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]
Empresario 2016 asserted that there is no looking back for start-ups now
Indian start-ups received funding of Rs. 50,000 crore last year and the number is growing with each passing day. After US and U.K, maximum numbers of start-ups are emerging from India. Even Chinese investors have invested 3 million to 7 million dollars in Indian startups during last few months. Govt. of India and the state government are introducing start-up friendly policies. The start-up wave is taking our nation by storm and Empresario, an inter-collegiate entrepreneurship fest held on 26th and 27th February at EDII campus asserted that there is no looking back now.
The institute in association with Gujarat CSR Authority and Gujarat Seeds Corporation Ltd. held Empresario-2016, a state wide start-up hunt in the month of February. In order to shortlist ideas for the final round, boot camps were held at 10 different locations of Gujarat including Ahmedabad, Gandhinagar, Rajkot, Surat, Baroda, Mehsana and Anand. The final round of Empresario-2016 was held at the institute on 26th and 27th February. From every nook and corner of the state, 135 start-up ideas were submitted out of which 30 ideas were selected for the final round. Out of these, 17 ideas were shortlisted for fund of Rs. 40,000 under the sponsorship of GCSRA for developing a prototype. Most of them belonged to Agribusiness, renewable energy, art, craft and digital initiative. The finale of Empresario was accompanied by a start-up fair at EDII campus in which 50 start-up ideas were displayed.
While inaugurating the start-up fair, the Chief Guest Shri Sanjay Prasad, IAS, Principal Secretary of Labour and Employment Department, Govt. of Gujarat said, “There is a start-up surge in the country. Entrepreneurs are becoming more ambitious and investors are getting bolder. Most importantly the consumers are more receptive than ever to these new local offerings. We are now seeing more acceptances from India’s market.”
As a nodal institute, Entrepreneurship Development Institute of India (EDII) will invite and motivate innovators for innovation and will allow innovators to utilize facilities available in the institute. The institute will also provide mentorship to potential start-ups.
The Director, Dr. Sunil Shukla also said that, “The culture of entrepreneurship was never this inspiring and motivating before inside and outside of EDII. I am glad that EDII is contributing to the state and country’s ‘Start-up Movement’ and has taken an initiative to organize such Start-up fair.”
Shri Sunil Shah, the Chairman of All Gujarat Innovation Society and Shri Sunil Parekh, Corporate Advisor of Zydus Group marked their eminent presence at the inauguration of the start-up fair.
According to a survey, the failure rate in start-ups is as high as 70 percent and 66 percent entrepreneurs go back to their salaried jobs. Shri Parekh said, “Start-ups fail because they develop products for which there is no market and thus cannot connect to the customers. Another reason for failure is they run out of fund and they are not good at money planning. Third one is they do not develop right team.” He asserted that innovative ways of delivering solutions are much needed.
Remarking one of the chief reasons of failure, Shri Sunil Shah, the Chairman of All Gujarat Innovation Society said that, “Start-ups begin with great idea but couple of months later they are confused and thus lose their way. Start-ups should always confine to their core ideas and it will work.” He suggested entrepreneurs to rethink every time, “What are we into?”
A survey conducted on 4000 startups suggests that the biggest concern start-ups are facing is existing tax laws and complicated system of regulatory compliance. Apart from that, access to fund for developing idea is difficult for start-ups in India. But the experts suggested that Government at both Central and State level is promoting start-ups and is coming up with entrepreneur friendly start-up policies which will increase ease of doing business.
EDII Ranked 45 across India and 3rd in Gujarat by NIRF
As per the National Institutional Ranking Framework (NIRF) evolved by the Ministry of Human Resource Development (MHRD), Government of India, Entrepreneurship Development Institute of India (EDII), Gandhinagar, ranked 45th (overall rank) among India’s top 50 National Management Institutions. In all 3500 plus ranking applications were received by NIRF, of which 609 were from the Management domain. EDII stood at 3rd position among Management Institutes in Gujarat. Moreover, EDII was ranked 30th for its Research and Professional Practices (RPC) and scored 73.95 for the same. All participating Institutes were ranked on basis of five broad parameters ‘Teaching, Learning and Resources’ (TLR), ‘Research and Professional Practices’ (RPC), ‘Graduation Outcomes’ (GO), ‘Outreach and Inclusivity’ (OI), and ‘Perception’ (P).
Expert Committee Constituted by AICTE for Preparing Start-up Policy
Dr. Sunil Shukla, Director, EDII has been appointed as a member on the special committee constituted by AICTE (All India Council for Technical Education) for preparing start-up policy for students of technical institutions. National Policy for Skill Development and Entrepreneurship 2015 has emphasized upon the need for entrepreneurship education in 3000 colleges. In line with it, AICTE has constituted a five-member committee of experts to prepare start-up policy for students of technical institutions in the country.[Top]
India has witnessed a recent boom in startups. It is due to the prevailing conditions of sufficient funding, latest technology and a market that is thirsting for something new that the arrival of startups in the business scene has come with a surprising force and it certainly seems like they are here to stay.
