Tips For Budding Serial Entrepreneurs While Straddling Multiple Worlds of Businesses
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Entrepreneurship is classically defined as one’s ability and willingness to take on risk to make a profit! An entrepreneur is an inherent problem-solver. As opposed to a job, which is well-defined, has a known pay structure and requires competing for progress - entrepreneurship requires an ability to deal with new and unknown problems on a regular basis, constantly sizing risk versus reward and requires tremendous personal sacrifice.
In our experience with companies ranging from Technology to Finance and Retail to Hospitality. The lowest common denominator being the recognition of solving a popular problem or providing a needed service, leveraging technology with the core focus of “profiting with integrity”.
Over time, serial entrepreneurs get more curious and learn to innovate. They also develop the skill to “pivot” when encountered with “dead ends” and learn to “move on” when something does not work.
The single most valuable trait of a serial entrepreneur is their ability to manage their time, as time can be their “best friend” or their “worst enemy” - depending on how it is used.
Entrepreneurship in India vs Abroad - How the Indian Startup Ecosystem can Leapfrog to Global Levels
US has the most number of per capita entrepreneurs in the world at 14% of their adult population, as cited in the Global Entrepreneurship Monitor (GEM) report compiled by Babson College, the world’s top college for entrepreneurship. In the US, 80% of entrepreneurs starting a business fail within the first 18 months. For serial entrepreneurs, this statistic is of extreme importance. To fail early and fail small is truly a stepping stone to future success.
Studies indicate that close to 50% of businesses fail due to the incompetence of the entrepreneur and an additional 30% due to mismanagement of time, money and other resources.
For entrepreneurs to stack the odds of success in their favor, they need to develop a few sound traits like being driven, passionate and committed to the business and its cause; willingness to observe, listen and learn; finding sound mentors; having a desire to be in a “boot-strap” mode until revenues are in sight; and creating a balanced team with members possessing product, business, market and technical knowledge.
For entrepreneurs, in adversity lies opportunity. A problem is truly a sound proposition for profit! India has many problems throughout the strata of its society. The problems of the poor can be very easily solved by introducing efficiency in their lives by use of technology. The speed at which smartphones are penetrating the Indian population along with government programs like AADHAR and platforms like BHIM, there are endless opportunities to change the lives of the ordinary India who account to approximately 600 million people. This statistic alone will allow India to leapfrog to global levels in terms of entrepreneurship, given the fact that the younger Indian is willing to take the risk of entrepreneurship to change the country for the better.