5 Things only entrepreneurs can truly understand

Any job can give you the opportunity to learn hard lessons and find new ideas about the world, but only through entrepreneurship can you deeply understand these truths.

Entrepreneurship isn’t a job – it’s a lifestyle.

But even the word “lifestyle” doesn’t quite capture the full experience. When you first delve into entrepreneurship, it’s likely you’ll have no idea what you’re doing. You’ll mess up, you’ll become disheartened when your plans don’t work out, and you’ll become tired after pouring all your effort into an idea that may or may not pay off.

However, pushing through the experience, whether it ends in success or failure, will change your perspective for the better and give you experience that you can use in your next adventure – even if it isn’t an entrepreneurial one.

Any job can give you the opportunity to learn hard lessons and find new ideas about the world, but only through entrepreneurship can you deeply understand the following truths:

1. Your plans will never work

This sounds abrasive and cynical to the average person, but to the entrepreneur who’s experienced this firsthand, it’s a solid truth. No matter how well you plan things out, and no matter how extensively you’ve thought everything through, your plans will never work out the way you expect them to. In the entrepreneurial world, there are too many unknowns and too many unpredictable factors to account for, and no plan can adequately respond to all of them.

However, that doesn’t mean you can’t be successful. All that means is that your plans will have to evolve over time, and as a leader, you’ll need to avoid growing too attached to any one path forward. It comes down to being flexible, and accepting that your plans will eventually have to change.

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2. There’s never a perfect time

Conservative risk-takers often try to wait for the “perfect moment” – whether that means buying a stock at the perfect price, launching a new product at the perfect time, or quitting your job to become an entrepreneur at the perfect point in your career. For those conservative risk-takers, that means waiting and waiting for all the stars to align before they take action.

Entrepreneurs know there’s no such thing as a “perfect” moment. Just like stock prices will always fluctuate, your product will never be perfect, and you’ll never see a perfect set of circumstances that allow you to leave your job comfortably.

As an entrepreneur, you have to take bigger risks and jump in even if it’s uncomfortable to do so. You’ll soon learn that action is always better than inaction, and waiting around for the “perfect” time is a waste. For entrepreneurs, perfection is the enemy of progress.

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3. People come first

Entrepreneurs often start out convinced of the importance of their ideas and products and a vision of personal wealth, but all entrepreneurs eventually learn that people are more important than any of those. Even if you have a great idea, it’s going to mean nothing without the right people supporting it.

People are going to help you throughout your entrepreneurial journey. They’re your team, clients, investors, friends and family. Without them supporting your idea and contributing their own insights, your idea could fall totally flat. Entrepreneurs understand this, and do everything they can to keep the people around them motivated and inspired.

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4. Failure is OK

Eventually, every entrepreneur will taste failure. Even massively successful entrepreneurs, such as Bill Gates and Richard Branson, have experienced devastating failures along the way.

Some people choose to let failure get the better of them and abandon their hopes or ideas, but the truly entrepreneurial minds out there accept and understand that failure is perfectly OK, and sometimes unavoidable.

Failure isn’t the end of the road. Instead, it’s an opportunity to learn from your mistakes and grow as a business owner. With this understanding, it’s easier to accept small and big failures alike and move on with more experience and a clearer vision for the future.

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5. Persistence is everything

Millions of people come up with great ideas every day, but only a handful of them have the gumption to follow through with them. Similarly, many people start a business only to throw in the towel when things start to get tough.

Entrepreneurs realize that persistence makes the difference between success and failure. Even when you’re doubtful, even when you’re hesitant, and even when you’ve lost momentum, persisting is the only way to see your ideas through to fruition.

Whether you make it through your first entrepreneurial experience with your business still intact, these five lessons will eventually lead you to success. Understanding how ideas live and die, and having faith in your own abilities and those of the people around you are invaluable traits that can keep you moving forward even when you face massive obstacles along the way. This is what it means to be an entrepreneur.

This article was originally published in Entrepreneur.com

Image credit: www.huffingtonpost.com





20 Success tips that are a must for every young and aspiring entrepreneur

Here’s some inspiring advice for when your motivation takes a hit.

It isn’t easy being an aspiring entrepreneur and keeping your motivation up all the time. Here’s some inspiring advice for when your motivation takes a hit.

“The only way to be satisfied in your life is to do work that you truly believe in.”

–Steve Jobs

“Think outside the box!

Whether you think you can, or think you can’t, you’re right.”

–Henry Ford

“It helps to know that you wouldn’t regret failure, but you would regret not trying.”

–Jeff Bezos

“An entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.”

–David Carp, founder and CEO of Tumblr

“Challenge yourself.”

–Richard Branson

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“The fastest way to change yourself is to hang out with people who are already the way you want to be.”

–Reid Hoffman, co-founder of LinkedIn

“Fearlessness is like a muscle — the more you exercise it, the stronger it becomes.”

–Arianna Huffington

“The easiest way to get started is to quit talking and start doing. That’s true for your success as well.”

–Walt Disney

“If you look closely, most overnight successes took a long time. Don’t be afraid to invest time in your company.”

Steve Jobs

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“It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”

–Richard Haroch

“Having the end in mind every day ensures you’re working toward it. Set goals and remind yourself of them each day.”

–Ryan Allis, co-founder of iContact

“Knowing your customer is one of the three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.”

–Dave Thomas, the founder of Wendy’s

“Your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.”

–Bill Gates

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“Don’t play games you don’t understand, even if you see lots of other people making money from them. Truly understanding your industry is key to having success.”

–Tony Hsieh, the founder of Zappos

“Deliver more than expected.It’s a great way to get noticed in your industry and build a loyal following of advocates.”

–Larry Page

“If you do the things that are easier first, then you can actually make a lot of progress.”

–Mark Zuckerberg

“If you’ve got an idea, start today. There’s no better time than now to get going. That doesn’t mean quit your job and jump into your idea 100% from day one, but there’s always small progress that can be made to start the movement.”

–Kevin Systrom

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“People tend to think that in order to start a new business they have to come up with something new and dazzling, but that’s a myth – and it’s often propagated by venture capitalists.”

–Gurbaksh Chahal, RadiumOne

“If Google teaches you anything, it’s that small ideas can be big.”

–Ben Silbermann

Success never comes easy. You have to work for it. But if you follow the right advice, truly believe in what you are doing, and put in your all, there’s no reason why you shouldn’t succeed.





7 Secrets that all successful entrepreneurs are hiding

How do successful entrepreneurs get successful?

How do successful entrepreneurs get successful? How do stories turn from rags to riches? Do they have a secret? Or do they just do things differently?

1. Grab opportunities

Successful entrepreneurs see opportunities where none exist. They think differently form other people and do things no one ha sever done before. That’s how they get successful.

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2. The secret lies in hard work

Everyone knows hard work accomplishes results. But no one really realizes how true that can be, or sees the amount of work that goes into being a successful professional. Everyone wants results, but very few are willing to put in the work for it. Those that do, succeed! And they are then asked for their secret. The secret is nothing but hard work, folks!

3. Winners indeed do things differently

“Winners don’t do different things; they do things differently”. Successful entrepreneurs do things like no one has ever before. Their ideas are unique and their risks are massive. That is the only way to succeed.

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4. The road to success is long!

Success doesn’t come easy to anyway. People see the facade of huge success, they see the glitz and the glamour; they don’t see what’s behind it. Success can be slow, elusive and sometimes tantalizingly out of reach. Every successful person has at some point felt worthless and of no use.

5. Give back to society

Give back what you have gained from society and you will get more. It’s a cycle; the more you give, the more you get!

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6. Delegate, delegate, delegate!

No one person can be good at everything. Much as you want to, you can’t do everything by yourself. Place your trust in your team, and set them tasks to do. Let them use their own judgement. A good team is crucial for a leader. Set about putting together the right team.

7. Measure success on your own terms

No one successful ever got anywhere by listening to people. Your success can be defined on your, and your terms alone. No one else can measure, rate or decide your success. So let the detractors detract, and listen to your own heart.





10 Exciting ways to stay motivated as a solopreneur

Be prepared for setbacks.

