Why?
In India, very few people aspire to become an
entrepreneur, with the exception of the traditional or business families. A
small percentage of parents want their children to become entrepreneurs, when
they grow up. Practically, many people become entrepreneurs either by choice or
by chance or by compulsion, with the abovementioned exception.
In India, a
large chunk of entrepreneurs accepted this profession, when there were no other
socially accepted dignified alternatives available for them. Many a times, owing
to lack of experience, confidence, knowledge, and eagerness to be successful, a
lot of people initiate business ventures on an experimental basis, and they
fail. Out of these newbie, a small courageous percentage struggle with
sincerity, and continues either with the same venture or changes their
work-direction to a new dimension in order to achieve success.
Entrepreneurship offers an independent
and dignified career, scope for higher growth, scope to be an icon or
celebrity, and secured future for those who have the courage and sincerity.
Entrepreneurship teaches the art of
creating a master, not a slave. It makes the person dynamic, hard working,
challenging, aggressive, and thus increases the potential value of an
individual.
Entrepreneurs contribute to the economy
of the family, locality, and state at large, by growing the Gross Domestic
Product of the State.
How To?
A person thinking to start a new business venture
shall definitely think and rethink about the existing successful businesses,
reputed businessmen, business processes to achieve success, wrong steps of
failure, his own resources like money, scope, background, skill, & manpower
availability. Some questions are likely to peep into the mind of the newbie:
·
What business to be started?
·
Where & when to start the business?
·
What should be the quantum of funds
& how to arrange it?
·
How & where to market the products?
·
Where to get the required equipment
& skilled manpower?
·
What are the legal issues?
The best possible answers shortlisted by the newbie
will automatically lead him to set up his dream business venture. In India and
China, people usually choose to set up business ventures with a small project
cost.
Traits:
In order to be an entrepreneur, an individual must
possess some unique characteristics, which may be divided into two categories,
such as, quality and ability. Qualities are those characteristics, which are
probably inherited and developed in a treated environment. Abilities are those
characteristics, which are acquired through learning methods, training modules,
and exposure to similar situations. A successful entrepreneur may not have (100
%) both the required ability and quality, but he/she should have at least, the
following traits.
Calculated risk taking, Decision making,
Self confidence, Intelligence, Visualization, Organizing ability, Independent
thinking, Motivational ability, Leadership, and Ability to learn.
A business is always initiated with a view to
achieving success, but without any warranty or guarantee.
Idea:
It is very much challenging to set up an enterprise
by a first-time entrepreneur on contrary to an existing and experienced
entrepreneur. The stormy path to set up a successful enterprise is full of
problems, obstacles, and hence requires many problem solving ideas. Analytical
idea will create constructive activity, resources, value, & support system.
Success & Failure:
An enterprise is always created with a view to
achieving success, which is not at all guaranteed, because of the uncertainties
that come in the process. It is a naked truth that survival and growth of an
enterprise depends on the customer satisfaction, and in order to meet the
requirements of a customer, the entrepreneur will require a lot of dedication, and
interest, along with product quality that fulfill market demands. The uncertain
and invisible forces will definitely pull the entrepreneur down along the
gravity, and hence he/she must be able to identify these negative forces during
planning and implementation of the project such that time bound action can be
taken to eliminate these forces.
The world of business is dynamic due to many
reasons:
·
Taste of customer
·
Competition
·
Legal, Policy & Culture Issues
·
Socio-economic changes
·
Product up-gradation
·
Negative forces
In view of the above, the entrepreneur must watch the dynamics of his/her business activities, and upgrade/modify/adjust the business processes for its very survival and growth.
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