Entrepreneurship
“If Opportunity Doesn’t knock, Build a Door”
“Direction is More Important Than Speed”
Entrepreneurship refers as, all activities which are to be carried out by a person to establish and to run the business enterprises in accordance with the changing social, political and economic environments.
Entrepreneurship is considered as a new product that would enable businessmen to develop new form of business organization and new business activities catering to the changing needs of the society.
- Building organizations.
- Providing self-employment
- Utilization of available resources
- Innovation applied to the novel concept
- Bringing together multiple factors of production in a tangible manner.
- Identifying and exploiting business opportunities within the available market.
Who is an Entrepreneur?
Entrepreneurs are business people who can detect and sense the availability of business opportunities in any given scenario. They will utilize these opportunities to create new products by employing new production methods in different markets. They will also function in different ways by using various resources who will give them profit.
A potential entrepreneur should show the interest to seek out investment opportunities in the market, so that they can run the enterprise successfully based on the identifiable opportunities.
Types of Entrepreneurs:
Based on their working relationship with the business environment they are functioning in, various types of entrepreneurs can be found. The chief categories are these four types of entrepreneurs, i.e.
ï‚· Innovative entrepreneurs,
ï‚· Imitating Entrepreneurs,
ï‚· Fabian Entrepreneurs, and
ï‚· Drone Entrepreneurs.
Innovative Entrepreneurs : This type of an entrepreneur is more interested in introducing some new ideas into the market, organization or in the nation. They are drawn towards innovations and invest a lot of time and wealth in doing research and development.
Imitating Entrepreneurs: These are often disparagingly referred to as ‗copy cats‘. They observe an existing successful system and replicate it in a manner where all the deficiencies of the original business model are addressed and all its efficiencies are retained. These entrepreneurs help to improve an existing product or production process and can offer suggestions to enhance the use of better technology.
Fabian Entrepreneurs: These are entrepreneurs that are very careful in their approaches and cautious in adopting any changes. They are not prone to sudden decisions and try to shy away from any innovations or change that doesn‘t fit their narrative.
Drone Entrepreneurs: These are entrepreneurs who do not like a change. They are considered as ‗old school‘. They want to do business in their own traditional or orthodox methods of production and systems. Such people attach pride and tradition to even outdated methods of doing business.
Roles of an Entrepreneur:
Entrepreneurs fulfill the following three dominant roles:
ï‚· Economic Change
ï‚· Social Change
ï‚· Technological Change
Entrepreneurs are often stereotyped as gregarious wheelers and dealers who network their way to fame and fortune.
Entrepreneurial journey:
Nobody is born an entrepreneur. Different people take different paths to achieve success, and there is no set-in-stone instruction for becoming one. Entrepreneurs take on a number of different roles and these roles can vary depending on what field you choose to enter.
- Have the right mindset.
I often see people who want to be an entrepreneur and can‘t figure out why their goal isn‘t working. In the end, they simply aren‘t thinking like an entrepreneur. The first thing that new entrepreneurs need to know is that failure is likely and success is not given. Understand the risk you are taking, and also understand that you will most likely not succeed immediately. - Be honest with yourself.
The life of an entrepreneur can be great — you‘re your own boss, you make the rules, you run the business. However, all of these are easier said than done. Entrepreneurship isn‘t an easy path. Instead, it is often much more difficult than getting a regular job. - Start thinking.
Just because some college drinking buddies want to open a bar doesn‘t mean they should. Likewise, just because you‘ve come up with what you think is a good idea doesn‘t mean it‘s perfect. There‘s a lot of research, planning and general deep thought needed to succeed as an entrepreneur. Without proper preparation, your dream business could fail quite quickly. - Find a mentor.
This is one of the most important steps you can take to lay a foundation for success. When you have expert guidance, support, and motivation — you are 100 times more unstoppable than you are alone. Mentorship allows you to quantum leap straight to the head of the game more rapidly than if you tediously faced down every beginner‘s hurdle. Avoid pitfalls, mistakes that could cost you your future, and rash decisions by having someone in your corner. - Commit.
Once your business idea is prepared and you‘re ready to be an entrepreneur, the last thing you need to do is commit. If you truly want to succeed, put in 100 percent effort. Effort will always trump luck and skill, so if you‘re serious about being an entrepreneur then you should never stop trying.
Stress and Entrepreneur:
With Network Group being a collective of dynamic and successful entrepreneurs, stress is a close companion in the life of an entrepreneur, which can also sometimes lead to periods of depression. So it is timely to be putting the spotlight on some of what it means to speak out about one of the more silent and unspoken aspects of being an entrepreneur (or sometimes it’s called being a solopreneur‘).
Every entrepreneur starts out with big dreams and excitement. As an entrepreneur, you control your own destiny, and with the right ideas, the right skillset and unflinching dedication, you can build wealth or establish an enterprise to serve as your legacy.
This is the bright side of entrepreneurship, but unfortunately, there‘s also a darker side. The rigors of entrepreneurship demand sacrifices. Business is, at its core, a give-and-take process. The more you invest, the more you‘ll reap in rewards in kind. Within this there are some areas of sacrifice‘ that nearly every entrepreneur makes, as a start-up and also along the business success journey in varying degrees – stability; work/life split; income; sleep; and comfort.
