SheThePeople interacts with entrepreneurs from across India all the time through its various events and shows. These interactions have given us insights into these wonderful women's lives. We get a firsthand account of their journeys and hardships they face.
Interaction with over 250 women for this piece, and we have come to conclude that there is no particular formula to start a successful business but there are some things which an entrepreneur should follow to build a successful business. So here are 11 things for you to know if you are on your entrepreneurial journey.
Who need you?
Before even starting out, one has to and absolutely has to identify if there is a need for their service or product. One shouldn't venture into entrepreneurship if there is no need for the product or service in the market.
Once the product or service is locked in, it is necessary to find your target audience. To be able to understand and then cater to that specific target audience helps generate more revenue and attention towards the product.
Money, Money & Money!
Cash flow is another factor which makes or breaks an organisation. Without a steady cash flow, the best of the best companies tank. So, it becomes significant to recognise a source of steady cash flow. Since most entrepreneurs put in their life savings into starting something of their own, it becomes essential to set aside an emergency cash fund in case of emergency.
Get Your Vision Set
When you start a company, it is a given that the entrepreneur is looking to serve a purpose, but it also essential to set a vision for the company. A vision helps a company thrust forward doing necessary actions to achieve the purpose
Know Your Company Inside Out
Before going out and networking, it is of utmost importance that the entrepreneur knows his organisation and his work inside out. Essentially, you should be able to explain about your work in less than 30 seconds.
Do The Talking
When you have identified the need, understood your vision and have understood your company in and out, you should go ahead and network. Networking has become of utmost importance with growing competition in the startup ecosystem. It is essential to let people know that you exist.
In a digital age like this, companies need to keep abreast of all that is happening around them. Social media though was an option earlier, has become an integral part of any organisation. With big organisation also adopting social media, startups have no option but to go online and use social media to their advantage.
Passion, Keep It Burning
When everything else fails, it is only passion which will keep an organisation going. A lot of entrepreneurs are able to revive their companies from a loss only when they retain the passion for the purpose of which they start their company. But this also means you should be able to know when to let it go.
This is something almost all successful entrepreneurs have got right. Design and interface of the website and other things which come in direct contact with the customer create a lasting impression on their minds. Though Indian entrepreneurs often don't pay much heed to these two aspects, it is one thing which every entrepreneur should invest in.
Hiring & Retaining
One big challenge which entrepreneurs face is the challenge of finding the right employee for their organisation. It is important to hire the best people to make sure your company grows. Hiring mistakes can cost the company a lot of money and its growth as well.
Work life balance
A healthy work-life balance is important for one's well-being. In a corporate environment, timings and work are regulated but a startup doesn't guarantee the same and one's work usually dominates their life. This calls for a self-imposed rule to take care of one's health and to keep a healthy work-life balance.