Entrepreneurship is an art. It is an art of selling and buying products and services. A person who masters or is in progress to master this art is called as an Entrepreneur. An entrepreneur is the one who starts a small business with a small idea and capitalizes on it to build an organization that brings revenue and sales.
Entrepreneur in old times was not much common, but as the technology is growing, there are more pools where a person can jump in search of an idea. When the idea strikes the mind, the skill and ability to convert it into action is the main attribute that converts a normal person into an entrepreneur.
Nowadays, there has been major fatigue coming in the industry among the people who are doing 9-5 jobs, which is creating a boring and sheep-following lifestyle. Also, more people have started to realize that a 9-5 job will never turn you into a millionaire. Entrepreneurship is gaining a good trend which says – If you want to get a salary, do a job. If you want to give a salary, be an entrepreneur.
In order to be an entrepreneur, there are many skills that a person should have in order to face the hardships and challenges that come on the way to build a business. Let us discuss 3 different aspects of entrepreneurship one by one –
- Attributes of an entrepreneur
- Requirements of a business
- Challenges in entrepreneurship
Attributes of an entrepreneur
It is not easy to convert an idea into an organization. One needs to open a big box of skills and learn those in order to be a successful entrepreneur. Attributes and habits of an entrepreneur are the key points that differentiate him from a normal person.
- Attitude – This is the most important attribute that an entrepreneur must have. To be successful at entrepreneurship, you have to have an attitude to create a change. It is rightly said – “Be the Change you wish to see in the world.” The attitude of entrepreneurship and zeal to change your life and lives of other is the turning point that gives you a kick-off.
- Confidence and Self-belief – when you start to fill the stuff in your sandwich, you should be confident enough on your idea and your skills that the taste will be good. You have to have confidence in the recipe. It is questionable that if you do not have confidence in your recipe, how you will convince others to eat your sandwich.
- Discipline – It is not a lavish life for an entrepreneur. Whether you do a job or you run a business, you have to work 9-5. It is not about the number of hours; it is about discipline. The trend is that if you are bored of 9-5, you start a business, but when you start a business, you have to work from 5-9. This requires hardcore discipline in work and life. Even if you have passion, confidence, idea, attitude, knowledge, and vision, unless you follow all with discipline, you won’t succeed.
- Market knowledge – Being an entrepreneur, when you enter the market, you must be sharp enough to understand the needs of the market. Either you break the market or market will break you.
- Vision – You must possess a long-term vision of where you wish to take your idea or business. It is important to have the vision to set the direction of your business.
- Leadership – In order to run a business, you need to have a team. It is said that – If you want to go fast, go alone. If you want to go far, go together. Thus, traits of leadership are very important terms in entrepreneurship. You need to be a good leader in order to utilize your people effective to generate the revenue.
- Risk taking ability – No business ever grows without taking the risk. You must be sharp and wise enough to read the risk and opportunities hidden in that. An entrepreneur always takes risks, but a wise entrepreneur always takes calculated risks.
Requirements of a business
Setting up a business requires many things. It requires visions, attributes and characteristics of a leader, it requires technical knowledge about the idea, and it requires the pros and cons of implementation. It requires a strategy to enter the market, it requires a plan to grow in the market and beat your competitors.
But above all this, in order to start any business or even any stupid idea, one needs to have money. Money is the root to start any business. It is the most preliminary requirement that is to be taken care of by entrepreneurs in different ways such as investing in the share market, taking a loan which creates debt which has to be reviewed periodically.
Entrepreneurs usually have to make a plan in starting of business for generating income so that they can clear their debt which has piled up during the initial phase of business. Unless the debt is settled, a diagonal line of growth on the graph doesn’t start. You can visit here https://www.libertylending.com/ for business funds.
Challenges in Entrepreneurship –
As rightly said by Hindu Monk – “In a day, when you don’t come across any problems – you can be sure that you are traveling in a wrong path.” There will always be challenges in your path if you intend to go right.
There are challenges to clear debts, marketing, in gathering the right customers, in receiving a good rating from the customer and maintaining a good image in the market by providing the best quality. Every entrepreneur usually faces challenges such as competitors, market ups and downs, financial instability, lack of resources, the less skilled team.
In order to be a successful entrepreneur, one has to face each challenge and find solutions to get out of the challenge and deliver the results. These challenges can be overcome only when one has the attitude and required attributes, skills and knowledge and willpower to fulfill the requirements of the business as an entrepreneur.
John is a Business Tech Analyst. He is very responsible towards his job. He loves to share his knowledge and experience with his friends and colleagues.