Category Archives: Entrepreneurship Article

Want to be an Entrepreneur?

Entrepreneurship involves giving life to an idea without the help of anyone else and developing it into and maintaining it as a successful business.

In recent times of ups and downs in the business market and most importantly, the depression of 2008, has prompted the great requirement of competent, skilled and smart entrepreneurs that are flexible and malleable when it comes to building new policies and ideas for the growth of a business venture that continues even through the toughest of times.

Another important aspect of entrepreneurship is that it is one of the most reliable and also the most used determiner of the near future of the country. By analyzing the entrepreneur industry one can determine the availability and creation of jobs, turnover, opportunities to succeed and more in the future.

Entrepreneurships are classified in multiple ways and thus, into several categories. Some of them entail:

  • First classification
  1. Opportunity-based entrepreneurship
  2. Necessity-based entrepreneurship
  • Second classification
  1. Technological
  2. Geographical
  3. Sociological
  • Third classification
  1. Business – Business entrepreneurship revolves around raising revenues and the inflow of money.
  2. Social – Social entrepreneurship incorporates the making of strategies that aid in improving the society and focuses on its betterment.

Apart from the requisite qualifications for entrepreneurship, an individual is required to have a passion for working hard with determination and positivity. They must be dedicated to their craft. Being bold and brave enough to take risks would be added bonuses that can help them progress even on the rockiest of terrains. It would be helpful if they come from a business background. Furthermore, shrewdness in business as well as the business market can give them an edge in the field.

The best part about entrepreneurship is that there is no age for this profession. One can acquire as much knowledge as they wish to and jump into this field. However, the minimum requirement to join even a certificate course for entrepreneurship is the passing certificate of level 10+2 or grade twelfth. At the same time, the aspirant’s knowledge, experience and the requirements of the course they are opting for are also considered in case of which the 10+2 rule may be revoked. Today, an array of institutions including the top B Schools in Rajasthan offer a wide range of options for budding entrepreneurs and aspirants. These courses include several short term courses stretching from 6 months to a year or more. Getting a degree from a reputed B.Com college in India is very important to establish a strong and valuable foundation for a future entrepreneur. A good course can help inculcate in them the qualities necessary to not only launch a new start-up but also to manage it well enough to transform it into a leading entrepreneurial venture.

The best thing about entrepreneurship is that an entrepreneur does not have to wait for any good opportunities or opportune time to initiate their company or to build an already existing one. An entrepreneur carves his or her own future. All they need to do is gather funds which, on the other hand, are quite the task. Nevertheless, the good news is that in India, the government is more than ready to fund new start-ups and fresh entrepreneurs. There are several schemes from the f=government that provide support in the form of funding, tax incentives and building infrastructure to facilitate new ventures. Moreover, there are many private as well as public institutions that provide education along with scholarships and funds to aspiring entrepreneurs wishing to start a new business.

Another great development in the field of entrepreneurship is the advent of a number of women entrepreneurs and businesswomen. Not only have a great number of Women’s MBA Colleges cropped in India, but these B-schools have seen a considerable surge in the number of female students taking admission in them. Female entrepreneurs are immensely encouraged by such colleges, social organizations, NGOs as well as the Government of India. This is a great step ahead for the Indian socio-economy as not only will this uplift the female population in the country, but poor families too. Such families usually have a female bread earner and entrepreneurship is probably the best way to benefit these families financially.

3 Success Keys For Startup Entrepreneurs

An entrepreneur is a person who sets up a business or a chain of business, in hope for profit from it..As an entrepreneur you need to take risks, try out new methods and you need other qualities as well. But, there is always a cheat sheet for a lot of things in the market. If not a cheat sheet, then there are surely some practices that will put you in a better spot than others around you.

Surely there is no shortcut to success. You cannot hope to achieve success overnight. You cannot hope to have everything running in your favour within a few minutes of you starting your business. Nothing is that easy, period. Because if it were that easy, everyone would be doing it. But, it is not as difficult as you think it might be. As mentioned in our numerous posts (go read them, if you haven’t already), you need to do your homework before getting into anything. You wouldn’t want to invest in a company without researching about their foundation, their ideals, their methods and their production’s profit or loss in the past year.

Entrepreneurship is vaguely similar to being a detective. How is that, you might ask. Let us break it down into basic forms to make it a little clear. What does a detective do? Solve cases? Well, entrepreneur does not solve cases, so does it make both the professions same? A detective observes various things and viewpoints in order to solve a case, that you all can accept, correct? Being an entrepreneur is same. Before starting or investing in a business, you look at various aspects like how much profit did it make or will make, what is the main objective of this business and such questions, as I mentioned earlier in this post.

We have compiled 3 Success keys for startup entrepreneurs that will help you set your feet in the business and set your record straight up in a longer run.

1.) Be passionate about your dreams :

This goes without saying and should be the very first key to achieve success. If you love what you are doing, then there is no stopping it. Put your heart and soul into it, just like Eminem does into rapping. Eminem loves music, he loves rapping and he does only that and there is no arguing whether he is one of the bests or not. Do you see him running other business ventures? Do you see him doing anything else besides making music? He puts his 100% in what he does and we all should take that as an example and do the same. Put your 100% efforts into what business you are doing. If you do it half heartedly, you will never achieve what you aspire to be. So, give it all you have and just dive into it deep. Fall for it head to toe.

2.) Be patient and believe in yourself :

As an entrepreneur, one other very important skill you need to have with you is “patience”. You need to have some tolerance as well. But, patience will come in handy a lot. Starting and running a business is not a child’s play for sure and it needs time as much as it needs dedication towards it. You will not gain customers overnight, you will not create a Microsoft or Apple in one day. You just can’t, period. You have to give it your all and keep working on it. There may be a time when a customer might leave and you might hit the rock bottom. It is that time which breaks a person inside out and you might even want to shut your business down. This is the time to be patient and have faith in yourself and your team, if any. Always strive to be the best. Even Eminem has bad Albums and have had a rough time. But, did he give up? Nope, because he believes in himself and you should believe in yourself as well. This point cannot be stressed enough.

3.) Walk, don’t run :

Don’t take it literally– well, you can take it literally as well because it’ll help you out with your health problems. A healthy body yields a healthy mind, which in turn gives positive results in business or work. But, that is not the point we want to make here. A lot of new entrepreneurs make a very basic mistake most of the time, they try to achieve success overnight. Most of us don’t have patience and we try to hurry everything and get it done ASAP. But, that should not be the case. Just like they say “Chew properly, don’t swallow, eat properly in order to utilize food and its nutrients properly”, you should try to take one step at a time and not cover the whole ground as soon as you start walking. Every field has a thing or two to teach you and you can learn a lot from pretty much everyone and everything. So, take your time and slow down a little and don’t run.

You do need other skills to become a successful entrepreneur, but these 3 are very basic keys to become a successful entrepreneur. Read them and understand carefully and let these sink in. When you try relating these with actual life, you will see that you apply these 3 keys anywhere, in any field and in any work you want. These are the 3 universal keys to success. Love what you do, have patience and walk, don’t run!