Entrepreneurship Today- Opportunities Galore: Popular Myths & Next Steps

Throughout human history, crisis have been pivotal in developing our societies. World over innovations have been triggered through crisis situations, whether they are advances in the medical research or innovative technological solutions to reduce cost of operations and solutions to connect the solutions with the opportunity. Each of these instances have been fueled through the need to help our friends, fellow citizens and society in general. The present corona virus pandemic will arguably not be an exception; entrepreneurs can be expected to rise to the challenge.

While it’s hard to predict the future, we can develop an understanding of what is ahead by analyzing current trends. Accordingly the mandatory change in policies restricting people’s movements have caused major disruptions to many businesses. We’ve already observed major shifts in business practices. Working from home is the new norm, while many personal meetings and conferences have been replaced by virtual meeting rooms.

The scenario has not only brought about a swarm on short term business changes but have also created a shift in the way businesses will run in future. Many firms have initially responded to the crisis not only by cutting costs but by engaging in new entrepreneurial activities. Around the world, we see examples of resourceful responses to the crisis: Distilleries in the USA, Canada & Australia started to produce hand sanitizers. Fashion businesses like Zara & H&M, are producing protective gear, gowns and other supplies for hospitals.

These examples show two common features.

First, companies are showing 'citizenship'. They realize they have an interest in societal well-being, and that they may need to give up short-term profits for the benefit of society. Second, they are showing 'resourcefulness'. They’re developing creative responses to emerging challenges with scarce resources.

In combination, citizenship and resourcefulness can drive socially aware entrepreneurship. Actions during the crisis will shape firms in the long run.

First, the crisis creates opportunities to become more innovative. Facing external pressures, some business leaders are stepping out of their routines and comfort zones to become creative problem-solvers. Along the way, they rediscover their entrepreneurial spirit. On the other hand, there are also a lot of opportunities to ruin a reputation. Companies that treat their employees or customers badly during a crisis will face major challenges rebuilding when the storm has passed.

Impetus to Convergence, Collaboration and Co-creation.

All entrepreneurs are, at heart, problem solvers. They bring a product or service to the market to meet a need or a gap. Today the idea that many can act as one and - that we can do so with ease and speed. What we need is entrepreneurship at the societal and global scales working in collaboration for a collective purpose.

Entrepreneurship has been defined in the literature in many ways, but there are four descriptions that have become dominant in the research: the entrepreneur as an innovator , as an arbitrager/creator of balance , as a bearer of uncertainty, and the entrepreneur as a coordinator.

The entrepreneurial world has always been about challenging the status quo and questioning conventional wisdom in search of new and better ways of doing things. That’s what gave rise, in one way or another, to every great company. After all, if you’re just going to follow the pack and do what everyone else is doing, you may as well just go out and get a job working for someone else.

Today, however, there's a pervasive and nearly deafening mantra insisting that each and every one of you should quit your job and become an entrepreneur. The social collective says that every day you wait brings you closer to a life of poverty and regret.

Typical Myth's Associated with Entrepreneurship BUSTED

1. Funding - Capital Intensive : This is the foremost mental bottleneck for most of the budding entrepreneurs. The tendency of not been able to fund your project creates a huge barrier for moving ahead. On the contrary, most entrepreneur ventures were bootstrapped and built small for a community and were later fueled with VC funding. Your success story does not matter on the funds you have, but lives on the idea which could change the world sees the problem today.
2. Perfectionism is Anti-entrepreneurial :By design people tend to believe that they would go to the market when they are 'Ready'. And what they mean by being 'Ready' is that they are perfectly placed within a comfort zone of perfectionism. A prototype is what you need to get feedback and start the cycle of change. In fact be ready to wear different hats of Innovator, Marketing, Research & Sales. It may be too early to believe that you would have an organizational setup of an HR, Process Expert and IT Support.
3. Entrepreneurs are High Risk Takers: Entrepreneurs are neither high nor low risk takers. They prefer situations in which they can influence the outcome, and they like challenges if they believe the odds are in their favor. Entrepreneurs generally seek the best risk/reward situation. Like most humans, they are often are a little hesitant to risk everything and take wild chances.
4. Entrepreneurs Run for Wealth Creation: Any successful entrepreneur, will tell you that starting a business is not a get-rich-quick alternative. This is another myth born of oversimplification. Some people discover what they love to do, make a living at it, and find fulfillment. Others do what they’re good at and achieve financial success, and that frees them to pursue their passion. Still others pursue a passion or a cause with no market, go broke, and wind up having to do work they don’t enjoy to make ends meet. New businesses usually take from one to three years to turn a profit. In the meantime, you’re considered to be doing well if you break even. Their focus is on creating a company with a strong financial base for future expansion. In reality Entrepreneurship is All about Passion. In fact personally believe if your passion can create job opportunities then you have arrived.
5. Entrepreneurship sacrifices Personal life: All successful entrepreneurs, work long hours, which cuts into their personal life. However, long working hours are not unique to entrepreneurs. Many corporate managers and executives work well beyond the average 40-hour workweek. The primary difference between the entrepreneur and his or her corporate counterpart is schedule control. Moreover, the passive learning your family and children get is priceless.

What Should You Be Doing to Get On Track.

So, what you would need to embark on a entrepreneurial venture.

1. Unrelenting Passion & Belief: Start Thinking and Living like One.
2. Discipline: A belief that you need to accomplish. Kill the procrastination in you.
3. Prioritize your set of problems and start small. may be you choose multiple problem to solve to avoid the "all eggs in one basket" syndrome.
4. Create Your Think tank. Its most important to have friends there but more important are the critics who support your competition.
5. Thrive on your early Adopters as your formidable fans.
6. Carefully Share your Equity for Funding & Believe in your Valuation.
7. Sustain the Values you started with & sustain the growth.
8. Live your dream.
9. Continue to influence friends to join hands
10. Give back to the community.

We look forward for your views and experiences.