Often we come across the word 'entrepreneur' and
ponder' Who are they?' In simple language, they
are someone who creates a new
business of their own. The term 'Entrepreneur' has been derived from a French
word 'Entreprendre' meaning to undertake certain activities. It may sound
simple that someone is an entrepreneur but reality is that they are the ones
carrying high risk. They got to invest lots of money to make more money.We can
call them the 'risk bearer'. For facing uncertainities he may get profit or
incur loss. It is not easy to become an entrepreneur. He must have some
qualities or skills like ability to organise various factors effectively,
understand all the ascepts of the business. He should be professional in
approach and should adopt modern techniques of production rather than outdated
ones. The most important quality is that an entrepreneur must be quick in
his/her decisions or we can say 'right decision at right time'. An effective
communication is also equally important as an entrepreneur comes in contact
with various persons like consumers, workers, some dignified authorities and
government officials.
Tuesday 30 September 2014
Monday 29 September 2014
Needs in Entrepreneurship
Entrepreneurship is defined by the overall
attributes of a person and his/her dedication towards own work. It
doesn’t require a business plan from a person, it requires the knowledge
of how to carry out the first operation. The entrepreneurs are the job
generators of today’s era. They can generate revenue from wrecks and
have the composition of vision, speed, discipline, social skills, budget
control and determination to go for a change with adaptability to
changes.
Their leadership quality should be renowned as the jobs and livelihoods of several people depend upon them. They should be able to handle pressure and be flexible to psychological impacts. It was Varun Aggarwal’s valor of overcoming his family barriers, Don’t Give Up and Don’t Think, Just Do It attitude, Steve Job’s win over his psychological traumas and Larry Page’s capitalist nature that took them to heights.
It’s not about how you fail after your first start, it’s about your ascent to zenith from point zero on the graph.
Let’s see what different attributes mean in entrepreneurship:
1) Vision
A well-defined vision is a skill that every company leader needs in order to cross the finish line. It will be the major force behind an entrepreneur’s success and will serve as a compass in tough times. A startup needs to envision how to monetize from the very beginning. The first dollar counts, especially for potential investors.
2) Speed
Getting things done in a quick manner is one of the many reasons why startups are able to reach their goals and milestones. It makes a difference when a startup is able to launch on time or when it’s able to move much faster than competitors. We believe that the faster you can make the mistakes, learn from them and improve your offering, the better.
3) Budget Masters
A successful startup is efficient in managing its finances and able to operate very lean. Every angle should have its own budget assigned and unnecessary expenses should be avoided. It is important to know what the company needs in order to accomplish milestones and budget accordingly. When resources are limited, and time is of the essence, companies need to master the skill of doing more with less.
4) Social Skills
Networking is another reason for startup success. A founding team that knows powerful and influential people in the business is completely priceless and can open the doors to partnerships. On the other hand, startup leaders need to inspire people and give them reason to follow them through the uncertain journey
5) Discipline
Discipline starts with self-control and is a product of a strong self-imposed personal standard. Without discipline, startups fail to succeed in business even if situated in the best economy. Self-discipline leads to positive work ethic, and work ethic leads to getting things done effectively and efficiently. It is critical to have all the team members aligned and working together to get to the finish line.
6) Determination
Strong determination is always necessary for success to take place. A successful startup emphasizes the significance of determination when building a business and never quits, especially when the road gets bumpy and scary.
7) Ability to Adapt to Changes
The best startups are always willing to adapt to new technologies. Adapting to change can lead to major breakthroughs.
8) Fundraising Skills
Cash flow is the blood line of any business. This means that businesses can be ruined with inadequate capital. Successful startups are the ones that have sufficient capital to run their business operations.
9) Unwavering Belief
Every business’s success revolves around taking risks. Successful startups are prepared to take risks. As they say, the most profitable investments usually require high amounts of risk. However, such decisions need to have a solid due diligence in order to avoid as much as possible the downfall in the event things don’t turn out as they were expected, which is often the case.
10) Master of Time Management
Startup life can be rough, between the mountain of things to do and limited staff and resources, the company’s success hinges on the team’s productivity and effectiveness to do more with less.
