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New Healthtech Entrepreneur: What's Next?

Chandu

Chandu Nair  |65 Answers  |Ask -

VC, Angel Investing, Entrepreneurship Expert - Answered on Jul 08, 2024

Chandu Nair advises entrepreneurs and enterprises about creating and building their business.
He has direct experience in angel, venture capital and strategic investor funding. Over the last three decades, he has made a name for himself in industry, consultancy, media and information services.
Nair is on the advisory boards of the Chennai-based private equity firm Fulcrum and the social impact fund, Menterra. He's an independent director on the board of India's first retail building products company, Shankara Building Products Limited.
He was the co-founder of Scope e-Knowledge Center, a pioneering knowledge process outsourcing company, as well as the co-founder of a business-to-business e-commerce venture, both of which he successfully exited.... more
Sindu Question by Sindu on Oct 31, 2023Hindi
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Career

Dear Sir , I have been in the general insurance industry for the past 10 yrs. I am new to entrepreneurship. Probably a first time entrepreneur from.my family. I have an idea in health/healthtech sector which i strongly believe fills a big void in the current societal set up. I do not have any clue how to proceed further. Ive now quit my job and working on this idea. Would you be able to guide on my next steps?

Ans: In the past too, I have suggested approaches to take with respect to identifying and validating business ideas to previous Rediff users. Kindly go through the same. Let me repeat it here.
There are several opportunities but you need to focus on those which
1) are relevant to your experience, expertise,network, passion,
2) take into account finance available or that can be organised by you, plus
3) offer growing prospects.
Re your idea in health/ healthtech, I would request you to do a lot of research, secondary first, and then primary. That will help you understand which specific niche you might want to target. There are several aspects to consider here. If you don't have relevant experience, expertise and contacts in this industry, it would be good to build that or co-opt co-founders with complementary skills. It may be useful to join an incubator.
Before that, it may be good to develop a better understanding of entrepreneurship and what it entails. You could do online courses or listen to seasoned, successful entrepreneurs online or talk to such people in the real world and even build a network of potential entrepreneurs. Remember, entrepreneurship is high risk and one needs to anticipate the risks, manage them and mitigate. It is a journey which can be rewarding too if one stays the course.
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