Why Indian Entrepreneurs & SMEs Need To Upskill in 2020 As more people stay home due to the COVID-19 pandemic, a new wave and type of entrepreneurs are evolving in every household. It's going to get competitive out there

By Akash Gehani

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Did you know over 50 per cent of the Indian population has started a side-business? As more people stay home due to the COVID-19 pandemic, a new wave and type of entrepreneurs are evolving in every household. It's going to get competitive out there.

How can you, as an entrepreneur, ensure you are ahead of the curve? There are three essential things that separate a great entrepreneur from the rest.

Growth mindset: A great entrepreneur is always looking to improve and learn from their failures. They use the failures as springboards and add relevant skills and learnings from experience to get to where they want. They won't stop until they have reached the goal.

Forward-thinking: Most successful entrepreneurs have a vision. While it is practically impossible to predict the future, there are some aspects of the business that can be predicted through emerging trends and one needs to have vision for that.

Less talk, more execution: Once an opportunity is identified, a successful entrepreneur will not hesitate to take action.

Not all entrepreneurs are born with the "greatness' traits. These can be learned over time and that's why upskilling is so important for small businesses.

3 reasons for upskilling

Upskilling helps entrepreneurs stay prepared: What happens when you run into a cash crunch? How to make the perfect pitch and impress an investor? Taking relevant online courses or reading up resources about entrepreneurship skills can help a business owner stay prepared for anything—even a pandemic! There are several courses out there on digital marketing, working capital management, personal branding and much more. Take time to invest in your skills to help you stay prepared for the worst.

Accelerate productivity with new skills: Working from home or remote work can get difficult. That's why adapting to a new routine and having something like an online training or course to look forward to can give a huge productivity boost. What's more? You can get a dopamine rush every time you implement the new skills you just learned and see the results.

Improve overall mental health: According to several scientific researches, learning something new can improve self-esteem, boost confidence and help build a sense of purpose. That's why inspiring entrepreneurs like Bill Gates and Warren Buffet are always reading new books and gaining more knowledge.

Quick tips on how to upskill in 2020

  • Create a learning routine and adopt a timetable for this routine
  • Pick your favorite style of learning—it can be podcasts, reading blogs, books, or taking video courses
  • Make sure to pick resources or learning material that has actionable items. Takeaways that you can implement in your business directly
  • Don't worry about certification—as long as you get to learn something relevant that can help you in your business, a certificate is not a requirement
  • Attend and be part of as many virtual meetups, webinars, and events. These events often have lots to offer and can help you find a mentor or just give you great ideas as you talk to more people
Akash Gehani

Co-Founder & COO, Instamojo

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