As a Startup entrepreneur you will be financing and operating , either alone or with other partners, a company or business that offers a product or service that is currently not being offered elsewhere in the market in a similar form.
Startup entrepreneurs work on developing, testing and marketing their own business idea. They start with a business plan and conduct market research to better understand their industry and target audience. They then set up their firm either arranging funding from self, family and partners or depending on help from incubators or investors/ bank loans.They will be involved in carrying out research and development for creating their products or services, purchase of physical assets and activities for marketing and building a strong customer base. They will also be taking care of administrative tasks and hiring of suitable talented individuals who possess the required skills
You can take up any stream at +2 level. However taking up commerce stream would give you an early introduction to the nuances of doing business. If you have a technological startup idea in mind, it would be advisable to take up the science stream
There is no specific education requirement for setting up a startup but a bachelor’s degree is considered essential to give you the general knowhow . A BCom or BBA degree would make you capable of dealing with business related matters whereas a degree in Science or Engineering may prove helpful if you are aiming for a startup in a related field.
An online certificate entrepreneurship program of 4 weeks duration named Startup India Learning Program is offered by Startup India, a GOI initiative.
You can take an MBA with specialisation in Entrepreneurship which includes startup management techniques. This program is usually of 1 to 2 yrs duration and is available in India and abroad.
Startups need careful priority planning, setting up of deadlines, and timely execution of tasks which require efficient time allocation methodology and management.
Strategic thinking is highly essential in order to anticipate major shifts in the competitive marketplace, identify emerging opportunities and make suitable future plans.
Startup entrepreneurs will need to handle setbacks, stress and burnouts, and slow progress. Determination and eagerness to keep up the effort to move ahead is of paramount importance when it comes to building a business from scratch.
Crisp and concise communication is important for interaction with partners, employees, peers, investors and clients.
Growing a network facilitates public relations, expanding business opportunities, partnership deals and helps in finding subcontractors or future employees.
Good Financial skills are essential for handling resources efficiently, maintaining a balance between income and expenditure and carefully assessing investments opportunities.
Cognitive flexibility is required to think about multiple concepts simultaneously and to be able to effectively switch between the different concepts.
It is important that the leader and the team building the startup be creative, to be able to think beyond the familiar and move into uncharted, unfamiliar territories and bring out something unique and useful.
Critical thinking will enable the startup team to conceptualize, analyze, synthesize, observe and evaluate information, before deciding upon an action.
Right from making a choice of which business to go into, decisions need to be made on how to proceed with marketing, funding, product production, vendor selection, and various other matters.