When starting out as a small-time entrepreneur, your motivation and will power are sorely tested. There will be days when you wonder why you started it in the first place and will want to give it all up. Here’s how to inject a little positivity into those days.

1. Keep your vision in sight

You started this for a reason. Remember how excited you used to be at the beginning? Never lose that fire and that passion, by constantly reminding yourself of why you got into this in the first place.

2. Know that you will encounter setbacks

Being prepared for the worst, helps cushion you against the crushing pain of failure. When you know that failing is an inevitable part of success, and are prepared for setbacks, they won’t hold you back.

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3. Keep loved ones around

When you are disheartened and in danger of giving up, your loved ones will keep you motivated and keep your spirits high. Never underestimate the power of those who love you.

4. Take constant breaks

Nothing is a motivation-killer like exhaustion is. Taking regular breaks will keep you fresh, recharged and ready to take on new challenges.

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5. Celebrate every milestone

No matter how small, every victory is well-earned and deserves a celebration. Don’t say that it is too small; it does not matter. Every little bit counts.

6. Enjoy what you do

This goes without saying. If you don’t take pride and joy in your work, you shouldn’t be an entrepreneur anyway.

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7. Create schedules, not deadlines

Instead of putting pressure on yourself to have achieved something by a certain date, create a schedule to do it. And stick to it.

8. Sort out your priorities

Sometimes you have to let go off the less important things in life to make time for what really counts. Know what is important to you and what isn’t.

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9. Know why you’re doing this

If you never lose track of your vision, and what drives to, you can’t lose your motivation easily. You are sure to succeed.

10. Tell yourself everyday that you are awesome

Sometimes, in all the buzz, we tend to forget to appreciate ourselves. If no one is around to pat you on the back, do it yourself! As a solopreneur, even what little you have accomplished is praise-worthy and significant. Never forget that.

When you feel down and low, remember you are not alone. The livelihood of so many people depends on you. And whether or not your business makes big bucks, it makes a big difference in the lives of your employees.

Image credit: www.vision-framework.com





6 tips for excelling as an entrepreneur

If the achievements derived from setting a venture seems worth it, an entrepreneur is labelled as successful. Here are some tips an entrepreneur should follow to gain success.

Every entrepreneur who sets up his own venture wants to be successful and make profits. Nobody wants to lead a company which is running in losses. However, the fate of an entrepreneur depends on a variety of factors like calculated risks, a dedicated team, VCs etc. If the achievements derived from setting a venture seems worth it, an entrepreneur is labelled as successful.

Here are some tips an entrepreneur should follow to gain success:

1. Think out of the box

It is very important for an entrepreneur to be creative and innovative with his ideas. Even if the product or service being offered isn’t new, one needs to add certain value to make it seem appealing to the target audience.

Competition in the market is huge and one needs to be different in order to be successful.

Start-ups like OYO rooms, Zomato and Happilyunmarried could gain success only because they dared to be different and think out of the box.

2. Don’t let failures affect you

An entrepreneur’s life isn’t a smooth sail; it is full of ups and downs. At many points, an entrepreneur is bound to encounter failures in life. However one must be determined and focused on the end goal and mustn’t let failures affect them. Entrepreneurs should learn that failures are stepping stones to success and treat them like minor setbacks. All great entrepreneurs like Bill Gates, Milton Hershey have faced failures in life but they were able to succeed only because of their determination.

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3. Be optimistic

It is essential for an entrepreneur to remain optimistic at all points in his life as without the right attitude, it is very difficult to actually set a goal and achieve it. An entrepreneur should be focused towards his final goal and undertake whatever steps are required to achieve it.

Optimism is what keeps an entrepreneur going on difficult days as he knows that the outcome of all the hard work will be rewarding.



4. Accept help

You might want to behave like a boss and pretend to know it all but in reality nobody is capable of knowing everything. There are certain areas or situations which might seem unfamiliar to you. Once you enter the unknown territory, don’t shy away from accepting help.

More experienced employees or even other entrepreneurs can be handy and help you get out of the sticky situation. Their able guidance will only aid your success in the future.

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5. Be passionate

Passion is what inspires an entrepreneur to keep pushing forward. If an entrepreneur isn’t passionate about what s/he does, s/he can never convince other people about the business. Also, it is very important to nourish that passion and let it grow. One should be willing to sacrifice everything for their business and commit to it especially during the rough patches. Passion motivates an entrepreneur to push harder and achieve greater success in life.

“If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” – Mark Zuckerberg, founder of Facebook.

6. Build a great team

An entrepreneur might aspire to succeed as a one man team but a successful one knows it isn’t possible. Well seasoned entrepreneurs know that there are different areas that need to be looked after like marketing, social media, sales etc and to achieve success, one needs to manage all these areas well. However, it isn’t possible for one person to look after all these areas which is why an entrepreneur needs to build a dedicated and coordinated team which works together to achieve a common goal.

If you want to succeed as an entrepreneur, keep these tips in mind.

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Image credit: www.lifehack.org





Focus on the “why” while selling your product

Entrepreneurs in the whole process forget a fundamental aspect- they exist for the customers and not the other way round.

Entrepreneurs venture into new or existing markets for a sole reason- to provide something new. Even if the product one is offering is old, one can always revamp it and add value to it. Entrepreneurs in their whole process forget a fundamental aspect- they exist for the customers and not the other way round.

“Why”: an elaborated version

If an entrepreneur is venturing into the cosmetics market and coming out with a range of lip balms, s/he needs to identify the core features in their product which will set them apart from all the other lip balms in the market. If one is offering the same thing as other, customers will not be inclined to buy the product.

Customers are focused on how they can reduce their expenses and still derive maximum benefits out of a product. That doesn’t mean that one can afford to play around with the quality aspect while reducing the costs.

There is a sole reason as to why a person decides to make and sell something and that is the product’s USP. You need to be aware about WHY the product needs to be in the market and convince your target audience accordingly.

For instance, the concept of the Tata Nano was received well because it offered a cheap and small car which fulfilled all the needs. But the USP of the car was its price which helped it gain an edge over all competitors.

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Research the “why”

Just an idea isn’t enough to sustain in the market if people aren’t ready to buy it. Customers won’t buy an idea if you aren’t solving any problem or aren’t of any use to them. for instance, Dell laptops are successful in the market because they are trendy and reliable and come in reasonable prices as compared to a Mac.



Similarly, if the why aspect of your product isn’t very strong, you are likely to fail at your venture. Research and try to build a strong case for your why to shine through. Kellogs came out with the tagline “Breakfast like a king” to promote cereals. This instilled awareness amongst the public that breakfast was an important meal and should be nutritious and Kellogs is a good and healthy way to start your day. Also, the cereals need to be put in milk which isn’t time-consuming as compared to cooking a whole breakfast. Thus, the company was successful only because they managed to gain popularity through an awareness they managed to create through their ads.

Also, the positioning of the company should be surrounding the problem so that the customers believe your product to be the solution and purchase it over other products in the market.

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“Why” for the win

At the end of the day, an entrepreneur needs to sell more than just the product to the customers. They need a reason to purchase the product which the entrepreneur must be able to identify without which the whole idea of selling a product seems to be pretty redundant.

Along with the product, if one can sell a story or emotions, it is a great and easy way to capture the target audience and have them coming back for repeat purchases.

For instance, every Raksha Bandhan Cadbury comes up creative ads displaying the love between a brother and sister duo blossom further due to Cadbury products. This helps the sellers connect with the audience and gives them a “why” to buy the product.

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5 things to make sure of before you establish a startup

Here are few things entrepreneurs need to take care of before setting up their startup.

Start-ups can be tricky and caught in a haze of competition after the initiation if proper precautions aren’t taken. However, like other businesses, even a start-up requires different things at different points and it is the entrepreneur’s duty to make sure that all the requisites are met. However, it might be the first time for an entrepreneur as well and s/he might need guidance as well.

Never ignore things that you think can mess with the image of your company. If something is absolutely necessary, the entrepreneur should make sure that the start-up has it.

Here are 5 things entrepreneurs need to take care of:

1. Analyse the risks

It is crucial for an entrepreneur to analyse the risks before venturing into any market and actually setting up a start-up. The industry one is venturing in might be targeting only a niche audience which means lesser demand and this could lead to the company fizzling out due to less orders. One needs to take calculated risks and create back-up options for better functioning of a start-up.


