Recently, India’s most successful and respected businessman of India Mr. Ratan Tata has said that, “Business atmosphere in India today is same as what it used to be in America in nineteen seventies.” Meaning more and more people, especially the young generation doesn’t mind taking risk in having a business startup or at least working for a startup companies instead of working with branded and more established names. The strong message from new India is to embark on wave of entrepreneurship and emotions are of successful courage to be more confident of experimenting with newer ideas. Now it’s not uncommon to hear more and more students in Management colleges are talking about starting newer business.
Without doubt the willingness of government to promote business within India is sending favorable signals. It is creating more conducive environment for positive outcome. But in spite of it why only few businesses are becoming successful? Why still more talented and financially capable are still shying away from jumping in the business? The question is what further needs to be done to make them more and more successful in their ventures.
Entrepreneurship and Innovation are the only initiatives that are currently receiving huge funding from Modi’s government through various incubation centers in Engineering and Management colleges. Here are few points to consider by young start up business people in order to greatly improve their chances to become successful entrepreneur:
- Clear focus on your personal abilitiesto create newer product or services or at least enhance the existing products and services that are currently offered in the market. The clear the focus the better are chances of becoming it successful. It is important to quickly and correctly identify the “market gaps” and use all your knowledge and intelligence to fill it. Your own expertise in the field is prime factor behind your success.
- Have patience and tolerance. Just double the time duration you initially thought to get desired results and triple the efforts you initially thought that are required to make you successful. You have to get ready for above normal stress and at times to be more frustrating as things won’t go according to your plan. But the success mantra is not to lose hope and keep faith in your instinct. Learn to earn small and frequent success instead of initially trying to gain a giant leap and failing altogether.
- Make sure you’re the right person to become entrepreneur. It is not 9am to 5pm job. If you are that person than don’t jump at all to become a businessman. The risky is more and so is reward. Let your family members know in advance and make sure they support you as you work hard to reach the success heights that you planned for yourself.
- Never ever lose sight of the fast changing market situations in your market and a broad economy. Never ever work in isolation but place your business to exactly fill the existing gaps with your innovative products and services. What the use of creating an excellent products that market don’t need.
- Lastly, keep on pushing your own boundaries and make sure with each day passing you’re getting better than yesterday for even better tomorrow. Continuous improvement is the important factors that make you stay at the top of your industry within your field.