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The Zero Semester of Entrepreneurship

In the direct unaltered words of Dr Trilok Kumar Jain, who is currently the director for ecosystem for innovations and entrepreneurship at Suresh Gyan Vihar University.
Entrepreneurship Zero Semester
Most aspiring entrepreneurs are stuck with one question - "which product should I launch first?". This question takes away most of their energy and they end up making mistakes. Many people give them advice to jump into fancy-looking ideas, which ultimately turn out to be fads. The entrepreneur gets frustrated and disheartened. He starts ursing his fate. Here we look at the first steps that the aspiring entrepreneur should take.
Everyone who wants to start a new business must look for the existing resources and opportunities. If there are some existing resources, which can be converted into a business, that should be tried first. Rather than looking for a job or new business goal, first attempt should be for the things in hand. Most entrepreneurs look for a new goal or new objective, which takes them to new path, which is difficult and complicated. However, they should assess their own resources and convert them into business opportunity. By small innovations, an existing resource can be converted into a business. For example, old hut may be converted into stylish restaurant, old home may be converted into heritage hotel, old utencils may be converted into classical objects and so on.
Existing expertise should be utilized before adding new expertise. A person who is expert in dancing should use this skill in commercial performance and start earning from the dance show. Adding a few more variables, the dance show can make great impact and there is a possibility of adding new opportunities. After dance, new things can be added and slowly it would become complete chain of business.

Entrepreneurs should focus on innovations so that they may generate desired results. To succeed, minor innovations are required. If your product is giving 20% different features which add to the comfort of the customer, you will replace your 
Entrepreneurship Zero Semester
competitors and rule over the market. Entrepreneurs must therefore create innovations and offer innovative products. They must constantly innovate and add new products / add new features to / or remove unnecessary features from the product. Take example of car, everytime you go to buy a car, you find a new car with new features – the new car has new features like better safety through air-bags, better audio, better seating, better design, better colour etc.
Before launching, an entrepreneur must prepare a prototype of the product and launch that product to collect feedback from the market. There are many types of reactions from the market and those reactions can help you in understanding and appreciating the feedback to modify the product before final launch of the product. A prototype is a product with almost all important features, but not the final finished product. You will modify the prototype and prepare the final product to be launched. Prototype must be tried and tested out by a variety of customers so that you may get varied feedback and thereby prepare your marketing strategy.

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 11th July 2019.
Dr. Trilok Kumar Jain
Dr. Trilok Kumar Jain is a contributing writer at Inspiration Unlimited eMagazin

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