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Want entrepreneurship to be your first job? 5 tips to make it work

By Finserv MARKETS - Aug 30,2019
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5 Tips to Make Entrepreneurship Work

The problem with the whole culture working is that we look at work as something which is destined to be tedious, boring. It is looked as something that we are supposed to be done with and move on with the proceedings of our life. As kids, we used to play and adults would not — they would go to work, something which they did not particularly seem to like. On events like the World Youth Day, we look at changing the definition of work by making it something which is not obligatory.

Indian startups raised $4.88 billion in the first half of 2019 — an increase of 8.7 percent from the same period last year. Startups and entrepreneurs are soaring and redefining how work is being looked at. It no longer is boring or tedious, but something that you’d want to do — it is your project, your ambition, something that you want to work around.

If you want to be an entrepreneur, here are 5 tips that can make it work — 5 tips that you can inculcate in your life on this World Youth Day.

5 Tips to Make Entrepreneurship Work

1. Learn to take a stand

If you have decided that things are not working for you and that you need to quit your current job due to the work culture, or money crisis, then you better take a stand and make a decision for it. Once that is done and you know you are going to quit your job once the funds are arranged through investors and loan for startup, it will be much easier to leave your job when the time comes. An awareness of the fact that you will be deciding on your present job to make it to entrepreneurship will also serve as a notice period for your current employer.

2. Knowing what to do

You must identify the right business for yourself, something that you would like to engage with on expanding on for some time. One good question that you can ask yourself: would you still do it if you were not paid for it?

You have to do what you know to do, and for this, you need to be well aware of your skills and the skills of your companions who you might be boarding onto this project. Try to fill that noticeable gap in the market. Launch a product which you think the market needs, but before you do that, make sure that you have studied enough for it.

3. Need for a successful business plan

A successful business plan gets half of the job done. It will give you more clarity, focus, and confidence in the project and will help you let put things in order. Write your goals, strategies, and steps of actions that will make your startup dream come true.

Know your funds and primary costs, up to the point where you will start earning profits. Ask yourself questions such as what are you building and who are you serving.

4. Know your target audience

Before you step into the market as an entrepreneur and decide to take a loan for startup, you must know your target audience. You can’t just come up with a product and expect everyone to buy it. Know what you are selling — target a demographic and stick to it. You can start by reading the industry and census data, and look at the available competition in the domain.

Be clear about your ideas with your team, so everyone knows where the business is heading to. Network well with people who are resourceful so that your startup can reach that successful launchpad.

5. Consider a loan

Business loans can be an answer to addressing most of your questions about finance. With a plan which is laid out well, you can begin looking for financiers. You can ask investors to put in some money in your startup, or take a business loan to kick things off, a loan for startup which you can repay easily with fixed instalments.

Conclusion

Business loans on Finserv MARKETS are credited within twenty-four hours after your basic documents are verified as part of the KYC process. The KYC process is completed within minutes. There are no hidden charges with business loans on Finserv MARKETS and the loans are custom made for you so that the repayment plan compliments your income bracket. With over 100 million customers, Finserv MARKETS is a popular option for startup loans — it is a perfect device to get a fresh start on your entrepreneurial journey on this World Youth Day.

Get to know the benefits of business loan. You can also read about how to get start up loan for your new business.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment, and an exclusive EMI store, all under one roof – anytime, anywhere!

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