I have been talking on Entrepreneurship for quite some time now. For benefit of my readers, I hereby summarize my thoughts in 10 bullet points that serves as a quick reference for anyone aspiring to be an entrepreneur:-
1. Entrepreneurship is HARD & DEEP thinking not SMART thinking
2. It requires a high degree of EQ, than IQ to survive the hardships
3. It requires CONTRARIAN and DISRUPTIVE ideas, ideas not tried and tested before
4. It requires an in-depth research into the business model that the entrepreneur will employ
5. Silicon Valley style thinking will not work in India. One has to understand the HISTORIC context of how INDIA was in past, the present and how this nation will evolve in next 10-20 years – the entrepreneur has to understand the quiet and silent SOCIAL REVOLUTION happening in India deep down under – so as to how ordinary people in small towns are dreaming big.
6. A start-up need not be a tech startup always. It can be a traditional brick-n-mortar enterprise, such enterprises have a lot of utility and value at grassroots level
7. It requires a lot of reading, of relevant books, journals and attending conferences to master one’s line of business
8. An UNWAVERING FOCUS on product/service excellence. An opportunistic Product-to-market-gap strategy is an EASY strategy – which has been the bane of Indian business for 70 years now since independence. Attaining excellence in one’s field is a HARD strategy – very hard to master and requires a lot of patience. It is HARD strategies that create a TOYOTA, APPLE, AMAZON, GOOGLE, CANNON or a DISNEY.
9. Copying another entrepreneur’s success formula NEVER WORKS. You can’t become a TOYOTA by copying TOYOTA – we have not seen another TOYOTA in last 50 years.
10. Last but not the least – i) don’t commit too fast ii) don’t withdraw too fast iii) don’t be over enthusiastic about your business forecasts iv) don’t start with high fixed costs &: NEVER NEVER GIVE UP!!
All the best to all the budding entrepreneurs – who want to make India a superpower.