Launching a business? 5 expert tips for young entrepreneurs in Jaipur

JAIPUR: The city has a huge population of people aged below 30 years. Many of them have innovative ideas to launch their entrepreneurship journey. While the youths have the energy and a strong will to execute things, they face certain hurdles due to their lack of experience and funds.

The PinkCity Post spoke to some angle investors and entrepreneurs who shared 5 tips on how to succeed if you are planning to launch a business:

The first and foremost thing to do for young entrepreneurs in Jaipur is that they should find a mentor who can guide them through the most challenging aspects of launching and running a business. Right from setting up a company to handling day-to-day operations, an entrepreneur has to wear many hats. It can be stressful and confusing. With proper counselling, training and mentorship, it will be easier to deal with these challenges.

As an entrepreneur, you will need to work with a team. If you are working alone, you are probably a freelancer, but not a business owner because a business has so many aspects that it would be impossible for one person to handle everything. When you work with a team, you will need to set expectations. Efficient employee management is necessary to become a good leader.

Before launching your business, you should research your market. Market analysis plays an important role in taking the business forward or taking new initiatives. It involves gathering, analyzing and interpreting information about the market, products and services, besides knowing who the potential customers are, their past and present. You also need to know your competition. Analyzing the strategy of your competitors will help you develop a perspective on the market.

• Understand how to scale and money management

If you don’t have money to scale your business or don’t want to invest your own money, you will need to know how to raise funds. For this, you might consider setting up a private limited company and raising funds by sharing equity. You should also know if you can get help from financial institutions and the government. The Rajasthan government runs many programs to provide financial help to startups.

You should also learn how to analyze financial reports. These reports will tell you how your business is performing. Such realistic data will help you in making important decisions about your company and will also prove to be helpful in moving forward.

In order to achieve your goals quickly, you need to have digital marketing skills or hire people who can help you promote your business online. Digital marketing can help you create brand awareness and drive sales, particularly in the beginning phase of your business.

So, these were some of the tips that you can follow to launch and scale your business.

First published: August 27, 2022