EntrepreneurshipStarting a business

What Experts Says On – Nook And Niche Of Start-Ups

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What Experts Says On – Nook And Niche Of Start-Ups

Ratan Naval Tata

Ratan Naval Tata is an Indian Industrialist, philanthropist, former chairperson of Tata Sons, and a distinguished entrepreneur. Also, he is a supporter of education, medicine, and rural development. Ratan Tata joined the Tata group in 1961 at Tata Steel. 21 years as the chairman of Tata Groups (1991 - 2012). He holds a degree in Architecture from Cornell University (1959), and also a graduate of the seven Week advanced business program from Harvard Business school (1975).

A businessman who is assertive of the decisions made shall reap their consequences which can be either good or bad. Good can make the emotion restrain contentment and bad consequences can make a person unbreakable in the future. A career as such can have numerous contemplations, opportunities, drawbacks, failures, breakdowns, and shifts in paths but as every action leads to consequences, the responsibilities that come along with it can be intimidating. Especially to a person who is considering business or entrepreneurship as their line of career. Because business in action is always jargon to every radical person, though the term is as uncomplicated as honey in the jar, the implementation says otherwise. Corruption can be a capitulating term as an entrepreneur because the world looks for convenience and ease of work and does not prefer overworking their needs. According to the Indian law of corruption, servants can be penalized under the Penal code 1860 and the prevention of Corruption act 1998. Despite the law playing its crucial role, corruption does not seem to grow any less. The business magnate Mr. Rata Tata places his views on corruption as,

‘We have fought against corruption, as I’ve always said we have lost, sometimes we have been disadvantaged and it’s great to go home at night and say, I did not succumb.’

Truer words. It is inevitable for anyone in business to not experience corruption or hold the angst against the corrupted world, though fighting and brawling have more advantages than swaying the shoulder of the responsibilities.

Corruption or malfeasance on one hand is the stigma, other insufficiencies can also fuel the suffering. The intimidating journey of a startup begins with finance and financial management. Corporate law focuses mostly on the financial side of the business. Entrepreneurs outsets their journey with the objective of money. If the monetary benefit is the only objective, success is a prolonged or sometimes mauled dream. The objective of a business should always be to find a solution to a problem existing and thus provide a solution that can contribute and play a role to ease the life of civilians. How can a citizen play a role in business? Investments. Businesses that suffer inadequate finance, can look into the public for funds. The public can serve the business through endowments via Initial Public Offerings or IPOs. The companies which are not listed in the stock exchange can raise funds by the sale of securities or a share of their business to the public, which allows the public to invest in the company landing upon resolving the financial crisis. This can still result in an excruciating result depending upon the decisions called. Ms. Tata rightly says,

‘You must evaluate your strength and then pick up on opportunities and challenges. You are the best judge of yourself, and no one knows you better than yourself’

Business niches can be a contributing factor to business growth. For a business market that is broad and dynamic, competitors are waiting to devour the rookies. To excel at the outset of the business as a newbie, it is essential to understand the business niche. It is defined as how you as an entrepreneur meet the expectation of your customers and customers’ needs are never static, it varies with every attribute and all class and ages. Hence it is necessary to learn the customers’ needs and expectations. Focusing on one area of the customer’s needs is also what we call a market niche. For example, shoemakers when shifting their focus on creating waterproof shoes to avoid the inconvenience faced by players while running on muddy fields can make their success journey intangible.

Entrepreneurship is always full-time employment because success for entrepreneurs is not overnight but it can be a mighty and powerful success. Employees are differentiated from entrepreneurs of dedication and work ethic. Employees are employed to build the dream of an entrepreneur, but an entrepreneur’s hustle should be a hundred times higher and more prominent than that of an employee to yield success. There is no precise or ideal path to business success, patience, determination, and meticulous thinking can make miracles happen.



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