Why In India, very few people aspire to become an entrepreneur, with the exception of the traditional or business families?.
A small percentage of parents want their children to become entrepreneurs, when they grow up.
Practically, many people become entrepreneurs either by choice or by chance or by compulsion, with the abovementioned exception. In India, a large chunk of entrepreneurs accepted this profession, when there were no other socially accepted dignified alternatives available for them.
Many a times, owing to lack of experience, confidence, knowledge, and eagerness to be successful, a lot of people initiate business ventures on an experimental basis, and they fail. Out of these newbie, a small courageous percentage struggle with sincerity, and continues either with the same venture or changes their work-direction to a new dimension in order to achieve success.
• Entrepreneurship offers an independent and dignified career, scope for higher growth, scope to be an icon or celebrity, and secured future for those who have the courage and sincerity.
• Entrepreneurship teaches the art of creating a master, not a slave. It makes the person dynamic, hard working, challenging, aggressive, and thus increases the potential value of an individual.
• Entrepreneurs contribute to the economy of the family, locality, and state at large, by growing the Gross Domestic Product of the State. How To? A person thinking to start a new business venture shall definitely think and rethink about the existing successful businesses, reputed businessmen, business processes to achieve success, wrong steps of failure, his own resources like money, scope, background, skill, & manpower availability. Some questions are likely to peep into the mind of the newbie -
• What business to be started? • Where & when to start the business?
• What should be the quantum of funds & how to arrange it? • How & where to market the products?
• Where to get the required equipment & skilled manpower?
• What are the legal issues?
The best possible answers shortlisted by the newbie will automatically lead him to set up his dream business venture. In India and China, people usually choose to set up business ventures with a small project cost. Traits - In order to be an entrepreneur, an individual must possess some unique characteristics, which may be divided into two categories, such as, quality and ability. Qualities are those characteristics, which are probably inherited and developed in a treated environment. Abilities are those characteristics, which are acquired through learning methods, training modules, and exposure to similar situations. A successful entrepreneur may not have (100 %) both the required ability and quality, but he/she should have at least, the following traits.
• Calculated risk taking, Decision making, Self confidence, Intelligence, Visualization, Organizing ability, Independent thinking, Motivational ability, Leadership, and Ability to learn. A business is always initiated with a view to achieving success, but without any warranty or guarantee. Idea - It is very much challenging to set up an enterprise by a first-time entrepreneur on contrary to an existing and experienced entrepreneur.
The stormy path to set up a successful enterprise is full of problems, obstacles, and hence requires many problem solving ideas. Analytical idea will create constructive activity, resources, value, & support system. Success & Failure - An enterprise is always created with a view to achieving success, which is not at all guaranteed, because of the uncertainties that come in the process.
It is a naked truth that survival and growth of an enterprise depends on the customer satisfaction, and in order to meet the requirements of a customer, the entrepreneur will require a lot of dedication, and interest, along with product quality that fulfill market demands.
The uncertain and invisible forces will definitely pull the entrepreneur down along the gravity, and hence he/she must be able to identify these negative forces during planning and implementation of the project such that time bound action can be taken to eliminate these forces.
Dynamics - The world of business is dynamic due to many reasons • Technology Advancement
• Taste of customer
• Legal, Policy & Culture Issues
• Socio-economic changes
• Product up-gradation
• Negative forces
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