Monday, October 29, 2012

Who can become an entrepreneur?




Who can become an entrepreneur?
What Makes Someone an Entrepreneur?

Well, the answer of these questions is as folllows :

Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including:

creativity,
dedication,
determination,
flexibility,
leadership,
passion,
self-confidence, and
“smarts.”


Creativity is the spark that drives the development of new products or services or ways to do business. It is the push for innovation and improvement. It is continuous learning, questioning, and thinking outside of prescribed formulas.

Dedication is what motivates the entrepreneur to  work hard, 12 hours a day or more, even seven days a week, especially in the beginning, to get the endeavor off the ground. Planning and ideas must be joined by hard work to succeed. Dedication makes it happen.


Determination is the extremely strong desire to achieve success. It includes persistence and the ability to bounce back after rough times. It persuades the entrepreneur to make the 10th phone call, after nine have yielded nothing. For the true entrepreneur, money is not the motivation. Success is the motivator; money is the reward.

Flexibility is the ability to move quickly in response  to changing market needs. It is being true to a dream while also being mindful of market realities. A story is told about an entrepreneur who started a fancy shop selling only French pastries. But customers wanted to buy muffins as well. Rather than risking the loss of these customers, the entrepreneur modified her vision to accommodate these needs.


Leadership is the ability to create rules and to set goals. It is the capacity to follow through to see that rules are followed and goals are accomplished.

Passion is what gets entrepreneurs started and keeps them there. It gives entrepreneurs the ability to convince others to believe in their vision. It can’t substitute for planning, but it will help them to stay focused and to get others to look at their plans.

Self-confidence comes from thorough planning, which reduces uncertainty and the level of risk. It also comes from expertise. Self-confidence gives the entrepreneur the ability to listen without being easily swayed or intimidated.

“Smarts” consists of common sense joined with knowledge or experience in a related business or endeavor. The former gives a person good instincts, the latter, expertise. Many people have smarts they don’t recognize. A person who successfully keeps a household on a budget has organizational and fi-nancial skills. Employment, education, and life experiences all contribute to smarts.

Every entrepreneur has these qualities in different degrees. But what if a person lacks one or more? Many skills can be learned. Or, someone can be hired who has strengths that the entrepreneur lacks. The most important strategy is to be aware of strengths and to build on them.


 



Hindi translation of this post will be updated soon.

keep sending your feedback about this blog. Your advice is precious for us.

- Rishabh & Swapnil Shukla

 
copyright©2012Rishabh & Swapnil Shukla.All rights reserved
No part of this publication may be reproduced , stored in a  retrieval system or transmitted , in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owners. 

Friday, October 19, 2012

What Is Entrepreneurship?



 
What Is Entrepreneurship?


What is meant by entrepreneurship?

The concept of entrepreneurship was first established in the 1700s, and the meaning has evolved ever since. Many simply equate it with starting one’s own business. Most economists believe it is more than that. To some economists, the entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur’s role as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies. In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. Therefore, government support for entrepreneurship is a crucial strategy for economic development.

In other words, Entrepreneurship is the act of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations  in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.


Need of Entrepreneurship - 


1. Self employment
2. Monetary Benefits

Entrepreneur :  An entrepreneur is a person who takes the risk of setting up his own venture for perceived rewards. he/She is the person who initiates the idea, formulates a plan, organize resources & puts the plan into action to achieve his/her goals. In other words, An entrepreneur is an enterprising individual who builds capital through risk and/or initiative. An entrepreneur is a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome.

Qualities Required to be an Entrepreneur -

 
1. Need to achieve
2. Perseverence ( stick to the goal )
3. Moderate risk taker
4. Ability to find & explore opportunity
5. Analytical ability
6. Using feedback
7. Facing uncertainity
8. Independence
9. Flexibility
10. Planner
11. Interpersonal skills
12. Motivation
13. Stress taker
14. Positive self concept
15. Orienatation to future



Hindi translation of this post will be updated soon.


keep sending your feedback about this blog. Your advice is precious for us.


- Rishabh & Swapnil Shukla


copyright©2012Rishabh & Swapnil Shukla.All rights reserved
No part of this publication may be reproduced , stored in a  retrieval system or transmitted , in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owners.