7 point guide for budding entrepreneurs

JA Chowdhary has some entrepreneurial advice to share. He is president of The IndUS Entrepreneurs (TiE), Hyderabad Chapter, in India. As you read these, think about how much is similar to your own thinking, and how much is different.
  1. I would advice the budding entrepreneurs to be innovative. They shouldn't go after an idea just because it is successful. Sheep mentality is not advisable at all.
  2. A good idea is the most important thing that is needed.
  3. They should have the ability to see the future of an idea. They should have a good strategy for future.
  4. Another important thing is the team. They should have a good team to succeed.
  5. They should be able to live with the idea passionately.
  6. There would be ups and downs in the business, but they should not run away when there is a crisis.
  7. If the team has passion and commitment, even if an idea fails, they can pick up another idea and go ahead. At TiE, this is what we look for when we try spotting an entrepreneur.
We know entrepreneurship is global. After really thinking these ideas through, I can agree with almost all of this, just allowing for the slightly different wording that is probably cultural.

Which points do you agree and disagree with?



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Posted by Becky McCray on Monday, October 02, 2006
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5 comments:

  1. I love the idea about being passionate and having great ideas. But I think Execution is king. I mean tons of people have really great ideas. But you often need people who can take an idea and get something done. Thats why there is that sterotype of the creative and the number cruncher business team.
    ReplyDelete
  2. Thanks, Kimberly! That is an excellent point about execution, and how the make up of the team does drive execution. JA's point about the ups and downs also ties in: drive ahead with passion and commitment.

    If I threw in a piece of advice for budding entrepreneurs, it would be to gain some experience before going all in. You can gain experience by talking and listening with other entrepreneurs, by working in an entrepreneurial firm and paying attention, or by starting small before making a huge leap.
    ReplyDelete
  3. I have tons of ideas, but I do not have time for starting them, because my business is growing and the demand is being high.

    So, has kimberly been said, the execution comes after a idea.

    I think the sucessful formula is Ideas, everything starts from an idea; Execution, what is an idea without going out of your mind?; Passion, to continue and develop the idea.

    Of course another features are important, but they are together with these, in planning (idea), execution and passion.

    Also, I think Mr. J A Chowdhary is a kind of Blue Ocean (www.blueocean.com) vision, which is perfect! (I am studying it for the 3rd time and writing my business new strategy on this).

    Thanks for the article.
    ReplyDelete
  4. Thanks, Alfred! I like your formula of Ideas, Execution, Passion.

    The Blue Ocean concept was new to me, and I find it fascinating! For those who aren't familiar with it, the Blue Ocean Strategy is to move your business away from areas of fierce competition, towards clear open areas where you are uncontested. The website is www.blueoceanstrategy.com. Amazon has a decent online summary of the book, Blue Ocean Strategy.

    Thanks for introducing me to a new strategy! It may be particularly adaptable to rural and small town businesses, who need to make themselves different from any other business in town.
    ReplyDelete
  5. Becky i agree in what you stated.

    "If I threw in a piece of advice for budding entrepreneurs, it
    would be to gain some experience before going all in."

    That is great advice for newbies to business. It is smart way to get your feet wet before plunging into any business field. If you gain that necessary experience beforehand, you will have the knowledge of past experiences and be able to eliminate any ineffective business strategies.

    My advice: Think outside the box. In closing, all the ideas focused on in this thread are all tied in together. And in the end they will all become part of the instrument that will inevitable grow into a new idea.

    Ivan

    dropshipcavern.blogspot.com - A Free site for consumers to learn how to start a business with a wholesale dropshipper.
    ReplyDelete

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