While “Entrepreneurs” is a word filled with challenges and adventures, in reality it is a path breaking attempt by n a single person or a like-minded group of people to come together and launch a new business. The pros and cons and the being a CEO + CFO + CTO always stays but the risks and rewards balance themselves out if handled in an organized and well intended manner.
Pros of this topmost career in capitalism are many. With the current phase of global economy, the language of transaction being money and extreme competition, successful self created businesses can reap in huge amounts of wealth, recognition and opportunities apart taking pride of being self-made. You also contribute by being an employment creator and one of the greatest sources of getting more youngsters into mainstream workforce. Entrepreneurs have tapped IT and allied fields, Services, Media, Education, Engineering, Support Services, Food and also handicrafts and several Do-It-Yourself (DIYs) projects have turned into small home based business. An innovative mind is the first investment but education will boost the knowledge to manage it.
The cons do exist and are definitely manageable for an organized business. You have to be hard-working, smart, creative risk taker apart from a PR manager, team player and an extremely good people person especially in support services. Clarity in money handling, being self motivated and driven to ensure stability is a must since the business will carry your stamp of personality. Bid adieu to vacations till you have settled in comfortably, especially in a proprietorship. Stress of raising funds, managing funds, dealing with vendors and lenders comes with the territory.
Some of the greatest success stories in India today are entrepreneurship driven. Nirma, Thyrocare, Lijjat, Reliance, Snapdeal with $1.65 billion and now Flipkart with $700 million fund and global tie-ups have rewritten Indian business laws. They have forced us to relook at the way we interact and use our money and these businesses have given tremendous scope for sustainable development as a way of life.
Social Entrepreneurship in India is a fertile ground for new ideas and “impact investing”. Examples like Barefoot College, Honeybee Network, Selco Solar, Aravind Eye Hospital amongst many. Women have been at the forefront of this revolution.
They have given a mental platform for aspiring business owners to start new businesses. These businesses are in a constant state of evolution with new people, thoughts and methods of doing business. What does not change is the focus. They know their chosen path and they stay true to their decisions and work around it to make it efficient and resource creating. They are realistic in their approach and steady in the pace of work.
Incubate an idea, study gaps in markets, new products, in-efficiencies and do your market research well to understand the target audience, their preferences and the area you wish to set up the business in. Support this will social media and creative aggressive marketing.
From the germ of an idea to bad boss, spare money, new product, the list of reasons for being a business owner are many. Know his or her strengths and weaknesses support it with a business plan, think like an investor and be ready math at your fingertips to process the idea with determination.
New ventures are the need of the hour the possibilities are endless with constant need for better products, services and options. Many countries and type of economies support entrepreneurship. India is a hub for new age thinkers and it is a matter of being firm, affirmed and driven with some luck thrown in for effect.