2. Do your market research well

Always do your research extensively about the market you’re going to venture into, the competitors and customers’ responses through surveys. This will help in gaining better business insights and also come handy while expanding the business. Without proper research in place, you can end up making incorrect assumptions and hasty decisions which can be harmful for your venture.

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3. Have a proper Business plan

A business plan is important for any business as it contains information about the company, the team, industry, risks, the marketing plan and the financial plan. Internally, it’ll help the start-up in being more organised and an entrepreneur can keep a track of goals that are accomplished. Externally, it’s easier to get loans from banks, show to VCs and build strategic alliances if you have a proper business plan.

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4. Get legal advice

You might think that a business plan is enough to establish a company but there are certain rules and regulations one needs to keep in mind and follow. There are many Government regulated bodies and statutory bodies looking after stuff like patents, copyrights, taxes etc. To be aware of the rules existing in your sector, it is important to hire a lawyer and have his expert advice before starting-up.


5. Set aside a budget for marketing

Marketing and advertising is very important in today’s day and time and the way you market your venture can make or break it. It is absolutely crucial to have a marketing plan which helps you reach out to your target audience better. And, for these plans to work, one needs to set aside a certain budget. An entrepreneur also needs to decide what tactics and channels of marketing he’ll be using- social media, websites, ads on Facebook/Google, billboard advertising etc.

Happy starting up!

Image Credit: epublish.in

Entrepreneur or Intrapreneur?

When you should be an intrapreneur instead of an entrepreneur?

Entrepreneurs are people who come up with an innovative idea which they are willing to work upon and expand. One of the major qualities of an entrepreneur is risk-taking. However, there are certain people with a similar skill set who can manage and build a business but don’t want to undertake the financial risk. However, the people who are willing to become entrepreneurs minus the risk can become intrapreneurs; a concept which has been gaining popularity over the years.

Over the years, intrapreneurs have been put down by the general public because it is a commonly held belief that entrepreneurs are people who embrace their freedom and like to be the boss. However, with changing times, this theory is slowly fading away. While starting your own business might seem challenging and exciting, working for other people holds great value too. It is just outdated and short sighted to not consider people with entrepreneurial skills working under an entrepreneur as futile.

If you are still confused whether you want to become an entrepreneur or an intrapreneur, you could ask yourself the following questions and decide based on these answers:

1. Are you ready to take financial risk?

The biggest risk about starting your venture is probably the financial risk you as an entrepreneur have to bear. All ventures need to have start-up costs settled and later seek out for venture capitalists to invest in the business.

Even if your revenue is negative, you need to keep bearing fixed costs.

Losses and absence of liquidation are two major reasons businesses shut down. Many a times, venture capitalists pull out because they stop believing in your idea and believe they have found a better idea to invest in. After a great sale period, your profits can start dwindling because of competition. These are a few financial risks every entrepreneur needs to bear at some point or other.

If these risks seem appealing to you, go ahead and own your business like a boss. If not, you still have the option of embracing entrepreneurship by becoming an intrapreneur.

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2. What do you hope to achieve from it?

A lot of entrepreneurs do not just seek just money. Some want recognition, some want success and some want to genuinely help the society through their innovations. Some entrepreneurs also seek freedom. You need to figure out what you really want and work towards achieving it. In a regular 9-5 job you might not really have the option of getting what you want.

Once you have your motivation sorted, you are now ready to approach the employer or an existing entrepreneur who can actually help you get what you want. Without any financial burden, you can utilise your skills by becoming a great intrapreneur.

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3. Do you want to work on an already developed project?

Working for a new start-up means starting from scratch. You need to do everything from developing a product to the marketing to the launch of the final product. However, if you believe that you do not want all that additional burden of working on a newbie, you could always look for a start-up which is a little more established.

With existing businesses being relatively sorted, all you need to do is keep steering forward and continue with their plans. You could devise some new strategies as well.

If this seems appealing to you, you need to find a corporate partner who allows you to work for “square two”. It isn’t a very difficult task to find one in India considering the number of start-ups which are established and require intrapreneurs to handle logistics and marketing.



4 mindsets every entrepreneur should adopt

Mindset of the entrepreneur is an important attribute for success.

Every entrepreneur is aware of how difficult a job being one is. With a completely new idea, you need to be focused and clock in long hours to succeed. An entrepreneur also needs to come up with path – breaking strategies and a focused team to accomplish all goals. However, another important attribute for success is the mindset of the entrepreneur.

1. Self-awareness

It is very important for an entrepreneur to be self-aware. Sometimes, an entrepreneur is so passionate that he loses track of the market and fails to see the shortcomings in his idea which can lead taking uncalculated risks and eventually lead to the downfall of the business. Passion is essential; however an entrepreneur also needs to be critical of his idea and plan and be able to identify the weak points. Also, once he starts working on the vulnerabilities of his plan, he has the option of turning the negatives into positives.

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2. Learn to accept help from superiors

Entrepreneurs often make the basic mistake of denying any kind of help offered to them or believe that they can shine as a one-man team. However, this kind of thinking can be very short-sighted and dangerous. An entrepreneur needs to build a strong team of dedicated individuals who are willing to contribute. In addition to that, an entrepreneur should also be willing to accept help from people who are more experienced and have done wonders in the entrepreneurship field. In the process of accepting guidance, you will learn about a lot of things that you were doing wrong and can now rectify your mistakes.

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3. Focus on marketing

Often entrepreneurs make a fundamental folly of ignoring marketing and sales tactics and stick to “the product is fantastic, so, it’ll attract customers” mindset. Customers don’t flock to a brand because it is a fantastic idea. They need to be explained and educated about the start-up and if they find it worthwhile, they will buy it. For instance, even though Ola is such an established brand, it focused greatly on the marketing of their new service “Ola micro” on social media platforms.

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4. Be positive

Positivity and passion are the ingredients to a successful start-up. When applied in huge doses to your idea, they will only work in your favour. Until you believe in your idea, you can’t convince others to. Also, staying positive is the only thing that keeps you going on days when you feel that the venture is worth anything. True success comes to people who are hard-working, positive and are willing to think out of the box.

For a successful business, it is very important that all these mindsets are embraced by the entrepreneur. Along with these mindsets, hard work and determination also play a crucial role in start-up evolving into a global brand.

Image Credit: diygenius.com



8 qualities every entrepreneur requires to be successful

To become a successful entrepreneur, one needs to have certain qualities which are a combination of innate and acquired ones without which s/he cannot run a company successfully.

To become a successful entrepreneur, one needs to have certain qualities which are a combination of innate and acquired ones without which s/he cannot run a company successfully.

Here are some qualities every entrepreneur should possess and work on constantly:

1. Innovative

An entrepreneur needs to be innovative because without an idea or a product, his start-up is doomed to be a failure. The first requisite to become an entrepreneur is an innovative idea which one can work and develop upon. Also, once the idea is thought of, one also needs to employ out of the box ideas to market the company and grow as a successful one.

For instance, Henry Ford had an innovative idea of starting the assembly line which was the reason for his success.

2. Hard-working

This quality is definitely not negotiable. Every successful entrepreneur regardless of how big or small the company is needs to shell out long hours. Calling shots of a company might seem like an interesting task but it definitely isn’t an easy one. One should be able to measure the pros and cons of every decision before making one. Every entrepreneur knows that a company’s entire pressure is on his shoulders which is why he needs to work extra but once s/he starts enjoying the job, it is a smooth sail.

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3. Risk Taking

One major stressful factor that an entrepreneur has to deal with is taking risks. An entrepreneur is always under a risk because he doesn’t know if his venture will work. Also, some risks could result in failure leading to a negative income and further hardships. However, for an entrepreneur, it is also very important to measure a risk accurately before it is taken.

After the failure of his first venture Traf-O-Data, Bill Gates decided to start his own company again called Microsoft. It was a risk he took which paid off well and he is currently the richest man in the world.



4. Determined

There are certain times in an entrepreneur’s life when s/he is bound to encounter failure as business is a combination of highs and lows alike. But, one should be determined to get through the bad phases of business with determination to make his innovative idea work. All an entrepreneur needs to do is believe in himself and his company before putting their idea out to people.

