What is Entrepreneurship?
Who is an entrepreneur? How do they look like? How to become one? Which career stream to op to become an entrepreneur? Probably, these are few such questions which hover over an individual’s mind when coming across this term? Well, to your amazement, every second person in this world is an entrepreneur. From the owner of a ‘kirana store,’ to Microsoft’s Founder, Bill Gates; they are all entrepreneurs, as the definition suggests that “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make profits.”
Entrepreneurship: A creative and Innovative Mindset
Entrepreneurship in a broader sense is considered as a process of action undertaken by an entrepreneur (Person) to establish his enterprise. It is a creative and innovative response to the environment. This phenomenon includes a significant amount of planning and understanding which is needed to engage the needs of your potential market. This is considered a competitive option, requiring extensive research, good resources, and detailed innovation, if one wishes to earn laurels. In short, it is like going into business for yourself but you take on a leap of faith and hope to achieve of reaping the rewards you hope to achieve.
In today’s era, being an entrepreneur can take you to the next level within an industry, if you possess appropriate knowledge and skill. It is about taking an initiative to present something new or make an improvement on something already in existence. One requires to instil in them leadership qualities and embrace the act of taking risks in order to welcome ideas and concepts to materialize. Some say you need to have a certain mindset when it comes to being a successful entrepreneur. Others see it as a different form of self-employment that drives you to work harder since you will rely on personal skills, knowledge, and resources utilized.
Indian Economy’s Driving Force
Entrepreneurship is known to be a driving force behind economic growth in recent years. Some of the world’s most popular products and everyday items were created by an entrepreneur. Say for instance; a straw, it was a creation of some IIT graduates who further gained the required expertise to become entrepreneurs and serve the market needs. They started off as simple ideas that needed a well-organized plan and funding to see it off toward success. There are wealthy business owners that started off with an idea and little or no money. It is a matter of studying your competition and willing to make mistakes in order to make your concept even better. The organization, planning, and use of unique resources in one’s reach can make a difference in getting one idea off the ground.
Someone who is self-employed or a new business owner can be labelled as an entrepreneur. Depending on the creativity and originality behind their concept the type of activities that define their entrepreneurship will vary. Negotiating with investors, visualizing your concept, and even convincing others to see your idea as something realistic are all important aspects necessary to be successful. To many entrepreneurs, this is more than just running and growing a business. It becomes their livelihood that includes marketing, franchising, and even helping others recognize their true potential.
So, do you think you have the required knowledge of what it takes to be an entrepreneur?