Do you think all successful entrepreneurs are highly educated? While most of them have a basic degree, not all of them are highly educated. Do you think that having a UG/PG could help you become an entrepreneur? No, it doesn’t, remember, educational qualification is not the only thing that could make you an entrepreneur, it is the talent and the ideas that matter. In this article, we will discuss how to become an entrepreneur in India today.
To start the discussion, let me ask you a simple question, what do you want to become, a small business owner or an entrepreneur? While there are people who assume that becoming a small business owner is always inferior to becoming an entrepreneur, this assumption is wrong. In the world we live today, it doesn’t matter. All it matters really is the success.
Are you young, poor, unqualified, or a student? It does not matter. If you have the heart and mind set to work hard to reach your goal. Lack of educational qualification might not stand in your way. No matter where you are, to become a businessman/woman or an entrepreneur, the most important thing you should have is determination and energy.
Here are some tips and facts that could help you become a successful entrepreneur in India today.
1. Start with an “Idea” –
A person could have different ideas, the ideas could come from education or it could come from life experience. However, to become an entrepreneur it is very important to have ideas. It is always perusing the ideas that could give a person success.
No matter how educated you are, you need to understand the simple fact that most of the successful Indian and international entrepreneurs have started with brilliant and wild ideas. You do not have to search, Facebook, Starbucks, Google, Apple, etc. Simply check their history and how they were founded and the idea behind it.
Some ideas might tend to be overrated, however, timing is never overrated. If you have an idea, it is very important to start doing things to develop the idea and implement it as soon as possible. Remember, Microsoft, Apple, Google, all started their journey at a certain time. The timing was very convenient for them and therefore, you need to make sure, you do not sit on an idea for a long time. If you think an idea in your head is good, you need to implement it as soon as possible.
2. Start a company or an industry based on your idea –
Starting a company might seem a bit overrated, it is not easy. But, to become a successful entrepreneur, you need to be daring. You should not hold back, if you have an idea, you need to develop it carefully. While we will not recommend that you need to start a company without proper study. Starting a new company or a business is like parenting. A company is like a baby and you know, babies don’t come out with an instruction manual to follow. The baby will fall, but, the fall will teach them how to get up and to walk properly. Here you are both the parent and the baby, the falls would give you the experience and skills to overcome it.
There is no guarantee that a company or a business would be successful as soon as it starts. You would probably fail in the beginning, but, when you fail, you need to find why you failed and try to find the solution to the issue. Most successful businessmen or entrepreneurs succeeded in this same way. For example, even Ratan Tata and Steve Jobs failed more than once in the beginning, but, what they did next changed their business. Both of them succeeded in convincing people around about the advantages of their new products, This, in turn, attracted more customers and started to make their business successful.
3. Peruse a UG or PG course if your idea and company demand it –
Remember, there are some ideas and fields where you need to have a proper educational qualification to succeed. While it is not always important, if you have an educational qualification it could be a bonus for your business.
There is a simple fact that you need to understand, there are some business ideas where educational qualification could offer great support as skills and information. However, the same skills and information could be acquired through experience too. This is why we mentioned that education qualification is not mandatory to become an entrepreneur.
Most of the engineering courses along with an MBA could offer a person with adequate skills and knowledge for starting and running a company or a business.
4. Do not try to do things grandly in the beginning –
One of the most common mistakes that people make today is that, even if they are inexperienced, they start a company or business and add a lot of expense. While you start a business, you must do things carefully. You should not simply spend a lot of money on unwanted things. For example, a start-up might not need a very extensive human resource department or a very elaborate building or structure. Control your expenses, this could help you switch the business if there is an issue or you could make some alterations to change the business if required.
5. Extract yourselves –
While you start a business or a company, you might be the pillar of the most important work done in your company. If it is a finance-based company, you might be the head accountant and everything goes through you, if you have a software company, you might be the main coder, this would keep you engaged always. But, this is a mistake, most of the entrepreneurs who failed had the same scenario. This is why you must excuse yourself from such a key position as soon as you are sure the foundation of your business is strong. Recruit people while you are working and then train them, and when they are ready, stop working. This could help you make your business self-sustaining. Remember, doing this could give you more time to invest in developing your business and you would be able to draw profit without putting in a lot of work.
6. Think outside the box –
If you talk to successful entrepreneurs in India or anywhere in the world, you will find that most of them think outside the box. We will not recommend you to think outside the box every time, but, it is very important that as soon as you have an idea, you need to start developing it carefully. While developing the idea, you must start thinking outside the box. Remember, thinking outside the box could give a lot of solutions and this could give better chances for development.
A business might succeed or it might fail, but, the most important thing that you need to understand is that, if you control the expenses and keep thinking outside the box, it could help you survive without any big loss and the chances of failure could be reduced.
7. Obey the laws, rules, and regulation set by the Indian government –
Let it be a production, finance, or marketing, or any sort of business. You should know about all the related laws, rules, and regulations. Learn them and it could serve you in the future. While there are some rules and regulations that could make your business hard to succeed, in such cases, instead, disobeying the law, try to think outside the box and overcome it. If you lay your foundation in such a way, it could serve you better in the future.
Final words –
It is not easy to become an entrepreneur and no entrepreneur has become one in an easy way. it might take a year and this means patience, if you are not patient, it could do you harm. You should never expect your company or business overnight, it might take time for the business to develop, you need to watch it carefully and wait. Always keep in mind, a successful business is not a result of status, educational qualification, or bank balance. It is all about ideas, skills, determination, and energy.