fail. Just make sure to fail, fail again and fail better, the next time.