Beginning a new business can be exhilarating, but it is also challenging and unknown. Finding a product that fits the market, employing people, raising money, and maintaining your personal well-being are a few of the hurdles you must overcome. On the other hand, how do you deal with the anxiety and unpredictability as the founder of a start-up?
To help you cope, The Telegraph Online Edugraph brings you expert insights from Mr. Saurabh Nanda, a star entrepreneur known for more than 10 startups, some of which are: Coloressence, Combonation, Nutki, Fabuleux gifting solutions, and Bemisales Media. The following insights will assist you in navigating the positive and negative aspects of becoming an entrepreneur. Read on to know more …
1. How can a person who is just starting with his business, deal with fear and doubt?
Fear and doubt will always be an integral part of any entrepreneur’s life because you are entering a territory of the unknown, but you have to believe in yourself and constantly look for the Life at the end of the tunnel. And if you don't have the perseverance and persistence, then life as an entrepreneur is not for you. Moreover, if you want safety and security and you want some kind of clarity on how your life is moving, then a job is a very, very good option. If you want to achieve something great, it will always be achieved when you master the unknown. You can’t escape it; it is a part of every entrepreneur's journey.
2. What qualities do you think every entrepreneur should possess?
When, as an entrepreneur you are on duty 24/7, you have to be a great networker as well. You are responsible for the way the ship is run; there will be no one else who will be responsible besides you. An entrepreneur is extremely critical in that he is a go-getter and an able networker. He's able to align the relevant finances because 99% of businesses fail because they're not able to align the finances at the right time. And a good idea without the right financing is as good as zero, and the funding method that is there right now. It is also extremely important to be frugal and look for all alternative ways of raising funds.
3. What are the benefits of being an entrepreneur in 2023 and year ahead?
India is the most populous country in the world; most of the money is getting diverted there because the world's corporations want to have a convenient strategy and the only feasible alternative is India. And because of those possibilities and Mr. Modi's great networking skills, a lot of options will be coming to India in the years to come. People who are able to take the right steps forward will gain a lot in the long run. It's a good time to start because everything is in favour of the young population. As the fastest-growing GDP and largest growth rate economy on the planet, the entire world is looking at India as a very able alternative that is going to rotate the economy into a bigger size.
4. What should a young entrepreneur look for when outsourcing or hiring?
An entrepreneur can only grow as big as a team, and the only way they can achieve this is if they are adept at fostering a sense of ownership among their team members and themselves. A successful entrepreneur doesn't look for excuses but rather for solutions because the only thing separating entrepreneurs from employees is getting things done. He may therefore develop much more quickly if he is sufficiently integrated into the team, and for it to be so crucial, there must be an emotional bond with the team leadership.
5. What tips would you give to someone who's looking forward to raising funding or financially preparing for the business?
It's essential for entrepreneurs looking to raise money and succeed in today's cutthroat business environment to have a distinct, alluring brand and an extensive following. Keep in mind that gaining a following requires time and persistent effort. Be persistent, keep your attention on adding value, and modify your tactics in response to the comments and preferences of your audience. Your chances of successfully raising money and becoming a successful entrepreneur increase if you put in the effort and build a strong brand for your company.
6. What are some good strategies to plan financially for business?
Your approach should, of course, be quite direct. It's so easy to become sidetracked by the climate of cheap funding. You must come up with innovative ways to engage your customer base and have a variety of options for building a sales network. You need to be really resourceful and build as many contacts and networks in the business as you can so that they will support you during difficult times. It can't simply be direct-to-consumer; it needs to be a blend of omni-channel approach - online, offline and institutional selling.
To conclude, in the startup environment, uncertainty is inescapable and inevitable. Everything that occurs with you or your business enterprise, excluding your response towards it, can seem to be out of your control. Hence, considering uncertainty as a chance to develop, learn, and create instead of something to be feared or resisted, can turn out to be a gamechanger in the long run. The Telegraph Online Edugraph wishes you the very best for your future business ventures.