The Current Scene of Entrepreneurship in India
It was only after Independence that the business sector witnessed a major shift in its structure. Indian entrepreneurs were determined to pursue their entrepreneurial dreams and break the boundaries that they had been restrained by. The need for some kind of regional development, at that time, paved the path that would welcome startups into the business scene.
From a measly presence of just 3,100 back in 2014, the number of startups to grace India is expected to increase to about 11,500 by 2020. A constraining factor with India is that entrepreneurs are still looking to find investors for their various ventures. Once they are able to tap the capital markets for better growth prospects, India will certainly race ahead of other countries with regard to its GDP.
Fortunately, India currently has massive funding and access to technological resources making it one of the best moments for the development of the largest startup ecosystem. It is due to the favorable domestic markets and availability of resources, that an entrepreneur finds a conducive environment in India for his startup to emerge.
Education and Practical Exposure – Simple Path to Success
It certainly is no surprise that if you wish to succeed in the task of becoming an entrepreneur, you need both education and practical exposure to the outside world. While education can play a major role in influencing student’s attitudes and motivations toward entrepreneurship; by exposing yourself to the practical aspect of business, you will see its relevance in terms of economic welfare as well as in creating employment opportunities.
If You are a Budding Entrepreneur, This is How EDI Course will Help You Out…
Dedicated to entrepreneurship education and training, our Post Graduate Diploma in Management – Business Entrepreneurship will familiarize you with all the varied aspects of entrepreneurship. Since we are well aware that a pragmatic approach needs to be adopted when looking at the markets, we will provide you with all the necessary training and knowledge to do this so that you are able to discover the potential for entrepreneurship that lies within you. If you want to make a success of your business venture, training and research in entrepreneurship will certainly go a long way.
This course focuses on providing research and documentation so that you are exposed to the current market scene. With business research, you will also receive training in data analysis and understanding of the market. This way, through different strategies you will be able to gauge the intricacies of entrepreneurship before you venture onto this path. This full-time, two-year program will certainly leave you with a relevant and practical learning experience
So although startups are witnessing a booming growth in the current scheme, about 90 percent of them have not been able to succeed. However, given the increased growth that the presence of startups has brought to the Indian economy, the need for more startups is certainly present. So if you wish to guarantee success on your entrepreneurial journey, come join us and learn all you need to know about the world of entrepreneurs.
A boom in startups has hit the business sector recently compelling people to acknowledge that startups are truly a force to reckon with. Thanks to a favorable market condition and access to technology that aids its progress, it is largely being accepted that these startups are not just a passing trend but a major boost to the economy. And, EDI – The Entrepreneurship Development Institute of India in Ahmedabad is proud to be the nurturing ground for aspiring entrepreneurs who wish to carve their own success story in the business world.
Why is there a Need for Startups?
It is due to the emergence of startups and other small, fast-growing companies that the level of unemployment remain under check. Startups also help keep large businesses on their toes by exerting a certain amount of pressure on them and by fueling a spirit of tough competition.
Startups are always keeping with technological demands and thus are able to produce goods or services much faster and more efficiently than a normal company would. This helps in streamlining businesses and encourages a certain amount of competition in the markets so that everyone keeps working to better their services thereby providing customers with cheaper and more efficient services.
How Can Startups Contribute to the Society and Country?
Startups usually take in individuals who are multi-taskers. Thus by taking on thousands of freelancers and trained graduates, startups are making a very favorable dent in the unemployment rates of the country. Since startups are locally born, they usually make use of local resources, products, hire local employees and also engage themselves in local activities and events thereby injecting a lot of capital into the local economy.
Due to the increased innovation and economic growth that startups facilitate for the society or the economy at large, as they begin to expand, the need for startups is evident. Thankfully, transition in the business world is encouraging investors to put their money into these smaller companies.
Statistics show that a majority of startups do not last for more than 3 years, but every time they fail, some valuable knowledge is acquired from the process. However, since the goal is always to succeed, you need to get familiar with the various aspects of establishing a startup before you just go out there and do it. This is where EDI’s program can help you out.
Post Graduate Diploma in Management – Business Entrepreneurship
At Entrepreneurship Development Institute of India (EDI), we have a course that is designed to provide students with practical insights into the market world. With a staff of experienced teachers, this two year residential program will teach you about the different strategies and techniques that can be adopted to understand the market better. By encouraging you to think and analyze more critically, we will help nurture your entrepreneurial ambitions so that you can go begin your own startup.
The syllabus that we work with is designed to give you a relevant and practical learning experience when it comes to the world of business. By covering every aspect that will help you when you decide to launch a startup, there is nothing that you will be unprepared for. Apart from our PGDM- BE program we also have a range of other courses that can help increase your entrepreneurial knowledge.
So come to EDI and enjoy the opportunity to learn all there is to know about launching your own startup. By facilitating interactions between students and business icons, EDI is the perfect launch pad for you to go ahead and make your startup a success.