5 Skills for Success for 21st Century Entrepreneurs With 'Startup' becoming the buzz word for millennials, there is a rise in the number of entrepreneurs making India stand on number 57 in the Global Innovation Index
By Atul Temurnikar •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Too busy to go to the market for groceries? Big Basket has you covered. Learning algebra is getting tougher in grade 9? Watch Byju's for easy tricks to solve. Short on cash? Paytm is at your rescue. These new age businesses are the brainchild of 21st-century entrepreneurs who have managed to change the world.
Rapid evolution in high-speed internet connectivity and penetration of smartphones among the dynamic and young population has created a fertile ground for new businesses. And for young India, this ecosystem is rife with opportunities for entrepreneurs.
Globally, India ranks third in terms of its "startup ecosystem' following the USA and China. In 2018, 1,200 startups sprung up in India, along with more than 50% growth in the number of "Advanced Tech' startups.
With "Startup' becoming the buzz word for millennials, there is a rise in the number of entrepreneurs making India stand on number 57 in the Global Innovation Index. But, the journey is challenging.
So here are a few tips based on the Startup trends in the country that can help aspiring entrepreneurs to succeed.
- Offer Something Unique
If you are a new entrant in an established market place, it goes without saying that what you offer to the customer has to be unique. The idea is to find a gap in the existing marketplace and offer the customers something that the current players in the market are not able to give them. Studying the domain and your competitors will help you devise a balanced strategy that draws attention.
For example, one of the rising trends is the consumers focus shifting towards health and lifestyle. It has become a mandatory regime for the majority of people to balance their health with their hectic lifestyle. Offering products or services that cater to this need will get you the much-needed entry in this sector.
- Build a team
Entrepreneurship is not a one man's job. You need to find the right kind of people who believe in you and are willing to work towards your goals and mission. A team is the backbone of an organization. A well-balanced team can bring your business targets within reach. Since building a team will require a lot of time and effort, it is advisable to start building at the beginning of your journey.
- Be Resourceful
Almost 90per cent of the startups is bootstrapped with limited resources and funds. This basically means that the entrepreneur himself will have to be resourceful enough to perform certain tasks on his own to scale up the business as he would like.
For example, the use of Artificial Intelligence to take decisions is the most discussed technology in 2019. With the Budget 2019-20 sided with technology; it will be the most resourceful to an entrepreneur who doesn't have enough funds to hire experts in his team.
The key is to be smart – keep your resources aligned with your business objectives and make the most of it.
- Leverage Your Network
Networking is everything, especially at the beginning of your entrepreneurial journey. This is the time when you need your network to recommend you and influence your target audience. Asking for help from friends and family, that' how your business will grow. Nothing works like word of mouth marketing to strengthen your customer base.
For example, If you are in the services business and you start an agency on your own, those clients who have worked with you for so many years can be your first set of clients in this new journey.
- Take Risks
Risk-taking is inherent in entrepreneurship. When you decide to become an entrepreneur, you sacrifice your steady monthly income for several months to a year, keeping in mind the long term profits that you will gain from your own business. These are calculative risks that one takes knowing the odds of success. Though risk-taking can be a nightmare for aspiring entrepreneurs, accepting risk is part of the deal.
Every journey is different and so the challenges will also differ. It is not a "one-size-fits-all' situation, but the overall mantra should be dedication and passion.