Milton Hershey had to watch three of his candy ventures flop before he could make it big by inventing Hershey’s. His love for chocolates and belief in his idea was what made him so successful.

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5. Resourceful

It is absolutely important for an entrepreneur to be resourceful as he requires all the outside help he can garner for his company. At an initial phase, s/he requires funding which comes from big investors; to acquire which one needs to be courteous and needs to know how to deal with a particular investor. If an entrepreneur strikes at the right time, he can gain invaluable resources required to develop his start-up into a global brand.
TaxiForSure, a successful start-up, managed to raise $30 million in a series C funding. These kinds of funds are very essential to fuel a start-up.

6. Patient

A company cannot become successful overnight which is why every entrepreneur needs to be patient. An entrepreneur’s capability to do a certain task will increase with time and experience. As long as one continues to work on it with the right attitude, one can accomplish certain goals with time. However, once the initial phases of building a company are over, it is a relatively smooth sail; till then an entrepreneur needs to be very cautious about dealing with all kinds of stuff.

Thomas Alva Edison had to try 10,000 times to make a simple light bulb work. It was only due to his patience and determination; he was able to devise a formula to actually make it work.

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7. Open to criticism

An entrepreneur should always be open to criticism. If he’s made a certain decision and it hasn’t worked in his favour, he should accept his mistake and move on, This doesn’t mean that an entrepreneur needs to accept all kinds of criticism because that would slow down his progress if he begins addressing every issue personally. Also, it is very important for a budding entrepreneur to learn from his mistakes so that he doesn’t repeat them again.

All successful companies have social media pages to address complaints. For example, HDFC has a separate Twitter page solely for complaints by customers.

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8. Leadership skills

An entrepreneur may want to be a one man team but he does need a team to function smoothly. One also needs to have strong leadership and decision making skills in order to call the shots for his company. Leadership skills also come handy when the entrepreneur needs to delegate certain tasks or settle internal disputes.

Related Post: 16 Leadership lessons from MS Dhoni for startups, entrepreneurs and managers

Image credit: theknowledgeseekerz.blogspot.com



5 Ways to always remain positive and push forward

Left to the mercy of customers and competitive markets, it is very easy for an entrepreneur to feel demotivated.

Because the life of an entrepreneur is so hectic, there are certain points where he question if it is worth his best? Left to the mercy of customers and competitive markets, it is very easy for an entrepreneur to feel demotivated.

However, until an entrepreneur doesn’t put in his best efforts, he can’t achieve success.

Here are five ways in which an entrepreneur can continue to focus on the positive things only:

1. Positivity and persistence are crucial

The most common of all mistakes is assuming a “no” to be “never”. As an entrepreneur, it is essential to have a grip on yourself and not break-down when you face rejections. After a period of despair, an entrepreneur should sit and analyse his mistakes and try to not repeat them. An entrepreneur needs to keep working until all the negatives are converted into positives. If he decides to accept defeat in the beginning, one can never really hope to succeed.

Related Post: 5 simple ways in which entrepreneurs manage risk

2. Stop blaming it on luck

While learning to be persistent during a failure; one should also be willing to change his back luck. There is a wide world of opportunities out there and just because one method didn’t work out for you, doesn’t mean the others won’t either. You need to create more opportunities and walk on more paths leading to success. By putting yourself out there on multiple paths, you will find one which will be the correct one.



3. Do things differently

To become a successful entrepreneur it is absolutely crucial to do things differently. That doesn’t mean one needs to take wrong or shorter routes to achieve success. The founder of Wikipedia Jimmy Wales and Larry Singer came up with a new model of funding which is through donations. This hadn’t previously worked for any company, but, it did great wonders for Wikipedia. Also, Henry Ford came up with the idea of assembly line. Hence, all great entrepreneur need to do things in a more unique manner in order to become successful.

Related Post: 10 Tips for a stress-free entrepreneurship

4. Failure is inevitable

Failure is not the end of your business but merely a stepping stone to success. The worst thing you can do is be afraid of failure because someday you are bound to face it. Some strategies will work and some won’t; for the ones that don’t work, all you need to do is pull yourself together and devise better ones. A failure is the best way to learn what went wrong.

Bill Gates’ first venture Traf-O-Data was an absolute disaster. Instead of getting dejected, he worked harder and came up with Microsoft and the rest as they say, is history.

5. Help others

If your business is already a success, you can definitely help other struggling entrepreneurs. Mentoring a new entrepreneur or speaking at youth conferences will not only revere you as a great person but also make you a better human being. You could also gain some information. The numerous company outreach programmes is also a great way to showcase your company and guide others in the process.

Example: TED talks on entrepreneurship and blogs such as Ben’s blog will definitely motivate more people to become entrepreneurs in future.

Related Post: 10 Inspirational quotes that will help entrepreneurs handle criticism

Image credit: www.viralnovelty.net



5 simple ways in which entrepreneurs manage risk

One of the major things an entrepreneur has to deal with on a regular basis is risk. There are some ways in which you can manage the risks and minimise them.

One of the major things an entrepreneur has to deal with on a regular basis is risk. An entrepreneur can ever be sure if his venture is going to work or not. However, there are some ways in which you can manage the risks and minimise them:

1. Weighing the risk

An entrepreneur needs to weigh a risk before he takes one to minimise future losses. Most entrepreneurs specialise in weighing the risk- if the plan fails, they don’t lose much but if it works, they stand to gain a lot by taking the risk. Also, one needs to have back-ups in case their idea fails. Hence, through simple ways they make their business more viable and sustainable.

2. Lean to plan and forecast the risk

Let the failure not come as an unpleasant surprise. You need to plan extensively about everything-the idea, marketing strategies, back-ups and the post-success plan. If you manage to forecast a risk almost perfectly, you have a chance to reduce it. Also, because you’re able to forecast a risk, you can come up with a risk management strategy to reduce its effects.

Related Post: 5 Reasons people choose to become entrepreneurs

3. Pursuing a new opportunity

Entrepreneurs often have the knack of spotting out shortcomings in the market and finding solutions to the problem. Pursing a new opportunity is a potential risk but in case their solution is viable, entrepreneurs stand the chance to gain a lot from it. Also, first mover advantage is what drives them to innovate further.



Example: Bhavish Aggarwal found a problem of transportation in the Indian market which needed to be solved. He came up with Ola services which is a huge hit in the market today.

4. Reduce financial risks

Reducing financial risk by managing your accounts receivable to minimize outstanding balances and identify poor credit risks early on in your business is the key to risk management. To reduce financial risks further, one can implement credit and payment standards, specifying which credit scores and payment records are acceptable. You can take professional help for credit control and manage cash inflow. Try keeping outstanding loans and financing needs to a minimum. It is very important to monitor growth rate and let the company grow to an extent which is manageable.

5. Insurance is the key

Transfer your risks to insurance companies by protecting them against damaged liabilities, injuries and incapacities. By insuring all kinds of raw materials and proceedings, you stand a chance to lose very less in case of a business or a plan failure.

Related Post: 6 reasons Indians choose not to become entrepreneurs

Image credit: blog.sandglaz.com



8 apps every entrepreneur needs to download

To make your task slightly easier, we have come up with a list of 8 apps which will help you in different areas by taking some workload off you.

Being an entrepreneur isn’t an easy task with all the risks and pressure of decision making involved. However, to make your task slightly easier, we have come up with a list of 8 apps which will help you in different areas by taking some workload off you.

1. MobileDay

An entrepreneur becomes one because he wants to dictate his own terms. On some occasions when one just needs to be at home, MobileDay comes to rescue. It can co-ordinate all conference meetings and email with the participants. This app is a life saver as it can perform tasks like dial-in automatically and even offer to direct you to your meeting space if you decide to go for one last-minute.

2. Pocket

A true entrepreneur is always searching for more ideas and inspiration which can come from anywhere. This app is a great book-marking app which lets you save a variety of content ranging from lengthy articles to a point on a listicle. Pocket also allows you to bookmark videos which you think you might want to see later. The bookmarked content can be accessed offline on all electronic devices later. You can use the Bookmark app to manage your bookmarks.

