The selection of Parag Agrawal as Twitter’s new Chief Executive Officer was a proud moment for India and the worldwide business sector. Many internationally-famous businesses and entrepreneurs see the potential worth of Indian talent and place a high priority on it.
Because of this, according to Vijay Shekhar Sharma, founder of Paytm, India’s current entrepreneurs may meet with any investor in the globe, unlike when he started the company in 2010. Indians’ abilities have persuaded the business world that they are capable of achieving extraordinary results.
In recent years, large sums of capital have been poured into Indian enterprises by international investors. Ed-tech and Fin-tech enterprises have maintained their position as the most successful fund-raising start-ups in 2021. The influx of investments into Indian businesses paved the way for many entrepreneurs like Nikhil Kamath to sack billions of dollars in their net worth.
The fact that names like Paras Agrawal and Nikhil Kamath continue to appear in the Indian business press without fail lights a spark of desire in young individuals who want to become entrepreneurs and set up their enterprises in the country, no question. On the other side, the Indian government is actively promoting entrepreneurship across the nation via various activities.
Even while the notion of establishing a company is exciting and fulfilling, the actual process of doing so may be daunting, time-consuming, and uncomfortable for a while. According to research, nine out of 10 firms fail within three years of their inception, and many fail much sooner than that. Business analysts attribute this failure to inadequate planning, insufficient time for execution, and an inability to adapt to a quickly changing marketplace.
It is not the purpose of this article to discuss legal processes for starting and operating a company. The reason for this is that you need to have a few essential traits before you turn entrepreneur, which are listed below. Check to see if you are missing any of them by going over the list
The ability to withstand criticism
It would be incorrect to assume that criticizing and de-motivating candidates are a regular part of everyday interactions. It’s their favorite job, one they can devote their leisure time to and for which they are even willing to work extra.
Detractors are the roadblocks that prevent you from reaching your goals. They will slow you down, but you should pass through them in such a manner that people who are critical of you will not be deterred from your goals.
It can be challenging to maintain a positive attitude when facing so many obstacles. But the first habit you should adapt before you turn entrepreneur is ignore all of that. Ignore the naysayers and the ones who doubt you. Ignore the ones who say you’ll never make it. They’re not worth your time.
Also Read: 6 Takeaways For Entrepreneurs From Walt Disney
Don’t let anyone get in your way, but don’t let yourself get in your way. If you’ve got an idea, go after it with everything you’ve got, even if it seems impossible at first.
Willingness to learn and improve
It all starts with a willingness to learn and improve. Building an effective firm can sometimes feel like you’re running in place, but it doesn’t have to be that way. You can take steps to make yourself more powerful and keep your company on the right track.
That begins with the realization that there’s always new information to be learned, new ways of doing things, and new technology that can help you get the most out of your efforts and resources.
Commit to spending some time each week thinking about how you’ve obtained new insights into the corporate landscape. Then think about whether there is a way for you to implement this unique piece of knowledge into your organization to help it in its future development.
For the sake of summarising, make lifelong learning a part of your daily practice. Although you’ll never know everything, the continuous study will get you closer to understanding everything.
By continually studying and learning, you’ll not only become more knowledgeable and experienced in your field, but you’ll also be able to apply new ideas to the business world and help them develop further.
Conviction
It doesn’t matter what company you run, what product you sell, or what service you provide—it’s going to take time and hard work. There are no shortcuts. Get it straight into your mind before your turn entrepreneur.
If you’re the owner of a business that’s just getting off the ground and running, you might find yourself drowning in the seemingly endless list of obstacles standing between you and your goals.
You should be able to maintain your determination through all of this if you’ve chosen business as your career path. What do I mean? Keep going! Keep pushing! You’ll get there eventually, regardless of how long it takes or how much adversity you face along the way.
Also Read: 6 Things To Consider Before Turning Entrepreneur
Leadership
As a leader, you have to ensure that your organization achieves its goals. Leaders must maintain strong relationships with both their superiors and their subordinates. They should also be able to recognize the talents of those around them.
Working in a team can be difficult, but it’s much easier if everyone gets along. Team members should be friendly, but they should also hold themselves accountable for their work.
Team members often have divergent viewpoints on how to achieve their goals. A leader’s job is to ensure that everyone works together and that the team’s actions are coordinated.
Hone Your Creativity Before You Turn Entrepreneur
Creativity is vital in any successful business. Today’s fashion is tomorrow’s cast-off, and today’s hit product will be in the garbage bin next week. It’s essential to keep a close eye on the market and your customers’ needs.
It is not enough to be aware of the latest trends and keep pace with them. You will quickly get bored and lose your customers if you do not keep up with the times.
As a business owner, you must keep up with the speed of technological progress to remain competitive and make a profit. To ensure that your company’s products or services are always in demand, you must create new ideas to develop your business.
Also Read: 3 Steps to Becoming a “Overnight Success” Achiever
Frugality
Frugality, to put it another way, is the art of finding cost-effective solutions rather than spending a lot of money on a specific project. A penny saved is a penny earned, as the saying goes. Finding cost-effective solutions to an issue can help you save the money used in other areas of your life. It goes without saying that when you are first starting in the company, every cent counts, even if it is a single penny.
Ability To Accept Mistakes
In business, you’re bound to make mistakes. It’s part of the process. However, it’s essential to keep in mind that you can learn from those mistakes and grow as a person. As a leader of a company, you need to learn from your mistakes and move on with your life.
Mistakes are inevitable in life. While they may seem like the end of the world at first, they’re an opportunity to make changes in your life and become a better person. If you don’t learn from your mistakes, they will haunt you forever.
Also Read: How Flexibility And Endurance Enable The Small And Medium Firm To Succeed
Team-building or connection building
As an entrepreneur, you will have to juggle a ton of responsibilities. You need to keep up with the latest industry news, allocate tasks to employees and coworkers, and know what’s going on with your company.
The first step in becoming a successful entrepreneur is knowing your knowledge base limits. Going outside your knowledge base means accepting responsibilities from other subjects and professions as well as acknowledging your knowledge base limits. And while it’s essential to stay in contact with your employees and coworkers, it’s just as vital that you stay up-to-date on the latest advancements and news in your field so that you can make decisions based on facts rather than opinions.
That’s why being a team player is so crucial for entrepreneurs. A team player can take direction from others and assign tasks when needed. It’s also essential for an entrepreneur to recognize their knowledge base limits and be willing to accept responsibilities from other subjects and professions, and acknowledge their knowledge base limits.
Bottom line: New entrepreneurs need to understand what it will take to get their business off the ground and keep it running smoothly. Although this process can be challenging for any entrepreneur, there are some traits that lie within ourselves. These traits can do miracles if mastered before you turn entrepreneur.
