285 week ago — 4 min read
Summary: In the new-age business lexicon, a startup entrepreneur is also referred to as a ‘startpreneur’. Business mentor Dhananjay Parkhe shares 4 guiding principles for startpreneurs.
It’s a great time to be a startpreneur in recent times. Technology has levelled the playing field and propelled a startpreneurial revolution. As a startpreneur, you now have more access to information that enables you to make intelligent decisions more quickly. You have an advantage over big businesses in that you're more agile, flexible, and faster in embracing change. Moreover, you can target new markets at a greater speed.
But being a successful entrepreneur requires that you look at the big picture and follow a plan from beginning to end. Here are some practical guidelines that can help you when beginning your own enterprise:
1. Don't quit your day job
Consider starting your business part-time, especially if it’s online; continue with your day job to maintain a steady income. It usually takes six months to a year to get a business going and you don’t want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.
2. Find your niche
The days of general stores are over. Particularly online, consumers are looking for stores that specialise. You have to find a need—something a specific group of people want but can’t get at the big chain stores. You can’t always compete with the big guys, so you have to find where the big guys aren’t and establish your niche.
3. Have an online presence
Even if you’re not planning to start an online retail business, consider that the internet can still play a valuable role in the success of your venture. Having an online presence eliminates the limitations of physical location and broadens your customer base exponentially. It’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing.
4. Refuse to quit
Successful entrepreneurship requires creativity, energy, and a drive to keep going even when you face setbacks. Few people realise that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which failed dismally, but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Arm yourself with optimism to overcome the challenges of running a business. There is nothing wrong in failure, but make sure you don't repeat the same mistake.
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Posted byDhananjay Jay Parkhe
Dhananjay (Jay) Parkhe Global Goodwill Ambassador. Mentor Author Speaker Coach CSR, Advisor, Educator, Independent Director Bengaluru Area, India