Aspire To Be A Successful Entrepreneur? These Tips Will Surely Help You

India is the fastest growing large economy in the world. Entrepreneurship plays a major role in the country’s GDP escalation, with 83% of the country’s population preferring entrepreneurship over other occupations. Sadly, only around 14% of the businesses in the country are run by women. Therefore, immediate action is required to bridge this gap and encourage more women to jump onto the entrepreneurship bandwagon so as to contribute to the country’s growth momentum. If you too want to be a woman entrepreneur and just don’t know where to start, here are some tips that will help you.

Here are some more tips that will help you if you aspire to be an entrepreneur:

1. Do not rush! Before finalizing your business idea, analyze it thoroughly. You need to have a clear understanding of what your business will look like beforehand. An in-depth research needs to be done on the market that your product/service is catering to and the needs that it will be addressing. For this, you need to define your target market and know the section of audience and geographies that you will be catering to.

2. Once the target audience has been defined, you need to ensure that you are pricing the product appropriately.

3. Be Unique - If there is no other venture like yours, excellent! But if you have competitors, you need to differentiate your brand from the others in the market.

4. Capital is another aspect that makes starting an enterprise challenging. You can approach family or friends to raise the initial capital or approach a bank for loan. Fortunately, banks nowadays have a number of loans available specifically for women entrepreneurs.

5. Once all of the above is done, focus on the product/ service development and launch. Before putting it in the market, your product/ service needs to be tested repeatedly, sampled out to the audience and checked for feedback. Put the product in the market only once you are confident of the product/service and its efficacy. Don't MissWhen Women Push Each Other Up, Miracles Happen!

6. Follow the 1000-Day Rule – Remember that Rome was not built in a day! Only one out of 500 businesses turn into an overnight success. So, if you are launching a business, give it 1000 days to start showing results. A business requires you to nurture it like a baby and give it full financial, marketing and manpower support. You should analyze the situation once the initial three years are over and then plan future growth strategies.

7. Another challenge would be finances. The growth during the first few years might be meager. Therefore, accumulate an adequate amount of capital to run. Once you reach success, approach an investor with your business plan for seed funding. Fortunately, there are a variety of options available today for seed funding.

8. A trusted board of advisors goes a long way in the growth of a business. While the board members may not be of your field, owing to their experiences in their respective fields they can give you valuable advice to make your business soar high.

Statistics say that women-led startups could grow India's economy by 60%. With the country on a journey of rapid development, women entrepreneurship can be the major breakthrough that takes India to the top!