To succeed as an entrepreneur, an idea and money won’t suffice, you will need a lot more. Over time, entrepreneurs develop some particular character traits which help them reach where they are. From lifestyle and discipline to confidence, there are a lot of areas on which you need to work to succeed as an entrepreneur. Here is a list of some character traits of successful entrepreneurs which you can incorporate into your life.
1) Discipline is one trait without which it is nearly impossible to succeed in any discipline in life, let alone entrepreneurship. If you observe the work patterns of the world’s richest, you will find they are all extremely disciplined and follow a strict routine. From waking up before the world does, exercising regularly and eating the right kind of food, to finishing up all the required tasks on time, they are disciplined in every aspect of life. Discipline is hard to master, but if done, it can take you to new heights in life. An entrepreneur like Elon Musk starts his day as early as 5:00 A.M., and believes in scheduling the most critical tasks for the initial hours of the day.
2) Successful entrepreneurs are extremely passionate about what they do. They love everything about their product, service or company. Passion is what drives them through the highs and lows of life and helps them stay motivated even in times of trouble. Passion is the key to successful entrepreneurship.
3) Entrepreneurship in itself is an extremely risky venture and therefore, all successful entrepreneurs are risk takers. Playing safe does not always lead to any commendable achievements in life or business. However, entrepreneurs do not take just any risks, they take calculated risks. The most important part of being an entrepreneur is knowing what kind of risks to take and what to avoid. Larry Ellison, the founder of Oracle, takes risks like promising clients non existent products and then goes back to his team and asks them to work on the same.
4) Successful entrepreneurs know where they are is because of a team who helped them all along the way and hence they are team players. However good you are at your job, you cannot succeed unless you have a team to back you up. Working together as a team towards a goal is the ultimate recipe for a successful business.
5) The world is constantly changing and entrepreneurs know the only way they can succeed in this world is by learning something new everyday. Successful entrepreneurs spend a lot of time learning, from learning new market trends and new technologies, to upgrading their skills from time to time, entrepreneurs do it all. To succeed as an entrepreneur, it is extremely important to be a fervent learner. Warren Buffet is an entrepreneur who keeps learning constantly to keep himself updated. In fact, Buffet read all the books about investment at his local library by the age of 11.
In this world full of competition, it is not easy to succeed as an entrepreneur. However, if you are determined to do it, entrepreneurship is the most rewarding job and these are some of the many traits you should develop to succeed.
5 Books For Every Entrepreneur In 2020
It is easy to talk about entrepreneurs and look at them with envy for pursuing their passion but what no one knows is the amount of sweat, blood and tears which go into making an entrepreneurial dream come true. Entrepreneurs are expected to be highly competitive in the cutthroat market and at the same time continually strive to set an example for others to follow. The sad truth however is that not all entrepreneurs succeed in their mission because some may give up midway through their entrepreneurial journey, or some might run out of cash while some are just not able to scale up their business.
Many successful entrepreneurs have documented their journey and their thoughts in autobiographies or novels for aspiring entrepreneurs seeking inspiration. These books would manage to scale up your game, improve your business strategy, potential to connect with new people and most importantly would give you courage to persist on your journey.
Here are five books in 2020 which every entrepreneur should read
1) The Lean Startup by Eric Reiss
Published in 2011, this book is still relevant even in 2020 as Eric Reiss outlines a guide to help entrepreneurs to develop methods to manage their startups/businesses. Entrepreneurs can set their strategies according to their needs and runway cash to optimise their business opportunities. The Lean Startup offers entrepreneurs, in companies of all sizes, a way to test their vision continuously, to adapt and adjust before it is too late.
2) Zero To One: Notes On Startups Or How To Build The Future by Peter Thiel
Peter Thiel is the co founder of PayPal and an entrepreneur as well as a venture capitalist. Zero To One tries to teach entrepreneurs about how Peter Thiel thinks , his approach towards business and how one can shape the future of their startup. WhilePeter Thiel was teaching a class at Stanford University, a student named Blake Masters took notes which led to the book Zero To One released by both Thiel and Masters.
3) The Startup Owner’s Manual: The Step-By-Step Guide for Building a Great Company by Bob Dorf and Steve Blank
This book is touted to be the perfect guide for any entrepreneur to scale their business. This book has detailed step by step instructions on building successful, scalable, profitable startups. The Startup Owner’s Manual is so popular that it is taught in university courses at Stanford, Berkeley, Columbia and many other universities. The Startup Owner’s Manual follows the theory of customer development, agile, and lean engineering.
4) The Greatest Salesman In The World by Og Mandino
Although first published in 1968, this book is still a bestseller and widely read by entrepreneurs. The book aims to serve as a guide to philosophy of salesmanship, and success through the story of Hafid, a poor camel boy who achieves a life of abundance. The Greatest Salesman In The World is written in the form of ten scrolls.
5) Founders at Work: Stories of Startups’ Early Days by Jessica Livingston
This book is a collection of some really unique interviews done by Jessica Livingston with some of the greatest startup founders in Silicon Valley like Apple, PayPal, TiVo, Yahoo, and TripAdvisor. This book aims to offer wisdom and insights straight from the mouths of some of the most influential entrepreneurs.
