Theres no defined, set formula that makes a great entrepreneur in India. Successful entrepreneurs certainly come in all shapes and sizes, but there are certainly a few guiding principles that can help provide perspective when thinking about what makes an entrepreneur thrive. I will focus on a few that I think are the most salient from my time running a business here in India.
The Indian market is no doubt challenging. On a macro level, its very competitive and non-forgiving. It could certainly be considered chaotic and unstructured leaving the entrepreneur with very few cues to go on as the business develops. As such, its critical that the person running the show thinks about a few guiding principles that can help drive the venture forward. Above all, I have found that the best entrepreneurs in India share an incredible resilience and tenacity.
Without this in place, its nearly impossible to succeed in the market. The emotional roller coaster that comes from running a business in India is probably steeper than in any other country and with this in mind, its essential that the entrepreneur stays grounded and can see the long-term perspective. This is certainly not always easy because its incredibly easy to get lost in the details of day-to-day execution.
That said, its unbelievably important for the entrepreneur to understand that there are many external forces that are simply beyond their control. Given this fact, its best for the entrepreneur to remain relentlessly focused on areas of their business that they control like the product and the overall customer experience. Its simply not productive to think excessively about exogenous factors like regulation and competition.
Those pieces will be there over time and both are largely out of the hand of the entrepreneur. If you always obsess over the customer, good outcomes will happen. Another incredibly important trait for Indian entrepreneurs is the ability to motivate and inspire. This is many times overlooked because people will often just say its about having a great idea and having the right timing.
Despite this belief, I can confidently say that this is incorrect. Simply having a great idea and executing it at the right time are not enough. Its absolutely mission critical for the entrepreneur to communicate this passion effectively and captivate not only the potential user base, but also the potential employee base. We all know that a great team is what ends up defining a company and as such, its absolutely essential that the entrepreneur can clearly communicate his vision consistently.
This will ensure that employees stay incredibly motivated while also ensuring that customers feel a part of a broader vision and longer-term mission. This can be incredibly powerful. These are just a few of the helpful characteristics than can ensure an entrepreneur flourishes in the Indian startup ecosystem.