Want to Be an Entrepreneur? Here Are Some Tips to Get Your Journey Started

Learning how to be an entrepreneur in 2019 might feel intimidating because statistically, 9 out of 10 businesses fail. Being an entrepreneur requires a combination of hard work and skill, the correct mindset, and even luck. When you develop the right skills and have a business idea that others will kill for, you have the best fighting chance to succeed in the modern competitive business world. Here are our top tips for you to master and learn entrepreneurship.

Develop an Entrepreneurial Personality

When you need motivation for a startup, remember to stick to your vision through all the ups and downs, because it will not be easy. You will face a lot of setbacks and should have the right mentality to overcome challenges and continue growing. Exude a lot of confidence, and do not let others bring you down. People love to criticize, but if you are passionate about your idea, you should always stand by it. If you are an introvert, you might have to face being the center of attention as the leader of your startup. Team members will pull you in all directions and rely on you for advice. Being an entrepreneur is no place to feel shy because you need to motivate others with your passion and grit.

Focus on Your Vision

If you want to start a startup, you need to be passionate about the product or service that your company will be known for. This project will require all your attention, and it could turn into something that you dedicate your entire life to. So, make it worthwhile and only engage in a business that you can imagine investing all your resources and time into for an unforeseeable future. Remember, you might lose time with friends and family while working on this dream, which is why it must count for something great.

Understand Your Finances

You need to know your finances, both professionally and personally. While venturing into a new startup, you might have to do a lot of fundraising to keep things running. Ask yourself if you are in a strong position to do that. Is your business pitch good enough to impress investors? What makes your idea worth investing in? You are selling not only a product or service, but also your passion. When it comes to fundraising, you will need successful people or organizations to believe in you. Then you must use the funds carefully to avoid squandering it on projects that never materialize. Investors will want to see a finished product and experience some return on their investments. If you are borrowing from banks, you will have to make timely loan repayments even if your startup is not earning any money. Always stick to a budget and keep an eye on every dollar that is being spent. Try and find ways to minimize and cut costs so that your profits can be greater. Regularly maintain a detailed budget and expenses report so that more funding can be accessible when others see and trust the growth and position of your business.

Interested in starting your own startup? Join us for our Entrepreneurship 101 Capsule where we take you through the journey from Idea to Pitch and get you ready for pitching your idea to VC’s!

These entrepreneurs did a little extra in their lives. Time to take some lessons!

Understanding the problem in your mind, turning it into a solution that solves a real-world problem, and helping millions around the world. Is that your dream? Welcome to the journey of an entrepreneur!

But, what is entrepreneurship? We personally feel that it’s all about learning the same things as everyone else but coming up with solutions that no one else can think of.

The possibilities for creating solutions and delivering services to people are endless. All you need to to do is identify problems that the common man faces, just like these people did:

Also read: Why do early entrepreneurs have a better chance at success in India? 

1. Richa Kar : Co-founder of Zivame

The idea of Zivame came out when Richa was conducting a research on the lingerie market in India. It was then when she realized that lingerie shopping in stores was a hassle for the women in the country. She thought about the concept of online lingerie retailing after she met with a friend Kapil, the co-founder of Zivame. Richa kick-started her professional career by working in the IT sector followed by Spencers and SAP retail consulting. The experience that she gained over the years was carried to the world of startups!

2. Ritesh Agarwal : Founder of OYO Rooms

Ritesh Agarwal is a man who backs his decision. He is the true motivation for young entrepreneurs who are dreaming to invent the next big thing! A college dropout who once wanted to sit for an engineering exam, Ritesh today heads one of the most valuable startups in the country. He launched 
OYO Rooms with the key proposition of offering affordable and standardized accommodation in 2013 and has since grown to over 8,500 hotels in 230 cities in India, Malaysia, UAE, Nepal, China, and Indonesia. Afraid that his family would end his entrepreneurial dreams, Ritesh initially started off by selling sim cards to survive! This 19-year old spent his time staying at budget hotels, attended customer calls every day and engaged himself learning about budget hotel customers and their expectations.

3. Bhavish Aggarwal : Co-Founder of Ola Cabs

Bhavish completed his bachelor’s degree in Computer Science and Engineering at IIT, Bombay. He started his career by working in Microsoft for two years and later started an online company which dealt with the selling of short duration tours and holidays online. While he was at it, he happened to rent a car from Bangalore to Bandipur and had an enduring bad experience. After a lot of research, he realized that it was not only him but a lot of customers who were victims to such situations and were in great need of quality cab service. And therefore, in January 2011 Bhavish founded OLA Cabs – an online transportation network company, with Ankit Bhati. Ola was valued at $3 billion as of April 2017! Fascinating much?

