Kohli Ventures, global investors in innovative ideas, disruptive technology and dynamic businesses, today set out five fundamental rules that every aspiring entrepreneur should embrace:
1. Discover Your Talents
- To be the very best at something, you have little passion for – evaluate your interests and talents before jumping headlong into something new. Successful business people work 24/7, 365 days a year – success is not for part-timers so it is essential that you are really interested in the area you are going to specialize in.
2. Find a Gap in the Market
- Before investing precious time and resources in a project, entrepreneurs need to ensure there is genuine demand for their offering. Finding a true “gap” in the market ensures that a customer base exists through which money can be made. It makes little sense for an entrepreneur to offer a product that nobody needs or wants. The trick, of course, is to identify a profitable gap that will attract customers.
3. Build a Great Team
- Finding the right people to work with is essential – even if you have the very best idea, if you have the wrong team to implement it, it is never going to succeed. Your employees are usually your most valuable asset, and can certainly cause untold damage if you get a bad apple in your barrel. Kohli Ventures is particularly passionate about employing younger people – fresh thinkers with fresh ideas, courage and confidence.
4. Think Big
- Today most truly successful businesses operate on the global stage. Consider whether your business venture has the potential to exploit a global market – if it does, that means you have a world of opportunities to exploit rather than the few on your doorstep.
5. Never Stop Learning
- The day you stop learning is the day you should give up – you have become stale and your business is not going to thrive. Make sure you learn from the very best – ensure you are up to date and aware of all the developments in your industry – understand the moves your competitors are making and seize opportunities that are created.