Entrepreneurs always inspire people by virtue of their creations, innovations and richness. Never before we have witnessed so many millionaire or billionaires been created is such a haste by us. But that’s the pace now and we all love this speed and expect us to remain part of it. Entrepreneurs are amazing people who never stop exploring opportunities to build an empire. I closely observed few great entrepreneurs during last few years and realized they altogether have a different mindset. This made me put some of my experiences with them as 10 Mantras for startup business success. There are certain common factors which I think everyone who intend to start or aspiring become an entrepreneur should consider it as a checklist.
- Identify a pain point in society: Each demography has its own problem if you can find it; you have a readymade market. Phanindra Sama and his friends found bus ticket booking is difficult task and unorganized. They created redbus and created a grand modern day success story in 6 years.
- Don’t afraid to approach mentors: You tend to be sentimental and feel your idea to be the best, but it’s not true get it validated from some experienced entrepreneurs and leaders. They are open and they will give you their insights and probably put you on right track.
- You cannot thrive with limited money: In today’s fast paced world you should monetize fast or else someone will follow. Invest your money but create a business plan and approach angels or VCs. Be after them and keep on updating, believe me they want to invest. But business plan should be impeccable with passionate pitch.
- Scale up fast: In the replicative world be sure more would follow you. With first mover advantage have pace to surge ahead.
- Enhance and create your own market: Be analytical and track your competition but don’t be afraid, keep on innovating new delivery models and create your own niche.
- Create a good team: It is impossible to succeed without dedicated team around you. Even on your board have few knowledgeable experts and don’t afraid to share company with them. Have transparent atmosphere and delegate work with proper accountability.
- Have small deadlines and celebrate achievements: Always have a small target and on achievement give credit to the team and celebrate with them. This will create sense of belongingness and enhance bonding. People want to enjoy the work and desire appreciation rather than just money.
- Keep on adding: An entrepreneur cannot become complacent, add new products or services and break barriers by innovating.
- Always open for suggestions and criticism: It is believed that true entrepreneurs excel when they learn to take criticism positively and give it a thought. Similarly they respect all good suggestions and possess and treat it as a good advice.
- Be humble: All established entrepreneurs are humble and believe that they have some responsibility to give it back to the world.
There are many such characteristics which make an entrepreneur a role model and major stakeholder in economic development of any country.