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Entrepreneurship

These Tricks are Going to Give You a Perfect Venture

Entrepreneurship is a way of life and you only learn by doing
These Tricks are Going to Give You a Perfect Venture
Image credit: Shutterstock
Co-Founder & CBO, ShopClues
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

An entrepreneur is the captain of the ship - in charge of, and responsible for everything that happens, beginning from the conception of an idea to its execution. Qualities an entrepreneur must possess to ensure their ship doesn’t sink are a passion, an open mind and perseverance to make it through, despite the challenges.

Here are 8 lessons that might help your journey:

1. Research Your Idea

Every single business model is based on a single idea. But before you hit the ground to implement it, make sure you have all the research and market data in place. Talk to your mentors and guides through each step. Good knowledge and understanding of your market are key attributes to success.

2. Surround Yourself with an Inspiring Team

Your team can either make or break your dream. So, having a strong, qualified core team is essential to your business. Work with a team that inspires you and pushes your vision ahead. Successful entrepreneurs are always backed by a competent team.

3. Patience and determination

Every career path comes with its own set of challenges and complications. What will set you apart is how you stay calm in the eye of a storm. Being patient through a rough patch and having that steely determination to see it through are qualities that define a true leader.

Show up every day, and keep working at it.

4. Passion

Passion and entrepreneurship are two sides of the same coin. An entrepreneur must be fuelled by passion and an obsession towards the fructification of their idea. To be successful, you have to live in your mind as an entrepreneur 24/7. There are no off days and every day is show-day! In fact, you will sit up at midnight to check 50 customer service emails, if you have to!

5. Be a people’s person

An entrepreneur can never succeed in being a sole ranger. Nurturing a healthy relationship with people around you and being a good networker will ensure there’s always a door open for you somewhere. Your team and your customers should not be threatened by you but find you accessible and open. After all, business is all about people — those who sell and those who buy.

6. Learn To Adapt to a Crisis

Just like life never goes as planned, neither does business. There will always be surprises and crises along the way. A good entrepreneur will not mope around about the sudden turn their business takes. Rather, one must adapt and innovate according to the changed course the business has taken. How to turn a crisis into an advantage and learn from it, is a very valuable lesson that all entrepreneurs must know.

7. Celebrate Every Small Victory

Each small win must be celebrated, not only for yourself but for the team that has stood by you. Don’t wait for that big customer, order or client to celebrate your success. After all, each small drop makes up the ocean. Not only will these little celebrations boost the morale of your team, but they will also remind you that it is the journey that is important, not the destination.

8. Being a Woman Doesn't Make You Any less an Entrepreneur

Don’t back down with your dream just because you are a woman in a mostly male-dominated arena. Every entrepreneur is only as good as their idea and the success they make of it. You can command respect from your male counterparts and colleagues on the sheer basis of your professionalism. Hold on to your dream and go through the grind just like any other entrepreneur would.

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