How to become successful entrepreneur in 5 steps

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Hello friends, being a entrepreneur is never easy . In this blog I will try to simplify the decision-making process of many people if they should even think of becoming a enterpreneur or not in the first place .Many students try to become an entrepreneur after college and some people go for enterpreneurship after failing in governmemt exams multiple times. Some start their entrepreneurial journey after working in a corporate world for 20 or 25 years.

But being an entrepreneur is never a first choice for most of the people in India unless you are from a business family or from a business community.

In India people think of being a entrepreneur or starting a business after exhausting all other options . In the process , he wastes most of their youth and valuable time. In this blog ,I will try to simplify the process of making the decision of whether you should even think of doing business or keep working for a organization. Starting a entrepreneurial journey is never easy.

When you compare an entrepreneur versus a job , you will know that the difference is huge .In job you are responsible for only a part of the work required in running a organization compared to the business where you are responsible for all the work and your clients, either yourself or through some system, process or employees or both.

You should decide whether to become a entrepreneur or not at a very early stage itself. So how do you decide whether you shoul do a job or a business ?

You should become a entrepreneur if you ask many questions. If you are not satisfied with the way everyone taught you to be ,be it in school or college or family. You can check out this article where it says that the most successful people ask many questions.

Whatever path you choose for your career , whether in the corporate world or starting out your entrepreneurial journey, you should have it sorted out at an early stage. It will immensely help in building a great career for you. And it is also not that people who are successful only do business. You can be successful by climbing the corporate ladder also . Many people choose this path.

Many people who want to start a business but have no money first join an organization for experience for a few years and then start their own venture. Because the job which they do ,also does business, but on a large scale. When the person has money and feels confident that he can also start his own venture and is willing to take risks ,he starts his own venture.

But ,this is only about choosing the path .What are the next action steps ?

I have observed a common thing in people who create billion dollar companies which have operations in many countries.They follow some steps through which they are able to create these billion dollar companies. On the other hand there are business which are running for hundreds of years successfully but are limited to a specific locality only. I have been observing this since my school days and I used to wonder how this is even possible ?

This is possible because they have followed these five steps in an organized way.

The first step is what I mentioned in the beginning, i.e. choosing the right path. You also have to feel good about yourself

The second step is quality education. Education is very important in both the options , either you choose entrepreneurship or a corporate job. In fact,it is more important if you choose a job because you will have to prove yourself multiple times that why you are more suitable than other candidates. It starts right from interview to joining the organization to completing your first year in the organization . Then comes the increment after years of hard work and so on.

You will also have to keep learning new things. The technology keeps on getting updated and new features are launched on a consistent basis.For example mobile phones were launched as feature phones in the beginning but it has evolved so much that so many products have become obselete like radio, walkman, CD player and many more.

The third step is starting their entrepreneurship journey. Now armed with a quality education and a work experience , they start on a small scale and they scale up their business slowly . In today’s world and age ,we have such huge amount of data and advanced technology coupled with cheap internet that business which were not possible or seemed unimaginable 30 years ago have become common.

For example previously , we used to stand in queues in banks to deposit cash or for transfering money to someone. Today it is possible in seconds. Previously for making a website ,we used to hire a developer. Today literally anyone can make a website on wordpress.

The fourth step is scaling their business rapidly through offline and online mediums. Anyone who is in business and have ambitions to take their business on a national or international level knows the importance of marketing and scaling it well.As your business grows and more people know about you and you business ,your business starts increasing and then effect of compounding starts.

The fifth step is taking your business to the stock market . Stock market is a place where true value of business is derived by the market itself. It will help in valuing your business and that depends on a lot of factors.

There are many examples like Amazon for online shopping , social media companies like facebook. In India you xcan take the example of Zomato or Paytm or Nykaa or Policybazaar . These were started some 10 years ageo and have built companies worth thousands of crores.

The role of internet and digital marketing has been a major factor in the success of these companies. For more information on the importance of digital marketing ,you can check my blog

These were the steps in the journey of an entrepreneur from starting small to making billion dollar companies. Ofcourse there are various other factors and problems which you will have to face but if your goal is big and determination is strong, you will definitely achieve it.

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My name is Siddharth Ray. I have worked in banking and insurance and now I have started my own agency for helping people taking the right investment decisions.You can contact me for investing in equity, mutual funds, life insurance, health insurance ,motor insurance and fixed deposits.

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