#5 Qualities You Must Posses to be a Successful Entrepreneur IT industry veteran Ashok Soota says if an entrepreneur is focused on one segment, he/she can become its leader

By Komal Nathani

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Some people are content with their regular jobs and throughout their professional careers they strive to get better opportunities, while some are not satisfied till they build something of their own.

And those who choose to be their own bosses in life are either born with or develop certain personality traits that make them different from the rest.

The entrepreneurial path is fraught with challenges and every individual taking the road less travelled is time and again put through tough situations, which they have to survive. In the process, they have the scope for self-assessments.

Entrepreneur India has collated a list of attributes that are more or less common to all industry stalwarts, who have been through the rise and fall and have learnt to remain steadfast in front of challenges.

Belief in yourself and your Commitment

Paying back to the society is an important aspect of an entrepreneur's life, said Arvind Varchaswi, Managing Director, Source Natural Foods and Herbal Supplements.

An entrepreneur must perform his/her duty of serving the society while contributing to the country's economy. Talking about building a business that matters, Varchaswi said serving the society is an aspect that gets lost amid the increasing priorities of an entrepreneur. Citing the examples of India's legendry businessmen like Jamshetji Tata, steel-maker Jamnalal Bajaj and auto-industrialist GD Birla, Varchaswi explained about the importance of identifying the basic needs of the society and serving it to meet the needs.

Creating Niche Market

In today's scenario if an entrepreneur is focused on one segment, he/she can become its leader, said Ashok Soota in the 2017 Annual Convention of Entrepreneur India. Sharing his experiences with the audience Soota said, "Nothing can be better than a situation in which a company continues to grow in a segment and acquires a leadership in it." Explaining that such a firm will make profit much faster than the others, he cited the example of Mu Sigma, the Big Data, Analytics-focused start-up that turned into a unicorn in little time by being a leader in the market.

  • Crazy As If There is No Tomorrow

The founder of DC Design, Dilip Chabbria said, "If you are a creator, no one can put you down because you are always creating something and not fudging a ledger or someone's pocket. At some point in time, it is going to pay you back for sure." Chabbria emphasized on the quality of being a creator. He said, "In our case, we made the first breakthrough in 2003, where we succeeded to bag an international project in the first attempt. Looking back, I wonder how we had the audacity to do that. So, you got to be crazy enough to believe as if there is no tomorrow."

  • Never Give Up

The entrepreneur, whose venture has been recognized as one of the most innovative tech companies in the world, Ambarish Mitra, CEO of Blippar asserted that despite the slump or any other challenges that comes in their way, entrepreneurs must stand their ground supporting their ideas.

"Do it and do it even if you think it's not the right thing to do. This is the only way to learn. Yes, competitive benchmarking is important when it comes to the mobile space, but unless you take the risk, you will not know what works," he added.

  • Rise above Fear of Failing

The man who is on a mission to make distances shorter, Bibob Gresta strongly suggested every entrepreneur must try without the fear of failing. "Failure is part of the game," he said.

Gresta asserted that if start-ups come up with solutions to problems, it would be of great help for Hyperloop, which is seeing a sea of change with its ever-evolving technology. His company is already evaluating partnership equations with Indian start-ups.

Komal Nathani

Former Correspondent, Entrepreneur Asia Pacific

A firm believer of hard work and patience. Love to cover stories that hold a potential to change the momentum of business world. Currently, a part of all-women web team of Entrepreneur’s Asia Pacific edition to jig the wheel of business journalism!

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