5 Characteristics to Develop Before Starting A Business

It was a proud moment for the soil of India and its people when Parag Agrawal’s appointment as Twitter’s new Chief Executive Officer made the rounds of not only India latest business news but the global business world also. Many global, eminent conglomerates and entrepreneurs understand the potential value and prioritise Indian talent.

Given that, the PayTm founder, Vijay Shekhar Sharma, says, unlike his initial time, today Indian business owners can have a meeting with any investor in the world. The talent of Indian people has convinced the global corporate world that Indians can perform extraordinarily.

Global investors have been infusing whopping amounts into Indian businesses in recent years. Ed-tech and Fin-tech businesses have remained the top fund-raising start-ups in 2021, creating many young Indian billionaires like Nikhil Kamath of Zerodha.

No doubt, when names like Paras Agrawal and Nikhil Kamath keep circulating in the Indian business news, it ignites a spark of motivation in young people who want to be entrepreneurs in India and start up their businesses. On the other hand, the Indian government is also extensively carrying out campaigns to promote entrepreneurship in the country.

The idea of starting up a business is thrilling and satisfying, but working on it can be overwhelming, painstaking, and unbearable at some point. Research shows that nine out of ten businesses fail within the three years of their launch, or even earlier. Business experts point towards poor planning, its timely implementation and failure to sustain in the rapidly transforming market.

Here are the top five things you should check before you start your business. Legal procedures for registering and running a business are not included in this article. The reason is that there are some things that come a step before registering your business, which are given below. Go through them and check if you lack any of them.

1. Strength to Bear Criticism

It would be wrong to say critizing and de-motivating aspirants are just a part of casual conversations for people. It’s their favourite job, which they can spare time for, and even do not mind working overtime. Detractors are the speed breakers on your journey to success. They will slow you down, but you should pass them in such a way that those critics will not dampen your spirit.

Listen to what people say, analyse their criticism, filter out the negative ones and work on improving yourself and your business through constructive criticism. A few people speak out about their experiences and might want to save you from making the mistakes they made. Neglecting their valuable experience can cost you heavily.

2. Conviction

There is no shortcut to success, in business too. Each day will bring you new challenges that might seem massive and exhausting to you. Societal pressure, family expectations, the inching gap between the cash inflow and outflow in the initial days, rejection from clients, and much more will always haunt you until you find a significant breakthrough.

Your willpower to achieve what you desire should remain inextinguishable throughout the testing period. Your dedication will bring you the desired success in business eventually.

3. Leadership

A group or business leader is responsible not only for bringing growth to the organization, organization, but also to lead and manage his team through turbulent and unexpected situations.

As your business grows, you might need a team to manage different departments. Try not to be a bossy leader, commanding and scolding team members. Business is teamwork. Friendliness and emotional connection amongst the team are crucial for productive synchronisation and the growth of a business, including its every member.

4. Creativity

The needs and choices of consumers change overnight. Today’s trend is timeworn for tomorrow. Given that, you need to keep a constant tab on the market demands and find creative ideas to boost your sales and capture the maximum number of consumers.

5. Frugality

Frugality, in simpler words, is the trick of finding cost-effective solutions instead of investing heavily on something. They say a penny saved is a penny earned. Finding frugal solutions to a problem will help reduce your unnecessary expenses that can be used elsewhere. It is needless to say that even a single penny matters when you are just beginning your business.

Nobody is perfect. We keep learning through everyday experiences. Whatever you do, do it diligently. Learn something new from it and keep on improving. Success will knock on your door eventually.

I am writer and tutor by profession. I provide tutoring services online.