Reading about great entrepreneurs is super inspiring and motivational yet how far we let its positivity affect us depends on us, the readers. By working on the crucial attributes of one’s personality, under the right guidance, the entrepreneur in you can emerge at any age and stage of life.
However, the best entrepreneurs share a few common characteristics, which are crucial in building and maintaining a successful business structure. While considering the fact that they come from different cultures and upbringing, income brackets, educational levels and a varied lifestyle, we cannot overlook that they all share a few common traits which are not only strong and positive but are the very pillars of their success.
- Tenacity: No matter how hard it gets, successful entrepreneurs have the ability to sustain. Persistence, perseverance and determination are the key ingredients of success.
- Passion: It is a common assumption that the sole purpose of all entrepreneurs is to make maximum profits. That is not true. Most of the entrepreneurs are actually quite passionate about their work. Challenges excite them whereas mistakes make them wiser. Money, although secondary, is not their purpose of business. The purpose is to follow their passion, which is excellence at work. Those who are not fully passionate about their work tend to slack at it and eventually lag behind.
- Risk-taking: Taking risks in business does not necessarily mean financial risks. It could be related to risking one’s reputation or social standing. It could be risking your time and energy while working on a project. Successful entrepreneurs are not scared of taking whatever risks that come their way. Starting a business with limited funding is not an issue for entrepreneurs who aim to be successful and take it up as a challenge but the same might seem to be a major issue for others who keep dwindling upon the pros and cons instead of taking action.
- Focus: Opportunities don’t just come to successful people. They exist all around us and it is up to us to spot them and that’s what makes us successful. All successful entrepreneurs are so focussed on their business that they develop this trait to spot an opportunity that others wouldn’t even dream of. It is this vision that aids the very success of great entrepreneurs.
- The Desire to Learn: Those who stick to the good old ways may last for a while but not beyond that. It is essential to learn new tricks of the trade, keep oneself updated with the latest innovations and follow the latest systems if you wish to be in the race. Education and experience does help us a lot but keeping pace with the industry and evolving along with the latest trends is absolutely necessary. Successful entrepreneurs do all they can to learn and absorb the latest information which helps them to stay ahead of the rest.
- Handling Failures: No success story is written without an eraser. Mistakes do happen but the wise learn from their mistakes and move on. Entrepreneurs who believe in themselves develop enough patience and persistence to rework or renew and deliver better results the next time. These entrepreneurs relate to such valuable experiences in their future as well.
- Money-management Skills: Being one of the most crucial aspects of every business, entrepreneurs need to be exceptionally good at money management. Be it using your own savings or large amounts of funds deposited by the investors, making every penny count is what successful entrepreneurs do. Correct financial decisions, calculated expenses, spending where it is essential and curbing where necessary is a trait all successful entrepreneurs share.
- Business Relationships: Building relationships and maintaining them is important for any business to flourish. Successful entrepreneurs know this very well and take extreme care in maintaining these business contacts because if not now, they shall soon transform from being contacts to becoming clients.
- Salesmanship: Believing in your own product is the first step of successful salesmanship. Every entrepreneur needs to understand that if they believe that their product is good, half the job is done. The other half rests on how they express themselves to the client. Successful entrepreneurs are good at this because if they as creators of the product are unable to explain this well then who will?!
- Planning Expertise: All successful entrepreneurs are excellent in planning strategies. They organise their time, money and efforts well in advance for efficient implementation. Their business strategies are based on thorough researches and surveys that aid the overall success of the business.
Are you the one? If you are, EDII is right institute for you!
YES Bank makes its first institutional tie up for lending to start-ups, had joined hands with Gandhinagar-based Entrepreneurship Development Institute of India (EDII), a national resource Institute for entrepreneurship education, research, training & incubation. YES Bank provided Rs 50 lakh to EDII incubated startup – Green Ideology, maker of India’s first organic antimicrobial lingerie brand ‘Inner Sense’.
