The term 'Entrepreneurship rings a bell in most educated minds but most people hardly know enough about the true essence of Entrepreneurship.
What is Entrepreneurship?
'Entrepreneurship is the process of starting a business or other organization.The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.In recent years,"entrepreneurship" has been extended from its origins in business to include social and political activity.The entrepreneur is commonly seen as an innovator — a generator of new ideas and business processes.
What is the necessary skill-set required for being a successful entrepreneur?
The basic survival skills include a working knowledge of basic record-keeping; financial management; personnel management; market analysis; break-even analysis; product or service knowledge; tax knowledge; legal structures; and communication skills.Management skill and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs.Obviously it also requires the full-fledged dedication and ability to flaunt a cent-percent hardworking capacity at times.Passion is probably the most important component one must have if one aspires to become an entreprenuer.
Where does one start in the process of becoming an entrepreneur?
An idea is the most important necessity for being an entreprenuer. Its like the foundation stone over which the entreprenuer builds the empire of the business model.One thing to remember is that-'Your idea defines you. It defines what problem are you solving and how are you approaching that problem.'An idea maybe a profit earning business-model idea or one that would have a long lasting social impact on parts or the society as a whole.Even if one has a brilliant idea one must ensure to grasp the required technical knowledge,legal information and financial know-how before thinking of converting it into an executable business plan.
How to convert an idea into a business plan?
Any idea requires adequate refining before it can be actually converted into a business model.One can register with an idea to a business plan competition as it is one of the easiest way to acquire the required support,guidance and funding.
What are the common mistakes that first time entrepreneurs make?
1.Not doing market research: Just because you have a great idea doesn't mean you have a business.One must realize what is the current market demand situation and would it be profitable to launch your business in such circumstances(Trust me,you don't wanna experience some bumps at the start itself.)
2.Thinking that business plans are only for the big guys: It's a sad fact that many new business owners don't see this obvious relationship between planning and success.Some feel that a business plan would limit their creativity or spontaneity, or that their business isn't large enough or complex enough to warrant a plan.The process of making a plan organizes your thinking and helps you sort out your priorities.
3.Thinking that success will come quickly or easily: Success takes long hours, strategic planning, and a commitment to the work involved.The importance of patience cannot be stressed more than anything else in a startup. This.This doesn't mean just having patience no matter how hopeless the situation gets but taking decisions wisely considering even the long-term effects.
4.Not bringing a “business person” on board: Some vital things like maintaining relationships with investors,future customers etc must be handled by people who have prior experience in the field.Thus hiring business people though on a consultancy basis is vital for the growth of the start-up.
5.Thinking you can do it all by yourself: Statistics show that startups created by a group of individuals are more likely to be successful than those run by individuals only.Success depends on developing and using a network of colleagues, friends, mentors and professionals that can provide advice, assistance and direction in tough times.
By now,one must have realised that becoming an entreprenuer or even aspiring to become one is not at all a piece of cake;but it is certainly worth the effort so as to enjoy the latter part:success!
Gaurav Karmarkar
What is Entrepreneurship?
'Entrepreneurship is the process of starting a business or other organization.The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.In recent years,"entrepreneurship" has been extended from its origins in business to include social and political activity.The entrepreneur is commonly seen as an innovator — a generator of new ideas and business processes.
What is the necessary skill-set required for being a successful entrepreneur?
The basic survival skills include a working knowledge of basic record-keeping; financial management; personnel management; market analysis; break-even analysis; product or service knowledge; tax knowledge; legal structures; and communication skills.Management skill and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs.Obviously it also requires the full-fledged dedication and ability to flaunt a cent-percent hardworking capacity at times.Passion is probably the most important component one must have if one aspires to become an entreprenuer.
Where does one start in the process of becoming an entrepreneur?
An idea is the most important necessity for being an entreprenuer. Its like the foundation stone over which the entreprenuer builds the empire of the business model.One thing to remember is that-'Your idea defines you. It defines what problem are you solving and how are you approaching that problem.'An idea maybe a profit earning business-model idea or one that would have a long lasting social impact on parts or the society as a whole.Even if one has a brilliant idea one must ensure to grasp the required technical knowledge,legal information and financial know-how before thinking of converting it into an executable business plan.
How to convert an idea into a business plan?
Any idea requires adequate refining before it can be actually converted into a business model.One can register with an idea to a business plan competition as it is one of the easiest way to acquire the required support,guidance and funding.
What are the common mistakes that first time entrepreneurs make?
1.Not doing market research: Just because you have a great idea doesn't mean you have a business.One must realize what is the current market demand situation and would it be profitable to launch your business in such circumstances(Trust me,you don't wanna experience some bumps at the start itself.)
2.Thinking that business plans are only for the big guys: It's a sad fact that many new business owners don't see this obvious relationship between planning and success.Some feel that a business plan would limit their creativity or spontaneity, or that their business isn't large enough or complex enough to warrant a plan.The process of making a plan organizes your thinking and helps you sort out your priorities.
3.Thinking that success will come quickly or easily: Success takes long hours, strategic planning, and a commitment to the work involved.The importance of patience cannot be stressed more than anything else in a startup. This.This doesn't mean just having patience no matter how hopeless the situation gets but taking decisions wisely considering even the long-term effects.
5.Thinking you can do it all by yourself: Statistics show that startups created by a group of individuals are more likely to be successful than those run by individuals only.Success depends on developing and using a network of colleagues, friends, mentors and professionals that can provide advice, assistance and direction in tough times.
By now,one must have realised that becoming an entreprenuer or even aspiring to become one is not at all a piece of cake;but it is certainly worth the effort so as to enjoy the latter part:success!
Gaurav Karmarkar
Nice one!!
ReplyDeletenicely put mane
ReplyDeleteGreat blog! Thus social ambitious people have discovered chances to fill the void and make organizations that convey items and administrations long ago gave by http://www.ehuub.com/login/ charitable gatherings or government offices and frequently in a more manageable way.
ReplyDeleteSMO Company In Gurgaon
ReplyDeleteBest Bridal Makeup Artists in Ranchi
GMAT Coaching Classes In Pune