What is Entrepreneurship?
- Entrepreneurship has a great potential in the business settings. The power of entrepreneurial mindset should not be underestimated, it actually carries a great potential to reach the top notch approach.
- Entrepreneurship is a full time job which requires dedication, consistency, hard work, self motivation, willingness to go to great lengths in order to achieve the set benchmarks.
- Entrepreneurs are known to be the innovators, they are creative and with their entrepreneurial mindset, innovate products which create value to the end consumers.
- The core value proposition of entrepreneurship is to analyse a given market and try to fill up the gaps by introducing products which help consumers to solve their day to day problems.
- Entrepreneurs are owners, producers, market creators, decision takers, they have the ability of taking up calculated risks, also referred to as the fourth factor of production along with other factors such as, land labour and capital. They are an important component within the ecosystem.
- Entrepreneurs play a considerable part in generating employment opportunities so they are also said to be the backbone of the Nation’s economic progress. Hence, they play an important role in the development of the country at large.
- The word entrepreneur comes from the French word “entreprendre” which means to undertake.
- An entrepreneur is a person who starts a business and is willing to risk loss in order to make money. Entrepreneurship means the willingness of an individual to start a new business venture by taking up risks and managing it in this technology enabled competitive global environment.
- Entrepreneurs are known for their great innovative methods, pioneering with a descriptive product or technology and their constant research in order to better their services and creating value to its end consumers.
- The size of the business, the type of the work, the age or formal education of the individual does not restric the entry of the entrepreneur. Entrepreneurs are people who are great leaders who have the courage to offer and share an idea or product with the world creating value to the consumers by solving a problem or filling gaps. They try to make market a better place where the needs of the consumers are satisfied by hyperscaling the various business activities and trying to gain a profit margin in between.
Howard Stevenson, a long time professor at Harvard business school, defines, "Entrepreneurship is the pursuit of opportunity beyond resources controlled."
Webster dictionary defines, "The definition and entrepreneur is a person who starts a business and is willing to risk loss in order to make money."
The Oxford English dictionary defines, "An entrepreneur is a person who organises and operates a business or businesses, taking on greater than normal financial risks in order to do so."
CASE STUDY: ENTREPRENEURSHIP
For example, In today’s technology era there are various E-Commerce/ Quick commerce platforms which help consumers get their groceries/ goods delivered within 10 minutes at their door steps. This model is indeed very helpful and requires a great dedication from the promoters point of you in order to get to the position in which they stand today.
Building the model is not a matter of a single day, it requires a lot of dedication, focus, research and development, making supply chain analysis, partnering with the delivery agents and with various joints from time to time, simultaneously, having top level executional practices, which inturn, has helped the business venture to make 10 minute delivery possible. This indeed is an inspirational move, the entrepreneurial mindset plays a potentially great role and helps one to reach great heights.
Building an efficient, successful, high end business model which makes deliveries possible in the span of 10 minutes is no joke, it requires a lot of strategic management, excellence execution, hyperscaling of responsibilities, partnering with various third parties and delivery partners and at the same time making sure that all these factors are coordinating well. It is a massive structural framework which needs proper execution methods in place in order to maintain the standards.
Qulalities Of A Successful And World Class Entrepreneur:
Disciplined:
Discipline is an element which forms the most important and distinguishing/ determining factor in the success and the failure of a business venture. Success demands discipline, entrepreneurs are discilplined with a strong work ethic mindset which helps them to reach the top.
Unshakable Confidence:
Entrepreneurs are innovators with a creative mindset and exude great confidence. The leadership personality and a clear mindset help them to navigate through the various challenges they face on the day to day basis. They have immense confidence in themselves, they know their true potential and are confident enough to take big steps ahead and manage various responsibilities in an effective and efficient manner.
Excellent Comminication:
Entrepreneurs are excellent communicators, they possess the way to positively influence and have a strong impact on others. They have a diplomatic way of managing critical situations. Communication plays a great role in functioning the activities of the business. It helps in effective delegation of the operational responsibilities, taking accurate business decisions by taking into account everyone’s opinions, redressal of grievances and communicating openly with everyone. Effective, efficient, transparent and timely communication helps the company to gain the confidence of its stakeholders.
Excellence Execution:
Excellence execution is the determining factor for the business organisation. For any business to reach its highest potential there needs to be a excellence execution process in place. Execution refers to the actual actions undertaken by the business to reach the top level. It needs to be done in a predefined duration with consistency and determination.
Agility:
Learning agility is the most important factor which a leader should possess, it is the ability to know what to do when you don’t know what to do. Often such situations take place where one has to think from a neutral perspective and take the best decisions. If you are able to excel in unfamiliar circumstances you might already be learning agility. Favourable situations is something everyone is comfortable with but critical/ unfavourable situations are the ones which make the difference, a powerful, effective, efficient and true leader is able to tackle such experiences with ease taking into consideration the highest good of all.
Learner:
Entrepreneurs are great learners, they are open to learn from everyone. One has to keep learning throughout the life. There is a lesson in each and every situation that you interact with on a day to day basis. Great leaders/ entrepreneurs are really considered to be great learners. Observing and learning from situations help a person to become a good leader.
