An entrepreneur is the one who takes a risk and starts a new venture or business. He takes a risk in search of profit from his investments. An entrepreneur sets and example to others that thing risk is important in order to earn a profit. It is not easy to be an entrepreneur, but it is worth it. Many famous entrepreneurs are only famous for taking risks and earning handsomely. He organises, manages and estimates the risk of his business. He is the one who has to identify the business he wants to start. To become an entrepreneur takes deep knowledge and risk in order to make some profit out of the investment.
What is Entrepreneurship
Entrepreneurship is the process of starting a new business and investing in it by taking a risk in order to earn profits in the future. Being able to take a risk in order to generate profits in future is what defines an entrepreneur. And being able to work on his plans and ideas of running a business properly is known as entrepreneurship.
Characteristics of an entrepreneur
- One must be confident.
- He must be a risk-taker.
- One must be full of high energy and highly motivated.
- One must be honest and trustworthy.
- He must be a problem solver and learn from failures.
- One must be a future-orientated.
Skills required as an Entrepreneur
Ability to plan: One must have good planning skills to be an entrepreneur. There must be 5W in planning Who, What, Where, When, Why. The answers to this question must be the foundation of the planning process.
Communication skills: Communication plays an important role in entrepreneurship. Being an entrepreneur, one must have good communication skills, as well as one must be a good listener too. How an entrepreneur communicates with its clients, employees play a major role in increasing the chances of profits from your venture.
Leadership skills: Being an entrepreneur one must have good leadership skill. Learn how an entrepreneur motivates its employees himself in tough times. The good leadership skill is to treat your employees as an owner and not as a servant. This will automatically motivate them and boost their morale. A good leader never disappoints his employees.
Steps in the Entrepreneurial Process
Discovery: This is the stage in which the entrepreneur makes a study of the market and creates ideas and finalises the risk involved.
Concept Development: To Develop a business plan is concept development. It describes the business idea. From choosing a location to finding out whether a trademark is required or nor.
Resourcing: This is the stage in which the entrepreneur assembles the resources required to start the business. From capital investment to every small cost, everything is required for the success of the business.
Actualization: When resources are assembled in one place. An entrepreneur makes use of those resources in order to achieve the goal of profit-making.
Harvesting: The stage when the entrepreneur decides whether to continue the business, about future growth and other aspects of his business.
Internal and external factors of an entrepreneur
- Desire to do something good
- Educational background
- Government assistance and support
- Availability of labour and raw material
- Promising demand for the product
- Self-confident and optimistic
- Knowledge of market
- Independent mind
- Able to get along well with others
- Responsive to the suggestion
- Take initiatives
- Dynamic leader
- Resourceful and preserving
BARRIERS TO ENTREPRENEURSHIP
- Lack of viable concept
- The Lack of market knowledge
- Lack of technical skills
- Lack of capital
- Time presence and distraction
- Legal constraints and regulations
- Lack of business
Being an entrepreneur is not easy. But nothing comes easy in life. The people who fear losing their money are not risk-takers. Be a risk-taker in life. Remember, if you invest, you earn. Without any investment, you won’t be able to earn a handsome amount. There are many big entrepreneurs who set an example to the world that how your risk can be turned into profit if you run your business properly and efficiently.