Entrepreneurship Industry News

5 Things You Need To Know As An Entrepreneur

If we go by the definition, the most obvious example of entrepreneurship is the starting of new businesses, of running one’s own enterprise. Different people have a different understanding of this concept. As entrepreneurs, some would imagine tech geniuses with Silicon Valley start-ups, while others will picture small business owners opening up their shop doors on a Main Street.

Ultimately, entrepreneurship encompasses these and many other business ventures that share a commitment to turning an idea into a profitable business.

Now, according to me, people who are thinking about starting their own business should understand that successful entrepreneurship involves much more than having a great concept. So coming up with a brilliant business idea, is just a part of the master plan of having a successful entrepreneurship. These are few of the things that a person should make before considering whether to become an entrepreneur:

a) There is an ATTITUDE that you need to have, a PASSIONATE, positive, self-confident attitude. Usually, success follows a string of trials, failures and the businessman should have the confidence in the idea as well as in himself to tide through. He needs to be positive, optimistic (although not unrealistic). If he loves what he is doing, then he will discount the amount of effort it will take. It will be exciting and fresh.

b) PATIENCE – It takes a fair amount of time for the business to take of. Entrepreneurs are impatient dreamers and anticipate early success but the initial time periods are slow, unsteady and testing. It is in this period that the entrepreneur needs to be patient and confident.

c) FOCUS – A person starting a new business must keep his business in focus. There are so many possibilities at that stage but one needs to stay more focussed on one’s plan.

d) OPENNESS – It may seem contrary to the earlier point, but an entrepreneur should be open to a lot of ideas and new ways of doing things, of being flexible and changing in a world where change is the only constant. This point may seem contrary to the earlier point, but what I am trying to get across is, that one needs to be open to try, experiment and shoot many arrows within the focussed activity

e) RISKS – The biggest challenge to become an entrepreneur is the risks he carries. Starting a new venture is risky in many different ways right from the issues of unsure income to changing markets and financial risks. However if an entrepreneur works in focus, within his risk taking capacity, taking covers to reduce risks, understanding his markets and being very hands on instead of early delegation, then he can reduce this important aspect of starting one’s own enterprise

Entrepreneurship is all about creative ways to solve problems and create value.

Tips for aspiring entrepreneurs

If you’re thinking about entering the world of entrepreneurship, here are a few important tips that you should keep in mind.

First of all, make sure that this is what you actually want. Entrepreneurship entails too much of hard work, and too long a period so it is critical to ensure you’re following a path that you enjoy and are passionate about it. Think long-term, and be persistent. The list of great entrepreneurs comprises those people who had failed multiple times before they finally found the business idea that took off and brought them success.

Secondly, you must be driven by a need for achievement and the desire to make a meaningful difference. The most important traits of an entrepreneur are passion and persistence. Obstacles will come from within the organisation and outside world. But the entrepreneur has to stick to his objectives.

In the third place, try to creatively solve problems that are bound to come up. That is the role of the entrepreneur. Don’t be afraid and change the track.

Fourthly, get advice from those who have done it. Find mentors, learn from them. They are the masters of your trade, they can definitely guide you better. Read books written by experts, network with people they admire and look into great educational programs to help them throughout the process.

India is seeing a new wave of entrepreneurship with youngsters wanting to experiment and take risks. Also with Modi government relaxing the norms for Start-ups and more than 65% of the population under 35 years of age, the Indian start-up ecosystem is expected to be bigger than Silicon Valley! You can possibly be one of them, if you have a superb idea, have the passion for building it from scratch, are not afraid to take the risk and not frightened of failure, then the next big thing will surely be you.

Read More : BW-Disrupt