UNDERSTAND THE BASIS OF ENTREPRENEURSHIP

Do you know that around 600 million people across the globe are entrepreneurs?? The count may look enormous, but that is only 7.4% of the entire population.

Do all of those entrepreneurs make a profit? No, Just 40% of these businesses make a profit.?

In the long run, 50% of the startups fail in the first five years. Still, why do people want to be entrepreneurs? Why do they have that burning fire to own a business??

The satisfaction of developing and owning something drives many individuals to be entrepreneurs.

Who is an entrepreneur?

? An entrepreneur is a person who has a vision and takes risks to achieve that vision. That person usually sacrifices a lot in their pursuit of becoming an entrepreneur.

Entrepreneurs usually can develop, organize and run an enterprise and deal with the uncertainties associated with it. They try to scale their business to make a profit.

Qualities you need to become an entrepreneur:

Entrepreneurs commonly possess a variety of qualities. Those qualities differentiate them from other people. A few of those common qualities are,

1.Ability to take risks:

The first and foremost quality of an entrepreneur is risk-taking. Not everyone is willing to take risks. Many want to be in their safe shelter and are never willing to get out of it. Business owners need to have the heart to take multiple risks to grow their business.?

2. An innovative mind:

Even though a product exists in the market, making a better version of it, makes the product stand out from the crowd and creates attention. Not only the product, but an entrepreneur must be innovative in all other forms of business. A hunt for fresh ideas makes a person an entrepreneur.

3. Being curious:

It may sound absurd, but curiosity evokes the fire in a person. That makes one to learn about how things work and why they work in a certain way. If they don't find a solution to their questions, they create their own.?

4. Networking:

The supreme investment an entrepreneur can make in their business is networking. It is not just about connecting people with people, it is connecting people with ideas and resources. Networking creates value on its own and multiplies opportunities. As stated wisely by Poter Gales, “ Your network is your net worth”. It's not about the amount of people you know, but who you know.

Obstacles faced by an entrepreneur:

? A person cannot have a life-altering idea, process it, plan and build a business around it without facing difficulties. Every single step an entrepreneur takes brings out issues. Hardship breeds strength in those who confront it. The following are a few of the common problems faced by an entrepreneur:

1.Mobilizing funds:

Even though a great idea can depict a promising future in the business world, they need funds to take even a small step. The funds can come from various sources like savings, friends and family, bank loans, venture capital, etc… Raising funds for the needs of the business is a big challenge an aspiring entrepreneur encounters in the initial stages.

2. Proper mentorship:

Just like, a toddler needs to be taught letters and numbers, a person who has zero knowledge about business also needs to be taught entrepreneurship. It doesn't mean you have to go to college to learn about business. All you need is to start and talk to someone who has prior knowledge about that. Having guidance (mentorship) saves a lot of years of hardships.

3. Having the right team:

It is always wiser to hire someone more knowledgeable than you. They will do all the necessities for the growth of the business. Not everyone has the talent to find the right person for the job. While hiring an entrepreneur has to look at every plausible angle of a candidate to avoid future difficulties.?

There are numerous qualities, obstacles, characteristics, merits and demerits in entrepreneurship. Not everyone who has the idea and the ability has the willingness to take the risk to start their entrepreneurship journey.?