EntrepreneurshipEntrepreneurship refers to the practice of starting a firm, business or venture for the purpose of making profits. Thus an entrepreneur is an individual who starts a new venture and is willing to bear the risk for a significant chance of profit.
Generally entrepreneurship is thought to be volatile, as a large number of startups usually fail. Most successful entrepreneurs say that new product innovations, accurate market segmentation, better service, product differentiation or simply delivering quality are the reasons for their success. With venture capitalists and angel financers backing good projects, entrepreneurs have a whole lot better chance at succeeding in their ventures than before.
Working as an EntrepreneurMost to-be entrepreneurs feel that handling their own business offers them much more security than a job. They also feel that after a few years, their business will be profitable and stay profitable. However, this is an entirely wrong perception of entrepreneurship. Being an entrepreneur means that, you will have to be 'on your toes' all time. There are no Sundays or no other holidays and you have to work round the clock. As you are the sole contact point, you will have to deal with all issues relating to your business - finance, marketing, logistics and people problems.
Are you really an Entrepreneur?Interestingly though an MBA can equip you with the necessary knowledge and skills to become an entrepreneur, you need to have certain qualities which are intrinsic to an individual to become a successful entrepreneur. To know if you have it in you, just answer the questions below:
If the answer to most of the questions above is 'Yes', then you are 'Entrepreneur' material. Do remember, that entrepreneurship is all about meticulous planning, calculated risk taking and a whole lot of gut instinct.
Today entrepreneurship is encouraged. This is especially true in case of developing economies where entrepreneurship creates job opportunities and leads to flow of capital in the economy. As an entrepreneur you bring positive change in the economy and foster growth. So next time, you have a 'Eureka' idea, go ahead and materialize it. You will only be doing good to yourself and your country.