What is Entrepreneurship? It is the ability to flourish, organize, and command a business model involved with risks in order to a get a profit. It is an engine, which, when combined with Land, Natural Resources, and Capital can drive the economy in a positive manner. Entrepreneurs are characterized by their vision, their innovative techniques or methods and the capacity to handle unseen risks. These are also the essential prowess to make a mark in the global market.
To know what exactly entrepreneurship is about and what it does require, let’s start with an example. Suppose a person has completed his formal education in business and is offered a good job in a reputed firm. However, he denies the offer and makes up his mind to work on his own startup, investing his own money. In times he also brings in his friends to the business and turns them to partner by making them to invest in this venture. An entrepreneur is he who is able to withstand considerable risk on account of his assets. Most of them are adept with formal business norms and knowledge. However, formal education and industry experiences are not the only requirements to become a successful entrepreneur. It is actually an ability to undertake risk. In addition to this, entrepreneurs have powerful convincing power. This is a requirement to attract new investors and to maintain business collaborations.
An Entrepreneurial team is a group of skilled people who individually contribute to the venture meeting desired goals. Teamwork is considered to be a crucial requirement for successful entrepreneurship. When the risk factor is divided among a team of investors, its effect is largely diminished. Additionally, within an entrepreneurial team, usually a good diversity of expertise is observed. Hence, a team can function efficiently in diverse domains reaching out to the united goal.
Some Real Examples of Great Entrepreneurs:
Bill Gates, the founder of Microsoft. He revolutionized the IT industry through his products, such as Microsoft Windows, MS Office, and Internet Explorer. Today, Windows technology is even used in defence.
Steve Jobs, Co-Founder of Apple Inc. With unique products renowned for quality, Apple is successful in achieving a unique and undefeatable stature in the market of popular electronics such as Cell phones, laptops, desktops, Ipods and TV.
The famous Mark Zuckerberg, has been a living legend with his trendsetting website that revolutionized social media. Facebook is being increasingly used in forming up public opinion.
Skills required for an Entrepreneur:
Like game of cards where your chances of winning increases when you have good cards, so does in entrepreneurship. If you have a set of skills, you have more chances of success. Here are some skills that are needed in an entrepreneur to be a winner and to be successful:
Creativity: Being creative is the thing that is essential for an entrepreneur. This is a reason behind the huge success of persons such as Steve Jobs and Bill Gates. The innovative products they bought to the market have changed the lives of people and shaped up the current generation as a whole. Creativity is not always creating something new; improving something in dramatic way also comes under its realms. A good example is the modification of Cell phones to Smartphones with no keypads. This has become the trendsetter.
Teamwork & Determination: Even if one can form up a big empire alone, trying to cut down the dependency of one’s own work on account of others is a key to success. This is the spirit of teamwork. Refusing to back down in a phase of failure or when you are forlorn, takes the entrepreneur within you a long way.
Functional Knowledge of Business: It is essential to have functional knowledge of any business that you are going to start. Such as, sales, marketing, operations, finance, etc. This gives you complete understating to utilize resources with a competent degree.
Risk-Taking Capability: Starting a new business is always a risky game and the risk increases when you have to invest your own money. However, at times you can lighten and distribute this risk, if you involve investors.
Patience: Another important aspect to be a successful entrepreneur is patience. One must be patient enough to understand that the “Overnight Success” comes in a minimum of 5 to 7 years, so in this period, investment in all terms is needed.
These are some of the skills that are essential to become a successful entrepreneur.