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3 steps to Entrepreneurial Success

3 steps to entrepreneurial success includes :<br>1) Find out your capabilities<br>2) Find the right gap in the market<br>3) Find the right channels

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3 steps to Entrepreneurial Success

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  1. 3 Steps to Entrepreneurial Success

  2. There is a persistent debate over the topic of whether entrepreneurs are born or made. • If we look around and observe the lives of the successful entrepreneurs of the world, we would find that very few of them had lead anything different from an average normal life. • Now, the question still lingers, what is that which makes some of us become successful? • There are many scholars who believe that one must have luck to get the right motivation in life and discover the entrepreneur in themselves. This view cannot be completely ignored. • Alternately there are those who take the counterpoint advocate the need for conscious effort to enhance one’s entrepreneurial spirit. • They talk of three main steps a person should follow to achieve entrepreneurial success.

  3. Find out your capabilities • First of all, you need to discover the things you can do. • This depends upon your personal aptitude and the skills you have developed over all your years of learning. • Understanding what you can do will also tell you about the things you cannot do. • In classical words, the first step to becoming a successful entrepreneur is to understand your strengths and weaknesses. • But once you identify them, stay persistent in your goal! As Jack Ma, founder of Ali Baba says, “If you don’t give up, you still have a chance. Giving up is the greatest failure.”

  4. Find the right gap in the market • Once you have understood your capabilities, and also, limitations, the next step would be to look out at the market you would operate to bring a substantial change. • You must find out what people would like you to do. • If you fail to find the right gap, all your efforts, would prove to be futile. • Let us take the example of real estate entrepreneur, Mr. Varun Manian. • He was able to build his empire in the city of Chennai, because he could understand the visible gap in the market. • Not only did he offer reliability, a scarce trait in the property developers of today. • Mr. Varun Manian has also consolidated his empire by providing ancillary services to home owners that includes real estate management, housekeeping services and NRI services among others.

  5. Find the right channels • Once the right gap has been discovered, the success of an entrepreneur lies in the channels he or she chooses. • In fact, the mistake of choosing a wrong channel would lead one down a blind alley. • This means that once you have established a gap in the market you need to identify the right way to fill that gap. • Joe Gebbia, co-founder of Air BnB chose to establish his business online. • This automatically made it an effective business proposition. • Providing a portal online for both renters and landlords illustrates how he chose the right medium and the channel for his idea.

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