3. Venmo

Venmo is a free digital app that makes all financial concerns in your life vanish away. It is a digital wallet which is linked to your bank account. You can easily make or share payments through this app. It solves the issue of carrying cash while treating employees or splitting food/cab fare. Venmo can also be used by entrepreneurs to make instant payments or wire salaries to the employees safely and efficiently.



4. Clicky

A company’s trends need to be monitored regularly to make future decisions. To monitor all stats related to a website or a social media page, an entrepreneur can download Clicky. It presents the analytics in a manner similar to Google Analytics but in a more understandable and simple manner which can then be studied.

5. SignEasy

Printing, signing, scanning and then e-mailing a document is a tedious and time-taking procedure to do on a daily basis. SignEasy is an easy and time saving app through which an entrepreneur can sign the required documents by opening them in the app and clicking on sign. You can also resend the documents from your phone. Hence, this app is very efficient and time-saving on the whole.

6. Streaks

Life of an entrepreneur is tiring and tedious and he isn’t very equipped to remember a list of tasks to complete amidst all the jobs. Hence, Streaks help and entrepreneur to turn some tasks into daily habits by simply feeding them into the app. The app finds a way to remind you of the task at a certain time of the day and also keeps a score of how many days you actually keep the streak alive. This app can automatically help you make sometime in your daily schedule for the things you need to do.

7. Skype

This app is a no-brainer for any entrepreneur. Skype offers video-calling and audio-calling with people from other countries free of cost. With increasing global investors, an entrepreneur can easily schedule Skype meetings and conferences to interact with them. Also, on the days an entrepreneur chooses not to go to office, he can send messages via Skype.

8. Expensify

All entrepreneurs want to maintain receipts of expenditure throughout a month for varied reasons. And, amidst all the pressure he’s under, it isn’t possible to physically maintain a log of all receipts. All you need to do is download Expensify and with your phone’s camera take pictures of your receipts as digital records stored in a chronological order. This app also lets you log mileage, meal expenses and other business-related travel costs.





3 attributes required to be a successful entrepreneur

By building up certain entrepreneurial abilities, you can guarantee that your future ventures will be successful.

An entrepreneur’s life revolves around taking risks and clocking long hours of work for a venture to be successful. Entrepreneurs cannot maintain a fruitful business if they haven’t invested any effort in learning significant life lessons about disappointment, oversights and development. No one is conceived prepared to be a business person – the best representatives adapted hard lessons that helped them accomplish their objectives. By building up certain entrepreneurial abilities, you can guarantee that your future ventures will be successful.

Three essential attributes entrepreneurs need to learn are:

1. Patience

Patience is an important virtue every entrepreneur must possess. However, it is also the most challenging to build. Often, entrepreneurs get lost in the haze of ideas and force things to evolve too quickly. This could result in hasty decisions and gradually, a failure. An entrepreneur needs to be grounded and focused and take careful weighed decisions.

Related Post: 10 things every entrepreneur needs to learn very early

However, staying too patient regarding your decisions could also result in failure. Don’t mistake patience as inactivity. Learn to be involved and engaged but not hasty.



2. Zeal

An entrepreneur needs to keep the zeal and enthusiasm alive in order to be successful. A lot of ventures could be deemed as unsuccessful from the very beginning. It is very important for an entrepreneur to not lose heart at these points and keep the drive going as failures are bound to occur. An entrepreneur needs to be hungry and devise more ways of moving forward. Also, one needs to believe in himself and try to accomplish the big goal, always.

3. Self-awareness

Self-awareness is a quality which every entrepreneur should bank upon. It is very easy to get lost in a haze of ideas and get overly attached to a single one so much so that you fail to see the flaws in your plan. An entrepreneur should be able to see the shortcomings in his idea and work towards converting them into positives. Having a very good idea about the market is very important for an entrepreneur because he needs to understand his customers well. Pay equal attention to your venture, clients, employees and your personal life.

Related Post: 5 Reasons people choose to become entrepreneurs

If these three attributes are mastered by an entrepreneur, he is highly likely to be successful in his field because of the delicate but necessary balance that he will strike.



10 things every entrepreneur needs to learn very early

There are certain things an entrepreneur needs to learn early to avoid making basic mistakes early on.

Building a company isn’t an easy task. But, once you see the gains and happy people benefitting from your venture, you are assured that your efforts were worth it. However, there are certain things an entrepreneur needs to learn early to avoid making basic mistakes.

1. Building a team to work with is an initial task

Spending money on hiring the correct people to work for you is probably the best investment ever. One can hope to save up all the cash and grow as a one man team but sometime in the future, s/he will definitely need a loyal and hardworking team. All efforts and money spent into creating a team will reap higher dividends in the future.

2. Aim big and believe in yourself

When you’re starting out, why not start out big? Don’t let your power to rationalise become your foe. Dream and strive to achieve the bigger goals in life and watch how easily the smaller ones are won over. Also, to successfully achieve the bigger aim, you will need to put in more effort but the end result will definitely be worth everything.

Related Post: 5 Ways for a new entrepreneur to ensure success

3. Do not put off tasks that need to be done

In an itinerary of an entrepreneur, there might be an array of tasks one might not like to do. You might have the option of delegating these tasks, but someday you will face something you hate, which absolutely needs to be done. Do not put these tasks off and try to get the important yet much hated tasks done as soon as possible for a fruitful outcome.



4. Do not focus on things that aren’t important

A basic mistake a lot of entrepreneurs make is that they devote too much time in doing things that aren’t absolutely crucial. Have a basic to-do list and eliminate the activities you believe aren’t necessary and are being done only for the sake of it. Also, refusing to focus of unimportant tasks leaves you with enough time to focus on the necessary ones.

5. Receive information only from the credible sources

We live in an era in which we are bombarded with all kinds of information, half of which isn’t true. Trust only the sources you believe are credible and do not get lost in a kaleidoscope of unnecessary data which can hamper your current thought process.

Related Post: 5 Reasons people choose to become entrepreneurs

6. Have your reasons sorted in the very beginning

You need to have a very strong reason and belief sorted already regarding why you’re doing this beyond financial gains. This reason becomes your sole motivating factor on days when nothing’s going right and on days when you realise exactly how hard it is to build a company.

7. Let go of inhibitions

Initially, everyone has certain inhibitions regarding what approach s/he should take and certain decisions. Let go of your inhibitions and do what you thing is correct and important for your venture. It may be a wrong decision, but it’ll definitely be a great lesson.



8. Measure the pros and cons

Whilst struggling to keep up with the competition, it is also important to weigh your pros and cons because having a fair understanding and idea of what is happening will give you more clarity in your thought and next plan of action.

Related Post: Reasons budding entrepreneurs should stop looking for venture capital

9. One plan of action is sufficient

While starting out, it’s good to dream big. But, it is also very important to remain realistic. As a budding entrepreneur, do not make the mistake of venturing into 10 different categories. Have a single idea, work towards it and work on expansion plans when the correct time arrives.
Example: Ola started as a cab-service app. After it grew big in the cab-service sector, Ola then branched out to offer other services like Ola Share and Ola Shuttle services.

10. Make and maintain contacts

Treat everyone you meet during your job as an important asset as you never know when you might require them. Be cordial and pleasant with the people you meet. An occasional e-mail or a phone call can help to secure a long-lasting relationship.

Related Post: Top 3 challenges faced by budding entrepreneurs

Image credit: www.huffingtonpost.com





He begged on the streets once. Today, this entrepreneur has a turnover of 30 cr and dreams of an IPO

His company today has a turnover of Rs 30 crore and employs 150 people. This by no means is the finishing line even though 50-year-old Renuka Aradhya started life’s race with a major handicap.

His company today has a turnover of Rs 30 crore and employs 150 people. This by no means is the finishing line even though 50-year-old Renuka Aradhya started life’s race with a major handicap.

Renuka was born poor. Very poor. He has seen the kind of poverty that put him on the streets to beg. The poverty that kept him hungry both literally and metaphorically.

Where does one begin to tell this entrepreneur’s story? From pushing a handcart under a blazing sun to now owning a fleet of 1000 plus cars? Or from transporting 300 dead bodies to ferrying foreign tourists who left tips in dollars? Or from failing to clear class X exams to now rubbing shoulders with the industry’s who’s who?

