Nepal is a country with many possibilities as well as hurdles. Its unexplored opportunities make it unique. Here are a few points on How To Be Successful Entrepreneur In Nepal.
The Idea of being an entrepreneur in Nepal is the same as in other countries. Like other developing countries the Nepali market is not much explored and is with a lot of Institutional Voids.
Here are a few fundamentals to be a successful entrepreneur in Nepal.
- It is never late to start
- Start Small
- Take baby steps
- Understand government bureaucracy
- Build a suitable working framework
- Keep Moving
- Always be ready to accept change
- Give special priority to organizational and personal branding
- Don’t lose focus from profit
- Follow the ultimate goal
It is never late to start :
It is never late to start, Age does not count as an important factor in business. We have seen teenagers as well as a person of 60 years old performing equal in terms of business. The experience which age will give will also bring a special point of view toward your business idea but along with that youth, age has energy and innovative mindset. So start when you think you are ready to work.
Start Small :
Business needs capital that is for sure but all types of business do not need to invest in millions. Invest only the amount of money that is needed to be invest. It is not only capital other resources should also invest only according to need. One does not need a fancy office and 100 employees to start a business.
Take baby steps :
The ambition should be big but a step which one should take must not be that of too high. A country like Nepal is not of that much resources as of silicon valley. Today a lot of startups start with an innovative idea and they start running for funding without proper setup and start acting like multi-billion dollar company which results in failure.
Understand government bureaucracy :
In each and every step of your business journey, you will meet bureaucrats who are corrupt and demotivating. Understand a way to deal with them. Just remember they are temproray and think about your goal.
Build a suitable working framework
Build an organizational framework which you will be using throughout all the years. It will act principle in business. It will help to figure if you are in the right or wrong track. Yes, it will need an upgrade in the future.
You will face many hurdles in the journey. Keep focusing on the goal and keep moving. Beaurocracracy and work culture will be few biggest hurdles you need to break those hurdles and deal with them in own way. No matter what happens keep moving. Keep generating even small profits.
Always be ready to accept change
The business environment of Nepal is so uncertain. The policy keeps changing. They are only a few rules regarding business especially tech. Recently Pathao and tootle had to face troubles due to policy problems from the government. You need to be ready to accept and adopt any kind of change which will be on the way.
Give special priority to organizational and personal branding
Branding is one of the major components of the business. Organizational branding is equally important as personal in the path of entrepreneurship to create trust among people. People like to buy the product and service of a company which is familiar to them.
Don’t lose focus from profit
Profit is what keeps business driving. People often lose their path romanticizing and making ownself a celebrity. That they lose their focus from profit and drag down the company to the failure.
Follow the ultimate goal
The goal which you took while starting the company. You should be following it. Your ambition towards it should always be increasing.
These points are on basis of my personal thoughts. Thank you for reading.