No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
There are some skills
which have always been debated to be inherent in a person’s nature like
leadership, communication skills, confidence etc. Entrepreneurship is also one
such debatable issue. One school of thought believes entrepreneurship has to be
taught and learned in management schools by pursuing professional management
courses. On the contrary, the other school of thought believes it to be
inherent or genetic or by birth. They are of the opinion that business skills
and entrepreneurship have to be in the blood.
You Need to
Have the Vision to be an Entrepreneur
By definition, entrepreneurship means setting up of a business unit and seeking
profits while undertaking risks. Logically anyone who is willing to take risks
after making some investment can be a businessman. Successful or not, is
absolutely a different side of the story. It is all about having the vision to
create value to a product or make a new product. Anuj Gupta, MD of NIFCO
International says, “The idea of setting up a new unit which can supply raw
material to the parent factory and decrease costs is always a remarkable move.
This turns out to be a wise decision economically and can help in the
nourishment of business acumen.”
Is MBA Futile?
You may now ask as to what is the utility of
having MBA campuses sprawling across acres all over the world. Is it useless if
we cannot learn entrepreneurship? The professional business management courses
hone your business acumen, nurture your leadership skills, and teach you the
relevance of time management and business etiquettes. The Director of Bicop
International, Vaibhav Gupta states that his MBA degree helps him in making
wiser decisions in his business. It helps him in dealing with the staff and
managers as well as helps him establish a better reputation with clients.
What needs to be learned and taken care is you
need to be punctual, quick in decision making and far-sighted to be a good
entrepreneur. The most important skill that needs to be learned and imparted in
professional colleges is leadership skills. Being an entrepreneur requires
dealing with and managing a wide range of employees. Getting work done from
people is an art and the one who masters this art can derive maximum
productivity in minimum time.
“Dealing with managers, foremen and
ground-level employees, all at the same time, is a challenge in the beginning,”
says Sakun Aggarwal, MD of Krishna Brickworks. He adds, “Gradually the essence
of leadership sinks in and the art of getting the best work out of the team
In case you want to acquire professional degrees to add to your knowledge bank
but do not want to waste time and money in joining professional colleges, there
are many online options available which give you theoretical as well practical
hands-down knowledge as well.
Study the Market Dynamics
To be an entrepreneur you have to make sure
that the business you are starting is at the right place and right time. If you
initiate a woollen blankets unit in summer, you’ll have to wait much longer
till the first order floats in the market.
Also, you need to be cautious of a few more factors like competition and
competitors, marketing budget, financing at lower costs and hiring an excellent
and efficient team. These factors contribute a lot to your success.
It’s a matter of choice you have to exercise. If you feel you have the business
knack, all you need to do is get a bit of polishing done with a few courses and
degrees, and you are sure to make a big entrepreneur. You just need to be
passionate about leading people and making it big.
Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …
Being a young entrepreneur is difficult, no matter where
you are from. But in Africa, the challenges are often far more emphasised.
Resources, financing, mentorship and supporting services are even scarcer. Yet
despite this, the continent’s youth unemployment is higher than elsewhere,
and for many young Africans, entrepreneurship is less of a choice, and more of
a requisite for survival.
year the Anzisha Prize, Africa’s premier award for entrepreneurs between the
ages of 15-22, identified a handful of young entrepreneurs who are
making it in Africa. Here are some of their tips for success. 1. The most important step is the first one
Nteff Alain is the winner of the 2014 Anzisha Prize and is the entrepreneur
behind GiftedMom, an e-content platform for pregnant women.
says having an idea is easy, but turning it into reality is a whole different
story. The wall of challenges an entrepreneur faces can quickly de-motivate
someone from following through on their vision. …
Mark Elliot Zuckerberg is an American computer
programmer and Internet entrepreneur. He is a co-founder of Facebook, and is currently its chairman and chief
executive officer. Zuckerberg
launched Facebook from his Harvard
University dormitory room on February 4, 2004 with college
roommates and fellow Harvard students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. The group then introduced Facebook to other college
campuses. Facebook expanded rapidly, reaching one billion users by 2012. During
this time, Zuckerberg became involved in various legal disputes brought by his
friends and cofounders, who claimed they were due a share of the company based
upon their involvement during its development phase. Early
Life Mark Elliot Zuckerberg was born on May 14, 1984, and
grew up in the suburbs of New York, Dobbs Ferry. He was the second of four
children and the only son in the educated family. Mark’s father, Edward
Zuckerberg, is a dentist and mother, Karen Zuckerberg, is …
Étienne Arnault was born on the 5th of March 1949. He is a
French business magnate, an investor, and an art collector. Arnault is
the chairman and Chief Executive Officer (CEO) of LVMH, the world's largest
luxury-goods company. He is the richest person in France and the fourth richest
person in the world according to Forbes magazine,
with a net worth of $75.5 billion, as of March 2018. EARLY LIFE After graduation, Arnault joined his father's company,
in 1971. In 1976, he convinced his father to liquidate the construction
division of the company for 40 million French francs and to change the focus of the company to real estate.
Using the name Férinel, the new company developed a specialty in holiday
accommodation. Named the Director of Company Development in 1974, he
became the CEO in 1977. In 1979, he succeeded his father as president of the
company. CAREER In 1984, with the help of Antoine Bernheim, a senior
partner of Lazard Frères, Arnault acquired the Financière A…
Gates is an American business magnate, who co-founded Microsoft, the world’s
largest personal computer software company. He consistently rank in the top
list of the world wealthiest people, he is one of the world best known
entrepreneur of the personal computer revolution. He is also the world most
generous philanthropist, who has donated over $28 billion to charity. Here are
his top 10 rules for success. 1.Have
you are going to start a company you need so much energy that you use to
overcome your feeling of risk. At the beginning it’s going to look so scary
especially given that you don’t have any experience as in the case for most
startups, you are going to make a lot of mistakes but if you have so much
energy rushing through you, you will be able to overcome your mistakes and that
of your team, you will also be able to guide your team into achieving the
desired result because energy is contagious. 2. Have
a Bad Experience: Bill
Gates is a college dropout who d…