Becoming an entrepreneur might seem like a cakewalk to most people. You are your own boss; you make the decisions! Well, the reality is a far cry from this popular misconception. An entrepreneur has to bear the burden of the entire company. It is their idea, their money, their resources that lie at stake. A single wrong move and all is lost.
The economic landscape in India is business-friendly. There is no shortage of demand in the Indian market. Whatever be your field of business, you can always find your niche here. We’ve all cooked up hair-brained schemes of building start-ups with friends in college. However, only a few of these ideas come to fruition.
Starting a business is simple, sustaining it takes real work. If you are a business student looking for ways to kick start your venture, then this is for you. Here are a few entrepreneurial tips to help budding businessmen succeed in the Indian market;
Find your niche
Gone are the days when a few big-shot companies ruled the market. Today, we have new brands entering the competition almost every day. The customers have a more extensive range of options to pick from. People also expect specialized services, tailor-made to their needs. In such a scenario, you cannot afford to be vague and generalized. Find your niche, start local and expand your venture with time.
The kind of courses you choose also shape your entrepreneurial skills. Apply to reputed business schools and learn from the best experts in the field. Ensure that you have a statement of purpose attached to the application form. This strengthens your eligibility, making it easier to get into a great MBA college. A professional degree also helps amateur business students find their calling.
Optimize every opportunity
Opportunity is not a lengthy visitor. This holds especially true for business holdings. You might not get a lot of leads upon starting. Over time, as your business grows, you’ll have more clients and collaborations to work with. Grab all the opportunities that come your way and make the best of them. Every sale, every client is essential for your business venture.
Also, as an amateur in the field, it is evident that you’ll have a lot of questions. Never let the zest for learning in you. Experiences come with mistakes, take a few calculated risks. Starting a business is not a safe or convenient process. The present market in India is suitable for start-ups. You can raise a fair capital investment from banks and the public. Attend conferences, trade fairs, seminars to meet more investors and expand the scope of your business.
Focus on the little things
Entrepreneurs often get so caught up in the big picture that they forget focusing on the little things. A business comprises of little wins, calculated risks and planned losses. It is vital to have a vision, but you cannot forgo the small practicalities that come along the way. Keep an eye on everyday interaction with clients, both online and offline. Also, maintain an inventory of your stocks and dealings with other partners. You should have a fair idea about the sundry expenses, extra charges and petty cash transactions that happen in the workspace.
Businesses are not a one-person show. You need more investors, partners, collaborators and employees over time. Get involved in the recruitment process and fundamental managerial decisions of the company. The little things matter more than what you give them credit for.
Copyright your brand
If you have a unique product or branding strategy, copyright it ASAP. Patenting something gives you legal and ethical rights over the idea. You can sue anyone who uses your plan either in part of the whole. Companies usually get the patent for their brand logo, brand name and any unique aspect of their business. For instance, if you are using a particular packaging method, label design or manufacturing process- get it validated.
In the US, the patent system no longer recognizes the inventor as the sole owner of the product or idea. The rights for the invention belong to those who first registered it. Getting your product patented is crucial as it protects you from intellectual theft. You don’t want your competitors to mooch off your idea and earn a fortune off it right?
Engage with your customers
As an entrepreneur, you need to work on your communication skills. Building a business is all about widening your contacts. Proactively approach more people and try to connect with your clients on a personal level. However, talking to each of your clients individually is not humanely possible. Social media gives you an interactive space to build a customer base. Have a responsive feedback mechanism for solving customer queries and grievances.
Having an e-commerce web store engages more users than a retail store. Thankfully, we have tools and technologies to gather insights. You now know what interests your target audience and how much time do they spend on a particular page. Use this information to determine the current trends of the industry.
The bottom line
Most entrepreneurs fear a burnout more than failure. The initial stages of planning and setting up your brand are exciting. However, there will be times when things don’t go your way. Balancing your personal and professional responsibilities is not easy. Your days will be a whirlwind of activity. There will be times when stress will get the best of you. Don’t hesitate to ask for help when the road gets too rough. Cut some slack, give yourself a break to get back on track.
Mary Jones is the co-founder & editor-in-chief at TopMyGrades, which focuses on Content Marketing Strategy for clients from the Education industry in the US, Canada & UK. Mary has conducted a series of webinars for AssignmentEssayHelp on essay assignment help . She has extensive content editing experience and has worked with MSNBC, NewsCred & Scripted. She has also authored blogs on Lifehack.org, Wn.com, Medium.com, Minds.com and many more digital publications