3 Best Tips For First-Time Entrepreneurs For Their Road To Success
The present Indian startup scenario is highly profitable to both the entrepreneur and his or her consumers.
“Entrepreneurship is a journey that is very exciting, adventurous, and exhilarating!” – By Kiran Mazumdar-Shaw, the Chairperson of Biocon
Did you know – The total deals this year from private equity volume alone is $50 million more than expected!
Think about the impact your business makes if it is both unique and a solution for a pre-existing issue in society. And this is huge. Now, coming to the point of first-time entrepreneurship, this is your initial experience inside the markets.
As given in the image above, the perks of registering for a startup is plenty. And since the perks are higher, the scope for a startup in India is higher too.
Usually, entrepreneurs face challenges during the initial phase of a startup and for this, we want to point out three-pointers to help you cross the business milestones with flying colours:
1. DECIDE YOUR BUSINESS GEOGRAPHIES
The importance you give for having your head-office should be equally given to the locations your business will cover. To ensure that you pick the right boundaries, study, and research about the various market trends across locations (including countries) on search engines. In this way, even your local markets will benefit in return.
For Example – Kimirica Hunter
The young brothers Mohit Jain and Rajat Jain opened a venture for supplying hospitality amenities and toiletries for multiple borders. At their 100sqft office, the bro-duo was in debts from all sides. Upon thorough research, the interpretation that “70% of the products get imported” struck a bell for them.
Upon convincing themselves, the brothers started to supply products for local guest hotels. And today, Kimirica Hunter is worthy of Rs. 300 crore, and supplies to names such as Hyatt and Hilton!
Hence the moral is, pick your business location(s) after proper market research.
2. FAILING MORE THAN TWICE IS FINE
As per the stats of “IBM Institute for Business Value and Oxford Economics”, 90% of the Indian startups have failed within the 1st five years. Now, don’t underestimate that even your business covers the failure probability. The data is to give you a rough sketch that failing is not going to end everything, and you can still achieve more than before. Let’s get some inspiration.
For Example – Zephyr Toymakers
A man in the late 80s was into the business of manufacturing and selling toys. The rental workspace of his toyshop was too small. He convinced many to credit him for raw materials. Even in this hopeless state, he did not give up. From sweat to tears he worked day and night.
At present, his workshop, ‘Zephyr Toymakers’ offers employment opportunities for 100+ workers with a net value of Rs 15-crore. The man is none other than Zaheer Gabajiwala and now his son Moiz Gabajiwala handles the operations.
“For instance, motors are not made in India, and it is cheaper to import gears from China than manufacture locally. Further, there are many labour laws and illegal imports of low quality and low-priced products. This hurts the brand value and image of good quality toys.” – Says Moiz
There are so many good startups today that once collapsed majorly and came back with a bang. Slipping in entrepreneurship is okay, as you can rise back stronger!
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3. SUCCESS RATE IS HIGH BY RESOLVING A SOCIETAL ISSUE
Big or small, when you have an idea to solve an issue prevalent in society, then it is a win-win situation; the economy gets rectified in 1 way, and your entrepreneurship is a brand achievement the other way round.
For Example – Rubans Accessories
Due to family problems, a 15-years-old girl left her Mumbai home. After experiencing multiple corporate merchandising and beauty pageants, the girl attempted to open a venture in 2015. The idea behind opening that venture was for two reasons. One, she likes fashion/jewellery. Two, the girl noticed a shortage in the design collection for people to choose on-field.
She bootstrapped with a capital of Rs. 3 Lakhs for a 70sqft kiosk inside the Bangalore’s Phoenix Mall. After five years, today the brand is ‘Rubans Accessories’ and the business net worth is around Rs 7.5 crore. From Maang Tikka to Matha Patti, laurels to ‘Chinu Kala’!
“I have learnt that running a business is no rocket science; it’s a simple way of meeting consumer demands with products & services that best matched their needs.” –says Chinu
Impacting people is challenging as compared to raising money or generating revenue. Target 1 social issue, research online and offline, understand the depth of the problem, and hit the bull’s eye with an ideal solution! Because social betterment is directly proportional to corporate success.
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If you have an idea in mind, do the research. Market analysis will give you all the trends and industry forecasts to run your business. Specific to India, the Startup Scenario is highly profitable. Think out-of-the-box and come up with a clear-cut idea. The time to enter the culture of entrepreneurship is here. Best wishes for your brand.[/vc_column_text][/vc_column][vc_column width=”1/6″][/vc_column][/vc_row]