We often do shows based on people’s interest and the way the world is going, more and more people are getting bright and innovative ideas to set up their own business and more and more NRIs are looking to start and expand their ideas into new ventures all across the globe.

Nowadays more and more people are looking to spread their wings into India as it is an emerging market. On today’s show I was joined by Anil Puri, Chairman of Purico Ltd. Anil said that as a man who is the Chairman of over 3000 members of staff, it is important to study, accept and adhere to various business laws according to the country one wished to diversify.

He stated that it was important to have passion and on occasion one would have to make sacrifices in order to succeed in business. The road is not easy and would need dedication, determination and above all else a good “cash flow”.

I was also joined by Dr Gautam Sen who has been a lecturer at LSE for over two decades. Dr Sen spoke about various things: He said that the new Modi government was moving in the right direction. He also believed that things will take time to change and people’s perception would be changed over the coming years particularly in relation to permits, licencing and even corruption. The situation in India was changing slowly and steadily which would ultimately lead to stronger relations and ties between India and other countries across the globe.

Both men spoke of the importance of apprenticeships and schemes where talent should be nurtured and appreciated to prevent brain drain from taking place in the future, as has been the situation with thousands of talented Indians.

Both of them shared with us some top tips to keep in mind if one is considering becoming an Entrepreneur:

  • Make a plan. Read about successful businesses. Take in the wealth of knowledge that’s been provided by successful entrepreneurs such as Steve Jobs and the personalities from Shark Tank. A successful business plan does not have to be a book.
  • Think about your priorities. Ask yourself some questions about what you want out of life, as well as out of your business. What does achieving your goals in life look like? What is important to you? What are you willing to sacrifice?
  • Love what you do. Passion is key to keeping a business strategy moving. Half-heartedness in an entrepreneurial endeavour will chip away at your drive to succeed. Perseverance is the one thing that’s guaranteed to move anything over time, whether it’s a person, a job or an entire company.
  • Research your market. The key to starting a business is to know whether there is a demand for your product or service. Is what you can offer something that is not being done as well as it could be? Is it a need that doesn’t have enough supply to support demand?
    • It’s never too late to start. Many successful entrepreneurs started later in life. J. K. Rowling (Harry Potter author), Julia Child (chef), and Sam Walton (Wal-Mart) all started their wildly successful brands after they were comfortably along in their lives. Having the experience that comes with age can give you a unique outlook on your business
  • You don’t necessarily have to go it alone. Particularly for new start-ups such as law firms or restaurants, having a team of people with experience and skills in the field will boost your chances of success.