Entrepreneurship means generation of a unique business idea and setting up an enterprise to facilitate that idea. Entrepreneurs are the ones who undertake invention and innovation and try to build a platform for their product.
Most people often tend to confuse this career with that of a businessman. But there are significant differences among the two. Entrepreneurs are constantly adaptive for change and are generally innovative in their approach. They have strong desire to excel and thus are ready to take risks. On the other hand, Businessmen are not so open for change and innovation. Entrepreneurs also have strong leadership qualities.
The entrepreneurship is not restricted to a particular field. Entrepreneurs are there in the manufacturing sector, services sector, agriculture sector and any other sector that one could imagine of. A recent trend in the world of entrepreneurship is the boom in the online services & products sector. A host of e-commerce companies have marked their presence in Entrepreneurship. A few of the successful entrepreneurship ventures include – Snapdeal.com, WeareHolidays.com, Flipkart.com, Indiagames etc.
What do they do?
Entrepreneurs are people who have an idea. It all starts with that idea or a skill which can be resourcefully used to achieve certain specific goals. They are people who wish to create something and flourish it. Rest is all a by product. The idea overall includes a business plan which requires certain resources to materialize and the untimate goal for which is somewhat bigger than just profits.
It does not require any specific qualification or skill set as such however, these can be acquired in order to enhance the knowledge and expertise of the entrepreneur.
Leadership, ownership and risk taking are the primary behavorial skills required for being an entrepreneur.
Behavorial Skills- Leardership, Ownership, Risk Taking, Accountability, Determination, High Emotional Quotient (EQ)
Analytical Skills- Certain analytical skills are required in order to understand and run all the aspects of the business
Legal Knowledge- In order to have start an enterprise/partnership, legal documentation is required
Communication Skills- For proposals, Pitches, dealing with customers/clients/investors
How do I get there?
This career requires a dynamic personality and character. So, there is no formal qualification that guarantees you to become an entrepreneur. But, the desire to succeed and willingness to adapt to the change is a necessity.
The return is high but it involves a high degree of risk also. The latest trend is to procure an MBA/ PGDM in Entrepreneurship before you start your own venture. A management degree on Entrepreneurship not only helps you steer towards a successful direction but, also gives you a perspective on what the market requirements really are today. With various start – ups and entrepreneurships in the market today, there is a niche job market opening up for professionals who are equipped with the correct skill set to address the demand created in the society.
Even funding for these entrepreneurships becomes easier if you have a degree to compliment your idea. Foreign funding agencies are more inclined to invest if the receiving party is educationally qualified.
Typical day in the life of a Entrepreneur
The day of a regular entrepreneur is supposedly hectic. The pre-requisite of being an entrepreneur is being a multi-tasker. Whether the business idea is funded or not, an entrepreneur is always struggling to make all the ends meet.
The work and personal life come closer than parallel as the entrepreneur is hardly ever off-duty. Somthing or the other, from the team, clients, business and constant planning, always requires the attention. Hence, an entrepreneur can be found on a phone or laptop almost all the time.
The entrepreneur is required to be a good manager and leader at all times.
In all this, the entrepreneur has to make room for his/her own fun and leisure too.
Pros & Cons about this career
• Success gives immense satisfaction in this field • Suitable for inventors and innovators • You can give your idea, a shape and make it reality
• Always change oriented field • High degree of risk is there • High tension job • Dependency is high on the team, existing clients • More difficult to establish work-life balance