Expert’s Advice for Young Entrepreneurs in India

March 4, 2023
young entrepreneurs in india

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Indian young entrepreneurs are making India proud globally. They are offering innovative solutions and challenging stereotypes. Here are some facts about Startup Ecosystem in India that every youth who aspires to become a successful entrepreneur should know –

  • There are 107 unicorns in India as of 7th September ’22. Their valuation stands at $340.79 billion.
  • The startup revolution is coming from all corners of India. There are more than 77,000 DPIIT-authorized startups from different parts of India.
  • The young entrepreneurs in India are from over 56 diverse fields like IT, Agri-business, FMCG, healthcare, and more.
  • India offers 3rd largest startup ecosystem, 2nd in innovation and quality.

The success stories of young Indian turks are alluring for young college graduates. They inspire one to dream and become one’s boss. People are starting businesses from the remotest region of India with the power of the internet and tech solutions. And the most important thing that they require is guidance on how they can make their journey fruitful.

The best way to become one of the famous young entrepreneurs in India, one should take lessons from people who have already achieved greatness in their life and have become a part of the startup ecosystem of India.

So if someone wants to join the list of Successful Entrepreneurs in India, they should start by following the footsteps of successful people. Understand the key concepts they used, and one can imbibe those things in their life.

However, everyone can’t meet their idol. So here is a sorted list of some essential tips that most of these successful people have followed in their startup journey.

Do What You Love

One should never start a business for the sake of it. Starting a new business needs passion and lifelong dedication. Therefore, one should be genuinely interested in the idea that one is pursuing. And one needs to be very serious about it.

Firstly, one needs to finalize the type of business that suits them. Then, they need to collect all the resources online and offline. Go through all of this information and understand the market of that business.

The next step is finding the unique selling point or USP. Every product or service segment has dozens of players. Young entrepreneurs require to provide value and differentiating factors to customers or clients. The feature that adds value and puts one ahead of the competitors makes a business successful.

A common mistake that many Indian Entrepreneurs make is that they focus on opening a glamorous business rather than doing what they love. For instance, many people begin event management firms for glamour, fun, and easy money. However, the reality is that one faces a lot of unpleasant obstructions on the way. These include night-long projects, last-minute travel for events, inventory management, and so on.

People who were not into the idea they invested in eventually sell out or close their firms. Therefore, one must choose a business that one loves.

Build a Strong Network

A strong, reliable, and experienced network is a boon for entrepreneurs in India. There are a lot of entrepreneurs in India who are actively offering guidance on their social media platforms. One should reach out to this expert and build a strong connection with them. These connections often lead to better investment opportunities for the business. Therefore one should explore opportunities to meet and befriend these famous entrepreneurs in India.

Some of the ways in which one can connect with these famous entrepreneurs in India are as follows –

  • Attend networking events.
  • Join business groups on LinkedIn and Facebook.
  • Create or join business groups on WhatsApp.
  • Actively participate in group conversations and add value that interests other young achievers.
  • Seminars, summits, and talk shows.
  • Outdoor events with co-workers and business friends like sports, MICE, tours, etc.
  • Casual morning walks, coffee breaks, etc., also help to develop a bond.

The purpose is to develop a strong network of an equally passionate, committed, professional, and self-driven team. This team will surely help one find common mistakes that most Indian entrepreneurs commit. Furthermore, they will also act as a guiding light through tough times.

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Identify The Market Gap

Demand and supply are the cardinal rules of any business. Young entrepreneurs in India should analyze the target market and identify the market gap. Fill that gap with value-added solutions competitors have failed to provide.

Identifying the market gap is critical in developing a successful business that is sometimes ignored or misunderstood. Bridging the gap between customer/client expectations and market supply might be a game changer for Indian enterprises. It is critical guidance and a must-have for achieving corporate objectives.

After analyzing the gap in the market, come up with innovative solutions to fulfill the demand. Products or services should provide something different and better than existing supplies.

Suppose there is a Bengali colony in the town of Kerala. There is sufficient demand for Bengali cuisine, but there is no proper supply of it. A wise young entrepreneur would open a Bengali food joint, hire a Bengali cook, and provide a taste of Bengal in Kerala. Authentic Bengali cuisine with a classical set-up will attract more customers.

Take the Risk

One of the most successful young entrepreneurs of the 21st century, Mark Zuckerberg, said, “The biggest risk is not taking any risk”.

Young Entrepreneurs in India must be persistent in their dreams. One must not be afraid of failure and take risks. As they say, failure is part of success.

Advantages of taking a risk for young entrepreneurs:

Some of the key advantages of taking risks that young entrepreneurs should be aware of are as follows –

  • A particular business plan with significant risk might deter competitors. If it works for young entrepreneurs, they will get a competitive advantage in the target market.
  • Take risks with innovative solutions. If successful, the customer will get something new and better. It will groom the brand and increase loyal customers.
  • Try new ways to present business. Browse YouTube and the Internet to observe how famous entrepreneurs in India and the World have tried out-of-the-box strategies for their businesses.
  • Make a list of innovative strategies and plan unique ideas to start a firm.

