‘Entrepreneurship’ is a term that we, as students, are used to hearing over a couple of years. Came Modi’s ‘Make in India’ campaign and the term gained more prominence. Startups were the new rage. Analysts claim to have seen a 48% rise in the establishments of new startups since October 2014. This can be inferred to students being exposed more to the corporate world at an earlier age than the previous generation. Hence come in various perceptions of ‘entrepreneurship’. Students taking up interests in this field and in came in another term- ‘studentpreneur’. Not all ideas may have been successful, but all the success story scripters have the following in common I’d say:

1. Knowledge on opportunities

The idea of creating a solution to a problem can occur only when there is knowledge to one that a certain thing is a slight problem to people. Take the example of Ola. In India, traveling in public transport isn’t always convenient. Traveling at short notices within the city, without a vehicle of their own was also not an easy task. Taxis also weren’t great in service in many cities. The founders of Ola found gold in these hindrances. And now we all know the magnitude of success Ola has achieved. Swiggy is another success story, which although was a very simple offering, was a good strike. It shows us that stews also can offer us much, if we can pick out the opportunity to kindle some idea to counter it.

2. Identifying the root cause right and simplicity

Once the opportunity is pounced upon by us, a solution can be created only when the root cause is identified. Solving the problem requires working from the bottom. Not doing so often leads to loopholes in the system of solutions. Many startups having the potential to do well failed miserably due to this reason. Many others failed because they weren’t friendly. ‘Echelon Exchange’ is one of them. The reasons they stated were- overly complex and no SWOT analysis. When we see the biggest startups today, say Ola or Amazon they are very simple to use and they cater to the most basic needs of ours.

3. Respect the capital

The lack of experience always exists in any new-comer. This often leads to them glorifying themselves rather than serving the very purpose of their existence. ‘Spinvite’ was one startup that closed down because most of the seed was consumed on an untested project. A bootstrapped startup always has the ability to do well. Quality when served doesn’t need glorification to stand out. Many startups today offer services at unbelievably low prices. Yes, that may attract people, but at the same time it can later hit them hard, as in the case of Flipkart, that is supposedly running in losses.  

4. Marketing strategies

This is a very vital aspect to determine a startup’s growth in the market. Competition lies all over. One way to overcome that is by applying unique ideas to market the product. The understanding of the interests of the local neighbourhood is also important. Domino’s is a rage all over only because they change the toppings as per the likings of that select region. They follow a marketing strategy called ‘glocal’ strategy. Amazon managed to outdo Flipkart because of better marketing skills.

5. Confidence and ‘Never Give Up’ attitude

“All changes are hard at first, messy in the middle and gorgeous at the end”, I’d read. To initiate a change or to make a difference, the requirement of confidence is always there. The confidence in ourselves to start again when we have fallen is very vital in shaping up success stories. Being an entrepreneur isn’t a cakewalk, and it carries with it more pressure than that of a regular job. The belief we have within will bring us surreal moments later. The story behind GoodWorkLabs, one of the fastest growing startups in India, will support the above words.

6. Quality

Incredible marketing may put the startup in front of one’s eyes, but only quality products will ensure the positive word of mouth amongst the crowd. The seeking of perfection always ensures the growth of the startup. This attribute also ensures the consumer, good customer service. All the leading startups like Bigbasket, Ola, OYO and Craftsvilla amongst others are all well known only because they deliver quality. The quality matters even for simple initiatives like Facebook pages. The foremost reason ‘Terribly Tiny Tales’ is better known than ‘The Scribbled Stories’ to followers (both are microtale publishing pages) is because the former publishes quality works and not just anything.  

7. Uniqueness

A potent method to portray oneself in the method is being unique and attracting eyeballs. Of course, in the long run there may emerge competition, or the idea may have been akin to an already existing startup, but being unique does help become a frontrunner. At the same time, it also must be understood that uniqueness alone cannot create marvel.

8. Sustainability

Analysts say that only about 10% of the startups survive beyond 4 years. The reasons as to why most startups don’t last long may depend on various factors such as need, technology or funds, but an entrepreneur with vision will always see to that, the present needs are always catered to. Pioneers are kindled in this manner. ‘Just Dial’ is an example of well sustained startup. ‘Zivame’, ‘Bigbasket’ and ‘Firstcry’ are other ventures that have evolved well over the years. Sustainability can be obtained by evading competition in an effective way, which also gives the startup to evolve into a giant. Monopoly can be achieved, which also means that the clientele or the customer base has the trust on it. ‘Makemytrip’ is one paragon to the above lines.

The current world needs everything to happen at a very quick pace, and with accuracy. Ease of accessibility, being user-friendly and quality are some important aspects too that the generation looks for. Students aspiring to be entrepreneurs need to be vary of these aspects and start on their work, while also understanding that ‘Rome wasn’t built in seven days’. No matter how dark it is, there’s always a silver lining.