Observation:
Effective and efficient leaders are great observers, they have a keen command and check of their surroundings. Observation helps them to analyse the internal workforce, management, the external investors and the other stakeholders. With great observation skills they are in the position to take the accurate decisions in the greatest advantage of the organisation as a whole.
Laser Sharp Focus:
Leader/ entrepreneur is someone who has to show the path and create the way towards the attainment of the goal. He/ she needs a lazersharp focus inorder to get to this point. Effective focus leads to incremental growth, the efforts are put into the right places. Being focused helps organsations to achieve excellence execution, exponential growth, productivity, efficiency, improved profitability and a strong reputation/ goodwill.
Courageous:
A leader should be courageous and fearless enough to take control of terrible/critical situations. It can be hard to speak up at work whether you want to voice a new idea, provide feedback to a direct report or flag a concern for someone about something. Rather than avoiding problems having courageous, ambitious leaders to step up and move things towards right direction turns out to be breakthrough element.
Respect:
True leaders/ entrepreneurs are known for their ability to give and take respect. Treating people with respect and integrity is one of the most important things a leader can do. It will minimise stress, tensions, conflicts among people and lead to improved trust and cordial relations. Being respectful is not that difficult, it can just be started with simply being a good listener who truly cares and values the opinions of its members/ employees/ individuals/ stakeholders. Treating each and everyone with respect should be the core element of the value propositions of the company.
Delegation of Responsibilities:
In the business settings there are huge responsibilities in terms of work functioning, variable functioning of various departments, controllership of finance, the record keeping of the same, the cost controls, etc. Here comes the part of deligating those responsibilities effectively, which forms the core value proposition and responsibility of an effective leader. A leader has to delegate the responsibilities in an effective manner to get done the work smoothly, systematically, efficiently and accurately.
Effective Listener:
A leader is someone who is supposed to be good listener. He or she should listen to the grievances/ disputes, if any, of his/ her employees and take actions to make it right. Simply being a good listener solves half of the issues concerning the business operational activities. The workforce feels a sense of support just by taking into account their problems and making a note of it.
Diplomat:
An entrepreneur has to be a diplomat, he/she should be smart enought to tackle critical situations diplomatically. It is a great skill of dealing with people, acting in a way that does not cause offence. Being diplomatic, stresses on the ability to deal with ticklish situations tactfully.
Self Motivated:
An entrepreneur is a person who is a highly self motivated individual, he or she has a creative mindset and a strategic framework or plan of action in place in order to get to a point. Entrepreneur is someone who has that immense dedication, consistency, work ethic, excellence execution system, strategic management in place and strives to achieve the end potential.
Self Starter:
An entrepreneur is someone who takes the lead, he/she shows, creates the path and the workforce follows. They are the ones who take charge of a given situation and proactively start taking efforts towards the accomplishment. Their ambitious and enthusiastic nature motivates and inspires others to strive towards the same and this inturn, helps the company grow stronger not only in terms of work ethic but also creates a team spirit, trust worthy ecosystem, and a cordial environment.
Creative:
Innovation should have a strong support of creativity. Creativity is an element which helps a person to think out of the box and it turns out to be the essential part of entrepreneurship. Having a creative mindset is the foundation of building great and successful business ventures. Creativity equals to innovation.
Determined:
Entrepreneurs are known for their lasersharp determination towards the attainment of the goals/ objectives of the business organisation. Determination is a key factor which determines the success or failure of the company. A strong determined leader with a sharp, organised, effective and efficient team makes the best combination.
Hard Work:
An entrepreneur is ready to work hard and go great lengths to reach or attain the business goals. Many a times he or she has to handle the main areas of business independently. He/ she is someone who is greatly skilled to manage each and every activity with the full clarity.
Technically Skilled:
An entrepreneur has a good technical knowledge in regards to his or her own business. Has the ability to update themselves with the latest technology about the product, process, technology, the way in which the things are carried out on a day to day basis.
Visionary:
Visionary is someone who has a bigger picture of his or her business enterprise. This person knows and has a crystal clear strategic plan of action so as to where to take the business venture in the coming future. He or she has a great foresight about the future market situations. Has a great knowledge about the internal business and the external business. Having great information helps entrepreneurs to take proper decisions according to the situations.
Great Risk Takers:
Entrepreneurs are known for their strategic risk management, they take up calculated risks, are ready to face and tackle challenges while mitigating those with various financial products like insurance, hedging and managing everything strategically and efficiently.
Optimistic Approach:
Entrepreneurs are some how programmed in a way that they approach situations with atmost positivity, and have the ability to turn a negative/critical situation into a favourable. They are always hopeful and confident about the market situations, such positive attitude helps them to run the business efficiently, smoothly and achieve great success in the future.
Highly Intelligent:
An entrepreneur has a sharp mind and strategic approach towards things, has a reasonably great intellectual capabilities. He or she is equipped with the ability to analyse various business situations whether critical or favourable. This capability, leadership and great confidence helps the entrepreneur to take great and accurate business decisions.
