Basics of Entrepreneurship – The Nepali Way

Nepal has an entrepreneur in almost every household, well at least in the literary sense of an entrepreneur. Entrepreneurs are those who have a vision for their own business, those who refuse to play by the rules of the big companies and wish to make a place for themselves in the business world. They can range from small scale shopkeepers to the tech geniuses making their mark in the Silicon Valley.

Having your own business seems like a great idea. But where do you start? Even if you know the “where”, how do you do it? You might have a clear idea about what you want your business to be like. But the main obstacle lies in how you are supposed to go about it.

Here, at NepalBuzz, we aren’t really professionals, and most of the information we have access to is attributed to the World Wide Web. However, we are sometimes lucky enough to interview a few well—established professionals. This time around, we talked to Mr. Sakin Shrestha from Catch Internet, an entrepreneur from Nepal itself, weaving his way to success in the WordPress world. He helped us get a clearer hold on the idea of Entrepreneurship and what it is like to be an entrepreneur in Nepal.

So, if you are one of them who wish to enter the world of entrepreneurship, here are a few tips to consider.

Finding Solutions

Anyone can have something they are particularly interested in. Doesn’t mean they have to be a good business option. Entrepreneurship is, according to Mr. Shrestha, finding solutions. Ask yourself, “What does my idea solve?” If it does solve any existing problems, the idea is great. If there’s nothing that it can positively affect, your interest might just be a hobby. So, be observant. Ideas float around everywhere. Pick on them the way you picked on vegetables on your dinner plate as a child. Keep the ones you find intriguing, and toss the others away. As soon as you find something worth the shot, get to the groundwork.

Listen to what others have to say, or not.

Entrepreneurs should put out their ideas in the public eye and get feedback. “Too many thumbs ups means your project isn’t very groundbreaking”, says Mr. Shrestha. You need something that is new, exciting and changes the conventional routes. People can also have a complete negative criticism. If you really think the idea’s worth it, go for it. We Nepalis, though, are too accustomed to getting approvals from the society. So, take your cue and decide, because it’s your idea. And if you do not want to give up on it based on other’s views; don’t.

Risk Taking

What is entrepreneurship without high risks? If the idea you have poses very less risks, there would be no opportunities to leave your mark in the market. Nevertheless, we are Nepalis. We tend to care more about our families and social reputation. And why not? These are the very bases of our life. Thus, make your choice carefully. Most Nepali entrepreneurs are Transactional entrepreneurs and not Transformational. Since, the Nepali society is such that one cannot afford to take huge risks the way Steve Jobs or Elon Musk have done. We are hard-wired to think one way and though the change is paving its path; it’s still a long way. You don’t want to invest in something commonplace. But you also don’t want to invest in something that is so revolutionary that your losses may end up leaving you and your family with literally nothing.

Passion and Persistence

As with any business, you have to be passionate about it. You have to move forward in your work like there’s no going back. You have to stay committed. Ups and downs will come. Failures will be there, and they don’t have to demotivate you to the extent that you want to close down the business at once. Because, as you move on, you learn new things and slowly but surely success creeps your way. So no matter the difficulties, similar to everything else in life: Persistence is key.

Research & Development

This may be a bit from the book, but R&D is something you will not want to miss on. The Nepali market is changing rapidly and you want your product to be up-to-date with what the market demands. This step is not a one-time affair. You’ll need to do it every now and then. Almost all of your products will need updating and when it does, do not hesitate to or shy away from change.

Build a Team

As an entrepreneur, your employees will be your team. Mr. Shrestha told us that it is very important that you trust people. He says giving the freedom of speech to your team members is of primary importance. Keep your HR clutter free. Share the dream you have with the team so they believe in it in such a way that the same is now their dream. Delegate not only responsibility, but also authority to your team members. Probably one of the biggest mistakes you can do as an entrepreneur is becoming a “Boss” in your office instead of a “Leader”. Build a friendly rapport in your office so your employees are not only in the office as 9-5 workers but more of a creative team. Consequently, the ideas should float freely and you’ll hardly have to worry about the productivity.

Work-Life Balance

This hardly needs any saying. Creating a balance between your work and your personal life is so important that no one should miss out on it. Probably, taking care of this one aspect properly should bring most of the other things in place. But we’re only humans. If there’s too much work, you may tend to get overstressed. An entrepreneur has a myriad of ideas floating in their mind-palace. Getting too involved in work, can make you to only focus on the one thing that is bringing you a greater rate of success. As a result, you sideline everything else. And that is not good for your business in the long term. Either your business suffers, or your family is too old a concept. Take time to breathe. You need to take time-offs from work every now and then. Take a vacation, a mini one if you don’t have much time. Give time to your family every day. Make family gatherings a way to rewind and relax. As your stress lowers, your mind is clearer and your performance, so much better.

We hope this post gives you an idea of Entrepreneurship. If you are an aspiring entrepreneur, these tips should surely help you. Please feel free to comment your views and opinions.