Or the fact that with his foresight he was able to ward off Uber and Ola poaching his business, and is making the next generation ready to dream big by bringing his daughter-in-law (who comes from a poor family) into the business.

Ernest Hemingway wrote a long time ago, “It is good to have an end to journey toward; but it is the journey that matters, in the end.”

Here’s Renuka’s roller coaster journey in his own words because no other words will do it justice.

Every day is a winding road

I belong to a village called, Gopasandra, in Anekal taluk near Bengaluru. My father was apujari at a temple allotted by the state government though he did not get any fixed salary. After conducting the puja, he would go to nearby villages to beg for ragi, jowar, or rice. He would then sell the grains in the market and with the money that he got from the sale he would take care of us. We were three children, two boys and one girl.

I would go begging with my father to these neighbouring villages, which is now Electronic City.

After I finished Class VI, my father thought that he would put me in somebody’s home as a domestic help to make ends meet. My school fee till Class X was taken care of by my teachers because they would get me to do their domestic work like washing utensils and dusting and sweeping.



I started working for an old man who had a severe skin ailment. I would tend to him, give him a bath, and apply skin ointment all over his body. Since I belonged to the pujari clan, I also had to perform puja at a nearby temple. After that, I would go to school. I lived there for one whole year.

Soon after, my father admitted me to a boys’ ashram in Chickpet, where I remained for three years. The hostel would give us two meals a day, one at 8 am and the other at 8 pm and nothing in between. I remember I was always hungry. I could not focus on my studies at all and my mind was occupied with trying to find how I could lay my hands on some food.

It was mandatory in this ashram to learn Sanskrit and the Vedas. I quickly picked this up because I realised that if I could accompany the seniors in some naming ceremony, weddings, or pujas I could eat at those events. But it was not very easy to get hold of these opportunities. I had to placate my seniors by offering to do their personal chores like washing their clothes.

As a result, I failed in Class X, passing only in Sanskrit. I then had to return home as my father passed away and the responsibility of my mother fell on me. My older brother was married and not keen on taking care of her or my sister and me.

In poverty, there is no unity. Lack of money can make people selfish and mean. If people lived happily together in the midst of poverty then they are gods.

I soon started working in a factory in Audgodi. I was there for a year. This was followed by a stint in a plastic manufacturing company and then an ice-making factory. I then found a job as a sweeper in an AdLabs branch. My mind is sharp. I soon got a hang of printing and helping out with the work. I was there for three years and had to quit because I was getting drawn into nefarious activities by some employees, who expected me to join them as well. I am glad I quit because I heard later that they were found out and sacked.

Road to nowhere

I joined Shyam Sunder Trading Company where I started working as a helper. The company was into making and trading in bags and suitcases. I had to load a handcart with suitcases. Another helper and I took turns pushing and pulling it through the city roads and transported them from the factory to the shop. Soon, I was promoted to a sales position.

After working there for a few months, I thought ‘why not start my own business?’ Since I was familiar with this business, I decided to make covers for suitcases and vanity bags. I would take my bicycle and go around the city shouting for customers who wanted covers stitched for their suitcases and bags. It did not work out well for me and I lost some 30,000 rupees.

I was back to square one. My brother, who was a security guard, found me a job as one.

The reason I kept moving and starting all over again is because I wanted to achieve something. I did not have any educational background. I was not even a high-school pass. I had no money and no family connection. I did not have any mentors, no one to guide me. But I was always in search of opportunities.

I was around 18 when I got into bad company — drinking and gambling. Thankfully, the older boys I used to hang out with moved out and I escaped a life that would not have taken me anywhere.

When I turned 20, I told my mother I wanted to get married. I thought that marriage would make me more responsible and focussed. I was earning Rs 600 as a security guard, so to make a few extra bucks I started taking on odd jobs like that of mali, or climbing coconut trees. I remember that I charged Rs 15 per tree and I would climb 20 trees per day.



A bend in the road

Not satisfied with what I was doing, I decided to become a driver, though I did not know how to drive. I did not have any money to learn driving and to get a driver’s licence. So I borrowed some money from my brother-in-law and pawned my wedding ring.

All went well and I got my driving licence. But the first day of my driving job was a big nightmare. I was meant to reverse the car and park it, instead, I banged it into the gate. That job lasted only a few hours. I was back to being a security guard.

It was very depressing. I would go to the temple and bang my head on the steps lamenting my destiny and how God was being so unkind to me. I wanted to drive and yet here I was going back to doing what I thought I had come out of.

 

Since I was always looking out for an opportunity, I met a taxi operator who decided to give me a break. He told me not to worry if I banged the car. ‘Just run away from there,’ he told me. I was so grateful that I told him he needn’t pay me till I can prove myself. I’ll manage with the driver ‘batha’ (per day charges on an outstation trip), I told him.

I remember carrying large stones in the car. Whenever I had to halt at an incline, I would pull the handbrakes and quickly place the stones next to the rear wheels to prevent the car from rolling back. Imagine how many stones I must have left behind me in a trail (laughs).

I was determined not to go back to being a security guard this time. In the nights, I would practice reversing the car, parking it, and managing inclines on the road without the stones. Slowly, my confidence grew.

My first outstation trip was to Gokarna. I learnt that if you drive slow and steady then everything works out well. So that’s what I did. I was so nervous that I did not dare press on the accelerator too hard. Imagine my surprise when I got this feedback from the guests saying that I was a very good driver (laughs).

One more thing I learnt was that if you take care of your customers, then you’ve won the battle. I got very good reviews from my customers and because of this, I was always in demand.



I worked at a transport company for four years. Besides ferrying passengers, the company also provided vehicles to hospitals like Nimhans to transport dead bodies back to their homes for the last rites.

I have transported approximately 300 dead bodies across India. And many times, I have done so alone because there was no one from the deceased family to accompany the body.

And look at the irony, immediately after I came back from one of these trips there would be a group waiting to go on a pilgrimage to Sabarimala. I would sprinkle some holy water on the vehicle and get on with the next journey.

This also taught me the impermanence of life. That nothing is enduring. That life and death are nothing but two ends of a long journey.

You know the most important learning for me in my journey has been that to earn money you must have a vision. And to make that happen, you must make the best of opportunities that come your way. You must do whatever you are doing with total dedication and keep a good track record. One day, fortune will surely smile upon you.

Two-way street

My wife used to work in the garment industry. First, she was a helper and then she went on to become a tailor. Together, we would earn Rs 900.

I was soon upgraded to another travel company. Here I got an opportunity to drive foreign tourists. I would get good tips in dollars. Over the four years that I worked there I had a neat sum saved up from these tips. I got my wife to withdraw her PF money, and together with the amount I had saved I started a company called City Safari with some other people.

Once the company started doing well, I was made the manager. When I was only a driver, I would often think that one day instead of submitting a trip sheet I should be the one collecting it. And that dream came true with my new post as manager (smiles).

Around this time, I bought my first car. It was an Indica. I had to take a loan from the bank. My older brother refused to be a guarantor, and I had to seek someone else’s help. In another year-and-a-half, I bought one more car. With these cars, I went to work for two years with Spot City Taxi.



As you can gather, I wanted to build my own travel/transport company. A company called Indian City Taxi was on a distress sale. I did not have any knowledge of merger and acquisition, just paisa de do, company le lo. I bought that company in 2006 with Rs 6.5 lakh. I had to sell all the cars that I had by then to produce this money. The company had 35 cabs attached to it and they would make Rs 1000 commission per vehicle, so in a month Rs 35,000 was assured.

I took a lot of risks, which thankfully paid off.

I had earlier registered the name ‘Pravasi Cabs’ when I had three cars of my own. So I now called my new company that. I was an entrepreneur now. The name came to me from the foreign tourists and expatriates I drove around. Pravasi is the Sanskrit word for expatriates.

However, it was not all that easy. There were a lot of complications. Anyway, to cut a long story short I soon got my first client – Amazon India. When they were setting up their Chennai office, they also helped me expand my business there.

Now the thing with corporates is they pay after three months, and I did not get my payments even after six months. So I took loans, and through the years have ended up paying lakhs as interest. But mind you, the money was not for me. I would give my wife Rs 20,000 every month to run the house. The rest was all for the company. I poured my days and nights with hard work. Slowly, revenue started coming in.

