Many dream of becoming an entrepreneur in India and take their company to the next level.
At a time when Indian startups are getting a huge boost from the Indian government, many believe that the country might soon become the next Silicon Valley of the world and thus it is the perfect time to invest in a new venture.
While the above data might be true and recent data definitely back up the above claims, there are still many things that you must keep in mind before starting any business.
Here are the 10 most crucial things that you must prepare for before becoming an entrepreneur.
1) Don’t create new products, rather solve problems
One of the biggest reason many product launches fail is that there is no need for the product and because nobody wants it.
When you create a new thing, you need people to give it a shot and try something new which might or might not solve any of their problems.
Further, according to recent research, 42% of these new products don’t become a success because nobody wants them.
Suggested Read: Entrepreneur’s guide to conducting extensive market research
So it is best to invest in a business that solves a problem instead of trying to develop a new product that will require you to build a user base and develop from the ground up.
Remember, where there’s a problem, there is a need and thus a higher chance of success.
2) Forget about being an overnight success
One of the biggest points people need to understand before becoming an entrepreneur is that one can never become an overnight success and you need to do a lot of work before your venture takes a turn for the positive.
Having an amazing idea doesn’t mean you can get away from the hard work that it requires to make into a success and even after all that hard work, you will need years before you get any recognition.
Remember even the companies like Amazon and Yahoo took years to get any recognition, and the majority of companies on an average take up to 10 years to really make it in the industry. Before becoming an entrepreneur, it is very important to let this feeling sink in.
3) Get the right team around you
While you might be the brain behind your business, without the right team you cannot make it reach the point of success.
Also, it is important to remember that we can’t do it all on our own and thus need help.
Seeking this help doesn’t mean you get the first available person for the job or hire them just because they are your friends.
Suggested Read: How to hire employees during your initial startup days
You need to make sure that you get the right help and have the best team possible for your venture.
Thus, take the necessary time to evaluate the team that you need and then hire the people best suited for the job.
4) Know your customer
While getting to know your customer is one of the most basic and first things you do before becoming an entrepreneur, it is still a point that needs to be reiterated again and again.
It is also a point that you need to visit again and again so as to know where your customer stands at the moment and if your projected plan is on track.
Suggested Read: Importance of learning sales before starting your business
When asked to define who their ideal customer is, you need to know the answer to this perfectly, which will also make taking the next business step easier.
5) Not every customer is right for you
Besides knowing your customer, it is also important to remember that not every customer is right for you. Just because a certain section of society uses your product, it doesn’t mean they are the ideal customer and you should give in to their demand.
Just like we should not be afraid to fire the wrong employee, we should not be afraid to fire the “wrong customer.” Many times dealing with such customers diminishes the profitability and value of your product and the effort involved outweighs the benefits it might give you.
So remember that it’s okay to let go of such customers and to focus on finding the right ones.
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6) Learn from other people’s mistake
In any field, mistakes act as a great learning opportunity and one needs to always take notice and learn from them.
But that said, it doesn’t mean that you only learn from mistakes that you make, but rather that you learn from mistakes that others in similar circumstances make.
According to the above-mentioned research, 80% of startups fail because they fail to study others and learn from what caused them failure or success.
Thus, it is important to study others and make sure you take the necessary steps to avoid falling into the same traps that others made others in faced failure. This will not only save you a lot of time, money and stress but also make your business journey much easier.
7) Experiment, fail quickly and try again
In business, failure is part of the process and you should expect it. But this doesn’t mean that you should not plan for it. Experiment, fail, learn from it and try again.
Never take setbacks as the end of the road for you and rather it is best that you fail quickly, adapt to it and try the process again.
It is one of the worst things if you fail slowly and refuse to give in. You can not desperately hope that the things will turn around and delay the process as you will end up losing more than learning from it and moving forward.
Thus, you need to learn quickly what’s working, what’s not and what needs to be stopped. Then take the right step and get back on track.
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8) Focus on your strengths, not your weaknesses
While it’s important to work on your failures and weakness, it is also important not to dwell on them.
Your success is going to come from your strengths and not your weakness.
Yes, it’s important to work on your weakness but make sure the majority of your time is focused on success than failures.
We all have weaknesses, but either outsource that area to someone who can solve them for you or find and hire someone who can understand it better than you and then take care of it for you.
Focusing on your weakness will only take things you away from what you’re best at and it is thus not a good use of your time.
9) Luck will play a big role in your success
Always remember that luck plays a big role in every entrepreneur’s life, but it doesn’t mean it’s a substitute for hard work.
Rather, it means that you have to create that luck for you and your company and work passionately so when your time comes you are well prepared for it and use it to your full advantage.
10) You will have to make hard decisions
Besides luck and hard work, being a good and successful businessman also requires you to take hard decisions and not get caught up in sentiments.
Remember, if you hire your best friend or family member for a job and he is not good at it or good for it, you cannot let your relationship with them come in the way and take the hard decision of firing him and hiring the right candidate.
There is a reason why they say that you cannot let family or friendship come in the way of your business as it will cost you your business if you give preference to the other.
Thus, before becoming an entrepreneur, prepare your self to take tough decisions, make them fast and don’t ever let the heart get in the way of these decisions.
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