Mr Navrattan Kothari has managed KGK since 1962. Under his astute guidance KGK has evolved into a modern multinational that operates to world class standards with state-of-the-art infrastructure. His leadership has enabled KGK to innovate and expand into numerous markets and achieve global growth and recognition.Mr Kothari has built a company that is inspired by life and humanity, which places the highest value on trust, integrity, ethics and corporate responsibility.
Entrepreneurship is the process of starting and growing a business. However, that description is a little restrictive as a basic entrepreneurship definition. The more current concept of entrepreneurship includes the goal of changing the world by resolving major issues. Creating a new product that challenges the current quo of how we live our lives daily.
Consider this: What choices did an entrepreneur have 100 years ago? Today, the world’s entrepreneur population stands at 582 million. The possibilities have multiplied in spades.
Entrepreneurs are some of the most potent change agents on the planet. They view the future in different ways, from Elon Musk sending people to Mars to Bill Gates and Steve Jobs making computers a part of every home. The entrepreneur definition seldom mentions the huge influence these thinking leaders have on the world. Where the normal person sees annoyances and difficulties, entrepreneurs see opportunities and solutions.
Whether you are planning to start a café business, open your beauty brand, open your agency, or any other business, a good entrepreneur is someone who makes wise decisions, continually evaluates and prioritizes the tasks, and makes the best use of his/her time. It is the ability to bring unique elements to the business.
Let’s have a look at the Entrepreneurship lessons for the future generation:
Understanding your Audience
The crucial part is to understand your audience and connect with them. These are the people who will make or break your brand and vision. It refers to the specific group of people that are most likely to buy and want your services or products. It helps in understanding the marketing plans and the strategies you execute. If you can figure out who your audience is, your business will grow at a much faster pace. They are the ones who are the end consumers and providing them with what they want will make them loyal to the brand.
Solve That Issue
Successful businesses address a specific problem for other businesses or the general public. This is referred to as “bringing value to the situation.” An entrepreneur can only be successful if he or she adds value to a specific problem or pain point.
Build a Diverse Skill Set
Learning and doing new things in real-world circumstances might help you develop a skill set. If an aspiring entrepreneur has a background in finance, they can go into a sales role at their current company to gain the soft skills needed to succeed. When an entrepreneur develops a wide skill set, they have a toolkit to fall back on when faced with the likelihood of difficult situations.
Evaluate your steps and improve
Figure out where are the setbacks and obstacles in your business and try to fix them. These are the roadblocks that bring a hurdle for you in growing your business. Sometimes they can be internal and sometimes externals. It is vital to understand where you are lacking and then try to fix those problems as soon as possible. We often get overconfident and forget to analyze our actions which leads to failure in the long term. To avoid this, one must be aggressive with the self-analysis and take necessary actions.
Give something back to the world
Look for opportunities where you can make a positive change in the world whilst developing a profitable business. One business adage dictates that a company’s product or service needs to solve a specific pain point; either for another business or a consumer group. Through the identification of a problem, an aspiring entrepreneur can build a business around solving that problem.
Most entrepreneurs are unable to succeed on their own. The business world is a cutthroat one, and any assistance you can obtain will always benefit and shorten the time it takes to build a successful company. For any new entrepreneur, networking is essential. Meeting the proper people who can connect you with industry contacts such as suppliers, funders, and even mentors might mean the difference between success and failure.
Attending conferences, emailing and contacting industry contacts, and meeting with your cousin’s friend’s brother who works in a related field will all help you get out into the world and meet people who can help you. Conducting business gets a lot easier if you get your foot in the door with the proper people.
Lead by Example
Within their business, every entrepreneur must be a leader. Doing the bare minimum isn’t going to get you anywhere. A leader must work hard to motivate and inspire his or her staff to achieve their full potential, which will result in the company’s success.
Take a look at some of the most successful and well-known corporations; they’ve all had outstanding leaders. Apple’s Steve Jobs, Microsoft’s Bill Gates, Disney’s Bob Iger, and so forth. Examine these individuals and read their books to learn how to be a great leader and to establish an example for your staff to follow.
Accept failure as part of the journey
Accept that failure is par for the course, but accepting and learning from your failures is paramount.
Keep your eyes open for new opportunities
Keep your eyes open for business chances at all times because many new companies are born out of existing consumer needs.