“Start-ups are critical to the growth of the economy. As an extension of our YES Head-Startup program, we have collaborate with EDII to help start-ups scale up and grow rapidly, thereby creating a multiplier effect on the Indian economy” said Rana Kapoor, Managing Director and CEO, YES Bank.
Founded by Abhishek Lodha and Neerja Lakhani in 2013, Green Ideology has introduced India’s first organic antimicrobial lingerie brand ‘Inner Sense’, claims EDII statement. Green Ideology had initially received a grant of Rs. 5 lakh from the Government of Gujarat acting through its nodal institute EDII, to commence its operations and launch its product range.
With the Rs 50 lakh debt funding from YES Bank, the start-up will now scale-up its operations. YES Bankis providing the loan under the CGTMSE program (Credit Guaratee Fund Trust for Micro and Small Enterprises) to the startups.
“EDII has been mentoring and supporting start-ups. But, our ability to lend to these start-ups was miniscule as we are an educational institute. Now, in association with YES Bank, EDII is in a position to provide debt to many of the start-ups whom we support in various ways” said Sunil Shukla, Director, EDII.
EDII’s recently set up technology business incubator, CrAdLE (Centre for Advancing & Launching Enterprises), headed by Infosys cofounder S Gopalakrishnan as its first chairman, is also nurturing start-ups in the fields of manufacturing, food & agri business, renewable energy and healthcare.[Top]
Date: 29th March, Tuesday. Time: 09:45am Onward
The Mission Swachh Bharat can lead to large number of new and innovative entrepreneurial opportunities for both existing and start-up entrepreneurs throughout the country. Launched on a war footing, the campaign is India’s biggest drive for sanitation and availability of potable water. These sectors are now set to be the catalyst to the next wave of entrepreneurship. Practicing the 5R principle of “reduce, reuse, recycle, recreate and recover” could spin off multiple benefits like job creation, resource use reduction, and health, hygiene and income enhancement by entrepreneurial activities.
In this regard, The Entrepreneurship Development Institute of India has organised half day seminar at EDI campus, Gandhinagar. The objective of the seminar is to sensitise the entrepreneurs and work out viable and cost effective business opportunities emerging from the Mission Swachh Bharat launched by the Govt. of India. Hence it is important to important to identify the type and quantity of wastes to build enterprises and transform them into wealth. The theme of the presentation and discussions in the seminar aims to focus on cost effective, appropriate and viable technologies and equipment to convert WASTE INTO WEALTH, and explore the data and information to identify the huge business opportunities in all industrial sectors and accordingly work out viable business plans.
The Topics for Deliberation on the following Themes:
• Government’s Scheme for entrepreneurs.
• Techno-commercial viability of processing waste to convert them into marketable products.
• Appropriate technology and equipment for wastes processing and their sources.
• Start-up Opportunities under Swachhta Udyami Yojana.
• Treatment of Solid Waste.
• New Innovations, innovative products and advancements in sanitation and hygiene.
• Alternates sources of fuel production
WHO SHOULD ATTEND
The seminar shall be beneficial to existing and new entrepreneurs searching innovative business opportunities, to policy and decision makers from the Industry and Government, NGOs, business consultants, academicians, business schools ED cells, students and all the stakeholders of society.
No participation fee. Kindly, submit your details here: http://goo.gl/forms/mYTdIAdP3F
The timings for the seminar will be as under:
Registration: 09.45 am to 10.00 am
Inauguration: 10.00 am to 10.15 am
Session I: 10.15 am to 11.30 am
Tea Break: 11.30 am to 11.45 am
Session II: 11.45 am to 01.00 pm
Summing Up: 01.00 pm to 01.15 pm
Business Lunch: 01.15 pm to 02.00 pm
CONTACT FOR FURTHER INFORMATION
Dr. Saji Kumar
Faculty (M: 9687129892)
Entrepreneurship Development Institute of India (EDI)
Nr. Village Bhat, Via Ahmedabad Airport & Indira Bridge
P.O. Bhat 382 428, Dist.Gandhinagar