Process of becoming an Entrepreneur (continued)
Now till now I have written about the basic idea of becoming an entrepreneur. Before discussing about the process of becoming a successful entrepreneur one should know that...See more
Being young is a challenge in itself because you are not taken seriously by banks and accountants which means the problem of arranging money. Also the process of arranging money is tough as one has to also arrange for a guarantor.
Another problems are the self assessment problems: Some might initially think that what will happen if they will not succeed. Some will get afraid of the risks that are involved in the start-up.
Sometimes resistance of family and friends can come in the way .Another big question that can come in mind is the inertia factor that is Where and How to start?
Definitely these are the serious problems but they can be easily solved by adopting a sensible and creative approach. For doing this simply one must to know about the traits of an entrepreneur so that one can apply some of these . Traits are:
Entrepreneurs want high degree of achievement.
They pull their own strings.
They are ready to take moderate risks which help them in getting higher return on assets.
They have the ability to allow ambiguity.
They want to do more in less time.
Persistent problem solving.
They have positive energy levels.
They are high in self confidence and are optimistic.
They have internal locus of control.
They are driven to achieve.
Added: 1 year ago
KARZ- The Enterpreneur's Dilemma
Available below is the Harvard Business Review(HBR) case solution for MBA students. The case study answers like What services provided by Tmall were considered most critical to Karz? Was Tmall’s support sufficient?, How would you compare the services provided by different platforms?, From Karz’s point of view what was the best option?, etc.
There is a Lot to Learn from Young Entrepreneurs.
There is a lot to learn from young entrepreneurs We all have come across the names of Vijay Shekhar Sharma (Paytm Founder), Binny and Sachin Bansal (founders of Flipkart), Bhavish Aggarwal (Ola cabs founder). They all are perfect examples of young entrepreneurs who have acted as agents of change in the modern society. They all possess certain traits that separate them from the crowd. Traditional businesses are evolving and the young entrepreneurs are the inspiration. The world has never witnessed such a widespread influence of young entrepreneurs and these are some of the successful traits of the young entrepreneurs to be adopted. Charismatic Young entrepreneurs have the charisma required to build a friendly and healthy environment in the organization. They make sure that all the co-workers can reach them and in turn, no communication gaps exist. A good bonding motivates employees and yields good returns. Craves Learning Ambition to learn and implement - is the most outstanding trait they possess. Youths are curious learners and they like to stay updated about new inventions and techs. Moreover, they know how to make the best use of networking. Passionate Youngsters are filled with enthusiasm to face new challenges and grab every opportunity that comes their way. They are always exploring new possibilities & making their way out of obstacles. Mindset The different outlook and mindset of young entrepreneurs has made them the choice of every thriving firm in the country. They possess a positive and fresh mindset – they are ready to explore and grab new opportunities and thus, help to bring changes in the conventional ways of dealing with business problems. Innovation Youths are quite innovative and capable of providing useful products and ideas to solve the problems of the masses. Who knows the better use of latest technologies than the modern youth? When it comes to devise new stuffs and make innovative use of technologies, they always outshine the rest. Tackling Problems Analyzing different aspects of a problem and coming up with the best possible solutions is the quality that distinguishes them. They are persistent and do not give up until a problem is fully solved. They see problems as ‘challenges’ and do not hesitate to go out of their comfort zone to solve them. Highly adaptable They are quite flexible and adapt to the situations as per the firms interest even if that means more work load or out of the job profile. Young entrepreneurs often go an extra mile and their results speak for them. Risk Taking Youths are known to take calculative risks for positive growth of the business. The biggest risk is not to take any risk and the better knowledge of ROI gives the youngsters an edge.