Dr Narendra Shyamsukha
The famous adage, “If you’re looking for a big opportunity, seek out a big problem”, defines what it takes to be a successful entrepreneur. An aspiring entrepreneur must have the ability to sense a market. Other critical qualities are competence, courage, confidence and self-discipline.
A wise entrepreneur is usually the one who utilises her talent to make the enterprise earn profits.
The road to success
A business dictionary defines an entrepreneur as the one who has the “capacity and willingness to develop, organise and manage a business venture along with any of its risks”. She is a vital cog of the economy and when combined with land, labour and natural resources, she is able to generate money and bring about economic prosperity. Innovative thinking and risk-taking ability are two very important aspects of entrepreneurship.
Know the obstacles
Entrepreneurship can be a very tricky business as well. There is never a guarantee that the idea will work or give returns. One might even end up losing money or not make profit for the first few years after starting the venture. There will be times when one fails to find resources or money to finance a project. Litigation and tax laws can pose challenges as well. Market disruptions can hamper your plans and their execution as well.
Remember, for every Bill Gates, there are a thousand graveyards of broken dreams.
Assess your decisions
Take risks, but measure them well. You must secure yourself against unnecessary risk. It is not always wise, nor desirable that you quit your job before jumping onto the start-up bandwagon. Even if finances don’t impede your plans, it is best to play safe.
Guard against risk
Before you set out on a venture, have a sound business plan. Your goals should be measurable and practical and you must have strategies to be able to arrive at those numbers.
One can pore over endless consumer-research papers and yet not find one that informs your product. In that case, you must be willing and prepared to do some primary research, make unbiased questionnaires, seek views of people. This will help your business plan sound credible, especially when you’re presenting proposals to a venture capitalist or investor.
As an entrepreneur, you should be able to provide unique services. If you’re doing what everybody else is attempting as well, you lessen your chances of success. However, you may also reduce the amount of risk you are taking.
Blueprint of a business plan
The concept: Describe your industry, business structure, the product or service you wish to sell and strategy.
The marketplace: Analyse your potential customers, their tastes and preferences, their needs and life goals, etc.
Accounts: Describe your income and cash-flow statements, balance sheets and financial ratios such as break-even points and so on.
Do you have it in you?
A good businessman will be aware of developments around him. He will have a practical approach. He will understand economics and have knowledge of corporate tax laws and business regulations. If you think you are cut for the job, besides all these qualities, you should be able to step into the shoes of a consumer. Seek out things you would like to possess, and then try to find out loopholes in the market. This will help you generate market demand and know what a significant sample size of the population wants.
—The writer is founder chairman, ICA Edu Skills.
INTERNSHIP OF THE WEEK
Web Development at Hoolime
Location: Chandigarh
Stipend: Rs 8,000-10,000/ month
Link: http://bit.ly/JC-1057
Application deadline: October 23, 2018
Skill(s) required: HTML, CSS, JavaScript, AngularJS, & ReactJS
Search Engine Optimisation at Innovantes IT Solutions
Location: Chandigarh
Stipend: Rs 5,000/ month
Link: http://bit.ly/JC-1058
Application deadline: October 23, 2018
Skill(s) required: Search engine optimisation, Social media marketing, and Digital marketing
Operations at Sharp NGO
Location: Shimla, Port Blair, Gangtok
Stipend: Rs 5,000-8,000/ month
Link: http://bit.ly/JC-1059
Application deadline: October 22, 2018
Who can apply: Students/recent graduates with relevant skills
Video Editing at Binary Communications
Location: Delhi
Stipend: Rs 7,000-8,000/ month
Link: http://bit.ly/JC-1060
Application deadline: October 23, 2018
Skill(s) required: Adobe Photoshop, Adobe Premiere Pro, Final Cut Pro, and Adobe After Effects
Human Resources at Top Rankers Management Consultants
Location: Delhi
Stipend: Rs 5,000/ month
Link: http://bit.ly/JC-1061
Application deadline: October 24, 2018
Who can apply: Students/recent graduates with relevant skills
Graphic Design at Techies Infotech
Location: Amritsar, Chandigarh
Stipend: Rs 5,000-10,000/ month
Link: http://bit.ly/JC-1062
Application deadline: October 22, 2018
Skill(s) required: Adobe Photoshop, CorelDRAW, Adobe Illustrator, and Adobe After Effects
Content Writing at Peach
Location: Work from home
Stipend: Rs 4,000 / month
Link: http://bit.ly/JC-1063
Application deadline: October 23, 2018
Skill(s) required: English Proficiency
(Spoken and Written)
—Inputs from internshala.com