I thought of expanding my business and getting more clients. What if Amazon withdrew? I would end up on the streets. Hence, I slowly got more clients like Walmart, Akamai, General Motors, and others. I did not have a sales team, no marketing team, nothing.

I never lost an opportunity even if my cut was three percent, I did not care. I just wanted to get into operations. I had to increase my turnover, only then would I get funding from the market or banks. But if I concentrated only on profits, my turnover would decrease.

At this time, we were in on-call service, employee transport service (ETS), and train/bus ticketing (which I left after a year). I owe a lot to Amazon for supporting my growth.

I do not have any barrier to starting operations. I just look for three things: the attitude of the local drivers, their behaviour towards customers, and vehicle availability.

Are we nearly there, yet?

I learnt English by conversing with tourists. When the car would be parked while the tourists did the sightseeing I would wait in the car either trying to read from an English newspaper or write passages from it. I did not waste time gossiping with other drivers or smoking. I would either read or catch up on my sleep.

As my business grew, I felt the need to attend networking sessions, workshops and talks on marketing, customer retention or economics of running a business. A lot of my personal growth happened this way. The other advantage I had was that I am very tech-savvy; I can work any gadget.

Three years ago, I started providing buses to schools. Initially, the understanding was that we had to manage with the transport fee that the school charged. The first year, I lost Rs 10 lakh. I made an agreement with the school that I would give them 35 percent for the next 10 years. So I would invest in the buses. This is the first year that I am going to break-even. I started this because I could not rely on only ETS.



And, surely, when Ola and Uber came along, it impacted the taxi industry greatly.

But I escaped because I had around 700 cabs attached to me. I lost about 200 to them. But I was still left with 500. My idea was if I had more than 500 vehicles then no one can touch me. But if I had 100, 200 cars, then certainly I would have had reason to panic. In fact, many taxi operators had to shut shop when Ola and Uber speed chased them.

I believe that because I dreamt big, I managed to escape. If I had a small cab agency and was satisfied with earning Rs 40,000 a month, my business would certainly have been punctured.

I realised the best solution was to have a new scheme for my drivers, which was an owner-cum-driver scheme. The deal was that for an advance of Rs 50,000, I would buy them a new car. He had to work for 36 months, and after that, the car would be transferred to his name. Whatever he earns, he keeps, we just deduct the EMI for the vehicle. We now have 300 vehicles like that, and I have the liability of all those vehicles on my head.

An all-women group picked Renuka to drive them because of the trust they had in him.

Besides this, we also provide training to the drivers regarding behaviour and how to manage their finances.

You know, my growth has been only this much because I wasn’t educated enough. I do not know the planning and strategies like the IIT and IIM guys.

I am also a director in three startups. Along with six other directors, I sit on the board of loaddial.com. It is an aggregator of goods vehicles. I am also a director in a company that will provide affordable housing to people like drivers and garment workers. I have a few other concepts like having a Foodpanda like app for smaller cities and towns.

In three years, once I cross Rs 100 crore I will go for an IPO.

As a social responsibility, I want to encourage women drivers. I am ready to even waive the Rs 50,000 advance if women come forward saying they want to become owner-cum-drivers. We have also created an all-women call centre for Pravasi in Karwar.

I believe in the power of the mind. What we think, we become. How many times will you say ‘I do not have any experience so how will I do this?’ Initially, there will be more criticism and less goodwill. But slowly the criticism will fade away.

Whatever God has given me, I have shared with everyone. And I firmly believe that because of this I have managed to get myself educated and get rich. I took my chances and during all those times when I picked up an opportunity even though it was not financially viable, I firmly believed that one day God would give me back double. Otherwise how else can a security guard today drive a Rs 23-lakh car?





Life of an entrepreneur in 90 seconds – best motivational video for entrepreneurs

Sometimes it’s what most don’t see that makes a successful entrepreneur but in the end, your success will speak for itself.

Sometimes it’s what most don’t see that makes a successful entrepreneur but in the end, your success will speak for itself.



5 Cheap tools for startups on a shoestring budget

Five essential tools that will help you stay ahead of the curve while still maintaining your budget.

Starting a business has become easier than ever. But, with a number of startups mushrooming every day in the country, the competition is also fiercer than ever. In order to make the going a little bit easier for all these newbies, we have religiously sorted out these five essential tools that will help you stay ahead of the curve while still maintaining your budget.

1) Teamwork: Online Project Management Tool

With many startups nowadays operating virtually in the crucial initial years as a measure to save costs, an online project management tool becomes a necessity.

The initial few years of a startup are a test of its survival strength, therefore there’s a need that the the entire team is on the same page and is working effectively towards the same goal. Teamwork is an excellent tool to achieve just that. Using the tool, one can specify tasks to the right people and even set deadlines for them to complete the task.

Teamwork’s file-sharing feature transforms a virtual office into a real office as team members can collectively work together without any hassles. It’s other star features includes sub-tasks, statuses, attachments and milestones. As communication is the key to success, the tools also comes with a free Chat feature facilitating live and fast communication between each team member.

2) Hubspot: Marketing Automation Software

A startup needs to continuously keep scouting for new customers in order to keep the wheel running. An effective way to achieve this is by developing good lead generation channels. By using Hubspot, a startup will no longer have to resort to the hit and trial method for cracking the code for effective online marketing for your startup.

Focusing on inbound marketing strategies like SEO, social media and blogging etc., Hubspot’s Marketing Automation Software ensures that everything that a startup needs to generate new leads and close more sales is all under one single roof.



3) Timely: Time-Tracking Tool

For a startup, time is money, quite literally. In order to make sure that all the team members are doing their work diligently, a startup can make use of the time-tracking tool Timely. The tool allows startups to specify tasks to everyone and manage their workweek, all at one place.

The tool also comes with a tracking tool that allows the user to calculate the billable hours of each employee put into every task and ensure everyone is time-efficient.

4) Kissmetrics: Web Analytics

Studying your consumer base is a stepping stone for success. Web analytics tool, Kissmetrics helps you understand the behaviour of your consumers and the way they interact with your product/service. It hooks you up with all the right analytics needed for you to optimize your conversions. It’s key features like A/B test, funnel reports and cohort reports helps the startups to save crucial time by speeding up the optimization process.

5) iKeva – Virtual Office

Having a physical working space might be a little difficult on the pockets of newbies beginning to test the startup waters, but, one does need an official address and phone number to tackle all the client inquiries and business leads. This is where the Virtual Office tool comes to a startup’s rescue.

Virtual office service such as W1 Office in UK, Opus Virtual Office in US, and iKeva in India offers to handle all the business communications of their clients- from fax to live phone reception. Further, they also offer a physical meeting rooms for company and client meetings. Currently, iKeva is offering virtual office services, starting at Rs.2200, in Hyderabad, Bangalore and Chennai.

So, these were our top five picks. If you know some more and better tools, do let us know below in the comment box.

This article was originally published in indianweb2.com

Image credit: wecreatehere.net





From a delivery boy to an entrepreneur, following his passion relentlessly

In April 2015, Monkvyasa had 15 astrologers on its platform and began with close to 22 consultations in a month. Today, it has 25 astrologers on board and provides over 22 consultations in a day.

There were 30 days to go. The cash registers were silent. The co-founder had quit unable to deal with the mess. The office space had to be vacated, as paying the rent was no longer possible. Is this what entrepreneurship is all about? This was not what Dinup Kalleril had in mind when he left home with big dreams.

The days were dark for Dinup in early 2013, and so were his thoughts. Maybe his parents were right; he ought to have finished his engineering degree and found a job. The online T-shirt company he had set up wasn’t working, the Rs 25,000-investment was long gone.

His parents assumed their son would be the first one in the family to finish a college degree, find a good job and settle abroad, but this son of a plumber had different plans.

He chose the travails of entrepreneurship and it has been a journey ridden with challenges. The online T-shirt company long sold, Dinup has bounced back with another startup—MonkVyasa, an online astrology consultation platform. He claims the platform, set up earlier this year, has daily transactions of Rs 75,000 to Rs 1,00,000.
But in early 2013, the only course of action left was to become a delivery boy and work his way upward.