11) Execution
Lastly, having an idea is just the beginning and really, execution is 98% in determining each business’ success. For this part, the experience of the team is critical as their backgrounds will help towards making more good decisions than bad ones.
Their leadership quality should be renowned as the jobs and livelihoods of several people depend upon them. They should be able to handle pressure and be flexible to psychological impacts. It was Varun Aggarwal’s valor of overcoming his family barriers, Don’t Give Up and Don’t Think, Just Do It attitude, Steve Job’s win over his psychological traumas and Larry Page’s capitalist nature that took them to heights.
It’s not about how you fail after your first start, it’s about your ascent to zenith from point zero on the graph.
Let’s see what different attributes mean in entrepreneurship:
1) Vision
A well-defined vision is a skill that every company leader needs in order to cross the finish line. It will be the major force behind an entrepreneur’s success and will serve as a compass in tough times. A startup needs to envision how to monetize from the very beginning. The first dollar counts, especially for potential investors.
2) Speed
Getting things done in a quick manner is one of the many reasons why startups are able to reach their goals and milestones. It makes a difference when a startup is able to launch on time or when it’s able to move much faster than competitors. We believe that the faster you can make the mistakes, learn from them and improve your offering, the better.
3) Budget Masters
A successful startup is efficient in managing its finances and able to operate very lean. Every angle should have its own budget assigned and unnecessary expenses should be avoided. It is important to know what the company needs in order to accomplish milestones and budget accordingly. When resources are limited, and time is of the essence, companies need to master the skill of doing more with less.
4) Social Skills
Networking is another reason for startup success. A founding team that knows powerful and influential people in the business is completely priceless and can open the doors to partnerships. On the other hand, startup leaders need to inspire people and give them reason to follow them through the uncertain journey
5) Discipline
Discipline starts with self-control and is a product of a strong self-imposed personal standard. Without discipline, startups fail to succeed in business even if situated in the best economy. Self-discipline leads to positive work ethic, and work ethic leads to getting things done effectively and efficiently. It is critical to have all the team members aligned and working together to get to the finish line.
6) Determination
Strong determination is always necessary for success to take place. A successful startup emphasizes the significance of determination when building a business and never quits, especially when the road gets bumpy and scary.
7) Ability to Adapt to Changes
The best startups are always willing to adapt to new technologies. Adapting to change can lead to major breakthroughs.
8) Fundraising Skills
Cash flow is the blood line of any business. This means that businesses can be ruined with inadequate capital. Successful startups are the ones that have sufficient capital to run their business operations.
9) Unwavering Belief
Every business’s success revolves around taking risks. Successful startups are prepared to take risks. As they say, the most profitable investments usually require high amounts of risk. However, such decisions need to have a solid due diligence in order to avoid as much as possible the downfall in the event things don’t turn out as they were expected, which is often the case.
10) Master of Time Management
Startup life can be rough, between the mountain of things to do and limited staff and resources, the company’s success hinges on the team’s productivity and effectiveness to do more with less.
11) Execution
Lastly, having an idea is just the beginning and really, execution is 98% in determining each business’ success. For this part, the experience of the team is critical as their backgrounds will help towards making more good decisions than bad ones.
Saturday 27 September 2014
ENTREPRENEURSHIP: THE FIRST STEP
An entrepreneur is who searches for change, responds to it and exploits opportunities. First of all, customers are the people that will ultimately decide if your business goes boom or bust. A good entrepreneur should always remember that it’s all about the customers. This journey starts from the generation of a new idea and never ends because the road to the success is always under construction. A great example of this field is Mark Zuckerberg , who started the FACEBOOK in his college life and now he is listed in 100 Wealthiest and Most Influential People in the World. Having a positive business image and a forward looking approach, an entrepreneur should start his journey with a small but strong team. An entrepreneur should have leadership qualities and innovative and influential communication skills which will help him in building a rock solid reputation and a good relation with the customers. A good entrepreneur needs to be able enough to turn every obstacle into an asset and that obstacle is RISK. It is all about the risk therefore one should have risk tolerance abilities and for this, an entrepreneur should limit the number of hats he wears. An effective entrepreneur is who invests in himself and becomes a shameless self-promoter because entrepreneurs are non-fixed income earner who pays known cost of production but gets uncertain incomes.
“The secret of getting ahead is getting started.”
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