Want to start your own firm? This is the best time for upcoming entrepreneurs in India. "There are huge opportunities now, as the economy is booming," says Raghav Kher, founder of Seventymm, an online DVD rental company.

With venture capitalists looking for great ideas and start-ups to support, the sky is the limit. So, how can one become a successful entrepreneur? Kher and venture capitalist Sandeep Murthy, Partner, Sherapalo Ventures, have some advice to offer. 

The entrepreneur's advice

According to Raghav, if you have a passion for something, follow it. All you need to do is prioritise your ideas and work hard. 

Clarity of thinking and a drive to excel is a must; you may have great ideas, but what is elementary to success is the drive to excel. Don't be afraid to make mistakes because you are bound to make them. Mistakes are integral to success.

If one start-up has failed, it doesn't mean you will lose again; it is a great learning experience that one has to go through to emerge successful.

The venture capitalist's tips

According to Sandeep, an entrepreneur must have a passion for what he is doing. The important thing to remember is that he will hit lows during the process that will make him question his decision. Belief in the idea is important though, and your passion will keep you going.

You need to have domain expertise, for which you need not have years of experience. Expertise is relative. If you are specialising in something no one else has done before, you are the expert.

You should be able to build a competitive edge in the business. It could be in technological processes, marketing relationships or solutions you offer customers.

You should be able to build the business and manage its growth -- as the company grows, the number of people will increase.

You should be able to hire the right kind of people and establish a good work culture. You should be able to manage change, retain people and scale with the business. And yes, a handful of luck helps too!

Are you an entrepreneur or a venture capitalist? Share your tips and suggestions