‘Be your own boss’ – sounds exciting. Well, that is what entrepreneurship is all about. It is about pursuing something of your own, creating a brand and becoming the architect of your own growth.
At JRU, we train, encourage and inspire young minds to become innovators and entrepreneurs. Students of JRU aim high to become job creators and not job seekers. As a step towards this mission, an expert talk on the topic “How to build a career in entrepreneurship?” was organized on 18 October 2019.
The session was addressed by Sunil Kumar, Vice President Operation, Atal Bihari Vajpayee Innovation Lab (ABVIL). The special talk was jointly organized by Jharkhand Rai University, Ranchi in association with Institute Innovation Council (IIC).
Mr. Kumar gave his deliberations and explained precisely the recent developments in the startup and innovations field and how government policies in India now support the startup ecosystem.
He said, ‘Entrepreneurship is a great way to get out there, learn and build your career. Many young minds did just that to find their true calling, understand what they really wanted to do in life and know the career they were meant for.’
He added, ‘Entrepreneurship can push the candidate in the right career development path and teach numerous things. The Government has come up with a wide array of startup schemes and startup funds to encourage launch and growth of startups in the country.’
Handing out a practical advice to the students, Mr Kumar said, ‘Unfortunately, not everyone is cut out to be an entrepreneur. Or at least, not by nature. To run a business, you have to be smart and adept enough to assume the proper role.’
Here are some crucial points to becoming a successful entrepreneur.
Take the first step
Before you begin, you need a new and unique business idea. Right! If you have one on your mind, get right to it and start the market research. If you haven’t identified an idea yet, you need to spend time figuring out the idea that will help start your entrepreneurship journey. Do something that you love and you will have enough enthusiasm to pursue it for long. Do ample research on your idea to know if someone else is already working on similar idea.
Once the phase of idea generation is over, make a plan. A business that lacks a strong planning will have difficulty in succeeding. To begin with, note down all the aspects of your business and the amount of efforts it will take to reach a certain goal. This will give you a rough idea of the costs involved.
Before jumping into the business, now that you have a business plan, do the necessary market research. It will tell you whether you have a receptive market for your business.
Make a business model
To transform your idea into a business, make a business model. It will help you decide, how will your business operate and work, what kind of services you will have to provide, how will people/customers benefit from your business and who all will you need to hire to make it happen.
Find a co-founder
For any startup to succeed, you need the support of a co-founder. Hence, before you begin, identify a cofounder and make that person become a part of your journey.
Register your business
Don’t forget to register your business. You can take advices from your advisor/s on how to do fulfil the registration process.