What it Takes to Be a Successful Entrepreneur in India

What it Takes to Be a Successful Entrepreneur in India

Posted by: on Jul 30, 2018 | No Comments

India stands at an interesting juncture. As entrepreneurs, we can rejoice the fact that the country has a huge working-age population. This not only presents businesses with a strong consumer base, but also with a large pool of educated and young talent. This could be a great time to overcome bureaucratic hurdles and forge ahead to establish your own business. But, first let’s look at the obstacles that still lie in our path.

The Major Obstacles for Businesses in India

India has certainly come a long way. And, entrepreneurs can take advantage of some of this growth.

India’s GDP growth has accelerated. In the fourth quarter of FY18, our GDP growth came in at a better-than-anticipated 7.7%, bolstering the country’s position as the fastest growing economy in the world, surpassing China by almost one percentage point. The FY18 growth estimate has now been raised from 6.6% to 6.7%, representing the second upward revision in the estimate since it was released in February 2018.

No doubt, we’ve made progress. But, we still have a very long way to go. India is among the top 10 economies in the world and still we rank 100 for ease of doing business, an index released annually by the World Bank. India remains a challenging place to do business, with bureaucratic hurdles to add to your plight.

The GST has been implemented, removing the evil of double taxation that had been plaguing businesses in India for long. But, we continue to have among the highest taxation rates in the world. When will the government realize that taxation impedes business growth, which has a direct impact on the economy’s job creation and GDP growth?

So, apart from the basic traits that an entrepreneur anywhere in the world should have, in India, we also need to build the skill to traverse the bureaucratic minefield designed to penalize businesses at every step. Every business faces its own unique government-related issues. For instance, if you decide to open a restaurant here, you need to get a liquor license, which could be a huge feat to achieve.

So, if you’re optimistic about being able to succeed against these challenges, here’s a look at some of the traits that make entrepreneurs give whatever it takes to become successful.

5 Traits of a Successful Entrepreneur

1. Passion & Determination

I believe that passion and determination are the foundation on which one can build success. If your business is something that you can work at, repeatedly, without getting fed up or bored, if you feel excited about what each new day will bring for you, if it is something that you want to do for the rest of your life, with enthusiasm, you have passion. And, this passion will make you a self-motivated individual, who is determined to overcome all obstacles in order to achieve their vision.

2. Discipline & Hard Work

There are no shortcuts to success. And, since you are the boss, you need to be disciplined about the work too because no one will tell you what to do and when to do it. Some might see as you being stubborn, but it is your dedication and your willingness to work hard, even staying up at night, trying to complete a task, that will drive success.

3. Not Afraid to Take Risks or Fail

While all entrepreneurs need to be risk takers, not all risk takers become successful businessmen. The difference lies is being able to assess the risk and then take calculated steps into the unknown. This means evaluating the risk to your resources, not just in terms of materials and money, but also time. So, it isn’t as though you are going to be recklessly risky but at the same time, you should accept failures as learning experiences, using them to grow as an entrepreneur. When you are afraid to fail, you are most likely to not put your best foot forward or give an initiative your best effort. If it helps, have a Plan B in place.

4. Flexible

Unless you can adapt to changing markets, evolving consumer preferences and even failures of certain projects, if will become difficult to succeed. You need to be flexible enough to change plans, processes and procedures, adapting to the dynamic world that you function in. The reality is that uncertainties lie around every corner and not all of them are predictable. You need the flexibility to judge the situation quickly and adaptability to alter your strategy in response.

5. Thirst for Learning

How many times have you heard the older and wiser people telling you that learning never ends? The world, your consumer and your market are constantly changing. So, the key is to you keep yourself updated, learning what’s new and how you can benefit from it. Imagine how advancements in technology could streamline your processes or give your business a cheaper way to provide a product or service? Unless you keep reading, learning, exposing yourself to the latest in your industry, you might not even know what you are missing out on and your competitors are thriving with.

Of course, a successful entrepreneur needs many other skills, such as being great at networking. But, the above traits will give a strong foundation on which to build your life as an entrepreneur that makes the most of the opportunities they are presented with.

Can India Hold Her Position as the World’s Fastest Growing Economy?

Can India Hold Her Position as the World’s Fastest Growing Economy?

Posted by: on Jul 20, 2018 | No Comments

The Indian economy grew at an impressive rate of 7.7% during the fourth quarter (January to March 2018). India’s GDP growth surged past China’s 6.8% growth recorded for the same quarter.

For FY18 (fiscal year ended March 31, 2018), India’s growth

India Achieves its Highest Ever Score on the Index of Economic Freedom

India Achieves its Highest Ever Score on the Index of Economic Freedom

Posted by: on May 27, 2016 | One Comment

India achieved its highest ever score on the 2016 Index of Economic Freedom. India’s score of 56.2 gave it the 123rd rank among the 178 countries ranked by this index. India was ranked the 25th among the xx nations in the Asia Pacific region. The 123rd

Daniel Kahneman: The Psychologist  who won a Nobel Prize for Economics

Daniel Kahneman: The Psychologist who won a Nobel Prize for Economics

Posted by: on Apr 21, 2016 | No Comments

Daniel Kahneman and his colleague Amos Tversky studied human behaviour when faced with uncertainty and risk, and came up with groundbreaking results; primarily, that human beings are not necessarily the rational agents of economic theory. Daniel Kahneman

Michigan’s Gun Lake Casino to Double its Size with a $76 Million Expansion

Michigan’s Gun Lake Casino to Double its Size with a $76 Million Expansion

Posted by: on Apr 14, 2016 | No Comments

The Gun Lake Casino in Wayland, Michigan has announced a $76 million expansion plan that is expected to nearly double its size. Ed Pigeon, vice chairman of the Gun Lake Tribal Gaming Authority Board said in a news release on January 7, 2016,

MGM Resorts International Delays Opening of New Macau Resort to 2017

MGM Resorts International Delays Opening of New Macau Resort to 2017

Posted by: on Mar 23, 2016 | No Comments

MGM Resorts International has decided to delay the opening of its new resort in the Cotai district of Macau, due to gloomy market conditions. Gross gambling revenues in Macau fell 34% in 2015, to a five-year low of $28.8 billion from a year ago,

What Lies in Store for the Indian Economy?

What Lies in Store for the Indian Economy?

Posted by: on Jan 22, 2016 | No Comments

In an interview with Indian Express, in November 2015, Finance Minister Arun Jaitley said, “The biggest strength of India and the silver lining is its resilience. Our systematic firewalls have to be such that the ability to resist the

Dr. Roy Spencer: The Meteorologist Who is a Free Market Thinker

Dr. Roy Spencer: The Meteorologist Who is a Free Market Thinker

Posted by: on Nov 26, 2015 | No Comments

It is rare to come across a person who is as diverse as Roy Spencer. He describes himself as a climatologist, author and a former NASA scientist. Other than his many contributions academically, he is also attributed with many memorable

Bryan Caplan: The Man Who Made Economics Cool

Bryan Caplan: The Man Who Made Economics Cool

Posted by: on Oct 15, 2015 | No Comments

This young professor of Economics at George Mason University and Senior Scholar at Mercatus Center is not afraid to brandish his ideas in circles outside academia. While he may not be as prolific as many traditional academicians, his

Implications of Legalizing Casinos in Israel

Implications of Legalizing Casinos in Israel

Posted by: on Oct 10, 2015 | No Comments

Yariv Levin, Israel’s Tourism Minister, confirmed on September 23, 2015, while speaking on national radio that there is indeed a proposal, backed by Prime Minister Binyamin Netanyahu, to legalize casinos on mainland Israel at last.