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]
Family businesses go on for generations together. This gives them an easy advantage over non-family businesses as they have deep industry knowledge of what’s happening currently and the past trends too. That’s not all, they have the commitment and passion towards the success of the business and the industry knowledge helps them to take informed market-focused decisions.
Let’s go through each of these advantages in detail:
- Dedication and passion towards the business goal: In a family business, often non-family members too are treated as a family. This strong relationship built with the employees and other stakeholders result in fruitful daily operations as everyone works towards achieving one goal. While the owners tend to take better care as they have their stakes involved in the company, it makes a huge difference when the employer is appreciative of the employee’s talent.
- Decision making: Not having responsibilities towards any shareholders gives the Indian family businesses greater flexibility in terms of making decisions faster, improving the speed with which they launch new initiatives, change operations, evaluate new business opportunities, etc.
- Industry insights: Family businesses work in one industry for longer durations. This gives them significant experience and expertise. They understand the pulse of the market and their consumers well over non-family businesses. This makes them ready for any challenges.
- Mutual trust: Family businesses thrive on mutual trust and believe in maintaining long-term relationships by providing a conducive, supportive and trusting work environment.
- Reinventing entrepreneurs: The Family Business Survey conducted by PWC suggests that:
- 74% of respondents think that family businesses being more entrepreneurial in nature
- 62% think that family businesses generate more employment in the market
- Nearly 60% of the respondents felt that they reinvent themselves with each generation
Family businesses take pride in their contribution towards providing a greater balance and stability to the economy and are more likely to take greater risks than the non-family businesses. While there are downsides of the family business, it’s their industry knowledge that keeps them going generations ahead![Top]
We know of entrepreneurs today who kicked their 9-5 job as they wanted to be their own boss! They had absolutely zero entrepreneurship background but still made a remarkable benchmark in their field of business. But there are individuals for whom it runs in their family. These individuals have decided to take up entrepreneurship because they have grown up seeing their family run a business of their own.
It shows that it is not impossible for family businesses to keep the entrepreneurial fire burning. While the next generation may not have the same spur in them as the founder of the business. The key is to keep EVOLVING.
Here are few factors that make it possible:
- Knowing the history of family business: When an Entrepreneurial Legacy is passed on, it is important to know for the current gen or the next gen handling the business to know where it started from and what their ancestors did to run the enterprise. A study conducted by King’s college in London where they studied 21 family businesses showed that lack of knowledge has actually proved to be a loss for the business. Whereas, the businesses who had proper understanding of the history, compared the past and present and accordingly innovated and hence they were able to make profit.
- Youngsters get started early: When the young generation is taking over the family business reigns, it is important to involve them early in key decisions. At the same time, it is important to give them a chance to make mistakes and learn from them. It gives them a room to innovate and explore their strengths and weaknesses.
- Making practical education mandatory: While there are individuals who have the entrepreneurial traits in their genes, it is important to get a global perspective of businesses which is only possible through education in a recognized B-school and on-the-job learning in other companies.
- Learning from the younger generation: As we mentioned, the key to a successful business is to evolve. The young generation will have ideas of their own. Allow them to explore and the current generation handling the business will have to learn with them. This helps the organization to keep up with the changing trends. Also, everyday is a new learning!
So, if you have an entrepreneur in the family, tell them the tales of your business and motivate them to take your legacy forward. For the next gen who are looking at taking over their family enterprise, get to the roots first and you will know how to take it forward!
A new Technology Business Incubator (TBI) of the famous Entrepreneur Development Institute of India (EDII) is all set launch, known as the Centre for Advancing and Launching Enterprises (CrAdLE), to support entrepreneurs in getting their new businesses started. The ambitious plan aims to work with about 40 startups in a course of three years. Each of these budding companies would be expected to create 100 jobs each, thereby creating over 4000 jobs in all.
CrAdLE will have Infosys co-founder Kris Gopalakrishnan as its first chairman of its advisory committee. The board would comprise of seasoned entrepreneurs, technologists, venture capitalists, academicians and other professionals from the specific domains that the centre aims at promoting. Businesses will therefore benefit immensely from specialized knowledge and the right technological support for smart organization, communication and selling. In addition, enterprises incubating in CrAdLE will go through review parameters to give them an exact measure of growth they have witnessed in various stages.
CrAdLE will be set up at EDII’s Ahmedabad campus, and a space of 10,000 square feet has been marked for the same. The centre should be up and about in a matter of a few weeks now. Its main focus, as of now, is to help nourish businesses in four sectors: manufacturing, healthcare, renewable energy and food and agriculture.
Gujarat is recognized to have a sizeable number of naturally entrepreneurial people and Ahmadabad shows fine signs of becoming India’s next start-up hub particularly in the non-IT sectors. With the right institutional support, businesses started here can thrive not only in India but in international markets as well. Gopalakrishnan believes EDII’s TDI to be an excellent resource for entrepreneurs, especially at this point of time when there is a most conducive climate of encouragement to new enterprises coming from the PM himself.
