10 December 2019

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Essential Pre-requisites for a New Entrepreneur

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Micro and Small & Medium Enterprises (MSME’s) are crucial for the development of any economy in the world. In India, MSME’s plays pivotal roles in creating dynamic market oriented economic growth, employing the maximum work force. However starting an enterprise is not an easy endeavor and various aspects need to be taken into consideration and followed through.

 

Dr. A Girija, a very successful and dynamic entrepreneur puts light on certain aspects of entrepreneurship with Small Enterprise India.com Dr. A Girija a gynecologist ownes Sonia Clinic & Nursing Home at Manipal, Karnataka. The Clinic cum Nursing Home nestled in the heart of Manipal, was started in 1980.It is a small 30 bedded hospital catering only to OBGyn patients and pediatrics. Dr. Girija’s husband Dr. Ramakrishnan, an anesthesiologist and her two siblings – Dr. H. J. Gowri, Dr. Subhageetha are the doctors running the show there. The nurses at the Nursing home are noted far and wide for their excellent service.

According to Dr. Girija, an M.D.D.G.O, the essential pre-requisites for a new entrepreneur  are:

A Good education: “I was lucky enough to receive one. In fact after MBBS I wanted to stop but was forced by my parents to do an MD, for which I am thankful.
Family Support: Nothing like it. But to get it you have to work at it. Make time for family. Let go your ego. You will find in later years you need your family the most There is after all a genetic connection.

Have a motive to achieve:  “In my case it was my daughter. It would be the same in case of most women and when you have that, there is no time to feel neglected or depressed. And this helps in having a stable mind”.

Integrity and honesty towards your work: “Do what you think is best for everybody, everyday and you will find in years to come, they get accumulated and you’ll be truly surprised. These are just a few points that helped me, I feel.”

Always think differently: “This is very essential. When starting any venture, always be unique in your thinking. In the sense learn to think and look at the issue of starting a business differently. Shun the herd mentality that people generally follow, by and large, when starting an enterprise”.

Learn basics first from experts: “Firstly always take training from people, even if it is short terms, from those who are already settled and flourishing in their business. This will save you from pitfalls and will help you in the long run as well”.

Beware of Wolves: “This is crucial especially for women entrepreneurs to be wary and be careful of people trying to take advantage of their gullibility in the profession. Always verify and cross check a person’s credentials before having business dealings. Don’t be persuaded by the smooth knowledgeable air about them”.

Start Small: “No point in taking big leaps and using lifts so to speak. Better use the stairs. Start small because the small steps you take will slowly end up as larger footprints. Any venture started small but done well has more chance of being successful and being worthwhile in the long run, since it has been built on a stronger foundation”.

Listen to your inner voice: “Always listen to your inner voice as it is the best judge for you. If in doubt take a senior’s advice and then make your own assessment”.

Own your own vehicle: “Invest in your own vehicle as it is very essential. It is needed to be mobile and to get moving at short notice which will not be possible if you are to be dependent on public transportation”.

Right to change tracks ideas: “Listen to your inner voice and if it says that this is not the right venture then its better to cut your losses and change tracks. At the same time keep in mind all the pros and cons of doing so”.

Persevere don’t give up: “Once in a venture you are passionate about then stick with it through thick and thin, through all the ups and downs. Sooner or later you will emerge triumphant. Don’t let difficulties deter you from your goals. Set the targets and go about achieving it one at a time”.

Don’t be a snob: Go to the grassroots and learn from scratch all about the business venture you are doing and its nuances and how to deal with the world.

Be there and be punctual: “When you start an enterprise, always be present at the site before others and be on time. Never keep the establishment closed. In the beginning maybe there will be few customers but your presence is a must. Slowly business will pick up as people start noticing you there at all times”.

Transparency & hard work essential: “Values in life such as duty, honesty, sincerity, passion towards your job, hard work are very crucial. Bel honest with customers. Your ethics will take you a long way in business. Ensure quality in all the buying and selling of goods”.

Good location: “Always choose a good location for setting up your establishment. Preferably it should be close to a similar bigger business as it will attract the customers from that to yours”.

Appearance matters: “Always dress well according to customers requirements. Appeal to their sense of aesthetics and decency”.

Community interaction essential: “Be in touch with the local community. Learn to speak in the local language and dialect as that will attract more clients as they will feel more comfortable coming there”.
Organize finance well: “Ensure your finances are up-to-date and in order. Always hire a trustworthy accountant to deal with money matters.

Staff management: “Train the staff well and pay them well. Treat them well and keep channels of communication open”. 

Learn all jobs within the business: “This is crucial to know all the jobs even the most menial ones in your venture. So that in case of emergency you are not helpless and caught off guard. 
 

 

 

 

 

 

 

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