Scaling Up Entrepreneurship
April 01, 2022
Entrepreneurship -From Ideation to Diversification
“Build your own dreams, or someone else will hire you to build theirs”-
Being an entrepreneur is taking a journey of the heart with a “Never Say Die Attitude”. And just like everything, having your own startup also begins with planting a seed in mind. An entrepreneur mindset creates opportunities in the world’s failing system. Even the most intellectual individuals do not dare to think of having their own startup. The fundamentals of the mindset of a startup is to identify the seed of mind which is developed from the ideation phase to the execution phase. Entrepreneurship is in vogue and is a way for wealth creation in our country. With more entrepreneurs, we have more boosts in the economy. It is easy to stay in a familiar, but an entrepreneur mindset explores the unknown and improves the financial health of the economy.
Who would have imagined a 17-year-old boy who started his career as a clerk, could ever become an Entrepreneur Yes!! No one else, but the Indian Industrialist Dhirubhai Ambani, founder of Reliance Industries and the first privately owned Indian company which got featured in the Fortune 500.
He started his business by trading spices and diversified and expanded his business with a business model of having a lower margin of profits than his competitors.
On the other side, great business tycoon Mr. Ratan Tata worked along with blue collared employees in TATA Steel and learned from shoveling limestones and handling blast furnaces and soon with his innovative mindset proved instrumental in making TATA motors listed on New York Stock exchange.
Both these Leaders when started building their empires had a mindset of Growth which was an enabler to creating entrepreneurship and then gradually scaling it up and emerging with a differentiator in the industry.
Envisaging Start Up Mindset of a Youth
The government has announced the setting up of at least 50,000 new startups, 500 new incubators, and 100 innovation zones by 2024- Under the new policy of 'Startup India Vision 2024', our youth
The journey begins in mind. Yes! It is not going to be overestimated if I say that intangible resources play an important role than tangible ones when it comes to mindset. When the soul starts to look for a Purposeful Life, that’s the time the journey of the mindset begins. Broadly, these 4 steps will help a youth getting them in thinking mode when they are getting inspired to begin their Start-Up.
Ideation – Everything begins with an idea. But don’t fall so much in love with your idea that you forget what value add you are giving to your customer segment. Just go ahead and do it, else most of the brilliant ideas remain in this stage only due to inherent thoughts of risk to begin the journey of entrepreneurship.
Execution- It’s a game of Design Thinking vs System Thinking. Know the people whom you want to impact. Understanding their pain areas and being a differentiator is the construct of an Idea. The execution can be isolating and exhausting as it will also give you a reflection on yourself to manage and change some of your own behaviors to have better stakeholder management.
Scaling up The next big step is to scale up your product/business. The most important thing. How to take it up to achieve break-even point and then begin with wealth creation for others.
Diversification- This is when you have established your one product in the industry and now expanding in the industry and getting diversified. This step is a major one when the entrepreneurship journey takes its full shape and is all ready for expansion. With the shift in the workspace from physical to virtual this phase is very relevant to preventing your company to remain relevant and continuing in business. The diversification of your business reflects the stability of one business/product duly accepted by the customers and then the expansion and giving growth of the business.
KEY VALUES TO BE A WINNER
Value Add- The success of your entrepreneurial journey is when you find your target customer and create the value of trust within them. The trust is created by winning the sentiments of the customers and by creating value add to them. The best example is TATA and Amul. The work that they have done for the community and to the nation as a Nation Builder by touching the sentiments of their customer have kept them relevant in market and dominate the market. So, even if you start small, let it be a value add to the community. Wait for the returns as the loyalty and a larger segment of customers in return. An entrepreneur is always a value add to society.
Go Giver instead of Go Getter- I learnt this concept recently and have always applied this is my life. Being an entrepreneur must be a giver and creating job opportunities for other. Hence comes with a mindset of giving and then receiving. With giving as a mindset creates responsibility and servant leadership towards their employees and their start up.
RESPONSIBILITY OF GOVERNMENT AND EDUCATIONAL INSTITUTES-Governing entrepreneurial journey also comes with a responsibility towards developing and economic growth of the country. Where our economy is one of the youngest economies, we are still a developing nation and in coming years what most important is to develop the youth mindset morally robust that they even understand the value of Governance. The values of social responsibility along with building the nation economically should be a core value which should be taught to the youth at very early stages of life. Such teachings develop youth morally and culturally empowered.
Since the entrepreneur is a risk taker, they are the ones who enjoy the most at a later stage after husbanding resources and mitigating risks. The journey is nothing less than a roller coaster, but with varied experiences of profits and loss, mistakes, market intelligence and different business models. To keep this initiative of Start Up India sustainable and organic, the educational institutions also play a key role and should act parallelly.
About Author: - Major Namrata Dhasmana is a IIM L alumni with Strategy as her forte. She is a Award Winning Coach and have been associated brands like Vedanta, Wells Fargo and Genpact. She has been featured in Corporate Citizen for her second innings from military to corporate as one of the fewest successful transitions. A Gallup Professional and a Strength Finder Coach and in her third innings a budding entrepreneur to create job opportunities. Namrata is a blend of People, business and culture. She is a columnist in a Leading News Paper and Global People Matter. She comes with a social cause of Economic Development and youth development.
Tags: Leadership, Mergers and Acquisitions