“Entrepreneurs/Business Owners” = Understand, Implement and make it a successful venture even with failure
I always believed that when it comes to the fact that who is the best nation to produce skilled and mindful entrepreneurs, no doubt it is India but new generation is just weakening my stand on this aspect.
There is no doubt that post our Great Shri Narendra Modi, the Prime Minister of India coined the word “Start-Up”, there is a sense that like everyone is hoping to become an entrepreneur and come up with “the next big thing”. There is nothing to be blamed for hoping this aspiration as “when if such business is successful”, the benefits to owning a Business are obvious: being your own boss, creating something from scratch, etc. However, I have the used the word “when if such business is successful”. Too often than not, the Start-ups fail in big percentage and as per The Harvard Business Review, 75% of Start-ups fails. There is nothing to be sad in being a failure as failure is nothing but a step towards success but one has to realise and understand what exactly went wrong with failure as if not, then it is again a failure to realise the mistakes made.
There is nothing impossible but there is something which cannot be denied and it is the fact that everyone cannot be cut-out to be an entrepreneur and there is no shame in accepting that as nature law. It is very important to note that to run a good and successful business you have to be able to assume the proper role and if not then you may be just risking yourself failing like 75% as stated above.
There is growing tendency amongst the youth that business is very easy and there is nothing we have to do much and most of certain section adopt the Franchisee of a brand which is either known or is about to get launch to eat the market. And it is often found that at the start of taking the Franchisee, they don’t take the advice of legal attorney and does not also make the in-depth costs analysis and they only realise at later stage when everything is done and nothing can be done at that time and the result is that most of the Franchisee business gets closed within a year as the expenses and overheads and royalty is too huge to bear. This is not entrepreneurship nor is can be termed as start-up and infact this is short-cut to earn which is not a good way to take this forward. There is no doubt that Franchisee works well but not in all areas or all field and one who is expert can only make good valuation in regard to finance and else. Most of the entrepreneurs fail to recognise that Franchisee model is nothing but licensing of brands created by the Franchisor and the best example is YEOLE Tea.
Certain points which Entrepreneurs in my view shall take care:
- Entrepreneurs must have the guts to take risk and has the mindset to understand that it may fail as this are the two qualities which defines the maturity and growth of Entrepreneurs. Entrepreneurs shall know where to take step forward and where to say no to certain deals. Failure doesn’t preclude you from ultimately succeeding. If you have a good idea even if it is not novel but just an enhancement then also there is no need to avoid taking risk and you may never know that your chances of taking the risks and accepting the competitiveness may be fruitful in near future. For this the best example can be Patanjali (Swami Ramdev Baba).
- There is no doubt that networking is not a new concept and infact this has been the concept since old ages. The only difference is being in the manner which networking is being done today and there is no doubt that this is being done at very large scale and in a very technical manner which is just shaping up the skills and infact is now a major business model using by almost everyone. However, majority of the Entrepreneurs don’t realise the importance of networking in earlier stages and they forget this fact that “When you haven’t gotten your business off the ground, connections will help to keep it afloat”. The main homework post networking is that Entrepreneurs shall “Make connections and keep a record on each person they meet”.
- Entrepreneurs shall understand that to create a space in the market they have create a brand and brand does not mean a simple step but a step which will define the future growth of business. The Start-ups which have succeeded is because they’ve identified a niche and have cornered that market. Brand is all about not only high value in terms of money but this goes beyond anything financial = it encompasses customer loyalty, customer satisfaction, and the customers’ willingness to pay even for a much higher priced product. George Shepherd, Professor of Law at Emory University, recommends Entrepreneurs “become the guru in that niche”.
- If one read about the successful Entrepreneurs or infact even look the best shop in your locality, you will find that such Entrepreneurs are listeners and infact they can be said as a consummate student. As an Entrepreneur, you must always be a student who is willing to take advice, listen to other ideas and learn from those who’ve been there themselves. It is very great saying that for Entrepreneurs, “It’s exciting to learn new things and as entrepreneurs we should be learning something new every day.”
- Ensure yourself that with this new venture, you will be getting financial hits and you have to be ready to accept this. Unless you spend money, you will not earn it and that is very basic economy rule. You shall be ready with financial pocket and hence it is always said that before starting any business, a detail financial plan be made ready and back-up plan be kept ready in case the expected result not came and more finance may be required
- Entrepreneurs, if possible reach out to the mentors who can guide you in your decision making process but at the end you have to take decision but the role of mentor is valuable in all cases. Mentors are nothing but Gurus and it is upto you to find the right mentor
Entrepreneur’s life is not easy and post success to maintain is more difficult but that joy of having our own business and freedom comes only after big efforts and hence failure is just a part and can in many cases be a step to reach your goal.
We wish you all best and good luck