The 10 Commandments of Entrepreneurship!

We have been writing about Entrepreneurship from quite some time now. From dreaming of being an entrepreneur to having one’s own startup to finding a team of like-minded people, funding and also the risks involved. A quick recap of everything written so far summarizing the thoughts in bullet points which will serve as a reference guide to anyone who is seriously thinking about becoming an entrepreneur:-

  1. Entrepreneurship is Hard and Introspective thinking
  2. It needs you to be mentally strong to weather out the storms than just being intelligent
  3. It needs you to try out ideas never tried or visualized before means out of the box thinking
  4. It needs you to do lot of research before finalizing the approach to follow
  5. India has come a long way from what it was in past 30 years. Everybody aspired for security in government jobs and could find only a few in businesses such as Garments and Groceries. Now there is quite a change in outlook and even housewives at home have started doing business on their own. Revolution in Internet and Mobile Technology has given a chance to the common man to dream and make it big.
  6. A Startup need not be a tech startup. It can be anything which makes life easier for people in the society. For example ID dosa /Idly batter which has made it big just aiming at the one need that is time constraint of people.
  7. Any Startup needs quite a lot of research, meetups and getting the right information from all credible sources regarding their business
  8. Strive for Quality and Excellence of the product is the only trick for survival in the market. This needs a lot of time, patience, fresh attempts which are different from the ones tried earlier
  9. Strategies or Approaches adopted in one business might not be relevant to yours. You have to find your own new ways so copying does not work
  10. Parting thoughts would be –i) don’t rush proceed cautiously and wait for the right time ii) give considerable time before withdrawing iii) be realistic in forecasts iv) Keep the strings to the purse tight or in other words Spend wisely and Keep Persevering

The Government of India has come up with an initiative to encourage Startups. Startup India Initiative has been designed to cut down the formalities to start a Startup but also providing tax exemptions. So make the most of it.

— Team SoS

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