WHAT IS ENTREPRENEURSHIP?
While entrepreneurship can be categorized under various categories the most naïve definition for it would be, the act of creating a business or businesses while building and scaling it to generate a recurring profit. While most entrepreneurs focus on building businesses by definition, a lot of the responsibilities revolve around creating a better society, initiating new strategies, solving big problems, etc. It may just sound easy, but it involves various stages and events that follow one another. Entrepreneurs play an important role in shaping the economy, they generate new capacities in the economy, they provide jobs promoting innovation. Society is therefore benefited from the growth and development of these entrepreneurial ventures.
It is said that with great power comes great responsibilities, and it is vital that these industries create better opportunities serving the society along with expanding their businesses. Although the term ‘Entrepreneur’ might sound very simple and straight forward, it demands various character traits from an individual. Must have skills for entrepreneurs include hardworking, passionate, confident to execute strategies, and most importantly problem-solving abilities.
ENTREPRENEURSHIP STARTS WITH:
1. IDEA GENERATION AND DEFINING YOUR BUSINESS:
The most initial step into entrepreneurship is to generate an idea. An entrepreneur begins to wonder why there is a lack of availability of a product or service and how to improve certain things as well as, how to generate income to cover all the expenses, etc. It requires an in-depth analysis of the market and the probability of sustaining in the market before making the first move. It is important that the business has a well-defined space to work in. Establishing a niche for the business is as important as coming up with an idea. Regardless of how saturated the industry you choose to work in is, having a USP(Unique Selling Point) makes it easy for customers and clients to see why they need to do business with you. When forming your USP, it helps to define not only what you’re selling, but why you are the obvious choice for your customers and clients. Having a well-defined foundation is the key to a successful business. It is mainly at this stage where many tend to give up and go back into their past lives and perhaps even abandon the idea of starting a business thus, the first stage of entrepreneurship is very important.
A critical point in the entrepreneurial process is deciding to start the project. It is vital that the individual stays active and motivated. These are the main factors for the entrepreneur to start landing on creative ideas. It is important that the individual takes the resources and the material required along with its cost and availability is vital to generate at least one way forward into entrepreneurship. The development of the business plan will mark only a guide that can be used as a reference, it is in the hands of the entrepreneur that makes the path for the business to grow and take shape as it develops. It is indeed tough to make decisions that involve the well-being of those who work under/with you, thus a major quality required for an entrepreneur is the ability to take tough decisions as an organization.
3. BUSINESS PLANNING:
Planning the pathway for a business is an essential step to creating a smoother process to run the business for a longer duration. A few things all solid business plans should have, including:
This should essentially contain the details about the business and what your business is. It should thoroughly mention about the products or services, along with who they serve and why.
The strategy of a business is made around the targeted goal that needs to be achieved along with the actionable steps on how other is going to reach those goals, as well as corresponding important dates and milestones.
Creating a niche:
The niche of a company guides to take accurate decision making as well as other areas of the business. It is essential that the company revolves around the niche and the business plan should align with the niche and vice versa.
Understand the Target audience:
It is vital that the company understands which part of the society to serve and why? It includes understanding sections of society and their individual personas to understand and modify the service or the product in order to serve better.
Budget the financial information:
Add any information regarding your budget, investments, and pricing to your business plan. It’s important to keep this information on hand to ensure you are on track and don’t overspend.
4. PROJECT CREATION AND MARKETING STRATEGY:
It is this section of entrepreneurship where the individual creates opportunities and develops ideas with creativity. This step involves the development and execution of the strategies of the company. Many times, it is this step where the entrepreneurs face the most difficulties as the mistakes made during this step reflects in the real-time. Communication and information delivery skills are must require in this step. While all of this is done, it is also important to market the product/service in such a way that it sells itself without having to put effort into convincing. A major aspect of this is to market the product in a way that it attracts the consumers itself without having the company officials to approach potential consumers. What makes the business unique is having a firm grasp of business values and ethics. Now all that remains is to make some noise about it.
Coming up with a well-structured strategy, and an efficient marketing plan will not only ensure that the efforts are most effective but also that no time is wasted on things that won’t necessarily work.
5. MANAGEMENT AND CONTROL:
Once the above-mentioned stages are cleared, the first few months of the company will ensure weather it would last a long time or not. It is essential that the company follows a strategic management and control operation throughout the duration of the working hours to maintain a structure and discipline in the organization. Even though it might seem that things are starting to work out, it is most important to invest in the future of the company with an efficient money control system. A manager for the company to ensure that the business is well-managed and maintained would be a better investment for the company rather than having a bigger sized office area. Budgeting and creating revenue must be the main goal.
Perhaps one could say that the entrepreneurial process ends here, but successful are those who do not stop learning and experimenting.