Indian Economy

WHAT AN ENTREPRENEUR NEEDS TO FOCUS ON WHEN HE STARTS UP A BUSINESS?

Firstly a person, who wants to starts a business, should have the courage to face the challenges and losses in order to achieve success. He should be Risk taker, passionate, curious to know how things work, imaginative, persistent, hardworking and self-confident, strong people skills and he should have a pre definite goal to achieve.
The business idea has to be unique in today’s world, in order to give tough competition to his competitors. Ideas he can get from the existing products and services, the people, distribution channels or any other source. The three things entrepreneur needs to have 1. Lawyer- to make him aware of the rules and regulations, 2. Patent – to make his product his own, 3. Insurance – to bear the uncertainties.
Having a unique business idea will help to attract customers. You can take an example of Facebook or Redbus.com. Uniqueness is the key to success because if you are offering the same thing then the customers would not be attracted as they already have their trustworthy brands, and if you are not innovative then you have to cut your cost which will be difficult at the initial stage. Hence come out with innovative ideas and your business will definitely bloom if know how intelligently to market yourself.
Failure should not affect the entrepreneur, the best example of failure to success entrepreneurs – KFC’s Colonel Sanders developed a “chicken recipe” which he took to different restaurants got rejected 1000 times but still he did not lose hope and finally he started up with KFC and has reached heights. A unique trademark will also help your brand to gain recognition. So, if you have a unique idea, unique business plan, an attractive trademark, then you are all set to “START UP”.

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