What it Takes to Be a Successful Entrepreneur in India

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.