Basic Lessons for an Entrepreneur

Kishore C.S. (April 2000)

I attended a workshop on how to become an entrepreneur when I was in IIT Kanpur. The basic lessons learned that I can still recollect are:

Do a Market Survey
Build a unique position
Have Humanitarian Purpose

Do a Market Survey

Before you start a business do a market survey. Understand the product needs of the community and identify products that are needed. Starting a business, which does not have any utility in community, will be a futile exercise.

Build a unique position

Find the factors that will make you a 'unique' businessperson compared to others. Assess the competitive edge properly.

Assessing Demand for commodities

There are some items that are in demand forever and some are seasonal and some change with times. Assess risks for each type and plan accordingly.

Demand Forever: Food Items, Groceries, Fruits etc. Demand for these products will exists as long as humans exist Quality of items you offer will differentiate you from others

Seasonal Demand: Based on particular occasions like Festivals these items are in demand Meeting timely demands will be needed. Quality of items will be differentiating factor

Changing Demands: Typically these items are governed by changing technology and needs of people.

Being first in the market can be a major differentiating factor beside quality.

Your business should strike a unique chord for the customers. This should differentiate you from competitors and help you stay in business without worry. If competition is catching up on do necessary improvements to stay different and maintain the unique position.

Have Humanitarian Purpose

Have proper intentions: Intentions should be social oriented and not just business terms.

Let the focus not remain on just making profit. Have a humanistic picture of providing jobs for people, serving people, helping people and building a better society, culture as goals for business. If such objectives are set and served making profit will be met automatically.