Entrepreneurs are the best assets that a country can have. They not only create jobs but also add value to society with their products. Just a few 100s of Industrialist can not create jobs for 1.2 billion people in India.
We need to build that mindset among the new generation of students so that they can take the path of entrepreneurship and help the nation.
Is this really happening in India?
In the last 2 years, After spending most of the time meeting young first-time entrepreneurs, I found that most of them made this mindset ( not sure from where and how ):
– Startups can only be successful if they got funding. ( Not their fault, Indian Media & Startups ( somewhere we as well ) celebrates funding more than paying customers.
– Startups can be made successful if it involves the latest Buzz Words (AI, Blockchain, ML and so on).
– Trying to create something first & finding the customers for it later.
– They think that they got the startup & Now It’s Investor’s responsibility to fund them (as their Ideas is Next Flipkart or Uber).
– Start Early mindset – They think that it’s much better to start asap rather than work for someone. ( even they do not have a basic understanding of how a business works ).
– They do not value their time at all. Spending 4-5 hours on social media just to get some appreciation about what they doing. Even they are not making enough money to survive.
– Spamming the potential customers via emails and social media in hope to get one.
– Not planning the business and just keep going blindly.
With my little experience running 2 startups making more than $3million/ year in revenue which were started with almost nothing five years back.
My 2 cents for the young guys ( Who’s Father/mother is not a millionaire )
1. Start with a product/ service which will generate revenue from day one. Do not look at the guys who raised million despite the big losses. they are just .0001 of the startup ecosystem and someone is gambling on them.
2. Do not hurry, creating a business will take time. Compete with yourself first, try to improve the product/revenue day by day. ( Do not overthink what others are doing)
3. Read books and other content which can help you to grow more efficiently.
4. Network with right people, when seeking advice from an expert – be very specific about your query or help you need.
5. Learn to respect your time and skills. Do not work for 14-15 hours. Be productive and maintain a good work-life balance.
6. When you wake up in morning, do some exercise first or YOGA so that you feel productive from the very first thing in that day.
7. Listen to the customer or observe their feedback and keep improving your product and customer service.
” Dream about success – Write down the path – Plan the execution – execute the daily tasks – Repeat”
At the end, I must appreciate the entrepreneurs who are just amazing with their products and creating great value. The day is not too far when each category and Industry will have a product from Indian Entrepreneur.
If you find this useful, please do share with your comments. Also Will be happy to hear your views on it.
#Entrepreneurship #Entrepreneur #StartupIndia #Startup #Bizztor #Business #Success