Very rightly said, “Entrepreneurship is neither a science nor an art. It is a practice”-
Peter Drucker.
Entrepreneurship cannot be learned, one needs to be tenacious to work hard to
achieve their dreams through team spirit. It is a practice. Entrepreneurship is the
ability to start, handle and gain profits out of a new venture. Many people face tons
of difficulty but what matters is that who is ready to overcome those hardships and
still work for their dreams. Entrepreneurs are significant to the society, few reasons are listed below:
Creation of job opportunities- Being as an entrepreneur means you need a new team
altogether. It in a way gives many jobs to others. They help freshers to gain
experience and work better.
Innovation- Entrepreneurship nurtures innovation by providing new products, new
employees to the market, quality of good and much more. It helps the Gross
Domestic Product of the economy grow and helps the nation grow.
New production techniques- Every entrepreneur will have their own way of working.
Due to which the market gets many new production techniques.
MOTIVES OF ENTREPRENEURS:
PROFIT- One of the main motives of an entrepreneur is profit. No one starts their
organization to have a loss but business is unpredictable.
INCOME- Self-employment is the best opportunity to gain income.
OVERCOME A NEED- Sometimes business is set up to overcome a particular need in
the market.
INDEPENDENCE- Many people do not like to work under others and don’t like to be
bossed upon. So, therefore, they decide to start their own business. They set their
own timings and work the way they like it.
SOCIAL ENTREPRENEURSHIP- Most of the entrepreneurs don’t work alone. They
might get along with some partners into the business to work efficiently.
STEPS INVOLVED:
Here are few steps to help guide you to be a good entrepreneur
Do some soul-searching- Before starting an organization you need to be well aware
of your own weaknesses and strength. It helps you in many ways. Find
your weakness and work on them.
Have the right choice- Whenever you are planning for a business, choose the
right business. It is the most important decision you ought to make. It is important
that the work you do goes well with your values and how you spend your time.
The finance required- You need to be clear about everything at the beginning itself.
You need to think about the worse situation, and then think about how much money
will be needed.
Have the right people on board- It is important for one to have the right people in the
organization who work for the organization and not just for themselves. Someone
who is willing to give their best.
Creating a winning atmosphere- It is necessary to have a positive approach to work
and maintain a winning atmosphere at your workplace. You need to motivate others
and strive for the best.
Empathy- It is better to understand the market the way it is rather than how one
would want it to be. The customers, as well as the employees, have too many
options today. It is advisable to be empathic towards both your employees and
customers.
Use incentives- Incentives are powerful ways to encourage employees to work
better. It motivates them for the future.
Be experimental- Doesn’t matter whether it is the beginning of your business or the
middle, be as experimental as possible. It helps everyone in the organization to
evolve and grow and be more creative.
Be aware of the future- While you work today, you need to think about the future as
well. Be careful and take the required measures for the future to avoid any mishap.
QUALITIES OF A SUCCESSFUL ENTREPRENEUR:
Self-disciplined- Self-discipline is one of the most important traits any businessman
should share. If you have the control on your thoughts and actions of what you need
to do irrespective of whether you like it or no, that’s when you will lead to success.
Integrity- You need to be perfectly honest in everything you do and respect your
values. This is a trait which brings respect and reputation to the organization also.
Persistence- A person needs to be steadfast to do what they have strived.
Persistence is the iron quality of character. Keep moving towards all hardships, and
achieve your dreams.
A clear sense of direction- You need to have a clear image if you are planning to have
a short term business or a long time. It is always better to decide on the future and
work accordingly.
Decisive and action-oriented- One should be capable of making decisions quick and
the correct ones. And when required, take actions as well. If you depend on others
for actions and decisions, it won’t work well.
Entrepreneurs need to be concrete and realistic.
