Any person with a unique plan, willing to show the world what it is can be called as an entrepreneur.
Entrepreneur is a person who has a creative and distinct idea that has not been launched by anyone else. By entrepreneurship, we mean a journey from idea generation to idea implementation; a sequence of activities and transformation it would have to go through before coming in front of the real world.
What do people think it means?
While referring someone as an entrepreneur the first thing which strikes in most of minds is wealth, businessman, richness and fame. Many people think that an entrepreneur is someone who is having management degrees and operating some business. We should be clear in our self that businessmen and entrepreneurs are two different people and if not,then why two different terms are being used!
How it evolved ?
In late 90’s the word entrepreneur came into limelight though there are no official records on when it was first used. The word ‘entrepreneur’ came from french word ‘entreprendre’ which means to ‘undertake’, so basically from undertaking of business by individual or company this word came into usage.
After the liberalisation, privatisation and globalisation, a lot of people came in with innovative ideas and implemented them. That’s when a separate term ‘entrepreneur’ came into use.
Types of entrepreneurs :
There are various categories of entrepreneurs, but the most basic one’s which everyone must know are as follows :
- The innovators – These are the people who have that unique idea which no one has knowledge of, often seen to be possessive and passionate about it. Willing to risk their resources and bring about the revolutionary change.
- The imitators: They are not the creators but can be the game changers, strive to improvise an already existing idea and make it even better. People tend to call them risk averse instead of risk seeker.
- The researcher/perfectionist : Patience is their motto. Despite having an original idea they wait,watch and then act; they ‘know it all’. Plans to play it safe.
- The social entrepreneur: Earning huge profits is not their aim; bringing a change in their society is the goal. Interested in giving a new vision to the most basic problems.
Why is it growing these days ?
Entrepreneurship has taken several new forms and turns in the recent years. Initially, when it wasn’t that popular no one used to be interested much; it was overlooked. But once people understood the concept, every second person wants to be one. The reasons being :
- Low initial investment.
- Option to choose from various forms of business.
- Huge scope for borrowed capital.
- Ease of legal formalities.
- Financial and advisory support by the government.
- Simple registration requirements.
- Hassle free loan and current account opening facilities.
- Special exemptions regarding paying taxes to startups.
- Self employment and growth opportunities.
- Increased scope of going global.
How to become a successful entrepreneur ?
Well, everyone has their own mantra of success, here are a few from our side:
- Believe in your idea, no matter how many people think it’s crap.
- Have a clear mindset about your goals.
- Be ready to work hard so as to achieve what you have aimed for.
- Do not be afraid of failure; they are your stairs to success.
- One must be prepared for unforeseen situations.
- Quick but smart decision making is required.
- Maintain the same zeal throughout with which you started
Merits and Demerits of entrepreneurship :
- There are minimal registration and legal formalities required to start with.
- There are various sources of funding you can go for.
- Government policies and exemptions are available.
- One can seek expert advice from specialized institutions.
- Permanent element of risk.
- Funding requirements are high in the initial stages.
- Do not share your idea with everyone, keep it limited or could be copied by someone else.
- Do not expect instant inflow if cash; patience has to be kept.
You don’t need to be highly qualified with fancy degrees to become an entrepreneur;
your ideas,your innovation,your patience,your decisions will make you one.
So, never let a few people make you believe that your idea is stupid! It might be “the one”.