The first failed venture

“Sachin Tendulkar was my hero. So my school vacations were spent playing cricket or swimming in the nearby ponds. I didn’t know what I wanted to do but the appeal of a 9-5 job didn’t hold,” says 27-year-old Dinup. Nevertheless, like most of his peers, he ended up joining an engineering college, but soon recognised the move to be a blunder.

“In the second year of college, I decided to become an entrepreneur. I got many ideas and discussed those with my friends. I tried my hand at trading scrap, selling SIM cards and conducting tours for agencies. With the money I earned I got a computer in 2008,” recalls Dinup.

The world of Internet and computers enthralled Dinup and he knew he had to take the plunge. So that year, he quit his university to focus on starting up. But all hell broke loose. His father refused to speak to him until he changed his mind. Finding it difficult to live in the such an environment, Dinup decided to move to Chennai.
Staying in Chennai for two months, he worked as a salesman to sustain himself. “I came back from Chennai with the idea of starting an online shopping portal for T-shirts. In 2012, online shopping was not popular in Kerala,” says Dinup.

But all didn’t go as planned and one of the biggest challenges was to meet the expenses. The money from most transactions was cash-on-delivery, which would take a month to reach them and that’s when Dinup decided to become a delivery boy for his own venture and for other delivery companies as well.

“I delivered products for six months in Kochi. For many Kochities, I am familiar as a delivery boy,” he adds.
Challenges were not new to Dinup, who was born in Pattimattom, 25 km from Kochi, into a family with a humble background. As he had studied in a school where the language of instruction was Malayalam, Dinup had to learn English when he joined college. He also did odd jobs while studying, to get some cash as he did not have pocket money.

Dinup eventually sold the business to a chartered accountant in Kochi and got out.

While his first venture didn’t pan out as he hoped, Dinup continued his efforts to make ends meet and find a sustainable entrepreneurial venture. He ended up being the go-to guy for any online-related services.



A new beginning with MonkVyasa

It was serendipity that led him to his new venture. In December 2013, while at his friend’s house, Dinup saw that his friend’s father was going to consult an astrologer. Dinup immediately asked him why he didn’t try consulting an astrologer online.

“I took my friend’s laptop and searched for astrologer consultations online but I could not find any website that offered such a service,” says Dinup. After going through some websites related to astrology, he figured out about ‘automatic horoscope report’, which is a technology that generates an online horoscope based on inputs like date, time and place of birth.

“That was the Eureka moment for my new venture. I realised that astrology is an important part of decision-making for most Indians. But in this Internet era, we could not get astrology services online like other services,” says Dinup.

Finding his co-founder

However, Dinup knew he needed a strong technical team. One evening, after four months of relentless search, Dinup happened to be sitting in a teashop near Kochi’s international cricket stadium, and he met his college friend Sarath KS, who was then working as a software developer.

“When I talked about the idea of a marketplace website for astrologers, he was very excited. We met several times at the same place discussing the idea and plans. Soon, he decided to quit his job and joined me as the Co-founder of Monkvyasa,” says Dinup.

Another rough patch

The duo took two months to design the entire flow chart and UI before starting work on the coding. The next challenge was to get astrologers on board as most were not Internet-savvy. They took time to convince astrologers to try out their platform and trained them on giving online consultations.

However, technical glitches made them go back to the drawing board. They had built a video consultation platform that had worked well during beta testing with 10 astrologers. But the payment gateway integration and video consultation together did not work.

They shut operations on the website and re-launched in April 2015 after working further on the product. Dinup by then had become a member of TIE Kerala and soon got mentorship and seed funding from Sanjay Vijaykumar, Chairman of Kochi-based startup incubator Startup Village.

The business model

In April 2015, Monkvyasa had 15 astrologers on its platform and began with close to 22 consultations in a month. Today, it has 25 astrologers on board and provides over 22 consultations in a day.

While the team gets over 500 enquiries and 200 online enquiries for astrologers, it is taking things one step at a time. “We want to be absolutely sure of astrologers’ credentials before we on-board anyone,” says Dinup.

The team charges a 15-per-cent commission from the astrologer for every transaction made. Users looking for a consultation can choose between an online video chat and an offline phone call. The payments are made online with the average cost of a consultation being Rs 500.

The vision is to bring the best astrologers in India on one platform, Dinup says. The company is targeting to on-board 2,000 astrologers in three years and reach transactions of $200 million.

“Entrepreneurship has given me freedom even in the toughest of times. I don’t think there is anything else I would want to do despite all the stress and struggles,” says Dinup.

 

This article was originally published in YourStory

Image credit: www.monkvyasa.com



Don’t kill your dream of becoming an entrepreneur. Life is short. Get Set. Startup

It’s always a great feeling when your work is also what you love to do. A job may or may not provide that option. Entrepreneurship does.

I have often heard senior professionals tell entrepreneurs that they wish they had the guts to leave their jobs and startup on their own. But I have yet to hear an entrepreneur, irrespective of whether their venture is doing well or struggling, tell any professional,

I WISH I HAD YOUR JOB.

The reason is easy to understand. Entrepreneurs start ventures largely in their areas of interest or passion or competence. It’s always a great feeling when your work is also what you love to do. A job may or may not provide that option. Entrepreneurship does.

But just doing what you are passionate about is not the only reason why entrepreneurs are generally more excited about their work. In some cases, rare though, you may get to do what you really are passionate about in a job too. The big difference however is that while in a job you are living either someone else’s dream or a company’s objectives, in your own startup, you are driving your own vision, goals, dreams and aspirations. Every small step in an entrepreneurial journey feels like an accomplishment and gives you the satisfaction of having reached a new milestone.

And while the entrepreneurial journey is not always smooth and often fraught with risks, challenges and failures, the entrepreneur’s passion for the concept and the domain provides the person the patience and courage and the will to push ahead and sometimes, even if the venture fails, gives the person a personal high of having tried something.

Most importantly, irrespective of what the outcome of an entrepreneur’s venture – whether it fails or succeeds – the entrepreneur always wins, because even the failures teach you so much about business and life. They prepare your foundation for another leap. Another shot at glory.

Most entrepreneurs continue on the entrepreneurship journey. If one venture fails, they try another. If the entrepreneurial experience had not been a satisfying one, they would have given up and taken up a job.

But passion about what you do is not just a nice by-product of entrepreneurship. It is a necessary ingredient. Because, without passion and commitment you are unlikely to find the will to push through challenging times.

And challenges there will be many and at many different times of the venture’s life. That’s why I tell entrepreneurs – don’t start a venture because it was the first opportunity that came across, or because you saw someone else do something well. Don’t just think of the obvious business ideas that seem to be doing well around you, or businesses that investors seem to be funding currently. Don’t go after a fad or a sector just because it is seeing a lot of action. Do it only if your interest lies in that sector, and in what you want to do in that sector.



Most of us have a streak of entrepreneurism within us. Many of us dream of becoming entrepreneurs and starting a venture. Often we have ideas that we think we should pursue, and which we think we can build a successful business around.

But most people don’t startup. Something holds them back, and they find several excuses for not being able to even startup. How often do we hear people look at some successful company and tell their family & friends

I HAD EXACTLY THE SAME IDEA A FEW YEARS AGO.

BUT I DID NOT START A BUSINESS THEN. I WISH I HAD.

Most would know friends who have had this exact feeling of regret because the very idea that they did not act upon is now a successful company.

Today it is far easier to get started. Cost of starting up has gone down. Accelerators and incubators and forums like TiE and NEN provide mentoring to first-time entrepeneurs. Access to investors is easier through angel groups and online platforms that connect startups and investors. That opens up entrepreneurship as a career option to anyone with ideas and aspirations.

Get Set. Startup.

Author: Prajakt Raut

Prajakt is the founder of Applyifi. He was previously a part of the founding team of The Hatch for Startups, co-founder of Orange Cross, Asia Director for TiE (The IndusEntrepreneurs), and head of operations of Indian Angel Network. He mentors early-stage companies on strategy, business model & monetization, fundraising/bootstrapping and on preparing the company for growth.

This article was originally published in Inc42

Image credit: bretcontreras.com