In recent years, there has been rise of women entrepreneurs. In fact, 14% of the businesses in India are owned by women and in comparison to other countries, India lead the number of women entrepreneurs percentage.
It is never too late to start something of your own. There is no start date or expiration date to start your business. While being your own boss gives you the flexibility and helps you manage work-life balance, being an entrepreneur has its own set of challenges. The road to be a successful entrepreneur is not easy but these 5 tips can help you be prepared for the journey you are going to take.
#1 Clarity and Comfort
Your idea is the entire soul of your business. If you are not clear about your idea or not comfortable about it then your entrepreneurship experience may not be a pleasant. While, it is good to work on idea that is different, make sure you prepare yourself for future challenges and expectations. There have been instances of entrepreneurs who jumped into an idea/business and then realized it was way too different for them. Be not only clear but also comfortable with your idea.
#2 Be Financially Ready
Knowledge without action is futile. Having a great and innovative idea is just the first step. A switch from a salaried and secure job to a business is difficult but not impossible. To make the financial environment safe for yourself – clear your debts (loans, credit card bills, EMIs) before your begin your venture. Also, it is a good idea to to use your savings as an investment rather than taking a loan.
#3 Be Mentally Prepared
Running an entrepreneurial venture will take a toll on you physically as well as mentally. Your daily schedule will be disrupted. The best way to tackle this is to make a daily schedule, in accordance with your entrepreneurship duties, and following it. Have fixed amount of time dedicated to exercise and sleep. Proper rest will rejuvenate you mentally as well physically to meet the hardships. If you are the solo entrepreneur then think of working out from a co-working space. The environment will keep you motivated.
There is no shame in asking for help when you require it. A good mentor will bring in his/her knowledge, skills and experience to the venture. A mentor doesn’t necessarily have to be someone who is associated with monetary investment into your venture. Nowadays, many budding entrepreneurs approach successful entrepreneurs to mentor them and their venture. You can search for a mentor through your peer network or through entrepreneur focused organisations .
#5 Think Big and Start Small
Did you know – 95% of entrepreneurial ventures in India fail within first five years and only 5% manage to succeed and make great success stories. These statistics are not meant to scare you but to make you cautious and smart. Don’t get overly ambitious with your entrepreneurial venture – always remember – Think Big and Start Small. Go lean, go small and go wise – and be comfortable with your pace. This is your journey, enjoy it and take it one step at a time.
Out of every 100 entrepreneurial ventures started in India, only 5% do succeed and make for great inspiration stories. It’s all about the right passion, attitude and adaptability. Learning from your own mistakes and those of others is important. Being an entrepreneur may seem like a daunting task, but young entrepreneurs should take it up as a challenge and give a shot at their dreams.
Megha Sharma is Founder & CEO, Adrift Communications, a PR agency based out of Gurgaon, India. She pursued English Literature at Hindu College, Delhi University and went on to complete her MBA in Marketing & Finance from Symbiosis Institute of Management Studies, Pune. She worked in corporate sector for 17 years before deciding to start her PR agency in early 2016. She is an avid traveler and runs her blog: www.pinkbikersontherun.com.