4. Brian Chesky & Joe Gebbia : Founders of Airbnb

The Airbnb founders’ story depicts one of the most inspiring entrepreneurial journeys. Against all the odds and to keep the company buoyed up, the founders had to resort to the selling of cereals. The Airbnb founders who had just shifted to New York were having a tough time paying their rent and were looking for a means to earn some extra money. They observed that all the hotels in the city were booked, as the local Design Conference invited a lot of customers. The young lads saw this as an opportunity, bought a few airbeds and quickly put up a site called “Air Bed and Breakfast”. The Airbnb founders have accomplished their dreams and have managed to set up a $25B company, with no investors and thousands of dollars of credit card debt.

5. Malini Agarwal : Owner of missmalini.com

“Close your eyes and think of the one thing you would do for the rest of your life if nobody paid you to do it. Now that’s what you should be doing for a living. Once you find your voice and a unique gap in the market, you are likely to be successful at it.”

Malini is an entrepreneur, digital influencer, and bestselling author. She moved to Bombay with ₹40,000 and a dream. She started her career as a freelance emcee, copywriter, radio DJ at 92.5 FM Radio One and as a gossip columnist for Mid-Day before moving on to Head of Digital Content for Channel V. On a friend’s advice, Malini started blogging as a hobby in 2008 and today, she’s India’s first and the most well-known celebrity blogger who owns a media house. Her blog covers gossip and current events in Bollywood, Indian television, fashion, beauty, and lifestyle. Malini is the author of the book To The Moon: How I Blogged My Way To Bollywood. This woman entrepreneur strongly believes that diligence and ambition lead to success.

Entrepreneurship opportunities are present everywhere but establishing a successful business is not just converting an idea into a product, but more!

Think you got something unique to top this list? Want to run a business of your own? If yes, then now is the time to begin your entrepreneurial journey! Connect with us to learn everything about entrepreneurship – from basics to brilliance. 15 or 50, our course is for any visionary who believes that their idea could be the ‘Next Big Thing’.

Get in touch today!

Confused about your career? 5 steps to help you make the right choice!

It’s not what you achieve, it’s what you overcome. That’s what defines your career.
– Carlton Fisk

We all go through this phase in our lives when we question ourselves: What’s right for me – Following my hobby or getting into the family business? Pursuing engineering or becoming an entrepreneur? Doing something that makes me happy with small earnings or something that offers great packages?

And do you know why these questions arise? The two main reasons why we can’t decide our career path are:
>> Either we have no clue about what we genuinely like,
>> Or we know what we actually like but don’t think it’s a perfect option to go ahead with!

Have you ever come across someone who slipped smoothly into the right career shoes, and walked away without any troubles? Maybe yes, but very less.

Also read: How experiential learning is the way forward in India?

Well, well. Just take a deep breath and read on to know what you should do to find the right career path! This guide has got your back, trust us:

STEP 1: Mirror, mirror on the wall; what’s my favourite hobby that can become a job?

That’s right. Look deep inside. Figure out things you are passionate about, that make you happy, and can be worked upon. Give directions to your all-time favourite hobbies and pursue them seriously. Self-evaluation is the key!

STEP 2: Say hello to the too-many options and follow the ideal process

In the times when you feel like pursuing multiple things and end up getting confused, just follow the filter process. List down all the options available, research about them and explore as much as you can. Make comparisons and see what’s better, prioritize or rank your choices, and voila! You will reach the next main step about experiencing the future.

STEP 3: Getting on it by using ‘experiential knowledge’ as the shield

A mind troubled by doubt cannot focus on the course to victory.
—Arthur Golden

With that list of shortlisted options in your hand, your succeeding step should be choosing and getting on to your ‘next thing’ with the help of career advisors. Mentors play an important role, for seeking guidance from our seniors or parents is indispensable. However, words or pieces of advice are not enough in today’s world. You need to feel, experience, and then decide your career to avoid any repercussions.

Experiential learning means acquiring practical knowledge about any topic by getting a hands-on experience. In simple words, it is the process of learning through experience, more specifically defined as “learning through reflection on doing”.

An internship is sure to give you some perspective and a good curriculum will help you get a clear picture regarding your career choices. Gaining experience by doing internships, taking classes, reading books, etc can help you develop the skills and abilities to strengthen your goals.

STEP 4: Be an opportunist

Knowing in a few months is better than investing your life trying. Pre-acquired knowledge also helps in saving time & money, because what if you realise later that the path you chose wasn’t meant for you! Make use of opportunities to become what you really want to be. Make a career plan, make a choice, get experiential knowledge, and you are good to go. Explore, experience, and then pursue that path.

STEP 5: Right Decisions = Right Path

Decision making is the most crucial process and setting goals is not an easy job. So, now what? After you come down to one option and finally decide that this is it, start focussing on how to grow in that field. Build networks that help you reach the top of the ladder and kill it with your phenomenal performance.

Hope that we helped you get on the right path to the most suitable career. Here’s a small tip! Don’t spend years to learn the curriculum that changes every day, rather equip and prepare yourself with the tools of today! Ready to find your next thing?