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Ever since The word “Entrepreneurship” got added to the dictionary, it has become a recurring word. Earlier we appreciated the business more than the person who built it. Growing up with time we do realize Every successful business starts with the person who wants to perceive it. Hence, it is important for all of us to understand the true essence of Entrepreneurship. Here in this article, I bring you the crash course on Entrepreneurship. Do check out the topics we are going to understand here. And do not forget to read What Robust says.
What is Entrepreneurship and Who is an Entrepreneur?
Some factual Definitions:
“It is abolishing the old order and constructing new ones”
“Someone who creates value innovation and develops new ways to do the same job”
“Entrepreneurship is the process of scheming and crafting. It is the initiation of running new commerce which characteristically begins as a small scale business such as a start-up company. It is consists of offering a product, process or provision for sale or hire.”
“It has been defined over the years as the ability and readiness to develop or craft, organize and manage a business venture along with any of these, there are Risks which need to be taken in order to obtain profits.”
“In the early 2000s, the definition of entrepreneurship has somehow been long-drawn-out to explicate HOW and WHY some individuals or teams identify OPPORTUNITIES to estimate them into possibility and then they decide to put efforts to utilize them for benefits. whereas others do not see it or convert it into an opportunity.
“Entrepreneurship is always believed as the entrepreneurs who see these opportunities to craft, produce new products or services launch, new firms or even new industries to generate wealth.”
Let me put this for you in a much simpler way, it is a person who organizes and manages any enterprise, especially a business usually with considerable initiatives and risks rather than working as an employee. It is the entrepreneur who runs a small scale business, the entrepreneur’s will to convert it eventually into large scale.
This individual willingly takes all the risks and rewards of a given business venture, idea or goods or service offered for sale. An entrepreneur is frequently seen as a Business Leader and pacesetter of new ideas, trends and business progressions. They often exhibit positive biases in their perception. Well if I have to add synonyms for entrepreneurs that would be Risk-taker, Believer the possibility, Achievers.
What are the Characteristics of Entrepreneurship or Entrepreneurs?
An entrepreneurial spirit is characterized by innovation and risk-taking. The basic funda to be an entrepreneur is the attitude of risk-taking. They say you gain No Good if you don’t take the risk. This is an absolute Characteristic that defines Entrepreneurship. Entrepreneurs have a Crystal clear picture of what exactly they want to pull off in their life and in their business. They see the details as well as the big picture clearly and they remind themselves of this picture regularly. Entrepreneurs are optimistic positive and very strong-minded individuals and they are able to deal with obstacles effectively by using their optimism creativity and critical thinking.
Entrepreneurs also ensure they keep up with physical and mental fitness because they know that they have to be in top form in order to accomplish success. They firmly believe their business success is in their hands after all entrepreneurs are mindful and have patience. Starting and running your business can be frustrating. Clients may not pay on time, deliverables may change, or shipments may be delayed. You inevitably have to deal with difficult people and frustrating situations.
This is absolutely true that Practicing mindfulness and implementing patience will help tail off your stress and it will allow you to focus on the bigger picture and enable you to think more effectively to solve your problems. It is also important to mention that entrepreneurs deal with many of these difficulties by maintaining a sense of humour! What sense of humour? how this is a Characteristic?
Having said that, a sense of humour helps you to see the funny side of the story of challenges. You laugh and make other people laugh, always calm down and cut down stress in the atmosphere also makes you feel less stressed. Less stress always gives better output than the times when you make decisions in stress. Entrepreneurs manage risks and are cautious! Entrepreneurs procure time to calculate or estimate opportunities. they always think before they do anything and make sure they consider all things that may need to be considered as well as the consequences of doing one thing as opposed to another.
Finally, entrepreneurs celebrate successes and learn from experiences. They often generously reward all those who help them achieve success and take time to evaluate what lessons they can learn from things that didn’t go as per the plan.
What is the process of Entrepreneurship?
Four Easy steps to understand the process of entrepreneurship:
Step1 – Deciding to become an entrepreneur.
This simply means,
a. Arising of innovative ideas backed up the ability to start a business
b. Inheriting wealth and skills to establish an enterprise
c. Prevailing problems in current jobs
d. Willing to become a boss
e. Pursuing your own ideas
f. Realizing the need for earning money
“An entrepreneur is problem seeker. A problem solver and an innovator”
Step 2 – Developing a successful business idea.
This very step includes 5 components:
a. Opportunities Recognition: Understanding the need of the market.
b. Feasibility analysis: Analyse well in advance what if business Idea fails.
c. Writing or curating the business plan: Nothing starts without a concrete plan.
d. Industry & Competitor analysis: The must do research.
e. Development of an effective business model
If you have an idea! Above written are the first 5 components that you need to work on.
Step 3 – Launching the entrepreneurial venture.
Once the business idea has been successfully validated, all you need to do is:
a. Register the business
b. Select the legal entity that best suits the venture and gets the proper business licenses, permits
c. Understanding of local government laws
d. The entrepreneur must arrange for the required funds
e. Finding a suitable location and build a new venture team
Step 4 – Managing and growing the firm
Managing and growing the firm refers to the final stage of the entrepreneurial process. once the resources are acquired, the entrepreneur uses them efficiently to carry out the business plan successfully.
He or she also strives to identify and examine the operational problem and solve them.
So apart from this, the entrepreneur needs to implement an effective control system to identify and resolve problem areas on time.
Meaningful Tips to be a Successful Entrepreneur- Robust Story Says,
It’s okay to make a Mistake:
The time will never be right, it is okay to commit a few mistakes and learn from them. It is okay to leave a few opportunities that might look very lucrative at that point of time. But The joy of building something of your own, building something from scratch, The joy of following your passion! Something you like to do is unparalleled.
Educate yourself enough:
Do not compromise on your goals. Formal Education in the early years always helps. Be well versed with knowledge in a field you want to pursue your goal. Educate yourself more with practical Knowledge.
Love what you Do:
The place where you work currently has a great atmosphere, you enjoy working and love what you are doing there. Great! but if are you not enjoying what you are doing, if you are not passionate about what you are doing then the time is NOW TO CHANGE and lookout for something else.
Be inspired! Always:
There would be time even if you are doing what you love. Things would not just turn the way you want. It will happen! happen to everyone. Everyone faces their own set of struggles, the only way ahead is DO NOT GIVE UP. We would seriously recommend do not give up at any point in time. Always remember WHY you started in the first place.
Well, Don’t forget to check out some inspirational stories of Millennial Entrepreneurs who completely changed the definition of Entrepreneurship.