Introduction to Successful Entrepreneur
The term entrepreneur can be referred to as a person who starts and runs a new business or an organization. Sometimes an entrepreneur is also referred to as a founder. He/She is responsible for developing a business plan to thrive in the market, making a financial arrangement, and hires employees who can run the business. A successful entrepreneur always starts a new business with a good idea. Later, when the business grows, the entrepreneur becomes the chief person of the business. Read more about harold matzner in the desert charities articles.
There is a difference between successful entrepreneurs and entrepreneurship. The first is the person who runs the business, whereas later is a process followed by the founder to succeed.
Below is a list of few Indian successful entrepreneurs who made their business a great success:
|Entrepreneur Name||Related company|
|Azim Premji |||WIPRO|
|Lakshmi Mittal||Arcelor Mittal|
|Dhirubhai Ambani||Reliance Industries|
|Anand Mahindra||Mahindra and Mahindra|
|Sachin and Binny Bansal||Flipkart|
|Shiv Nadar||HCL Technologies|
|Sunil Mittal||Bharti Enterprises|
|Mangal Prabhat Lodha||Lodha Group|
|Jamsetji Tata||Tata Group|
|V.G. Siddhartha||Cafe Coffee Day|
|Anil Agarwal||Vedanta Resources|
|Grandhi Mallikarjuna Rao||GMR Group|
|Shashi and Ravi Ruia||Essar Group|
If you read the above successful entrepreneur stories, you will find that they had made a big out of nothing. Below is an abstract of Narayana Murthy, who is co-founder of Infosys.
N.R.N Murthy is a prominent Indian IT industrialist who has founded Infosys along with few friends. Infosys is a multinational company that provides business consulting, technology, engineering as well as outsourcing services. Murthy studied electrical engineering from the University of Mysore and M.Tech from IIT Kanpur.
Murthy worked on India’s first time-sharing computer system and designed as well as implemented a BASIC interpreter for Electronics Corporation of India Limited. Later, he started a company named Softronics which failed after about a year and a half. He then joined Patni Computer Systems in Pune. He has also worked as a chief systems programmer at IIM Ahmedabad.
Murthy, along with six other software professionals, founded Infosys in 1981. It had initial funding of INR.10,000, which was provided by his wife Sudha Murthy. He served as Chief Executive Officer from 1981 to 2002 and then as chairman from 2002 to 2011. Later in 2011, he stepped down from the board and then became Chairman Emeritus.
Today becoming a successful entrepreneur has comparatively become easy with incubators that help startup businesses, angel investors who can fund startups. Also, India’s Government is supporting startups by making ease of business, tax benefits, funding, etc.
According to the Small Business Administration, only one-third of new business is able to survive for about 10 years or more.
Tips to Become a Successful Entrepreneur
Below mentioned are some of the tips for a successful entrepreneur.
#1. Always love what you do
It is a passion that is key to keep your business strategy moving. If you do your work with Half-heartedness, then it will drive you away from success. In contrast, if you do work with love, then it is bound to succeed.
Perseverance (i.e. doing something despite having difficulty) is one important quality that guarantees to move anything over time, be it a person or job or the company. This quality of perseverance comes when you really love what you do.
#2. Develop the habit of planning
Planning is the process of making plans for something. This is an essential skill for an entrepretto drive a business towards success to become a successful entrepreneur. Planning every aspect of your business is not only a must but it should be implemented and maintained.
The habit of business planning is required since it requires you to analyze business situations in detail. It sometimes requires reseaandlande data and even makes conclusions based on the faare der through the research.
A business plan also serves as a second fun: hav: havingls and then achieving them on paper. An entrepreneur should use the plan to create a road-map to take you towards business goals as well as to measure to degree of success of your plan.
#3. Take baby steps
If you determine to succeed in business all at once, then it is rarely ever possible. You need to have proper risk management to succeed in the startup business.
There are success stories about people who have invested everything all at once and came out as winners after a brief period of time. Here is an example of MakeMyTrip founder, Deep Karla who has invested all his saving in starting an e-commerce business that provides online travel services such as flight tickets, hotel booking, rail and bus tickets, holiday packages, etc.
If you are a startup and want to thrive business for, make sure you take baby steps, i.e. taking small progressive steps. You can absorb losses more easily in business if you take smaller risks in the beginning. This will definitely provide a lesson that will be helpful in business later.