A sudden surge has been observed in the number of entrepreneurs across India ad well as world years in the recent years. Talking in the Indian context particularly, the new wave of entrepreneurship may have something to do with the Indian ability to be competitive, as per a recent study conducted by the Aston Business School. According to the research, there are more entrepreneurs in countries where ruthless business traits are held in higher esteem and India is one of them.
Ute Stephan, a professor at Aston Business School pointed out to Bloomberg, “You need to be able to elicit co-operation from others, but at the same time, you can’t give too much away, so you need to be a bit guarded, competitive and hard-nosed.” Talking about the synthesis of the two traits, he added, “When these two things come together in a culture, that’s when you have the highest entrepreneurship rates.”
The Indian startup ecosystem is the third largest in the world. According to Nasscom, until 2016, India added more than 1,400 new startups, taking the total to more than 4,750. Nasscom predicts the entrepreneurship ecosystem will more than double to reach more than 10,500 startups by 2020.
Here we take a look into five things successful entrepreneurs do differently from others:
1)Know about the subject in detail: Nowadays, most youngsters dream to be entrepreneurs. Nevertheless, mere dreaming doesn’t fetch results in the competitive world of today. It takes much more than that. Precisely speaking, all the hyper-successful entrepreneurs understand their industry and product backwards and forward. This does not mean that you cannot be successful in a business in an industry that you are not familiar with; it just means you increase your chances of success by knowing your business. There are various details which need to be understood well so as to chart out a comprehensive business plan.
2) Overhead costs must be low: The entrepreneurs must be fully aware of the fact that their business must grow from profits not debt. The successful entrepreneurs always ensure that the overhead costs remain as low as possible and profits are realised early. The real mantra is that you don’t need to borrow a lot of money and buy a lot of stuff to quickly grow your enterprise. If the implemented idea is out-of-the-box, making profits early should not be a big deal.
3) Being humble is key: Good entrepreneurs are effective at getting other people to help them, and people like to help those who don’t have huge egos. As all know getting the work done is an art, and adding a pinch of humbleness to your character can only help you in becoming a successful entrepreneur.