So you have been bitten by the entrepreneurial bug too. You have this wonderful business idea in your head and you can just about see the outlines of a large business empire out there in the horizon. The timing seems right—everything in India seems to be favourable. How do you proceed? There are just three important steps…
Firstly, get your motivating factors in place. Entrepreneurship is not for the meek or for the unmotivated. The road to riches and glory is strewn with a lot of energy sapping battles—multiple highs and lows.
Get all the factors that motivate you pointed in the right direction before you start. Do you have the support of your family, your parents/spouse? If not, speak to them, share your dreams. Their emotional support will be vital later when you are going through one of the many crises that face a budding entrepreneur. Next, are you the kind that requires the security of a bank balance at all times? If yes, squirrel away a small pile in a fixed deposit for a rainy day to calm your fears. If you are part of a family— perhaps someone in the family is already getting home a steady income that will take care of the family’s needs freeing you up a bit more to explore your dream. Get yourself a mentor, someone who is already an entrepreneur or get affiliated to entrepreneurial networks like say TiE (The Indus Entrepreneurs).
Secondly, make a business plan. A business plan is not just for raising funds. It helps you structure your thoughts and analyse the business idea in its entirety even if you do not require funds immediately. The business plan would broadly do the following:
The three steps to realising your entrepreneurial ambitions are no different from those required to realise any other ambition of yours i.e. dream, plan and act.
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