In a world where space agencies like NASA, SpaceX, and Blue Origin are making all the noise, the Indian Space Research Organisation is a name that draws respect in its own unique way. With achievements like being the only space organisation to reach Mars in its first attempt, and setting a world record of launching 104 satellites on a single rocket, ISRO’s 100th successful satellite launch is yet another milestone in India’s space odyssey.
ISRO’s success stories are certainly inspirational and more so if you are a budding entrepreneur. If you have just finished your distance MBA and plan to have your own start-up someday, there is a lot you can learn from the Indian aerospace giant. Here are three tips to get started:
Image source: Hindustan360
Learn to be self-dependent
There are many similarities between a space mission and a start-up. From dependency on skills and newer technology to budget constraints and high risks – there is a lot to look into. Since its inception, ISRO encouraged its team of scientists to become self-sufficient and develop in-house technology instead of depending on other countries. Today, ISRO is capable of building a satellite from scratch and launching it from its own soil.
In the same way, entrepreneurs need to upgrade their skills and be self-sufficient in every function of the business. By encouraging innovation and out-of-the-box thinking, start-ups can limit their dependency on external agencies to get their product in the market. Not only does it reduce the risk of failure, but is also a lot more economic. How? Head over to the next point to find out.
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Manage your funds wisely
The marvel of ISRO’s performance reflects in the fact that its total expenditure in the last forty years has been half of NASA’s yearly spending. India’s mission to the red planet is an exceptional example of achieving success with minimal resources and optimal execution. ISRO was able to send Mangalyaan to Mars on an average of INR 12 per kilometer, which is cheaper than an auto rickshaw fare!
Budding entrepreneurs and MBA students too can use this as a thumb rule to avoid financial pitfalls. There is no harm in being stringent with your funds in the beginning to avoid big capital risks.
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Interestingly, the biggest organisations in the world today were once a start-up. They made it this far owing to the consistent performance and an unwavering dedication to their vision. ISRO’s 49-year long journey shines with a streak of successful missions. 25 successful launches out of 29 attempts only illustrate the perfection in ISRO’s execution. Consistency also requires sound leadership and talented minds. Great personalities like Dr. Vikram Sarabhai and Dr. Abdul Kalam are credited for taking ISRO to new orbits.
Entrepreneurs should not get swayed by early success and work hard to constantly delight their customers. Start-up CEOs should set an example to inspire their employees by dedicating themselves completely to the company.
Get set, go
ISRO’s success story is an incredible lesson in entrepreneurship for both potential entrepreneurs and MBA students. Hopefully, these lessons will help you go a long way as you attempt to shoot for the stars. Good luck!