Entrepreneurship seems easy when we see successful entrepreneurs around the world minting millions of dollars. However, people often quickly realise how hard entrepreneurship can be in reality. Here are some useful tips for wannabe entrepreneurs who wish to pursue entrepreneurship.
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INTRODUCTION
What is entrepreneurship?
Entrepreneurship is an act or activity of starting a new business from scratch by taking calculated risks in order to generate profits. Entrepreneurship is a process of innovating, designing and launching a new product or services through a business venture and managing all the risk attached with such products or services.
An entrepreneur is leader who is inclined to generate wealth for its business and lead the business to new heights by accepting all the challenges that may come along the way.
The fundamental Characteristic of entrepreneurship are the spirit of being enterprising, a risk taking attitude and an innovative and creative mindset.
Why Entrepreneurship is important for society and economy?
Entrepreneurship can bring about a social change in societies especially in economically weaker section of society it boosts community development. The spirit of entrepreneurship in the lower strata of the society helps in upliftment of living standards, improved quality of life and economic independence.
Entrepreneurship promotes employment there is a direct correlation between employment generation and entrepreneurship. As more people start their own businesses the demand for human resources will rise leading to higher level of employment generation at local level.
Entrepreneurship is also a parameter to judge a countries economic strength and stability. More new enterprises arising in an economy is generally an indication that there is a positive increase in employment rate, an increased income per capita, higher tax bracket and an increased tax generation for government.
Here are some useful tips for young and aspiring entrepreneurs who are well on course of entrepreneurship.
1.No Risk and No Reward is the slogan of Entrepreneurship
Remember that the word risk is the closest cousin of entrepreneurship, right from starting a business to managing and running a business there are enormous risks one has to take on every step along the way. When pursuing entrepreneurship, one may have to risk one’s career, personal savings, financial stability and in certain cases risk relationships with friends and families.
However, Risks and Reward are also directly proportional most entrepreneurs take calculated risks to make businesses succeed. Taking a well thought out risk is an integral part of doing any business. Famous entrepreneurs like Mark Zuckerberg, Elon Musk, Warren Buffett, Steve Jobs, Bill Gates etc have all taken big risks when starting their first business.
2. Have a clear Vision
In Entrepreneurship, having a crystal clear vision is extremely important. In business having a clear vision means having an absolute sense of purpose. It is an extremely important tool for entrepreneurs which drive’s them to achieve their business goals and desire, a vision helps to imagine and paint a larger picture of the business for the future that which does not exists yet.
A vision is fuelled by passion and a burning desire to succeed in life and business.
“Vision without action is merely a dream. Action without vision just passes the time Vision with action can change the world”
Joel A Baker
Having a powerful and clear a vision is both inspirational and motivating to everyone within the company. It helps build energy and momentum among the team and create a strong sense of commitment and dedication for the business within the team.
During the difficult and stressful times of a company it is the vision of an entrepreneur which provides direction and strength to work persistently to achieve the results.
3. Entrepreneurs Overcome Fears of failure.
Fear of failure is probably the single most thing that is holding you back from pursuing entrepreneurship and live our entrepreneurial dreams.
“Courage is not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.”
Nelson Mandela
Fear of failure, rejection, financial loss, emotional loss, stressed relationship, fear to change are some of the reasons one may fear to initiate an action. Fear has the ability to paralyse our decision making process and stall our progress in life.
Fear can determine both are actions and inactions and it often disguises itself in form of procrastinations, laziness, inability, hesitations and lack of action.
Only 3 things can help you overcome the Fear of Failure.
- Courage: Courage is the ability to acknowledge the fear and take action in spite of it by gathering inner strength to resist and revolt against the circumstances induced by fear. It is the ability to take appropriate action and own responsibility for the same without blaming others.
- Self belief: The secret which is no secret it the power of Self belief or Confidence. The power of self belief can propel you through any hurdles or challenges that may come along the way and will take you a long way in life overcoming all your fears. Entrepreneurship is all about a never give up attitude no matter how many times you have failed.
- Positive Attitude: Attitude is very important to overcome fear of failure. A positive outlook towards life is very important especially when the journey of entrepreneurship becomes tough and challenging. Stay positive even in the most adverse situations trust yourself, your abilities and have faith in your actions.
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4. Entrepreneurship is about Keep Learning keep Growing.
The journey of entrepreneurship is long one and learning and growing along the way is a never ending process. Growth is an important part of entrepreneur’s life and the food for this growth is experience that you gain while learning from the mistakes you make along the way.
Growing as a person will helps you change and be the person you aspire to be. Entrepreneurship is a very dynamic process were changing oneself with changes in time is crucial. Learning newer skills, new technology and staying updated with the advancement in today’s world is the need of the hour.
Growth fills you with knowledge and intelligence and it gives you wisdom and a rational thinking.
As an entrepreneur your growth should just not be limited to just sharpening your intellect your growth should be in a holistic manner i.e, Physical, Psychological, Emotional and Spiritual.
Here’s a small little secret “A seed doesn’t need to know how to grow, it just grows in to a beautiful plant all naturally” similarly you don’t need to know how to grow all you need to know is how to be yourself. “Yourself” simply means harvesting a profound sense of Judgement, Compassion, Empathy, Integrity and Perseverance all within you.
5. Stop Over planning and Take Actions
For you to see any realistic change in your life or business you need to stop over planning and take action.
Most entrepreneurs get sucked in the vortex of over planning they seem to not take any real world action on their plans but only draw multiple plans without taking any action on any of those plans.
In Some cases, people fail to take action simply because they overwhelm themselves by setting such unrealistic goals and targets that it seems almost unachievable. The simplest thing here is to break down larger tasks into smaller goals which is easy to manage and attain.
Entrepreneurship is all about taking swift and timely action at the right moment. As an entrepreneur you would be required to make quick decision and take instantaneous action on them without delay.
Willingness to take action without fear and with full of confidence is the key characteristic an entrepreneur needs to imbibe within itself when you decide to start your entrepreneurship journey.
CONCLUSION
As one wise man said “When the door to opportunities open. Don’t waste time asking Why and How?, Step through it and introduce yourself”
So, Stop thinking! Stop Planning! Stop cringing! Embark on the journey of entrepreneurship and take timely action to realise your long lasting dream.
