Corporate Tips for Young Entrepreneurs: Learning to Identify Key challenges and Developing Potential for Maximum Disruption

By Abhiraj Bhal, Co-Founder, UrbanClap

Abhiraj Bhal, Co-Founder, UrbanClap

Headquartered in Delhi, UrbanClap proffers professional services at the push of a button, be it plumbing job, getting candid wedding photos clicked, get your doorbell repaired or plan kid’s birthdays. The entity empowers and enables service entrepreneurs to run their business through a smartphone.

Entrepreneurship or being an entrepreneur by profession is one of the most versatile positions one can hold in the massive corporate universe. In time, it has managed to garner positive reputation and acceptance among the masses. So, naturally it has attracted many ambitious individuals, who are no more afraid to take risk, and slowly but steadily have carved a niche for themselves in their respective line of businesses.

The cause of such developments can be attributed to the encouragement drawn from the mushrooming entrepreneur’s frat. Whether it is an explored or unexplored market, entrepreneurs are in every sector – attempting to disrupt the prevalent marketplace with their unique products and services, while competing with other players.

So, what can budding entrepreneurs do to survive & beat the competition, while successfully gaining strong foothold in the market? Let us look at some important tips which can help new businessperson overcome challenges and help them accomplish their set goals effectively and efficiently.

 Efficiency: One of the most important factors that can make or break your company is business efficiency. Without that, you run the risk of getting stuck in a rut with no scope for maximizing productivity. As an entrepreneur, you hold the reins of your business, and thus, this level of competence begins with you. Constant improvement in every aspect, keeping up with changing times, and minimizing any scope for failure are all signs of efficient business management. Automate all processes to accomplish tasks faster. Complicated processes can cause unnecessary interruptions and maximize potential for errors.

 Avoid being a ‘Know-it-all’: It may seem like a great idea at first to consider yourself as an emerging business magnate who is ready to take the world by his strides; and you should feel proud of your achievements. However, it is advisable to not let that get into your head. Being overtly arrogant about your talents or expertise can have negative consequences. So, bear in mind that to keep your business afloat, you should keep yourself au courant of latest trends in the market, and never stop learning.

 Foster Loyalty within your team: The success of an enterprise largely depends on its human resource. Your employees are the biggest asset to your company. Therefore, it is imperative to ensure reliability and loyalty among them from the first day. Moreover, maintain a healthy and open work atmosphere so that your team can feel free to approach you with any grievances or issues. Be the kind of boss who knows when to be supportive, and when to be strict.

  Be personally involved during the Hiring Process: It is advisable to be involved during the hiring process, as it can give you a rough idea whether a candidate will stick around in the long run, or not. Make sure you hire those whose skillset matches your requirements.

 Build a market first, beat competition later: Building a market holds more significance than beating the competition. When you create or explore a new market, you become the first to milk the opportunities that come with it; making you an established competitor by the time other players begin to tap into that segment.

 Create work-life balance: For an entrepreneur, maintaining a work-life balance can seem like a difficult task, but, it is not impossible. Set standards for both yourself and your employees to prioritize work, so that it does not interfere with either your or their personal life, and vice versa. Always make room for family, friends, personal activities, and hobbies to relax and relieve any kind of work pressure.

While these tips are quite basic, they can play a vital role in creating a strong foundation that can help an entrepreneur fight against the tide, and sustain their business through thick and thin in the long run.

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