How To Get Started As An Entrepreneur – Entrepreneurship is the process of starting a business. It is usually a start-up company offering a product, process or service. Being an entrepreneur is a high-risk, high-reward position. Entrepreneurship involves a constant search for new ideas and a willingness to take responsibility. It is the determination to put your mind to a task and see it through, from start to finish. Yes, I know these are known facts and all thanks to Ted Talks.
But let’s learn a little more about entrepreneurship than these super-cool-we-have-it-so-good videos. What does an entrepreneur do and what makes you a great entrepreneur? What do you need to start your business? It’s not as simple as uploading this video, is it?
How To Get Started As An Entrepreneur
“Entrepreneurship is a systemic innovation. It consists of a targeted and organized search for change and a systematic analysis of the opportunities that such change can offer for economic and social innovation.” – Peter Drucker
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An entrepreneur can be defined as an individual who organizes or manages a company(ies). A person who organizes and directs any business, usually with considerable initiative and risk. Entrepreneurship is a creative activity that involves the mobilization of assets. It goes from one level of productive use to a higher level of use.
In very simple terms, an entrepreneur is someone who perceives prospects. They systematize the resources needed to develop the opportunity and take advantage of them. Laptops, motorbikes, mobile phones, credit cards, courier service and ready meals; are all examples of business ideas that were turned into products or services.
Technological advances are an important component of the self-employment boom. We can think of this as technological progress. As long as someone has a smartphone, tablet or laptop with an internet connection, they can keep their office online. They can also communicate with billions of people faster and with limited difficulty, thus making business easy and cheap.
Unfortunately, society plays a big role in determining your status in India. A change in mindset is one of the main reasons why business grows. Yes, there are still “oh kitna bada hogaya hai” aunties and “kya business karoge? sabji bechoge?” uncles and always does. But society as a whole is changing its perception of startups. Not only do we understand its importance, but we also encourage new ideas.
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Besides, a whole global opportunity is knocking on our door. Internationally, in various sectors, the ‘Made in India’ label, like the ‘Made in China’ label, is now an increasingly respected brand. It is valued for quality, reliability and competitiveness. The world is now our market and our opportunity.
Entrepreneurship is not new in India. A number of India-based companies are consistently ranked among the Fortune 500 companies. Similarly, countless entrepreneurs find a place on the Forbes list of the richest people. Believe it or not, Tata and Birla were once startups. Nothing is more encouraging than a true success story of visionary entrepreneurs. People who started from scratch and rose to the top of their game over the years.
Some say it’s best to start in college itself. This is when energy and the ability to take risks are at their peak. Others say it’s best to work for a few years before taking the plunge. Here you need to build a solid base of experience and financial resources. Pursuing these opportunities requires unparalleled entrepreneurship.
Entrepreneurs often have no fallback and are responsible for the success or failure of their business. One of the most important things about becoming an entrepreneur is flexibility. A high tolerance for frustration energy and determination will help you overcome many obstacles you face as a new entrepreneur.
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Gone are the days when an idea and a little Baap-ka-paisa of 12th pass-ladka worked wonders. You can’t control everything in your business, and adaptation is critical to survival. Education instills these qualities in you. Going to business school to become an entrepreneur can help
A business degree is an academic degree. It is awarded to students who have completed a college, university or business school program related to entrepreneurship or small business management. In the two-year program, you will learn all the strategically organizing factors of production and the process of profit maximization. Some of the colleges you can look into include:
Entrepreneurs have the ability to think of new, better and feasible ideas for business organization and management. They are business leaders and contributors to the country’s economic development. Entrepreneurs drive social innovation and change in various fields. These include education, health, human rights, workers’ rights, the environment and corporate development. Success as an entrepreneur requires passion, hard work and perseverance. If you think you can, you won’t know if you don’t give it. Go ahead, launch your dream and be your own boss!
We are a team of passionate thinkers whose mission is to make career counseling accessible to everyone. We believe that every student has the right to make informed choices to reach the destination of their dreams. One Step at a Time Are you ready to go out on your own and start a business? I did a little research on what entrepreneurs have to say about this topic. Then I combined it with my own experiences and got a little creative.
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Here’s a flowchart to walk you through all the questions you need to ask yourself when deciding if you’re ready to make the leap:
Breakdown on whether you need to be an entrepreneur Why do you want to start a business?
Your “why” is just as important as your “what” and “how.” Entrepreneurs tend to work long hours for little pay in the beginning, so this job requires conviction. You need to know why you are doing it. Maybe it’s to change the world, to help people, or to provide for your family. Whatever it is, know your “why.” And let that reason fuel you so much that starting your own business doesn’t even seem optional anymore.
Being a goal oriented person will make it easier for you as an entrepreneur. Having a long-term vision with SMART goals is incredibly valuable. Without goals and a way to track your progress, you’re in the wilderness without a map. And your business could suffer as a result.
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Many people are and some of them can withdraw money. But in general, entrepreneurship is a long-term game. You will likely be building and growing your business for years to come. And the most important assets, like your audience, usually take time.
It’s pretty hard to build a successful business if you don’t want to spread the word. But I understand. I know a lot of introverted founders who really struggle with marketing – myself included. If talking about your product isn’t for you, you’ll need to find an extroverted co-founder or hire a freelancer to do it for you. Better yet, you might have to push yourself and learn how to do it. Oh, and if you still don’t have an idea, check out this article.
According to research, 21% of startups fail in the first year, 50% in the fifth year, and 70% in the tenth year. And that includes companies with a lot of investment and resources. Needless to say, the odds are not great and it is very possible that you will fail. Are you happy with it? While you’re at it, check for success as well. It may sound strange, but many of us are afraid of success, so we sabotage ourselves. It’s important to be comfortable with both winning and losing.
Family, friends, co-founders, neighbors, even online acquaintances (I see you, IH community) – it’s incredibly helpful to have people there to support you when the going gets tough. If you don’t have it yet, try to find it where you can. Reach out to people. And if you just can’t find support, maybe you can at least find comfort in the stories that other entrepreneurs went through (or are going through).
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If you’re considering becoming an entrepreneur, I assume you are. Going out on your own takes a lot of motivation. No one tells you what to do or pats you on the back for doing it right. It’s up to you to get up and go.
6 months worth of runway. The year is better. And there must be time and energy for that.
You don’t need entrepreneurial experience to start a business – you learn on the job. But the more experience and knowledge you have in your chosen field, the better. Marketing know-how is also huge, as is any technical experience.
I know you’ve seen people do it, so you know it’s possible. But do you really believe that this is possible for you? If you don’t, you’ll likely prove it isn’t. Dive into the world of entrepreneurship until this crazy lifestyle is just plain old.
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The time, money and energy I mentioned earlier have to be used efficiently and this requires discipline. Can you make the most of your time? How far you can go
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