Entrepreneurship – Definition, Scenario, Dos & Don’ts (Essay, Speech)

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Entrepreneurship is all about gearing up mind to fish out innovative ideas to turn them into reality by setting up a business by taking financial risks.

It is the trending career path that the new generation is opting rather than following the traditional way of joining a renowned company and run on a 9 to 5 routine. The best inspirations for entrepreneurs are the market pioneers viz. Steve Jobs, Bill Gates, Sachin Bansal, Vijay Shekhar Sharma, Mark Zuckerberg etc.

Startup boom in India

With the Startup India, Standup India initiative of the Govt. of India there is zeal in the youth of India for winning the market. The Indian Prime Minister Narendra Modi introduced the Startup India initiative on 15 August 2015. The finance minister of India, Arun Jaitley, inaugurated the event on 16 Jan 2016. Around 40 CEOs, startup founders and investors from Silicon Valley were the attendees. The programme alluded many foreign investments; the SoftBank invested US$2 billion into the Indian startups. Oracle announced to set up nine incubation centres in Indian cities viz. Mumbai, Noida, Pune, Gurugram, Bengaluru, Chennai, Hyderabad, Trivandrum and Vijayavada.

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Gender Participation

When it comes to business, men seem to be dominating but women are not far behind. As per the Global Entrepreneurship Monitor report, women are nearly one-third more likely to start businesses than men out of necessity. Women of low to middle income countries enter early stage entrepreneurship than those of high income countries. The women of developing countries own approx. 40-50 percent of small scale businesses to back their family and self-being.

Over the past three decades the number of self-employed women has escalated to 33 percent. In 2012, there were approximately 126 million women who either started a business or running one successfully.

The entrepreneurship drive is at an all-time high in India and there are volumetric investments, though the young minds fail to ring the success bell. To conquer the arena, here are some dos and don’ts to take care of.

Dos:

#1 Be patient

Patience is the key to unlock all the problems of life. A pot fills drop by drop. Entrepreneurship demands time, effort and capital along with consistency. In the beginning, for any business holding the grip is a hard nut to crack especially for an online trade. The customers’ trust is the decisive factor for a successful online venture which will test your dedication. If you fail to conquer your customers’ faith then emend your strategies and planning.

#2 Learn from mistakes

Nobody gets it right the first time. Every person is a novice when they begin something. Debug your mistakes, approach, and re-plan your strategies. Discuss the skeleton of your idea with your team and together find errors in the draft. Don’t put a brake at your endeavours, every time you find a fall you discover a path not to step on again.

Thomas Alva Edison said “I haven’t failed. I’ve just found 10,000 ways that won’t work” when he discovered bulb

#3 Take risks

The first requirement is taking risk. When you have an idea and you step ahead to implement it you got no clue if it will be a success. But the decision to implement is the first victory in the field of entrepreneurship. Mark Zuckerberg said “The biggest risk is not taking any risk”. If you wish to be a successful business person you got to learn to risk and the biggest risk you take is to bet your time for an idea which you haven’t got any clue will hit the bull’s-eye.

#4 Grow your network

The best way to grow an organization is to join hands with someone who is a master. To conquer the arena you need to ally with a triumphant. To grow a small organisation of yours you need to tie up with giant companies that are strong in the market. The collaboration with successful organisations will help you publicize your company name. Besides, it will help you to learn market strategies and tactics.

Don’ts

#1 Sharing the project

It is the biggest blunder that a novice commits. If you have an idea and you think it is achievable then keep it up to yourself. Disclosing it to a random person may cost you heavily. If your plan is leaked then someone else could implement it before you and rob the credit.

#2 Choosing the wrong partner

Most entrepreneurs fail because they stay in the wrong circle. A business partner should be cooperative and act as your counterpart in your absence. They must be knowledgeable and skilled to satisfy the project requirement. The project partners should be trustworthy or else they could ditch you and steal the idea and implement it early to earn fame.

#3 Don’t ignore feedback

Customers’ feedback is a vital factor for rectifying the faults and pushing the organization forward. Always keep in touch with the customers’ and never ignore their suggestions, complaints and comfort. They play the base role in advertising the organization and its products.

#4 Don’t doubt your product

Many entrepreneurs think that selling the products at a low cost could allure more customers and bring the company profit. But what they fail to understand is customers will look for the quality first and not the price, giving away the product at a less value will cost the company and put the firm into loss. Always believe in what you have created and be confident when you are selling it.

Conclusion

Entrepreneurship is a desert where finding success is like finding water. Only the dedicated and courageous survive and the rest get lost in the sand. Only patience, dare, smartness and dedication bring prosperity.

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