alexa

Search in Indianmoney's WealthPedia

Home Articles How to Become a Successful Entrepreneur?

How to Become a Successful Entrepreneur?

IndianMoney.com Research Team | Posted On Saturday, September 26,2009, 09:13 PM

How to Become a Successful Entrepreneur?

 

 

How to Become a Successful Entrepreneur?

An entrepreneur is an individual who undertakes financial risks and carries out new financial ventures. There are more than 110 crore people in India, but we have to think about one thing, out of this 110 crore how many are productive......? out of the total productive population how many are really using the potential....? Strange but fact, due to  lack of knowlegde and expert guidance we are not able to develop future entrepreneurs. Here in this article we are trying to give you some inputs on the topic "How to bocome a Successful Entrepreneur ". Only efficient and successful Entrepreneurs can lead the Country to a prosperouse and bright future.

See Also: A Leader In The Fintech Space

The word entrepreneur derives from the French words "entre" (to enter) and "prendre" (to take), and in a general sense applies to any person starting a new venture or trying a new opportunity. Entrepreneurship is a practice of starting a new business in response to new opportunities. A person who owns a business or enterprise is called an entrepreneur. In other words we can tell that an entrepreneur is a person who organizes and manages a business undertaking and assumes a risk for the sake of profit. Operating a business takes certain skills. Few people may not have all the skills needed to run a business, but they can compensate for their weaknesses by hiring efficient staffs or consultants and by becoming more knowledgeable through education or training.

Qualities of a successful Entrepreneur.

  • Successful entrepreneurs are self motivated, they always encourage themselves at every step they take. They do not want any other motivating things other than their goals which motivate them.

  • Successful entrepreneurs learn by failures. They take every failure as a lesson and stepping stone for success.

  • A successful entrepreneur is a good manager. He knows how to manage his business and how to deal with threats.

  • Successful entrepreneur is a good negotiator and a good communicator.

  • Successful entrepreneur is a leader by nature. He analyses the things well and finds positive solutions.

  • Successful entrepreneurs take calculated risks.

  • Successful entrepreneurs prepared to make personal sacrifices to achieve success.

  • Successful entrepreneurs are innovative in approach. They see things which others fail to recognize.

  • Successful entrepreneurs always target the niche markets and new business opportunities.

  • Successful entrepreneurs are action oriented; they do not spend time in dreaming about success. They make things happen.

  • Successful entrepreneurs are professional in approach towards business

  • Successful entrepreneurs learn from others.

Process of starting a company

The Ministry of Corporate Affairs (MCA), Government of India, is the main body which authorizes, regulates and sets rules on how to ' Register a Company in India '. The MCA primary focus is on 'Administration of the Companies Act, 1956' and other Acts and Rules & Regulations drafted for corporate sector.

Steps for Registering a Company in India

  • Select a maximum of six new names indicating main objects of the company. Proper care for 'same or deceptively similar names' should be followed.

  • Availability of name (s) can be made on eForm1 A by logging in to the portal. A fee of Rs. 500/- has to be paid along with the digital signature of the applicant.

  • After approval, registration of the new company can be filed on forms (Form 1, 18 and 32) within six months of approval.

  • Draft memorandum and articles of association; get ratified, print and stamped with appropriate stamp duty.

  • Get the Memorandum and the Articles signed by at least two subscribers, provide details like father's name, occupation, address and the number of shares subscribed for and get identified.

  • Memorandum and Article should bear date, later than stamp date.

Electronic forms and mandatory documents to ' Register a Company in India ' should further accompanied by, Declaration of compliance, Notice of situation of registered office of the company and Particulars of the Director's, Manager or Secretary. It should go with the digital signature, requisite fees and hard copy of Memorandum and Article of Association to the RoC. Then corporate identity is certified by RoC. Public Limited Companies and Part IX Companies have to stick to few more compliances for ' Company Registration in India '. The problems related to registration of a Company in India ‘have been substantially cut down with better and user friendly ' Process of Company Registration

Certificate of Incorporation

It is also referred to as articles of incorporation. It is the set of basic important rules governing the management of a company. It is the legal document essential for the formation of a company.

Certificate of incorporation consist of:

  • Name of the corporation which is unique from any other corporation present in that jurisdiction.

  • Names of board of directors who are main authority of the corporation.

  • Objectives of the corporation or purpose of its formation.

  • Location of the registered office of the corporation.

  • Period of existence of corporation, whether permanent or for a limited period of time.

  • Number of shares the corporate is authorized to issue.

Articles of association

Articles of associations are the regulations governing the relationship between directors of the company and the shareholders and are the basic necessities for the establishment of a company. It is the set of primary rules which directs working of a company. It tells about the general meeting of shareholders and their voting rights, forms in which notices are published by the company, bodies that do administration, and also tells about powers and functions of management of the company. 

See Also: Money Trap

How to Manage a Company Successfully?

Most of the people get business ideas but only a small percentage of people move forward to convert it into a business and only a few people can convert their business into a successful one. Converting a business into success needs strong dedication and passion. Following are some points which are essentials to convert a business into successful venture.

Be confident

Confidence and hard work are the best medicine to kill the failure. To be a successful person in business today needs good planning of future and this planning is possible only when entrepreneur is confident about his business.

Organize your business

To get success, a business needs to be well organized. A well organized business will help to complete a task effectively on time and also increases the preference by the customers.

Analysis of the competition

A well detailed analysis of the competitors and competition in the market is very much necessary for the survival and progress of the business. Success of a business depends on how a business can differentiates itself in the market with respect to other competitors, and this is possible only when it does market analysis.

Consistency in quality

This is the factor which keeps the customers stick to their business for long time. No matter whether a business deals with manufacturing or providing service it always should show consistency in service quality which builds loyalty in customers. Long term better quality ensures good customer loyalty and makes business successful.

Be creative and focused

Rome was not built in a day, like this a business cannot become successful over night; it requires long time hard work, dedication and sacrifies. Always focus should be on competitors and changes that happens in the market. Creativity helps to go ahead in the competition and helps to stay for long time.

Effective Marketing

Success of a business also depends upon its popularity in the market, this needs good advertising. Word of mouth is an effective way of advertising and in the initial stages low cost advertising is preferred for small business.

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
CIBIL Meter
Get It now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.