Entrepreneur – To do something or in other words to organize.

Entrepreneurship has become a popular term currently, specifically post-pandemic, but not all Entrepreneurs can succeed in entrepreneurial Business.

This short article is my own thoughts considering my work about entrepreneurs and entrepreneurship. Before starting an entrepreneurial business, entrepreneurs should exploit an appropriate opportunity. Opportunity identification is critical in the process of the entrepreneurial world. And capturing necessary resources such as financial resources, human resources, etc.

Let’s Start!

To begin, to be a successful entrepreneur, challenge yourself, and push yourself. Challenges keep entrepreneurs nimble and on their toes. If you’re constantly looking for the next challenge, you’ll always be prepared for what comes your way.

For being a successful entrepreneur, be passionate about your work. If you are not passionate about what you do, you are not going to have the motivation to keep going when you are stressed and tired and most importantly this passion gets noticed by the team and followed accordingly.

For being a successful entrepreneur, reduce fear. Whenever there is fear, change the gear.

I have experienced, fear-stopping action. Entrepreneurs have to be able to pivot and quickly take action when they see an opportunity or recognize a mistake, and with fear riding on their shoulders, they won’t be successful entrepreneurs.

In today’s digitalization almost every day there is news or a story or an article in which a politician or an economist is stating how important entrepreneurship is to the nation and that we need more entrepreneurs to ensure economic growth and prosperity. This as per my view is probably giving birth to – Entrepreneurs.

Myths vs Reality

There is definitely a myth in our heads of what the original startup founder is, and that myth is the mid-30s to 40s male who studied IT or in IIM’s or some other elite colleges and dropped out.

Such myths and stories usually come in different forms. One is a tale of somebody who had an idea that very few understood or believed in, but who with determination and perhaps sheer luck was in the right spot at the right time, and Boom.

What studies have said, quite often, is such stories of successful entrepreneurs who have traveled from rags to riches through hard work and an ability to make the right decisions at the right time. But the ones who are college dropout has not always been the entrepreneurial myth.

Another form is of a local or national entrepreneur celebrating for being in a family or a dynasty business half a century and now handing over the firm to the next generation.

Dreams play a role a good role in the Entrepreneurship journey and can become a story.

There are numerous stories across the globe, few examples hereby;

Arguably the most famous rags-to-riches story in India is of a young Dhirubhai Ambani who used to sell fried snacks in his village to make ends meet.

Jan Koum is the Co-founder and CEO of the globally famous mobile messaging application — Whatsapp. Jan Koum the man who revolutionized instant messaging was born in the rural areas of Ukraine. He lived in a house that did not have electricity in a country having a temperature below 0 degrees mostly.

Oprah Winfrey – her success formula which I personally love to follow and I quote; Go with your Gut instinct and follow spirituality.

Elias Howe was reported to have said that the inspiration for his invention of the sewing machine came from a dream.

Similarly Nikola Tesla is said to have been able to imagine a device in his mind’s eye and then build it without ever having to write anything down, certainly an interesting form of “daydreaming.”

Biographies of entrepreneurs who became self-made billionaires are frequently best sellers much for the same reason. They tell stories of dreams coming true.

One only needs to think of the recent biography of Steve Jobs and the dramatic events at Apple or the movie about Mark Zuckerberg and the drama behind the founding of Facebook.

The meaning of an entrepreneur?

In the world of business in today’s scenario, people who are at the center are known as entrepreneurs, other names they can be recognized for are businessmen, they are the sole owners who run the business, and however, the meaning of real entrepreneur varies.

A thought also arises, how a person can be known as an entrepreneur when all he seems to do is just produce a product?

What then is a person who takes the products from someone, labels them up of his own brand, and makes a success from them?

Would they not be named as an entrepreneur as well?

An entrepreneur is a person who organizes, manages, and takes on all the risks that are much relevant to that business.

On the other side, social entrepreneurs are the people who start up a new line of business within health, education, and many many other subjects that they feel are relevant and can promote social change.  

Such people who lead the innovations within the world of commerce are better known as business entrepreneurs and whereas those who are known as social entrepreneurs are the marketers that drive social change to the society they belong to.

Summing this all together, such definitions say that a business entrepreneur can not only start and promote any type of business but can also promote and bring – change within the industries.

As per my own professional work experience and little understanding, for a person to be called and known as an entrepreneur, he/she needs to be daring by taking risks, calculated risks and needs to accept the challenges of either winning or losing in the competitive business world and keep an open mind always to the possibilities with the results from that business.

Basic Skills required to become an Entrepreneur.

Here are a few pointers as per my work experience and understanding before anyone ventures into the business of entrepreneurship, which shall help you prepare.

1. Plan and Organize

Setting up and specifying the goal that you wish to commit. Working with people as a team and socializing with them as a team is always a need and to do for an entrepreneur, and if you fail in this activity, there are chances you may fail. 

2. Handling Money

Budget is much important and your business needs to be carefully worked out. All financial transactions should be recorded. An entrepreneur has to be an expert in this field too.

3. Selling Products and Ideas

Ways and methods of selling are other important tools for an entrepreneur. The correct methodology should be known to lead in the entrepreneur’s journey. When an entrepreneur is known to such tools it also gets easy in cascading his vision to members of his organization.

4. Management

If you do not have management skills, then the word entrepreneur doesn’t suit you. Managing and its skills play an important role. How you first manage yourself and then your whole set of team is a reflection of an entrepreneur. If the desire for entrepreneurship is there, then this skill of management has to be practiced.

5. Risk-taking

Like in any business venture risks are there and winning is not always possible. Winning and losing are like two sides of the coin in business. How you handle the coin is entrepreneurship.

6. Visionary

He must be visionary and should have the ability to always see the big picture and consistently through his mind’s eyes should be able to look beyond the current/present circumstances by seeing a greater and brighter future for his organization and people. Believe and possess the kind of strength for bringing his organization’s vision/mission to fruition work and fulfillment. Becoming a visionary is by becoming a student of the mind. Power of mind should always be at his fingertips.

7. The Entrepreneur–Leader

It’s absolutely not necessary that a businessman needs to be talented _ what is required and is important is that a businessman should be a skilled person, who understands how to lead, how to organize, how to walk the path with the team, be the people’s man and so on.

8. Entrepreneurial Goals

There is a mindset that the ultimate goal of entrepreneurship is to create wealth, and if wealth is not created, it is something else than entrepreneurship. This implicitly means that wealth creation is the same as success. But, there is another difficulty if you say wealth creation is the only goal of entrepreneurs because it means that entrepreneurs are entrepreneurs only if they succeed (in wealth creation). That would also mean that those who fail are not entrepreneurs. There is an old saying, which can be implemented in any given situation of the profession and that is “you have not really ridden a horse till you have been thrown off and gotten back on again. In many ways, entrepreneurship is really like riding a horse, a big bucking one”.

CONCLUSION

A small business owner is an individual who establishes and manages a business for the principal purpose of furthering personal goals. The business can be the primary source of income and will consume the majority of one’s time and resources.

While an entrepreneur is an individual who establishes and manages a business for the principal purpose of profit and growth. The entrepreneur is characterized principally by innovative behavior and will employ strategic management practices in the business.

“Success is walking from failure to failure with no loss of enthusiasm”.

Thanks for the read.

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