There are many articles and quotes these days which describe entrepreneurship being just about business, startups, companies, etc. In fact, they describe an entrepreneur as a person who jumps off the cliff, chooses the path less taken, and much more crazy things making them seem like The Incredibles. Well, what exactly this entrepreneurship is all about? Is a startup or business as simple as it sounds?
Here’s everything about entrepreneurship that no successful businessman would reveal completely.
Entrepreneurship is new to our country and lately with our Hon’ble Prime Minister also insisting on ‘Make in India’ and promoting the idea of entrepreneurship among the youth and college graduates, it’s making a great impact on the students and colleges. Every college has a club dedicated to inculcating entrepreneurial qualities among the students.
Who is an entrepreneur?
It’s a person who is smart enough to find an idea that would have a future and finds a team to work on it. She/He’s need not be an inventor of anything extraordinary but a great executor, a visionary.
A person who takes a risk, not as dramatic as jumping off a cliff, but a calculative risk, weighing the profits, monetary success against the possible drawbacks and losses.
Many people assume that if they are passionate about something for example cars, they believe they would definitely be successful at it. The actual path of entrepreneurship involves finding the right idea which fulfils the aspiration of making money, due course of which they love what they do. It’s very much similar to how we like a subject at school, based on how much we score.
In real life too, aspiring entrepreneurs like the Ambanis and the Tatas of the world have been extremely successful, because they have ventured into businesses that serve the current trend and market with its huge and profitable target audience. The key to success in the field of entrepreneurship lies on how innovative and appealing your idea is and how quickly you can make money out of it.
When you start a business, you start with something that serves your purpose- the stability of your company and your life, getting what you want out of it. So always start with an idea that would work and then find an enthusiastic team which will support you to implement that idea.
There are three parts of an ambitious entrepreneur.
First, is what’s called Fun. Money making is fun – it involves challenges, and turns out to be quite tricky at times.
Second would be Fear. It’s not always right to say forget your fears or to overcome them. Carry your fears that keep you on your toes. Fear could be anything – fear of losing money, fear of losing reputation, fear of competing, and so on. It’s these fears which will keep you alert and put you back on track while you see successes.
The third and the most important part would be Fantasy. Your ideas need not be completely new or innovative. Though you might implement an idea from anywhere, it is quintessential for entrepreneurs to realise the needs of the consumer and cater to them. Flipkart, for example, has become the obstinate king of e-commerce in India. Though their idea was online shopping which had already been introduced in India by eBay, the major advantage that Flipkart had was to introduce Cash On Delivery(COD), as they were smart enough to figure out how our economy depended more on cash rather than debit/credit cards. That’s how they have always had a lead in every product that they sell. So set your goals and milestones with innovation.
Types of entrepreneurs
- Adventurous- These people are so adventurous that they start a business, without even thinking whether it would work or not, the possible pros and cons or will it survive through competition. They assume that they will make money somehow. There are trivial success stories from such entrepreneurs.
- Optimistic – These people have a good idea and they know it will take a lot to make it efficacious, so they work hard for it. They are always optimistic in their approach.
- Realistic – They are more of an investor rather than a businessman – very cautious, calculative and very much sophisticated. These are the people who invest in that much to get back assured 18% returns. They are keen on the stock exchange and real-estate.
Lifecycle of an entrepreneur
There are three things which would keep you growing in this world of competition and the world of business.
- Build a brand – In this there are again two parts. One is your company or product and the second, which is comparatively important, is yourself. You need not have an amazing product, or a company doing wonders, but if you are a brand, everything that relates to you will speak it’s worth. Be visible, get into ways of marketing yourself and making yourself a brand.
- Get your key team – Every successful company has an inner circle of partners or the stakeholders who actually are the well wishers and the people who always compliment you and the company. These 3 – 4 people make a very strong and trustworthy foundation of your company.And, the most important for every Entrepreneur –
- Sustainable Growth – Over the past few years with the boom of the startup ecosystem in India, saw an increasing rise in trends of Entrepreneurs in search for the vast amount of funding, burning lumps of cash over user acquisition over adding true value. As essential raising funds for an organisation looking to grow, even more, crucial is to provide people with a product/service that adds true value. While following a sustainable growth chart in order to avoid unnecessary cash burn.
So giving insights about all these, we do come across a few minds which want to start a business, to sell it in a couple of years and settle down in life. Always remember, businesses that are designed to sell, will not even run effectively, while the businesses that are aimed to run and add value, would get investors. Thus, don’t even think of getting into the business, if your only aim is to want to sell it.
Design a business that is responsible, design an enterprise which would last and create true value.