Recently the economic times newspaper had launched an interesting platform named “Power of Ideas” which gave an opportunity to all those ambitious investors, entrepreneurs seeking to bring their most innovative ideas to business space that they wish to be in.
All these start up entrepreneurs were assigned Mentors to guide them throughout the process, and the learning’s of the one’s who lead the way were quite impressive and very useful.
What learning did most entrepreneurs receive from their mentors?
Understanding the strategy well: A detailed knowledge about your strategy, financial planning and market identity based on core consumers is one of the most important aspects.
Scalability option: The entrepreneur should have a focus on the future of business that would allow him to be scalable in the long term there by achieving long term goals.
Risk measurement: Understanding the market & financial risks and behavioral patterns of the market from the investing point of view is very crucial as it would decided how you are going to go about altering your strategy.
Creating good eco- system: Every entrepreneur should bear one thing in mind that India is growing rapidly and therefore creating an eco-system to stimulate start-ups in India, including the setting up of a network of industry, academia and entrepreneurs becomes very essential going forward.
Source: Economic Times
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