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How To Become A Successful Entrepreneur

How To Become A Successful Entrepreneur

Startup India campaign was recently inaugurated to promote entrepreneurship among all communities, including women and help start micro units in the country. The aim is to get rid of hindrances like obtaining land permissions, foreign investment proposal and environmental clearances. However, these are not only things which influence the fate of a company or success of an entrepreneur.

So, what are things which can make a person successful entrepreneur? To get the answer, we spoke to Kanchan Sukhija, co-founder and CEO of Compare Munafa who won the 'Young Women Entrepreneur Award' for the year 2016 given by the Youth Pathshala, an NGO. According to her, an entrepreneur should work on one idea at a time. She said: "Take up one idea (at a time). Make that one idea your life and think of it, dream of it, and live on that idea. Let the brain, muscles, nerves, every part of your body be full of that idea. Leave every other idea alone."

Moreover, creativity, stubbornness, ambition, risk tolerance, intuition and personality are a few core attributes for being a successful entrepreneur. As he or she is the captain of the ship, everything depends on his or her capabilities. Now we share a few tips about how an entrepreneur can become successful and take his firm to reach new heights.

1. Take baby steps when you start a venture : It is very important to keep a balance when you start a company and for this you need to take baby steps . Always remember, if you jump higher you might fall with same intensity on the ground. However, there is possibility that you come out with a success story to share. But it is good to play safe and take small risks in the beginning. So, if you incur losses, you do not fall into depression.

2. Learn from others' mistake : Before starting a venture of your own, spend a few years in the industry under an excellent mentor and learn the tricks to sustain in the industry and move up the corporate ladder. Good entrepreneurs always learn from their predecessors' mistakes and brainstorm how to improve the business. Discuss your plan and ideas with people who have good experience working in the sector of your choice.

3. Acquire the right kind of talent : It is very important to hire the right kind of people to work for your company . In order to foster innovation, it vital to find the correct skill sets and attitudes that support the culture of the brand you want to promote. On being about it, Kanchan Sukhija says, "Everyone has an idea but the key lies in its execution. The success of any startup depends on its team as even the most brilliant idea fail because you cannot find the right kind of person to execute it. Hiring talent is by far the biggest challenge we faced."

4. Always have a plan B : Research is vital before you start anything new in life. So, before you start a venture, read as many success stories as possible, meet people from the field and know all the pros and cons of entering a particular sector. Make a plan about how you will proceed in terms of land, capital and labor in the first six months. Moreover, you should have a plan B ready all the time because you never know what destiny has planned for you.

5. Communicate well with your employees : To be a good team leader, you constantly need to communicate well with your employees as you cannot do all work alone. Moreover, you need to self-promote your business at all level, so be a good orator. This will make you more confident and enhance your marketing skills. Spend time in sharing your vision for the company with people at managerial level. Confidence and a good elevator speech can take any pitch to the next level. More importantly, trust your instincts.

(Image: Thinkstock)

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