January - 2017 - Special issue > CXO Insights

Key Skill Set & Tips Required for a First Time Entrepreneur

Prashanth Nagarajan, Co-Founder, Qtrove

Wednesday, February 1, 2017

Forward

Headquartered in Bengaluru, Qtrove promotes local vendors & talent who produce innovative products but are still waiting to be discovered beyond their immediate vicinity by providing them the unique platform for showcasing their unique products.

The year was 2005. It was an immense source of pride to declare that your child was working for an IT company. More so if you were trying to find a marriage alliance for them. The only reason I hadn't gotten on board the IT wagon was because my family ran a non-IT related business and I decided to continue my grandfather's legacy. Nowadays however, the real pride lies in telling people that your kid is working on some abstract idea to change the world. And if his/her idea has gotten funded - there is as much happiness as there used to be in getting an F1 visa! The mind-set of the Indian youth has definitely shifted from having a cushy IT job to doing something on his own. But does this new age entrepreneur know enough to sustain and prosper his company? Does just wanting to be an entrepreneur and having the passion to make it big formulate the recipe for success? Here are ten essentials hacks that every entrepreneur must have/do at the very least.

Know Your Stuff: While it is great to be inspired by Steve & Bill, do remember that they are part of a very exclusive club that knew what they were doing. In today's fast paced and competitive world, you have to know the bare bones of what you are hoping to accomplish. And love it to death. This will see you through times of self-loathing and doubt. And when you try to pivot from your original plan.

Look for the Right Co-Founders: Best friends may not always be your best bet when you start up. It is also not easy to trust your valued idea with someone completely new. But it is highly recommended that you do have a co-founder. It always helps to bounce ideas off one another and to divide responsibilities in the company. The key to finding a good co-founder is to get someone that has a complementary set of skills from yours. If you are a sales and marketing kind of guy, find someone that is strong in tech and operations. A cofounder with complementary temperament will also auger well for the company. And remember - it is perfectly fine to disagree and argue with your cofounder!

Look up Your Competitors: Everyone conceives an idea believing it to be the next Uber. While it is good to believe in your product, it is also prudent to be aware of what is already out there. Quiet often, there may already exist an idea that is very similar to your own, if not the exact same. While this does not necessarily put a spoke in your plans of world domination, it is definitely humbling and will help you carve out your key differentiators. Google alerts will also help you keep track of updates about your competition.