Raghav Mohan Bakshi, General Manager Corporate, RRB Energy Limited, has been a key component in the daily corporate functioning of the company and holds an especially important role too. He not only manages practically every area of the company’s corporate operations, but also devises unique strategies to strengthen the family business’s corporate image. Functions such as enhancing IT procedures, boosting customer service, and preparing for the organization’s future growth/diversification are all under his direct direction.
With the changing scenario, India has gradually become a startup hub due to evolving innovation and rapid expansion. According to the Invest India report, India has emerged as the world’s third-largest startup ecosystem, with over 69,000 DPIIT-recognized firms spread across 647 districts as of May 2022. According to the research, India ranks second among middle-income nations in terms of innovation quality, with top places in the quality of scientific publications and the quality of its universities. The country has recognized that new startups have the ability to solve problems in 56 diverse industrial sectors, with 13% from IT services, 9% from healthcare and life sciences, 7% from education, 5% from professional and commercial services, and 5% from agriculture along with 5% food and beverages.
With the surge of startups, the country is becoming overwhelmed with entrepreneurs who believe they have what it takes to create a firm and grow it into a viable enterprise. With the changing scenario, entrepreneurs are becoming increasingly important in meeting the country’s growth trajectory.
Entrepreneur- The need of hours
An entrepreneur is someone who launch a new business, usually in the form of a company that manufactures and sells goods or services. They are frequently considered as market innovators who spot problems or opportunities and then design solutions that no one can comprehend. In addition, they generate hypotheses about what the consumer wants or needs and how they may provide value in response. Being a successful entrepreneur does not imply rushing ahead with your ideas. They must first seek and then validate the demand.
Most significantly, many individuals are unsure that entrepreneurship requires more than simply talent. And, at first, we recognized that there are standards that entrepreneurs must meet in order to be successful in business.
Requirement to become an Entrepreneur
Entrepreneurship is a broad concept, and in order to be successful, one must first possess specific skills and initiatives.
Many entrepreneurs assume that their total expertise and skills in the particular field will be the most crucial aspect, determining their level of success with a startup. However, the most successful entrepreneurs have acquired a set of abilities and behaviours that have assisted them in reaching their objectives. While launching and running a new firm requires courage and perseverance, entrepreneurs must also focus on developing crucial skills that are critical to future success in very important ways.
Idea Led to Success
In order for a new venture to be rolled out, one need to come up with the idea that led the business towards success. However, prior to implementation, planning plays an important role in fulfilling the need of the hour. The plan should be centered on their target with solid potential. Second, one must distinguish itself from competitors by focusing completely on an entirely innovative solution to an actual demand and problem that no competitor is meeting. As a result, there are no close substitutes. In addition, also intends to create and capture fresh concepts.
Resources and Funding
Finally, in order to begin a firm, entrepreneurs must obtain capital in order to purchase equipment and materials, develop the product or service, iterate on the offers, and refine the procedures. What funding looks like will differ based on the sort of business being launched and the industry. Self-funding is an option for certain entrepreneurs. In such instances, an entrepreneur may set aside enough money to cover their living expenses while their business is getting off the ground, in addition to the launch expenditures.
However, every form of funding has pros and cons. Self-funding, for instance, gives an entire control over the business and possible earnings while also assuming the risk of failure. Raising funds from investors, on the other side, allows for risk distribution and, theoretically, a faster launch—but it requires giving up some control. Finally, it is up to the entrepreneur to decide what is best for the business.
Path to become Successful
Numerous wannabe entrepreneurs have an intriguing, inventive, and attractive business idea but lack the necessary abilities and attributes to see it through to completion. Similarly, many others possess the necessary abilities and attributes but lack a viable business plan. Even individuals with a fantastic idea and the appropriate abilities may struggle to get their project off the ground if they do not have access to money. Hence, all of these elements must be present for successful entrepreneurship.