Hot on the heels of Silicon Valleys, India’s young entrepreneurs are gearing up to take the world by storm. Successful young entrepreneurs with success stories such as Zomato’s Deepinder Goyal, Ola Cabs’ Bhavish Aggarwal and of course Flipkart’s Binny Bansal and Sachin Bansal have acted as flag bearers for a whole new generation of entrepreneurs who are looking to launch innovative products and even wrestle market share from established players.
With many of these entrepreneurs graduating from eminent Indian colleges, investors are pooling in funds to get them on their feet and their product in the market. Starting up your business has become even more feasible with the presence of lenders who allow entrepreneurs to fill out their business loan application online.
Business loan for young entrepreneurs, available on Finserv Markets, allows for loans to be approved within three minutes while funds are disbursed to bank accounts within 24 months. The flexible repayment schedule over a period of 12 to 60 months ensures that young entrepreneurs can first use these funds to set up their business, and then repay at leisure. They can apply for unsecured business loan online, and ensure a hassle free experience throughout the loan period.
Youth entrepreneurship has been a long time coming in India. With several new government initiatives and community programmes geared at encouraging youth entrepreneurship, young entrepreneurs are finally taking hold of the reins of the Indian economy. Read on to learn about the mistakes that young entrepreneurs have learnt to avoid. Lessons learnt from earlier generations of entrepreneurs have taught young entrepreneurs of today how best to be successful.
1. They sell the idea first:
Where previously investors asked for startups to be sustainable on their own before they would agree to part with their money, today it’s all about the idea. Social media allows young entrepreneurs to get an idea about how their idea will be received by the public. Social media has made receiving inputs very easy, which can be incorporated as required. This helps them garner public attention too, which they can easily present to investors as traction. Today, it’s much easier to identify and reach out to your target audience, and the successful young entrepreneurs are taking full advantage of this.
2. Attracting talent and automating processes:
Entrepreneurs earlier wanted to keep costs low, as angel investing had not really taken off in India and most startups were bootstrapped. However, with the advent of more funding and easier access to high net worth individuals (HNIs), especially through the Internet, successful young entrepreneurs have learnt that some things are worth spending on to achieve results. Successful young entrepreneurs are now building teams that attract top talent and retaining them with more care, as opposed to earlier. A lot of processes are also being automated to ensure increased productivity and efficiency.
While this is a costly procedure, the emergence of collateral free business loans for young entrepreneurs has made this much easier to do as well. Apply for unsecured business loan online through Finserv MARKETS, and receive the loan amount in your bank account within 24 hours. The unlimited withdrawals available for this business loan will ensure that you can meet your expenses as and when they crop up. Your online business loan application will spare you from the hassles of multiple documentation as well.
3. Paying attention to the market, pivoting when necessary:
Successful young entrepreneurs are more flexible with their product or solution today, than entrepreneurs were, even 10 years ago. Social media has played a major role in this transformation as well. It’s much easier to get feedback and gather information crucial to the startup’s survival in the market. Customers can more easily reach out to the company and express their views, and successful young entrepreneurs are actually paying attention to what the customers say. If they notice a drift in their audience, they are also not worried about pivoting the product to meet a demand in the market. For instance, cab aggregator Ola Cabs acquired food ordering and delivery service Foodpanda which was quite a shift from its strength but one that definitely paid off. Other factors that aid this flexibility include easier access to funds, mentorship and information; among others.
4. Researching the market thoroughly:
Successful young entrepreneurs have access to information that their predecessors could never have dreamed of. The Internet provides all kinds of information, and most entrepreneurs are thoroughly researching the market they wish to enter before they even launch their product. This allows them to constantly be on their toes and avail real-time information that can aid or work against their business strategy.
Young entrepreneurs today are more successful than their predecessors a few generations back owing to increased connectivity, awareness and even government initiatives and schemes that aim at promoting entrepreneurship. Seeking out funds is no longer a constraint to building your business either. You can simply apply for a business loan online, through Finserv MARKETS, and get access to funds up to Rs. 30 lakhs which can be disbursed to your bank account within 24 hours. The flexible repayment schedule and low interest rates ensure that you can focus exclusively on setting up your business, and then worry about the other bits. Since business loan applications are being filled out online, the entire process is conducted seamlessly and with maximum transparency.
Since it will be your first time you can also read on do’s and don’ts while availing a business loan
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