Besides facilitating the essential hand-holding to companies in their nascent stages towards a seamless commercialization of ideas, knowledge and technologies, CrAdLE will also provide assistance in legal, financial and technical matters. Moreover, all entrepreneurs who are part of the program will have access to additional sources of funding besides a fund of Rs. 10 crore from the DST for 5 years.[Top]
Startups are fast beginning to make a name for themselves across the country with all that they are achieving. It wasn’t long ago that a new startup, started by our student Rishabh Hundia which aims at meeting a production gap for busbars, took its first steps into the world.
The Inspiration behind the Idea
The idea that laid the foundation for the emergence of Bus bar Manufacturing arose when the Rishabh Hundia was attending a ‘Make in India’ conference. It was at that same moment that the student’s father advised him to look at the copper bus bar market and see if that line of business appealed to him.
Belonging to a family that has been in the metal industry for the last four decades, Rishabh Hundia has always been around metals and had grown up with the desire to work with them. This was what gave birth to a love and attraction towards metals, right from a young age. This was how the first seeds of a Bus bar manufacturing startup came to be planted in his young, innovative mind.
About Busbar Manufacturing
The way a bus bar works is that it conducts electricity within various heavy electrical appliances. It is also used for switchboards, substations or distribution boards. Copper busbars are very useful for power grids as they help bring down the power loss substantially. They are used to conduct a substantial current of electricity but the amount of current that can be carried in them depends on the composition of material used and the cross-sectional size of the busbar.
However, the current condition of the metal industry as a whole is not at a very good place, on both the national front as well as the international front. So given that the industry is in a difficult situation, right now this young entrepreneur is working on learning about the situation in the country so that he can come up with a good plan of revival. If all goes well, the future for copper busbars is likely to be bright.
The Future of This Startup
By trying to stick to the ‘Make in India’ policy, wherein the Government focuses on setting up manufacturing units in India, there is certainly a lot of potential for this company to grow. There will certainly be a lot of demand for the product by new manufacturing units that will require it for electrification purposes.
However, currently copper busbars are being imported in thousands of tons into the country and since 2010, the demand for them has been growing at 11 percent every year.
How Has EDII Aided the Growth of this Startup?
EDII has been a learning ground that provided mentors and the right faculty to bring Rishabh Hundia’s idea to fruition. Not only do they strive to turn students into entrepreneurs but they also provide entrepreneurial experiences in different sectors.
After EDII scrutinized the student’s DPR and once it had received the stamp of approval by various industry experts and learned faculty, it gave this young entrepreneur the confidence he needed to venture out and put his idea to the test.
Many students that have passed out of EDII has testified to say that the institution does provide the best faculty and mentors who help students turn their ideas into a reality and this was what was responsible for Busbar Manufacturing becoming a reality and one with a bright future awaiting it. What’s more, EDII also provide the much needed seed capital to its deserving students to help their start-up idea see the light of the day.[Top]
Even though most of us live in a world where owning a car is a necessity, some basic maintenance needs to be followed. The most important one being- getting your car washed from time to time. A regular washing job helps protect the exterior of the car and ensure that the dirt and grime does not eat into the paint.
However, washing the car without the right tools can be a tiring and time-consuming job. This is why car washes are increasingly sought out by car owners who don’t have spare time on their hands. This is where Enzo Daily Car Wash – a recent startup by our student Rahul Gonsalves – comes into the picture.
The Inspiration behind the Idea
When cars are washed on a daily basis, a practice that is rampant today. there is always a lot of water wasted. After two to three months, the surface of cars starts to look dull. This is because servicemen mostly use unclean practices and follow an unhygienic process of cleaning wherein the same water and cloth is used for over 10 cars. This results in scratching the surface of the cars and causing them to look dull. It was this observation that led to the idea of providing customers with a ‘waterless, one cloth per car’ service.
What Does Enzo Daily Car Wash Have to Offer?
Enzo Daily Car Wash has been designed to provide a quick, waterless solution to professional car care. The product used is a high lubricating mixture that removes the dirt from the surface of the car and leaves it with a shiny finish. This product that they have created is an in-house product that has proven to be effective but which is not up for sale so you are not likely to find it elsewhere.
Currently, the startup provides prompt home service to customers. All you have to do is give them a call and they will have their team at your doorstep to wash your cars every day. Daily customers will be provided the service at an average cost of Rs13/- per day while retail customers will have to pay Rs. 50/- for the job. These prices are the lowest in the industry as this startup aims to provide you professional car care at affordable rates.
The reason they are able to provide their services at such low rates is because they have created a unique value chain of self manufacturing where they manufacture all related products themselves and use it to provide the service, this refuces the swelling of costs due to supply chain intermediaries. Currently providing their car wash services in 11 residential complexes, they are still looking to expand and are expected to start their service in four more localities by June 1. The startup has already partnered with a leading oil company and has set up wash stations at 25 petrol pumps along with an exclusive full wash outlet.
How EDII helped Enzo Daily Car Wash?
