Important steps to becoming an Entrepreneur.

Entrepreneurship is not easy. It takes time and effort of a person to build and grow. To learn anything, one needs to follow a procedure like when you were an infant and was learning how to walk. What you did was, you took two steps at a time and increased the number of steps slowly. The same is with entrepreneurship. There are steps one should follow to become an entrepreneur.

1.    Find a right business for you: doing something that everyone is doing will only lead to failure. Do something which contains your heart. Something you are good at and no one can defeat you in that. 

2.     Education is needed or not. : After knowing the field you want to pursue, one should have proper knowledge about it. Knowing about the field and having the proper knowledge is different. Learning from experts in that field will lead you to success.

3.    Plan your business: Planning is an essential part. In this, the person decides the amount of capital he is going to invest and how he will carry out his business. After viewing and analyzing all the points and market studies, the person plans his business. Without proper study, one should never move ahead in business because he will be totally unaware of the risks he will be facing.

4.    Finding your audience: Knowing whom to sell to is the biggest challenge. A person should know his potential customers where his market is strong and from where he can gain profits. Approaching them effectively will help them grow.

5.    Networking: A solid network gives you understanding into patterns just as insider data on employment opportunities and development inside the organization. Building a network will help you build your reach.

6.    Selling your idea: Developing an idea into a product or service is not enough. You have to put your product or service in the market to let people know about it. That’s how you will make customers and people will come to know about your product.

7.    Marketing: Means putting your product in the market. One should know how to market his product as it is a very essential part because this will make an image of your product in the market which attracts the customers and make your place in the market.

About Devansh Lakhani

Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.