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Tips to become Successful Entrepreneur by Dr.Akhil Shahani

Tips to become Successful Entrepreneur by Dr.Akhil Shahani

For a successful entrepreneur, the ultimate goal is to take the business from conceptualization to market success. This, however, does not happen overnight, and requires a certain set of experiences, knowledge, skills, and traits. The entrepreneurial journey entails smart work coupled with great ambition, along with a willingness to fail and keep trying, ad infinitum, until the goal has been achieved. Grit is the number one personality trait of all successful entrepreneurs.

No one is born with the inherent knowledge of what it takes to start and run a company (view this site here to know the process of registering a business in Thailand). It is an ongoing, iterative experience that cannot be learned from a book. Amid a global slowdown due to the pandemic, and with competition intensifying in every industry, managing and growing a nascent entrepreneurial venture has become more complex than before.

Here are some tips and tricks on starting a business, and succeeding, in today’s dynamic economy:

– Rock-solid business plan

Frustration from a 9-to-5 job is definitely not the right reason to start a new business venture. Entrepreneurship requires round-the-clock effort, which further mandates self-discipline, focus, and determination. It must be founded on a well-thought-out and clearly-articulated business plan, that defines the goals and function of the business, and also enumerates a solid strategy for managing risk. A well-structured plan will identify potential investors, anticipate challenges, provide a start-up estimate, and help chart the best course for success.

– Working smarter, not harder

Simply working hard is not the answer. The key lies in making the work count, whatever the amount of time you take. An efficient working style entails finding ways to enhance your processes and daily activities, so that you can achieve a lot more in a shorter time period. Smart delegation and use of technological tools can help in making processes optimally efficient and effective.

– Hiring the right talent

Hiring is a core function of any organization, and should be handled with the responsibility it deserves. Hire individuals whose strengths complement your weaknesses and assign them duties accordingly. Take the time to carefully interview each applicant and make sure they complement your culture and share your beliefs.

– Barter your services

Barter refers to the exchange of products or services between companies and/or individuals. For small businesses and start-ups, it can be particularly helpful, since it helps each party get what it wants, by supplying the other with a product or service instead of laying out cash. Given the limited financial resources a startup has at its disposal, payment in kind can help keep a check on expenditures. Seek ways to conserve capital, such as working out of a coffee shop instead of renting an office space. Similarly, negotiate with vendors for a mutually rewarding barter deal for your services instead of paying them money.

– Innovating for excellence

Innovation is critical in a business, but you need to make sure that you are backing a winning idea. Introduce new goods, concepts, programs, and new ways of operating and executing. The idea is to not just search for something ‘new’, but to anticipate what else you can do to help produce a better outcome for your customers. Successful entrepreneurs have brilliant, winning ideas that are exceptional, distinct, and beneficial to potential clients, which is what distinguishes them from other businesses.

To be successful in entrepreneurship, it is not necessary for you to reinvent the wheel. What you need is do things differently from anyone else. You need a winning idea, dedication, hard work, and a steely determination to overcome the odds. It is equal parts perseverance, sheer hard work and your affinity for continuous self-improvement.

– Authored by Dr. Akhil Shahani, Managing Director, Thadomal Shahani Centre for Management, Shahani Group and CEO, Ask.Careers

Read Full Article: https://www.indiatoday.in/education-today/jobs-and-careers/story/tips-to-become-a-successful-entrepreneur-1795831-2021-04-28

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