With ‘Startup’ becoming the buzz word for millennials, there is a rise in the number of entrepreneurs making India stand at number 57 in the Global Innovation Index. But, the journey is challenging.

 

So here are a few tips based on the Startup Trends in the country that can help aspiring entrepreneurs to succeed.

 

• Offer Something Unique

If you are a new entrant in an established market place, it goes without saying that what you offer to the customer has to be unique. The idea is to find a gap in the existing marketplace and offer the customers something that the current players in the market are not able to give them. Studying the domain and your competitors will help you devise a balanced strategy that draws attention.

 

• Build a team

Entrepreneurship is not a one man’s job. You need to find the right kind of people who believe in you and are willing to work towards your goals and mission. A team is the backbone of an organization. A well-balanced team can bring your business targets within reach. Since building a team will require a lot of time and effort, it is advisable to start building at the beginning of your journey.
 

• Be Resourceful

Almost 90per cent of the startups is bootstrapped with limited resources and funds. This basically means that the entrepreneur himself will have to be resourceful enough to perform certain tasks on his own to scale up the business as he would like.

The key is to be smart – keep your resources aligned with your business objectives and make the most of it.

 

• Leverage Your Network

Networking is everything, especially at the beginning of your entrepreneurial journey. This is the time when you need your network to recommend you and influence your target audience. Asking for help from friends and family, that’ how your business will grow. Nothing works like word of mouth marketing to strengthen your customer base.

 

• Take Risks

Risk-taking is inherent in entrepreneurship. When you decide to become an entrepreneur, you sacrifice your steady monthly income for several months to a year, keeping in mind the long term profits that you will gain from your own business. These are calculative risks that one takes knowing the odds of success. Though risk-taking can be a nightmare for aspiring entrepreneurs, accepting risk is part of the deal.

 

Every journey is different and so the challenges will also differ. It is not a ‘one-size-fits-all’ situation, but the overall mantra should be dedication and passion.