#5 Reasons How Professional Experience Can Help You Become A Better Entrepreneur

Lessons drawn from the highlights and setbacks of your professional career can play an important role in determining the entrepreneurial success

Starting, sustaining and growing a business requires vision, fortitude and perseverance. Having worked out a great business plan and figuring out the funding is a great first step but most business plans go through a metamorphosis at every stage of the company’s growth. Local market dynamics, regulatory pitfalls, global economic shifts and other problems can derail the best laid out business strategies. This is when hardcore entrepreneurs dig-in their heels and draw upon their experience to chart a future course of action.

They say hindsight is always 20:20. Professional experience can be of great help and come in handy while putting together the nuts and bolts on your business plan and working out a long-term market approach. Success rarely travels a straight line then how does one stay focused and committed to one’s goals irrespective of the challenges?

A report by IBM Institute for Business Value and Oxford Economics has found out that 90per cent of Indian startups fails within the first five years of their operation. Not being a part of this becomes a herculean challenge. In my not-so-long journey as an entrepreneur:

• • Identification of the Problem: This is learning # 1. The key to understanding what entrepreneurship is about is to assimilate this one diktat. Identify a critical, unserved problem in the market that you can address with a winning solution. Once you’ve narrowed in on this, make sure that all important elements of your business, from your strategy to your operational plans to your hiring revolve around this. This becomes the pivot around which your business will revolve. The difficulties being faced by the Indian real estate sector in terms of being unorganised, lack of technology adoption and relying on antiquated processes leading to time and cost overruns.
• • Background Research is Vital: So you’ve identified the problem and figured exactly what your solution will be. Now is the time to step back and park all your conjectures to one side and delve into some serious