Experts Speak is an exclusive forum for youth to get advice from industry experts. If you have questions concerning internships, careers, entrepreneurshipand start-ups, this is where you can get your answers.
What is the right age for a person to become an entrepreneur? Also what is the most important thing needed, to start a venture?
I am not sure if there is any such thing as right age. I have known entrepreneurs who have started in their teens as well as after retirement! The most important requirement before you start on the entrepreneurial road is having clarity and preparation. Ideas are important, but execution is the key. In today’s hyper competitive and instant gratification society, you have to have the ability to adapt and learn on building a sustainable company which can stand the test of time!
I just started my own venture, but the investors have backed out of my project. I don’t have the courage to venture forth, but that would mean a huge loss. What should I do?
I can empathise with the difficult situation you find yourself in. Review your investments in terms of time and money and see if you can make it worthwhile for yourself to continue on your entrepreneurial dream. If yes, you need to carry on and finish the minimum viable stage, create revenues which can pay for your basic costs at least. Prepare yourself and find the right team and right investors.
Not all companies have been built with investor’s money. There are plenty of success stories where entrepreneurs waited till they were ready to accept investor’s money.
I am looking at establishing a start-up but am searching for suitable team members. Is money the only thing that motivates an employee to work with a start-up?
People who like start-ups are driven by challenges. Having said that, start-ups should be able to provide for the basics during the early years. Otherwise, you will find yourself dealing with a lot of talented people but who may be just moonlighting.
My friend and I have started our venture, but he left mid way and started his own venture but with the same idea. How do I deal with this sudden competition from my friend?
Sorry to hear that. If you have no written agreements in place, don't try to spend time on worrying about what happened. Take this as a challenge and convert the difficult situation into your advantage. Find a capable person who can do things better than what your co-founder used to do.
Revisit the business model and take help of advisors/mentors and get additional insights which can make your product/service stand out. All the best!
I am in my first year, pursuing a degree in Commerce. My question is, how can an entrepreneurial ecosystem help India grow? Also, how can we develop the entrepreneurial spirit in us?
India has always been a land of entrepreneurs. An ecosystem provides the network and interactions required for all stakeholders (viz. entrepreneurs, investors, employees, service providers and so on) to learn, collaborate, share and grow.
Entrepreneurs are those who detect previously untapped opportunities to create substantial profits. Everyone has in them certain risk-taking abilities. In that sense, you can tap into your entrepreneurial spirit and nurture it by having the right mentors and team to back you up.
Here are some of the characteristics of most successful entrepreneurs: Passionate, self-taught, self-aware, hardworking, focussed, open to learning.
The writer is an angel investor in start-ups from around the world.
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