Starting up is a dream for many. With an encouraging startup ecosystem emerging in India, there are a sizeable number of women entrepreneurs also who are taking the plunge and starting up.
In a recent interview with YourStory, Rajesh Kumar, Vice President, Strategic Initiatives at Tata Elxsi said that the Indian startup ecosystem is booming with the government creating policies to make it easier for people to start new businesses. He further said that investors are keeping a watch on promising startups as a lot more people are taking the plunge into entrepreneurship.
He further quoted a recent report by industry body NASSCOM which ranks India as the fourth largest startup hub in the world, with more than 3,000 new companies. What’s startling is that this figure is set to grow to 11,500 in the next five years.
In a nutshell, the dynamics of startups in India is changing and newer opportunities emerging.
Encouraging statistics notwithstanding, starting up does give jitters to budding entrepreneurs. Here are tips from six successful women entrepreneurs to wannabe women entrepreneurs to get started on their entrepreneurial journey.
As all of them say in unison, it’s all about believing in their idea and getting the perfect balance.
Five Point Someone
First, a mastery over the core of business. An excellent domain expertise helps. It is only when you know the core of your business will you be able to tackle challenges and hurdles that come your way, say the entrepreneurs. The most successful female entrepreneurs know how to manage their time effectively and are extremely organized. And if you thought entrepreneurship is easy, well one needs to don multiple hats to become an entrepreneur. “Set personal and professional priorities to get perfect balance, stick to the plans and be ready to handle letdowns but do not dwell on that,” says Nidhi Agarwal, CEO, DESIGNNBUY WEBTOPRINT PRIVATE LIMITED.
A close second comes prioritisation. “Depending on the stage in life, women have many responsibilities (much more than their male counterparts). Every woman entrepreneur should have a clear set of priorities and allocation of bandwidth to each. If this is not done, then there will be a huge mismatch of expectations with herself and other stakeholders in the business,” says Ankita Tandon, COO, CouponDunia.
Thirdly, it is indeed alright if the world doesn’t believe in your idea to start with. Have faith in your idea, plan it out well, manage finances and keep hustling.
“Whether it is peers, family, investors etc. a lot of people are always doubting if your idea would succeed. If your vision is strong enough, then have faith in your product,” says Natasha Jain, Founder, CEO, Ruplee.
Fourth, set your short-term and long-term goals. Set clear and measurable goals so that you can measure the results and be prepared to carry-on if early results are not as expected, keep your ultimate goal in mind and do not fear hardships. As Indrani Mukherjiee, Director, BAMBOOZ says, you should not expect results or success immediately.
You should always remember the 3 P’s in your venture – Passion, Persistence and Patience.
Last but not the least, Network. The beauty about being an entrepreneur is that the ecosystem is very helpful and resourceful. To make this network work, women need to shed their inhibitions and start networking and giving back to the ecosystem. You never know who will be able to open that extremely important door for you (right when you need it!). As the young entrepreneurs say, Identify and choose a great team and people who are equally committed towards your venture. Along with a good team it’s the timing which is also an integral part of any venture. “Respect people working with you. You owe a part of your success to those working with or for you,” says Vidhi Pansari, Founder of Happiness Boxed.
And here goes the most inspiring tip from each one of the six entrepreneurs.
You are on this journey for a reason. Don’t create for creations’ sake. Stay Inspired!
Amrita Samant. Founder, Mommy Shots
“Keep learning – Times are changing so quickly and there is so much to keep pace with (changing technologies, new enabling tools, etc) It is extremely important to stay abreast of new developments especially in your core business area. It would be wise to set up your twitter feed, google alerts for the topics of interest and subscribe to your favourite blogs.”
Ankita Tandon. COO, CouponDunia
“It is the timing which is an integral part of any venture.”
Indrani Mukherjiee. Managing Director and Co-Founder, BAMBOOZ
Execution is everything: While your idea needs to be powerful, the execution will ultimately take it to the next level. Building the right team, having a well thought out go to market strategy and focusing on product/customer experience are key.
Natasha Jain. Founder, CEO, Ruplee.
Prepare yourself – Arrange finances, learn time management and handling finances, effective communication skills and public relations. That is the key to success of any business.
Nidhi Agarwal. CEO, DESIGNNBUY WEBTOPRINT PRIVATE LIMITED
“Take a break – Socialise if you like, go for a swim/exercise, party or do whatever interests you, watch movies during weekends. Shop, YES make money and spend it on yourself too!!”
Vidhi Pansari. Founder, Happiness Boxed