The startup ecosystem in India is gaining steam by the day. More and more young graduates and professionals are dreaming of starting their business ventures. Additionally, the Indian government is supporting these entrepreneurial endeavors with its Startup India Initiatives. According to The Global Entrepreneurship Monitor (GEM) 2021/2022 report, India is one of the easiest places to start a new business. This is a positive sign for future entrepreneurs who want an early-mover advantage in their respective industries. While there’s no magic formula for becoming a successful entrepreneur, those who succeed have mastered entrepreneurship skills like creative thinking, interpersonal, and problem-solving. In this article, we will look at a few critical entrepreneurship skills and how to develop them.
In this blog, you will learn:
- What are the essential Entrepreneurship skills every successful Indian entrepreneur must have?
- How can an entrepreneur excel in the Indian market?
- What are the opportunities and challenges of entrepreneurship in India?
- How to develop the necessary Entrepreneurship skills in India
- Successful Indian Entrepreneurs that can serve as role models
What are the Essential Entrepreneurship Skills Every Successful Indian Entrepreneur Must Have?
1. Business Management Skills
Business management skills are the qualities that an entrepreneur must possess to operate a business successfully. Therefore, entrepreneurs with excellent business management skills can successfully supervise and manage various departments. Furthermore, they can establish credibility, control risks, implement effective strategies, and foster a productive workplace culture.
Business management skills include
- Delegating tasks
- Strategic thinking
- Making critical business decisions
2. Communication Skills
Effective communication skills allow entrepreneurs to interact effectively with their team members and stakeholders. Moreover, it helps them convey ideas verbally in meetings or share information through written reports and emails.
Communication skills include:
- Written communication
- Non-verbal communication
- Emotional control
- Attention to detail
3. Critical and Creative Thinking Skills
Entrepreneurs need a blend of critical and creative thinking skills to grow their businesses. Critical thinking allows them to analyze existing data and make informed business decisions. On the other hand, creative thinking empowers them to assess problems from multiple angles and generate novel ideas.
Creative and critical-thinking skills include:
4. Problem-Solving Skills
Entrepreneurs often encounter unexpected challenges, and to navigate these stressful situations and identify alternative solutions, they must have problem-solving skills.
Problem-solving skills include:
- Attention to detail
5. Financial Skills
Entrepreneurs wear multiple hats in the finance department too, right from overlooking resource allocation to accounting and budgeting. Financial acumen enables them to avoid excessive expenditures and efficiently distribute resources.
Financial skills include:
- Financial analysis
- Cash flow management
6. Networking Skills
Networking includes developing and managing connections with peers. Proficient networking skills help entrepreneurs collaborate with like-minded individuals and stay updated with industry trends. Moreover, it also helps entrepreneurs secure funding, access expert business insights, and receive feedback on their novel projects or ideas.
Networking skills include:
- Interpersonal skills
- Relationship management
7. Leadership Skills
These skills are an essential set of entrepreneurship skills that helps entrepreneurs effectively motivate their employees, manage operations, and direct their organization toward success.
Leadership skills include:
- Emotional intelligence
- Conflict management
ALSO READ: The 10 Business Skills That You Need to Master to Ensure Success
How Can an Entrepreneur Excel in the Indian Market?
Besides mastering entrepreneurship skills, entrepreneurs can excel in the Indian startup ecosystem by the following:
- Having an excellent ability to differentiate between good and poor business decisions is crucial
- Setting clear objectives
- Having an open mind to new opportunities
- Embracing and implementing changes to stay relevant
ALSO WATCH: The Glass is Always FULL – Leadership Principles for Evolving Leaders by Guru Bhat, Paypal
What are the Opportunities and Challenges of Entrepreneurship in India?
Here are the opportunities for entrepreneurship in India.
1. Growing Consumer Market
India is one of the world’s largest consumer markets, with a population exceeding 1.3 billion. This presents an immense prospect for entrepreneurs who can capitalize on Indian consumers’ needs and preferences.
2. Growing Use of Digital Technologies
More Indians are embracing digital platforms for everyday activities like grocery shopping and banking. This shift has opened opportunities for eCommerce, fintech, and digital media startups.
3. Government Initiatives
The government has launched several programs to encourage and support entrepreneurship in India. One of these is the Startup India program, which offers funding and mentorship to aspiring entrepreneurs.
Meanwhile, here are the challenges that Indian entrepreneurs face today.
Lack of Financial Resources
Although startup funding has increased significantly, it’s primarily focused on specific sectors like e-commerce and fintech. Consequently, startups in other industries face challenges in accessing the necessary funding.
India’s regulatory environment is complex, involving several laws and rules that pose challenges for startups. As a result, entrepreneurs often face delays and end up shelling out extra to launch and grow their businesses.
Although the government has made substantial investments in infrastructure, such as roads and airports, many villages and towns still lack basic amenities, like electricity and high-speed internet.
ALSO READ: Closing the Skills Gap: How to Bridge Your Business’s Talent Shortage
How to Develop Necessary Entrepreneurship Skills in India
Here are some ways in which one can develop entrepreneurship skills in India.
- Set business objectives, identify strengths and weaknesses, and outline desired achievements
- Listen to podcasts, read books, and attend workshops and seminars to acquire knowledge and enhance skills
- Enroll in online courses to develop the necessary entrepreneurship skills
- Look for a mentor or successful business leader who can help develop the necessary entrepreneurship skills
- Nurture a growth mindset, emphasize ongoing learning, and actively seek opportunities for skill advancement
- Join internships to expedite your learning
Successful Indian Entrepreneurs That Can Serve As Role Models
1. Deepinder Goyal
Deepinder Goyal is a well-known name in the Indian startup ecosystem. He and his colleague Pankaj Chaddah started Zomato, a popular food-tech unicorn. The idea of Zomato germinated when Goyal noticed that many of his colleagues at Bain and Company queued up to look at menus and place orders during lunch hours. This subsequently led Goyal to start an online website for ordering food for employees using Bain and the company’s intranet. To his surprise, the website was an instant hit among the employees, which led to the start of Zomato (then Foodiebay).
Deepinder’s entrepreneurial journey began in 2006 with a $1 million investment from Info Edge. The platform’s success attracted international investors, making Zomato a unicorn in 2018. By 2020, they had raised more than $660 million.
2. Nithin Kamath
Nithin Kamath, the co-founder of Zerodha, India’s largest retail stock brokerage, embarked on an entrepreneurial journey in 2010. His company initially attracted 70,000 customers in six years with its innovative approach. Additionally, Kamath’s entrepreneurial venture has managed to democratize stock trading in India.
ALSO WATCH: Skill Sets That Will Dominate in the Digital Economy by Shubham Sharma
Develop Entrepreneurial Skills with Emeritus
Emeritus’ leadership courses enhance aspirants’ understanding of business strategy and leadership through interactive classes, real-world case studies, and expert guidance. Furthermore, these courses provide practical insights into the Indian startup ecosystem and its inner workings.