India is truly expanding by leaps and bounds and shopping the dreams of thousands of entrepreneurs for a few decades. With the rising internet penetration and last-mile connectivity, Indian Startup Company is full-fledged, contributing to the development of the economic infrastructure of the country.

Considering the recent facts and figures, India is the 3rd largest start-up nation in the world. The country is soon to turn into the biggest Start-up India hub. In this case, reality shows like Shark Tank India are significant proof that has featured thousands of entrepreneurs coming from the urban to the remotest part of the nation. While the government is taking initiatives like the Startup India Seed Fund, worth a minimum of 1000 crores, the future of entrepreneurs is going to be very positive and prosperous.

Unfortunately, there are a few aspects that are preventing youngsters from planning for start-ups or becoming an entrepreneur. Here, a lack of knowledge about Start-ups India and entrepreneurship is the biggest obstacle for the new generation. Thus, this article is going to unwind all the foundational facts about entrepreneurs and entrepreneurship to eradicate misconceptions.

What is an entrepreneur?

An entrepreneur is a common individual who runs his own business without replicating other’s ideas. In simple terms, if someone creates their ventures from scratch and earns profitable rewards in return for some product or services, we can mark them as an entrepreneur.

An entrepreneur is different from a business owner in the sense that entrepreneurs invent new business opportunities by themselves. Therefore, they can be called innovators who generate new ideas, visions, business processes, goods, and services, from the beginning.

In order to become an entrepreneur, one must have certain skills and abilities to distinguish their services from others. Besides, he/she must have the courage to cope with unprecedented risks and resolve the bottlenecks to generate steady economic wealth. In addition, the person has to remain prepared for becoming a one-man army at the initial stages to position their business in a rewarding phase.

Different stages of Entrepreneurship

The working phases of entrepreneurship differ from the standard business establishment because an individual typically takes on bigger responsibilities. For instance, economists generally categorize business processes into four phases: production, land acquisition, labor, and capital. But, entrepreneurship combines the first three phases by providing leadership and management. So, the entire process of entrepreneurship or Start-Up India includes the following:

• Generation of business plan
• Hiring labor
• Acquisition of natural resources
• Financing

The Multifaceted Role of An Entrepreneur

As you have seen earlier, entrepreneurs process diversified roles while establishing a business. These are as follows:

• Initiating activities: An entrepreneur’s first and foremost role is to initiate the plan and mature it further to earn profitable revenues. Thus, they analyze market needs and buyer behaviors that benefit from ingenious business ideas.

 

• Allocating responsibilities: In order to grow their business as Start-Up India, an entrepreneur has to play the role of the human resource manager. They not only acquire competent workforces, but they also allocate respective duties to maximize productivity, avoid conflicts, and manage seamless business processes.

 

• Forecasting market changes: The growing demands for tech-enabled services have given new definitions to the brick-and-mortar marketplace. Hence, to become a successful entrepreneur, one has to anticipate business dynamics, forecast uncertainties, and prepare the workforce for the future.

 

• Strategic partnership: To sustain the Start-Up India business longer, entrepreneurs must enter into a strategic partnership with leading market players and vendors. It not only promotes the business to new audiences but also helps in better decision-making and drives more capital.

Top 3 self-made women You Must be Aware of

Women are paving the new road map for success in every industry. And when it comes to entrepreneurship, they are not behind at all by any means. In fact, women entrepreneurs count nearly 8 million if we consider only India. And it is growing at a faster pace as the government is taking strong initiatives for female education and skill development to join Start-Up India.

Let’s take a glimpse at the journey of successful women entrepreneurs.

01| Kiran Mazumdar Shaw

She is the founder of India’s leading pharmaceutical company, Biocon, which is worth a billion-dollar investment. Due to her dedication and passionate leadership, the company holds a strong footprint in the global biotech industry.

02| Rihanna

This 34-year young woman has already gained fame as a versatile vocalist. But the superstar singer is also the owner of Fenty Beauty, the famous cosmetic brand. This world-famous cosmetic line is the brainchild of Rihanna and LVMH groups which successfully listed the singer as one of the 2020 Richest entrepreneurs of America.

03| Falguni Nayar

If we consider India’s beauty and cosmetic eCommerce industry, Nykaa is one platform everybody is aware of. Falguni Nayar is the name behind this successful Start-Up India venture with a $148.5 million valuation.

Outstanding Qualities of a Successful Entrepreneur

A recent report confirms that the Indian start-up corporation combinedly holds $450 billion. As India is turning into a promising destination for entrepreneurs and metro cities like Bangalore, Delhi, Chennai, and Hyderabad are becoming Start-Up India epicenters, it is the right time to take entrepreneurship rather very seriously. As an aspiring entrepreneur, you must build the following quantities to win with flying colors.

Be versatile

When starting a business from scratch, you must be versatile to perform every job role diligently. As stated earlier, entrepreneurs have to play a dynamic role. Hence, you have to gain the ability to handle sales, dealing customers, manage client relationships, or play the role of human resource personnel.

Be Adaptable

Change is constant – You must be prepared to deal with market uncertainty!

You have to become flexible to consider customer demands and bring changes to your business process. Take the example of Starbucks founder Howard Schultz. In order to provide better customer experiences, he focused on furnishing comfortable chairs instead of replicating Italian cafe culture.

Better finance manager

At the heart of successful Start-Up India ventures, finance plays a bigger role. In the initial stages, you are the only person responsible for finance and budgeting, so try to be money savvy to earn profit while covering essential expenses.

Be determined

Once you dive into the journey of entrepreneurship, you have to remain focused on your goal. Believing in yourself, trusting your inner instincts, and eliminating obstacles are the only way to succeed as an entrepreneur.