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May
15

Secrets to Entrepreneurship – Relevant and Timely Decisions.

He is a humble man and introduces himself as a ‘student’ since he is a young entrepreneur and is still learning new ways of handling various situations with smart and creative strategies. He talked about the ‘How’, ‘What’ and ‘Why’ of entrepreneurship with us. 

After working for almost a decade with various organizations, he decided to do something on his own. “It was a very right step taken at the right time and there were various people out there to support me. In my definition, entrepreneurship is the development of your skills that resolve bigger problems while earning a good amount of profit in doing so. In short, there are three parts to it. The things that I just mentioned above are the ‘What’ part of entrepreneurship. 

Now let us talk about the ‘How’ part of entrepreneurship. First of all, one requires an idea. But an idea alone will not take you anywhere. In fact it is such a big DIY that right from functional to figuring out whether it is working fine or not so far, finding its USP, finding people with similar ideas and more has to be thought in advance. Then you are required to find people to fund it. Always know that in this process if you are not being able to make your ideas sell, then the final outcome will not be much prosperous. In case you are on the lookout for an investor, then please do not make the mistake of too much. Neither ask for too much money or give away too much equity. The initial time for your entrepreneurship has to be very slow and careful. 

With this we come to the ‘When’ part of entrepreneurship. There will be several challenges and if one is really fortunate then challenges will be comparatively less. The primary and most common problem faced is of the cashflow. Managing the income and outflow of money gets very puzzling for anyone in the beginning. Then the one would be resources as they will be really costly. Next comes the problem of plenty as in there will be a lot of work for which you will not require full-time employees. The fourth challenge would be to set up the office. As you will be stepping in the journey of entrepreneurship, chances are high that you will not likely have a very outlandish office, so people working with you might just end up having problems with the look of the office. So if these are kind of sorted then you can be sure that your ‘whats’ are in the right places.”

Next he talked about his journey a bit and said that there was a lot of hypertension and somehow that helped him to be a good entrepreneur. He and his team had to make sure not to do something very extravagant and to pay salary to the employees on time, paying office rent and paying the vendors as well.

He and his business partners made it a point to work equally hard and make the equity distribution much fair. On the other hand, the operations that he was doing, he was there in the news which somehow eased his journey by a bit. 

We asked him a few questions and to that, he gave the answers which are combined well in the paragraphs to come. 

In his opinion, it is right to leave a job if one is planning to come up with something on his/her own. This will be an honest move towards the venture in fact and concentrating there with all your mind is the best that one can do. 

With the answer regarding the current Indian entrepreneurial environment, he believes that the support infrastructure is very different from the west. By that, he includes support from the family, friends and the government. This is the reason why ideas need to shine through the tough times in order to get the hassle-free approval from all. In fact, the Indian Entrepreneurial environment is kind of limited to big cities only as the scenario for business builders in other cities other than the metros are a bit challenging. 

At times people come up with several new ideas, in that case, they must start maintaining a blog and express themselves there. This way they can see the responses of other people towards those ideas. He says that there is a lot of hit and trail in all these and hence one must be consistent and determined to work things out!

This was Rahul Puri for you guys who made it a point of setting everything loud and clear in his mind as well as to his business partners much much before he stepped into the world of entrepreneurship. FIIB wishes him all the best!If you too have a story and want to share it then you can submit it at: alumni@fiib.edu.in