Being Entrepreneur

October 20, 2018

Being Entrepreneur

Being Entrepreneur
(Photo: Google pics)

The term entrepreneur may seem to be fascinating. But the journey of being an entrepreneur isn’t as sophisticated and entrancing as the term seems to be.

I guess seventy percent of today’s youth have at least once planned and dreamt of being a successful entrepreneur. Today’s youth, the future of the society inspite of having some wonderful and marvelous ideas fail miserably in their entrepreneurial journey. A study says that only 0.001 percent of Indian startups successfully survive.

Failure Leads to Success
(Photo: Google pics)

Now if you have ever planned of a startup, probably by now several questions are eating up your head. You need not worry I will be focusing on key factors for a successful startup. No, my dear fellow aspiring entrepreneurs it’s not what you are thinking of, it is not Funding. Yes, funding is obviously one of the most important factors that keep the startup growing. But despite of available fund, startups fail. The main reason for so is that we all wanted to be successful but never try to analyze where we failed and why it happened.

Before we go deep into the factors that make your startup successful, we need to understand what entrepreneurship is. The first step of being a successful entrepreneur is understanding the difference between conventional business and yours. Entrepreneurship is “ The capacity and willingness to develop, organize and manage a venture along with any of its risks in order to make a profit”, and the one who willingly takes these risks are known as Entrepreneur. Whereas a conventional business is defined as, an organization or economic system where goods and services are exchanged for one another or for money. The biggest mistake an entrepreneur does is they proclaim themselves to be as an entrepreneur but tries to do business at a very first go.

Factors for Achievement
(Photo: Google pics)

There are four stages of a startup and four vital factors that have to deal with very carefully, sophisticatedly and delicately in order to turn your idea into a successful startup. The four different stages of a startup lifecycle start from the ideation phase moving onto the bootstrap stage, the bootstrap stage is the toughest time of startups and the entrepreneurs’ life. After a startup successful pass this phase, this actually be now could be called as the startup. As the startup now starts growing and generating revenue it could finally be termed as the business.

Most importantly the four factors for a startup to be successful, the idea must be unique and cater to real-life problems, choosing the right team and distributing the work, legalizing the whole matter and finally marketing the whole concept. So that the vision you see the world also sees it simultaneously with you.

In the upcoming blogs, I will be discussing details about the various factors and stages till then stay tuned with us.

Startup Enthusiast

~Aritro

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