Being an entrepreneur is risky as well as rewarding. Following few simple steps can help you lead your business toward success. Here are five tips for a successful startup...

1. Start with a detailed plan

Create an in-depth business plan - keeping in mind all the possibilities, risks, uncertainties and your objective, milestones and available/required resources.

2. Go on and network

Professional networking will take you places. There are wealth of events, sessions and network groups that exists to help budding entrepreneurs. Take advantage of these opportunities to connect with the right people at the right time.

3. Study competition well

Being far-sighted helps. You must keep an eye on the future developments that will impact your industry and business. This will help you stay ahead of the competition and gives you a fair idea about the direction in which you must make a move.

4. Having a mentor

There is nothing bad in seeking help from other people who have started small ventures and become successful. You must be alert to explore varied possibilities, willing to learn and unlearn, be inquisitive and keep updated.

5. People focus

Rest assured, you cannot run any business unless you have the right employees in place. For being a successful entrepreneur you must have a winning team at hand. Also, be open to restructuring and realignments to keep pace with changing business needs and market dynamics.