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Entrepreneurship

An entrepreneur is one who starts a business or an enterprise, organizes, manages and handles the risks involved in it. He should ultimately have an urge and capacity to develop the business venture to make profit. Nowadays youngsters prefer to start their own business instead of working nine to five for a company .Be it about developing an app or setting up a software company, a youth wants to take up the challenge himself and work the way he wants to without answering to a boss. All he needs is a capital, big or small depending upon the type of business.

The trend of doing business doesn’t limit with youth alone, but also has been wide spread among the middle aged working lot too. Some choose to venture alone and many form an entrepreneurial team grouping his friends and acquaintances.

Entrepreneurship includes entrepreneurial, managerial, promotional and commercial skills. The entrepreneurial skill includes risk bearing, organizing, and innovation.

Managerial skill is to forecast, plan, organize,  command,  co-ordinate and to control.

Promotional skill can be recognised right from identification and selection of a rewarding business idea. This is done based on cost and benefit associated with them. This skill also involves planning with a well defined course of action such as planning the location of enterprise, requirement for land and building, plant and machinery, raw material, utilities, transport and communication, manpower which would help to achieve the objectives along with the prime need, capital.

Commercial skill comes into action only after the enterprise is set up. Production and its ancillary activities like planning and control, maintenance and repair, purchasing, store-keeping, and material handling come first. Then marketing activities like product, price, packaging, promotion physical distribution emerge.

It is very important that you should like what you are doing. Self esteem of course helps an entrepreneur implement his ideas without any hesitance or fear.

Passion and motivation will determine success in any entrepreneurial venture. Success can’t be cherished long unless there is an utmost passion shown towards the business

Satisfying the customer is the ultimate objective for an entrepreneur. At the same time it can’t be obtained very easily. An entrepreneur has to adapt and be flexible according to the client or market need. .

Sitting on laurels will never work out for any entrepreneur. He has to work hard and prove the worth of his business firm on a regular basis.

Successful entrepreneurs will always be ready to take risks in their business since they are very much aware that any risk would not go beyond the cost of their time, career and money.

Entrepreneurs should know the complete dynamics of their products and a good knowledge of changing market needs, competitors and other external factors,

Inspiring stories of successful entrepreneurs like Mark Elliot Zuckerberg, the Founder of Facebook, Pierre Morad Omidyar, the Founder of eBay, Azim Premji, the chairman of Wipro,Verghese Kurien of Amul and many more would make us better understand that they   had  all the required skills to mark their names in the world map.

 

 

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