Process of becoming an Entrepreneur
Till now I have explained the basic meaning of entrepreneurship and the reasons why an engineer should also try and become an entrepreneur. So, now the process of becoming an entrepren...See more
Now once you have decided that now you want to become an entrepreneur then next step is first to think about the business that you want to start. This is definitely a challenging task because today you think of any new business you will find that someone else is already doing it. But definitely this is not impossible. If you do not have an idea of a completely unique field then try and think of a field that is not much explored. You can also merge two business ideas to create a new one. Once you have thought of a plan then you are ready to start.
Further steps are arranging the capital. This is the toughest part. Next you need to find the right people who can team up with you to grow the business. Next is the time to act that is to apply the plans you have made and see their result. If the result is positive then you are good to go otherwise you need to reconsider your plans. So, formally we can divide the whole process into three different stages which are:
1. Birth: This stage basically involves fighting for existence and survival.
Steps involved in this stage are establishing the company, finding customers and getting the money.
2. Breakthrough: It involves coping with growth and takeoff.
Components of this stage are growing the company’s finances and making profit.
3. Maturity: Maturity means to manage the success, to enjoy the fruit of your hard work.
At the same time it consists of investing wisely, staying flexible and continuously refining your strategy.
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.