Innovation And Entrepreneurship - Dos and Dont's for Entrepreneurs

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31 August  2020    Posted by: Admin

Entrepreneurship is an important driver of economic growth and innovation. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. An entrepreneur creates a firm, which aggregates capital and labour in order to produce goods or services for profit and non-profit. It is a culture and mentality of innovating on existing ideas to solve critical pain points.

Innovation And Entrepreneurship - Dos and Don'ts for Entrepreneurs

Lesson #1: Find a mentor

Successful founders are ones that are continuously educating themselves.
DON'T DO THIS ALONE!
Mentors will not only give you the tools to make strides but also gives you the connections you need to take your ideas to the world.
Networking and accessibility are the driving force behind any Successful Startup.

Lesson #2: Flip the way you create a start-up

FIND USERS FIRST!
first find your potential users. Once you do, go talk to them about what they want. And now build!
Innovators think about products, entrepreneurs think about users!

Lesson #3: Stop looking for funding

IDEAS DON'T GET FUNDED, GROWING COMPANIES DO
So don't spend your time trying to raise funds and then get demotivated by the rejection. Spend your time growing your company first.
Reach one of these metrics before going to investors and I assure you that you will raise funds from the right partners.
If you are a B2C (Selling to customers): Reach 1,000 paid users.
If you are a B2B (selling to other businesses): Get Letter of The intent from 10 businesses.
Reach 10% growth month over month.

Lesson #4: Leave the fear at the door

If you think someone will steal your idea then the best way to protect your idea is to build it.
Just by maintaining the secrecy and not sharing it with experts is not going to help! Most ideas have been already thought around the world so if you have an idea, chances are thousands of other people do too.
The successful idea is one that has proof of users and growth.

Lesson #5: Follow up as if your life depends on it!

Treat your venture as your own baby
If you have to respond to an e-mail, or show up for a call, even if it isn't going to add value to your company today, SHOW UP!
As an entrepreneur, people are betting on YOU!
So you are building your credibility all the time.
Just Imagine Having created a user pipeline of almost 40,000 users from scratch, how much this will help you in getting referrals, more users, and building your network.
Networking is a superpower that every entrepreneur needs to embody.

Lesson #6: Don't outsource sales and marketing and form a company asap

I have spoken to over 50 early-stage entrepreneurs in India in the last two month and have got the idea that outsourcing sales and marketing is not a good idea and that Company formation is first basic requirement in the startup.

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