Start a business where you think you have an edge over others. But running a business is like being in a sport, you need to have an edge to win. And you also need to maintain that edge by constantly honing it
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In an interview with BW Businessworld,Nishith Rastogi, Founder & CEO, Locus, shares tips for budding entrepreneurs
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There are three primary reasons why startups fail: mismatch between customer need and proposition; entrepreneurs mistaking great ideas to be big milestones; and lack of funds for projects. My advice to those starting out is to keep these factors in mind and take quick actions whenever necessary
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Love the problem you are solving. And lastly, always remember that investment is just a means to an end and not an end in itself
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Always have an attitude of gratitude. If you genuinely love and believe in your dream, nothing and no one can stop you. Never let other people’s opinions pull you down, and don’t be upset about failures, as they are the steps before success
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Demonetisation pushed the informal sector into the formal economy and acquainted it with digital payment options. Mobile wallets, for instance, laughed their way to the bank
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Eliminate all mundane and irrelevant tasks. And most importantly, always keep your ears open. Any company that gets disconnected from market realities hastens its journey towards becoming obsolete
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The government tendering process is still more or less closed for startups. They need to put some serious thought around their procurement norms
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