More than anything, entrepreneurship is now a trend. And it is definitely working for the aspirants who are choosing to follow it. In 2019 alone, India has produced over 6 Unicorn firms or companies with over $1 billion valuations and the Economic Times predicts that the total figure will reach 54 by 2024 going by the current rate. Angel Investors and Venture Capitalists are vesting their trusts on young entrepreneurs and this newfound faith has taken away the major roadblock that new businesses used to face. With the finances sorted, the market is ripe for new ideas to take shape and entrepreneurship as a profession is surely at its peak.
And while all the enthusiasm floating in the air may fuel you as well, you must also keep in mind the well-known statistics that 90% of all startups fail. But this figure only applies to those business professionals who take the nosedive without proper planning. Having the right idea and the business model surrounding it is merely the ignition point. You will need to walk a few steps more in order to ensure that perfect entrepreneurial journey. Assuming you already have a business idea in mind, design your track ahead along the following lines and launch your venture in a manner that it surely joins the elite Unicorn group one day.
Step 1: Be thorough with your business skills
Bill Gates and Mark Zuckerberg launched their individual companies some decades ago when the market was not as competitive as it is now. They may have found success without any business degrees but that does not work out for everyone. But you can always look at Amazon and Jeff Bezos and pinpoint that the founder has a management degree, as do most of the top CEOs, and this is your clear sign that no business can flourish without the proper knowledge of the trade.
Hence, in the market of the 21st century, joining the top MBA PGDM colleges in Delhi NCR must be your first step towards converting your brilliant idea into a business. The skills and the lessons you will pick up here will always remain invaluable while taking your business forward. Having a degree will enable you to plan better. Plus, Angels and VCs like entrepreneurs who have the backing of a management degree. For the right start, take some time to complete your PGDM.
Step 2: Find a mentor for your business idea
Expertise is an asset. And every business owner will always want someone with a wealth of experience onboard. While you are shaping your idea, try to find a mentor for yourself and run your business models through him/her. This mentor has definitely seen more life and business than you at any given point of time and he/she is perfectly equipped to clear out your fallacies and close all loopholes. The mentor must share your ideals and should be a guide by nature.
Here again, the top PGDM colleges in Ghaziabad can be your place to start mentor-hunting as the faculties bring that required level of expertise on the table. And even if any of the professors are not available in their full capacity, they can connect you with some of their own networks whose expertise you can tap into. In short, PGDM colleges can do more than just providing you with the required knowledge.
Step 3: Hire the right people for the job
No successful founder has ever worked alone. If you take the example of the recently turned Unicorns in India or the successful businesses that you know, a majority of them have two or more founders. This model almost always works as every team member brings home their own set of expertise and perspectives that can help to fuel your core business idea. And if you are unwilling to give up your sole proprietorship status, you must have the aptitude to hire the right people.
Your training at the top B-School in the list of AICTE approved PGDM colleges in Delhi is exactly on these lines. In colleges like the EMPI B-School, New Delhi, you not only undergo a complete course on entrepreneurship but also learn how to become employable and what skills top managers look for in their candidates. You can apply this knowledge in selecting your own team, build the right business and hire the best candidates for the job.
As evident, entrepreneurship is not a simple jump from having the business idea to setting up shop. Only the best planned business models survive the challenging market conditions. Join a top B-school, learn the skills of the trade, find the right mentor and people, and only then launch your product/service.