Let us know if there are any other books which deserve to be read in 2020.
The Rise Of Gig Economy In India
India is notorious for churning out graduates from colleges at a very high rate and the education system in India is always under fire for not focusing on all round development but on marks and grades, instead. This is a growing concern as there are not enough jobs available to accommodate all the graduates passing out from college. However, the Indian millennial is a smart individual and when put under pressure, a millennial is capable of coming out of it better. So, what did the Indian millennial do when there were less opportunities and did not want to be part of the rat race? They turned to taking up gigs and that spawned an entire economy and industries to flourish.
Gig economy can be defined as a work engagement where on one side, there is a service seeker that is a consumer with a demand for a specific task, and on the other side, there is a service provider that is. a gig worker who can perform that specific task. The gig economy was able to flourish solely because of the advent of digital platforms which were able to connect a service seeker with a provider. More and more Indians are looking to escape from the monotony of a 9 to 5 desk job and instead take up freelance gigs which complement their skills.
In order to put the gig economy into simpler terms, here are some examples. An individual who likes to drive cars would consider working with Uber as a driver partner to earn some extra bucks. An individual who is good at playing the guitar would consider performing in live shows with a band to earn extra money. A person who is good at painting would consider selling their art for extra money. The gig ecosystem offers the millennial an outlet to escape monotony and pursue their passion instead.
The gig economy could only thrive when there are digital platforms which are able to connect the supply with the demand. The digital gig economy generated a gross volume of approximately $ 204 billion from worldwide customers in 2018. India has emerged as the 5th largest country for flexible staffing after the United States of America, China, Brazil and Japan. Haryana, Madhya Pradesh, Andhra Pradesh, Gujarat and Telangana have the most opportunities in terms of growth for the flexible workers.
Gig economy allows task ownership, convenience and flexibility. Based on tastes and preferences, an individual can determine the number and type of projects they can work on, the quantum of their earnings, and thus, their work-life balance. For example, an individual who took on five gigs in one month could take only three gigs the next month to balance life at their regular job.
The gig economy has a disruptive model to connect sellers and buyers for almost all kinds of skills and services. While the size of the gig economy may seem marginal when compared to the traditional economy, it is recognized for its enormous potential with the desire of workers, specially millennials to have a flexible work schedule and the rise in the on demand consumer services. Of In India, almost 70% corporates have already used gig workers for at least one task in 2018.
In India, a platform called Lemonop, is setting an example in the gig economy by providing a platform for students and working professionals to look for gigs of their liking. There are plenty of other platforms like Lemonop which are slowly bridging the gap between talent and job demand.
Indian Startups Face Their Biggest Challenge As 70% Of Them Have Less Than 3 Months Of Runway Cash
We live in the age of technology where the internet was able to bridge the gap between consumers and business. This gave rise to new technologies which meant there was a lot of room for new businesses to pop up and that was what happened in the recent past. Startups have been mushrooming rapidly to meet the demand in various sectors and it is safe to say that we live in the age of information technology and startups. The startup ecosystem was a thriving sector until the whole world came to a standstill when the COVID-19 virus began spreading across the globe.
Governments went into emergency mode and with no vaccine available and none in sight for the near future, governments declared strict lockdowns and curfews with the hope to stop the spread of the virus. The Indian Government announced the first lockdown on March 24th and has since extended it till the end of June while easing some restrictions. The first two months were the hardest and the economic impact was the hardest on travel, events, movies, sporting, rental and transportation industries. As the lockdown is slowly easing the actual impact of the COVID-19 on startups is beginning to show. The National Association of Software and Service Companies (NASSCOM) conducted a survey to study the impact of the COVID-19 crisis on Indian Startups.
The survey shows that
- 90% of startups registered a decline in revenues.
- 70% of these startups have less than 3 months of cash runaway.
- 30-40% of startups have suspended their operations.
The survey also showed that 70% of travel related startups have faced 40% decline in revenue, 50% of Fintech and logistics have seen a similar dip in revenues while 14% of edtech and health tech startups expect revenue growth amid COVID-19 crisis. The survey also suggests that early and mid stage business are the most affected segments, especially in B2C (business to consumer) space. It also found that around 60% of B2C startups were facing closure as revenues plummeted to near zero levels after businesses were forced to shut down for nearly 2 months, because of the lockdown.
The president of NASSCOM Debjani Ghosh said “However, it is not all doom and gloom; more than half of the start-ups are looking to pivot to new business opportunities, diversify into growth verticals like healthcare, and enhancing focus on emerging tech like Artificial Intelligence, Internet of Things (IoT), Cloud (sic.)” She also added, “to ensure that the Indian start-up movement and its growth trajectory is not derailed, coordinated support from key stakeholders is the need of the hour. Some of our key recommendations to the government include access to working capital, easing compliances and fiscal policy and funding support (sic.)”
The Indian Government took note of the economic situation and has announced a whopping 20 lakh crore rupees as part of the AtmaNirbhar Bharat package which would be used to help various industries and sectors. The Government also called for buying products which are made from locally sourced materials once again stressing on the need for ‘Make In India.’ This is a test for startups to prove their mettle and emerge stronger from this crisis.
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