11 Things A Budding Entrepreneur Must Absolutely Know

When Walt Disney said-- "The way to get started is to quit talking and begin doing”--; he did not necessarily mean it for an entrepreneur. But where more does it apply? To an entrepreneur who has decided to take risks; or an upcoming businessperson who is contemplating beginning his/her venture; or a person with an idea. You have to start somewhere.

So after you have decided to start, here are some things that you must keep in mind.

1. Solve market needs, not business needs

The best entrepreneurs don't just come up with great ideas, they solve market needs. You have to create a business for your consumer not yourself. As long as you can satisfy a large market need, your business will sustain itself. But if you work to create a good business on paper, it won’t do anyone any good.

2. Networking is your Holy Grail

IF you want people to know about your company or generate business leads, you have to tell them that the product exists. They won't learn it miraculously. So, identify networking events that are specific to your industry and attend them. Use LinkedIn, Facebook and every other social media platform. Sell a thought and let people participate. Build connections, identify new trends in your industry, hire the right talent and build visibility for your business.

3. Micromanagement is a myth

You can't be the CEO, the developer, the digital marketer, the publicist and the customer support all in one. It will burn you out. The business will never grow bigger than one person. The company won't be able to move quickly. Because you will control everything, everything will need your affirmation and you may miss out in the best ideas.

Macromanage. Divide the work between your employees and let them feel that they own the area. Give up your control and your employees will find it fun to work. This way, you will have better control.

4. Content is king.

Neil Patel once said, "Every time I write that phrase, I kick myself. I hate cliches, but this one is going to die hard." We all felt it. The reason is very simple. The Internet is based on content. It has millions of articles, blogs, infographics, websites, evergreen pages, journals, tweets, status updates, images, pins, posts, pictures, profiles, videos, vines, gifs...and content content content.

If you consistently keep writing, you will develop a niche for yourself. To have a presence in the digital marketing landscape, you must be producing content.

5. Knowledge is Power is Time is Money is Success

The above quote is an extension of Robert Thier's. Also, Game of Thrones had proved with time again that Knowledge is Power and it is Success. Although it is fictional, we can't overlook the simplest of the ideologies. If you know, it would tantamount to success. Your ideas, the conversion speed and usage will make you successful. So, if you can monetize your knowledge, you will be successful.

Define what the value would mean to you ― higher conversions, increased revenue, quicker time to the transaction, etc. Based on these metrics, you ensure that your product design addresses them at every stage of the customer touchpoint that is important to you, states Rahul Varshneya is the co-founder of Arkenea.

6. Choose where you want to spend your time

The most important decision you have to make while being an entrepreneur is where do you want to spend your time. You can't do everything as you only have so much time, energy and ability to focus. So, prioritise.

Choose the places which should receive your full attention and the places that can do without you.

7. Forget Work-Life Balance

As an entrepreneur, you will never find enough time to indulge in your hobbies or give time to your family. Your work will demand 500% of your time and you will have to give in because you are building your name still. Every last minute will matter. That does not mean that you should disproportionate your life and just work at your company. But you cannot give up business hours.

From Bill Gates to Mukesh Ambani and Elon Must to Ratan Tata, you will not find one successful entrepreneur who started their businesses with "work-life balance".

8. Find a mentor

Arjita Sethi states that successful founders are ones that are continuously educating themselves. DON’T DO THIS ALONE! Mentors will not only give you the tools to make strides but also gives you the connections you need to take your ideas to the world. Networking and accessibility were the driving force behind Indiarath, the largest borderless incubator of India. Founders need a place to connect and we wanted to provide this for them.

Read More: Every Early-Stage Indian Start-Up Needs To Learn These 6 Lessons!

9. Find what type of business suits you

Whether you are an established Startup willing to expand, or a new Startup in making, there is this problem. You will be overwhelmed by legal information that is out there; especially when you are looking for the government support. There are n-number of requirements the government places on businesses and this can be confusing. So, analyse which type of business will suit you the best.

Read More: A detailed guide on the 5 Types of Business that any Startup can be

10. Innovate as you grow

Ever heard about the Product Life Cycle concept? Here is a chart for your reference.

Product Life Cycle Chart

No matter what you do, your product will reach the decline stage. The best way to sustain the business is to innovate while you are in the growth stage. That way, you keep on creating a new cycle every time and keep paddling in the sea.

11. Find Good Investors; Be a Good Founder

Just as founders don’t want difficult or greedy investors on board, investors don’t want hassle or founders that only want to take the money and run, states Alejandro Cremades. Cremades is a successful StartUp Fundraising Author.

Be an entrepreneur who wants to focus on the long-run and create business value.