EDII aided the young entrepreneur in perfecting a business model for the startup. The knowledge and input offered there helped create an exclusive system of manufacturing and customer acquisition where they can service 321 cars with an investment of just Rs 1,20,000. EDII has assured Rs 3,50,000 as startup capital against the money invested. With the rate at which the company is growing, it expects to save at least 3,00,000 liters of water by December 2016 due to the direction and assistance offered by EDII. Most of the funds will be utilized to help the startup reach out to new customers.[Top]
Frosty December chill evaporated for three whole days when large number of athletes from different colleges of Gujarat gathered at EDII campus to take part in interollegiate sports extravaganza, Equipo. The sports event was organized by the Students Welfare Committee of EDII during 17th to 19th December in the year 2015. The event saw overwhelming participation from colleges from leading cities of Gujarat like Ahmedabad, Gandhinagar, Surat, Vadodara and Bhuj.
The event included both indoor and outdoor games. Outdoor games like cricket, football, lawn tennis, basketball and volleyball received wholehearted participation from the athletes. Indoor games such as table tennis and chess too were received well by the contestants.
EDII students made their mark in all the sports but in badminton and table tennis (girls), they delivered extraordinary performances and won medals. Adani and SPM were runners up in these games. PDPU students delivered commendable performance and secured the first position in volleyball, basketball and lawn tennis (boys). NIRMA won the table tennis (boys) tournament whereas IRMA stood number one in Chess. LDRP was announced champion in Cricket. EDII students stood as runners up in most of these sports. EDII organizes such events to create sense of harmony among colleges and Equipo served the purpose well. The institute looks forward to organize many such events to connect youths across the state.[Top]
Government of India and leading financial institutions like HDFC, LIC, UTI, SBI promote Infrastructure Leasing & Financial Services (IL&FS) to implement projects related to clusters and education in African countries. IL&FS Education and Technical Services (IETS), a wholly owned subsidiary of IL&FS approached EDII to organize in-country orientation programmes on Entrepreneurship Development.
IETS, the Programme Management Agency of GoI’s Department of Commerce assigned the task to EDII under the aegis of 2nd India Africa Forum Summit (IAFS II) to carry out orientation programmes in six African countries Benin, Burkina Faso, Chad, Nigeria, Uganda and Malawi to strengthen cotton sector. Associate Senior Trainer at EDII, Mr. S.B. Sareen conducted orientation programmes in two African Countries Benin, Cotonou (West Africa) and Abuja, Nigeria from 1st March to 5th March.
The programmes chiefly aimed at sharpening entrepreneurial skills and changing the mindset about entrepreneurship. The programme was well received by the participants. Officials of Government Institutions, Financial Organizations and potential as well as existing entrepreneurs participated in the programme.
Mr. S.B Sareen, the Course Director was contented with overwhelming response to the programme. He said, “The programme encouraged private sector, support system and Government to boost entrepreneurship in African countries.”[Top]
Technological brains garner skills to establish knowledge based enterprise
It is now widely accepted that women make promising managers. Slowly but steadily women are also emerging strong in the field of science and technology. Innovative business ideas need support from science and technology to survive and sustain in the global market. Thus the unprecedented need for entrepreneurs with sound technical knowledge has emerged in the recent times. EDII thought that women with sound technical knowledge can make the most of opportunity and that is why launched a five-day national programme on Entrepreneurship Development & Management for Women Scientists & Technologists working with the government sector.
The programme conducted during 2 to 6 February this year, received overwhelming response from the participants. 14 women scientists and technologists working in various departments and ministries of Central Government, Public Sector Units and Research institutes supported by Central or State Government participated in the programme. Some academicians engaged in R&D also registered for the programme. The programme was sponsored by Department of Science and Technology, Government of India. The chief aim of the programme was to sensitize women scientists and technologists towards embracing entrepreneurship as career.
Till now, there is little done in the area of knowledge based entrepreneurship. This programme helped the participants understand the importance of owning knowledge based innovative business ventures. The curriculum covered core aspects of entrepreneurship such as process of business idea generation, project formulation and screening for feasibility.
It has been observed that even if women have basic knowledge of entrepreneurship, they are unable to identify and develop market for this. Though there are national and international institutions that support these kinds of endeavours, women hardly have information about these institutions. The participants received all the necessary information about garnering support from such institutions.
The scientists and researchers also learned about how to use basic and applied research as a tool for business planning.
The participants were very happy to garner skills of identifying business opportunities. One of the participants shared her experience by saying, “I never knew that I can be an entrepreneur. Now that I have learned about new enterprise creation, business plan preparation and everything about establishing and managing a new enterprise, I am sure I am going to come up with my own knowledge based enterprise.” The curriculum also touched upon gender issues at the workplace.
The programme was conducted by Mr. P. Ganesh, Associate Senior Faculty at EDII. The programme included intensive group discussions, role plays, and simulation exercises hence demanded constant involvement from the participants. The Course Director Mr. P. Ganesh expressing his contentment said, “I used audio-visual medium to make participants understand key issues of entrepreneurship development and management. The participants also got an opportunity to interact with subject experts and successful entrepreneurs.” Towards the end of the programme, the participants were motivated to establish their own knowledge based enterprise. The programme supported institute’s belief that women empowerment is essential to bring much needed change in society.[Top]