Recommended Read: 10 Successful Entrepreneurs in India and their Net worth

Know Your Audience

Customers/clients are always right, and businesses must listen to them to succeed. In addition, modern customers have a low attention span.

Customers or Clients are highly mobile. Young entrepreneurs in India must understand that the current market is full of alternatives for every product category. Therefore, one should understand their audience before exposing themselves to this diverse market.

Tips to understanding the target audience better-

The following tips will help Young entrepreneurs in India understand their audience better –

  • Conduct market research and generate enough information, like demographic details.
  • Use Google Analytics and Social Media Channels for accurate consumer data.
  • Analyse data and plan marketing campaigns around specific consumer segments.
  • Develop a website, content management for an impressive landing page, and SEO for top ranking on SERP.
  • Build a two-tiered customer support 24×7.
  • Ensure professionalism throughout the sales cycle.
  • Focus on pre and post-sales to retain customers for a long time.
  • It will also bring in new leads and build brand trust.

The crucial expert advice here is to focus on millions of netizens because an online presence is vital for the success of any business.

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Surround Yourself with Experts

Young entrepreneurs wear multiple hats at the same time. This means that they need to pay special attention to every department. However, involvement in every area becomes difficult as the firm grows.

The solution is to bring in professionals and delegate job roles. It will help business persons to focus on their expertise and expand the firm. Along with expert professionals for delegation, stay connected with successful entrepreneurs in India.

Established business persons and experienced professionals help with mentorship. Even as CEO of a firm, people require sound advice for the right decision at different stages of business. Therefore, always open to learning. Listen to industry experts on TEDx, Podcasts, YouTube, and more.

Advantages of Effective Delegation for Young Entrepreneurs in India-

Some of the key advantages of the delegation that young entrepreneurs in India enjoy are as follows –

  • Planned delegation helps to free precious time for young entrepreneurs.
  • They can focus their spare time on significant aspects of the business and expand further.
  • It will also help to make a system for upskilling and reskilling employees.
  • One person can not be an expert in every field. Young entrepreneurs should hire job role-specific experts and ensure better execution.
  • A digital marketing firm can hire experts for each domain. Experts in content management, SEO, SEM, and website development can make day-to-day operations more straightforward.
  • Delegation improves overall efficiency and productivity. It leads to faster project completion, happier clients, more work, and higher turnover.

Also, read: Entrepreneurship in India–Complete History, Evolution and Transformation.

Learn to Use the Media Properly

Make a marketing mix with proper weightage of required media platforms. Young entrepreneurs should consider a media type as per the target market. However, use multiple media to cover the maximum target market and generate qualified leads.

Some of the critical media channels that Young Entrepreneurs in India can utilise are as follows –

1. Internet Media

Significant social media platforms such as Facebook, Instagram, YouTube, Pinterest, Snapchat, Quora, and others are great ways to promote one’s business.

A significant number of Indians use social media every day. Young entrepreneurs in India should leverage this pool of prospects. Develop groups on Facebook, WhatsApp, and YouTube. It will bring new leads and a loyal customer base.

One can also promote their brand on podcasts. These platforms have talks on topics like business, HR, social issues, etc. And many famous entrepreneurs in India have successfully built their brands on these platforms.

2. Broadcast Media

Young entrepreneurs in India can use TV, FM Radio, Movies, Documentaries, etc., to advertise and market their products or service. Broadcast media is still a primary source of entertainment and information for millions across India.

3. Print Media

Print media like magazines, newspapers, books, brochures, and others have a limited but long-lasting impact on target customers.

Let’s Wrap

Young Entrepreneurs in India often face difficulties while setting up their dream businesses. The general problem that they face is the diverse demography of India. Furthermore, there is also a presence of multiple alternatives for every product category. This makes their job very difficult. However, using the tips mentioned above, one can make their journey a little less complicated. These tips will help them build a peer group, make a business strategy and make their startup journey easier. They can also use the tips mentioned to build a robust social media base to promote their products and services.

Someone who is an expert in entrepreneurship and wants to guide other people who have questions in this domain. Then they can become a Q&A expert at Chegg. This is a very flexible job that one can do at any time from anywhere. One can earn money by answering questions from students worldwide. This job will help a person gain global academic exposure and help them build a strong peer group. This strong peer network will help one have a great career trajectory.

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Frequently Asked Questions

Who are the top 10 best young Indian entrepreneurs in India?

According to Forbes 30 under 30, the ten best young Indian entrepreneurs in 2022-23 are –
Rajan Bajaj-Slice.
Vidur Gupta-Third Eye Distillery.
Tasheen Rahimtoola-Taste Retreat.
Jash Shah-Get-A-Whey.
Krishma Shah-CliniBiz.
Elwinder Singh-Connect and Heal.
Raju Kendre-Eklavya India.
Pranav Sharma-Felicity Adobe LLP.
Gokul Shrinivas-MinionLabs.

Who is the youngest entrepreneur in India in 2022?

Nishant Chandra and Siddharth Maheshwari, founders of the Newton School, are the youngest entrepreneurs in India on the Forbes list in 2022.

Who is the youngest female entrepreneur in India?

Neha Narkhade is the youngest woman entrepreneur in India. She is the founder of Confluent and appeared in the IIFL Wealth Hurun India Rich List 2022.

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