The success of an entrepreneur is directly proportional to their will and ceaseless efforts. Since 2016-17 there has been a wave of start-ups, with everybody wanting to be a successful entrepreneur in India. Some of the successful entrepreneurs include Jeff Bezos, and Steve Jobs, who are an inspiration for many. According to a recent study around 40% of start-ups failed after receiving seed funding and only 10-20% of the total made it big. You might ask the question, why? The primary reason noticed was that most individuals dived into this zone without thinking of the pros, cons, work pressure and sacrifices that come along with it. A business person has to be quick in their decision and should have the tendency to lead their endeavor towards success.
The above quote was by the co-founder of Exambazaar. Mr. Gaurav Parashar and Miss. Saloni Khandelwal together formed the standing pillars of Exambazaar. Once being students themselves, they were well versed with the issues faced by them and the kind of aids students looked for, therefore, they left their well-settled jobs in London to come back and start their own venture and be successful entrepreneurs in India. Exambazaar grew to become real-time coaching guidance for students in various fields. They now have tie-ups with Amazon for JEE Ready Mock Tests, partnerships with Dr. Bhatia Medical Coaching and Institute and many other prestigious institutes. Therefore, you can see, that without hard work and sacrifices no entrepreneur can attain success. You might be someone looking to start your own venture, so here are 8 Tips to be a successful entrepreneur in India.
There is no single mantra for being successful, different people have different ways of doing things. But some tips are common among all of them:
Intensive Market Research
The most important part of any business venture starts with intensive market research. The research should be detailed as your deep analysis would decide the future of your business. You should think about “what the customer wants?”. The customer is your target and decider and he should be pleased so that you can thrive in the market, therefore, their perspective matters the most. Good market research will reflect what is available in the market, and what is the most demanded product. Apart from this, it also shows which fields have cut-throat competition and which sectors are relatively untouched.
If you enter the market with a product that is already available in abundance, then it may or may not be successful. Although, with a unique idea, you can create a stir in the market and people will flock to grab your product. Quoting the example of Exambazaar here they have had an intensive market survey about different coaching centers, faculty, offers, this helped them serve their clients better.
Trust your Risk-taking Ability
“Longtail events like COVID-19 can break businesses and change the whole landscape in which businesses operate. For an entrepreneur, Intelligence is the handmaiden of flexibility and change.”
Mr. Gaurav Parashar, Co-Founder of Exambazaar
Risk is like a freebie you get when you decide to become an entrepreneur in India. Although, one thing to note here is that risk does not mean that you start making decisions blindly. A risk is converted into success only when all the factors are taken into consideration. So don’t be just a risk-taker be a smart risk-taker and abide by the decisions you make for your business to be a successful entrepreneur in India.
Brand Awareness and Positioning
About 80% of the start-ups or ventures fail due to a lack of awareness about them amongst the general public. For this making a unique brand logo is crucial. Just think if you have two products available in the market one is having a logo and a brand name while the other is having none of these. So, what will you choose? The first one since we are aware of it as well as we have heard a lot about it. Although the second one can have more good quality it will be neglected because it lacks awareness in society.
Stream Online
The best part of the 21st century is the Internet. Nowadays everything is available on the web first and then in the market. So, what you can do is that first create your website and list all the products that you will offer. It will also create a global image for you and your work will not limit to the city you live in.
A perfect website is that which is designed to attract maximum web traffic. Just make your content optimized and thus your website is picked by the rankings of the search engines.
Proper planning of Finances
Although Indians do not need this advice as we are very much into proper management of finances. Yet some use their hard-earned life savings into their ventures. So, for them, by the time they must start earning revenues from their business, they should keep their hands tight and not splurge money on unnecessary things. Make a ledger of your spending and try to divert all the funds only for those things that would enhance your business and make you a successful entrepreneur in India.
Hire Efficient Work-force
A good team is what you need to turn your dream into reality. A single person can’t do A to Z of a business. But then a question comes do we have adequate funds to hire people? Well if you don’t have that much revenue to pay your high-end employees, then the best way is to hire interns or fresher. It will have two benefits first you can pay them less than those high-end candidates second they being a fresher will take your words and work accordingly towards your journey of being a successful entrepreneur in India.
Digital Promotion
Social Media platforms are growing day by day in number as well as in terms of popularity. So why not use them for your brand promotions. Today every age group is active on these social media platforms and people believe what they see. You can use social media to display your products, special offers this will enhance the customer-brand relationship. Also, these platforms offer paid ads that you can use for your brand’s promotion as well.
Work on Blogs
Before talking about blogs let’s first understand why is blogging important for any business? If you have a website so it might be lost in the vast traffic of the internet what will help it to be picked by the SEO rankings of the search engines. The answer is blogging a plagiarized free optimized content is that which will help your website link rank on the top. Also, a well-curated blog about your company will showcase your knowledge regarding the niche you are working on. For e.g. Exam bazaar India has a separate section of blogs that mentions preparation tips, new exam notification.
Well here were a few starter tips for all those who want to be successful entrepreneurs in India. We hope that our blog gave you some valuable insights and a place to begin your primary research.
Alice Jacqueline
Alice Jacqueline is a creative writer. Alice is the best article author, social media, and content marketing expert. Alice is a writer by day and ready by night. Find her on Twitter and on Facebook!