Entrepreneurship is establishing a new venture. The term can also refer to the study of growth of businesses. Both meanings assume the possession of business acumen.
Entrepreneurship asks for pursuit of success that has still eluded one in a bid towards growing personally, and leaving a mark. It demands a vision and the will to realize such vision. An entrepreneur is charged with the responsibility of building a team, motivating it suitably, defining processes, supervising teammates’ work, and managing miscellaneous tasks while pursuing the major goals.
As one coming up with a great idea or even realizing the idea successfully, an entrepreneur is a great asset to the business world at large. With the promise of independence in decision-taking and of reaping immense benefits for one’s efforts, while creating opportunities for the growth of others, this field attracts many. Entrepreneurship gives the chance for fulfillment of the dream of leadership. With the right training, the right skills, the right attitude, and the right team, an entrepreneur can truly accomplish worthy objectives.
Qualifications for Entrepreneurship
An undergraduate degree in any domain of one’s choice can be pursued. While one can certainly pursue business and management at undergraduate level, it is always a good idea to have technical understanding of the domain one wishes to establish a venture in.
To turn crude skills into a core competency, some years of engagement in practical work is necessary. Some exposure to management, cross-functional approaches, and business principles is important. Initiatives to take on greater responsibilities and add to one’s learning are quite useful. Voluntarily assuming leadership roles greatly helps.
As such experiences are combined with an MBA degree that offers training in new venture creation and business development, one becomes well prepared to tread the entrepreneurial path. Exposure and insight guard one against a host of possible mistakes and failures, and make success more accessible.
Skills for Entrepreneurship
Foremost is needed initiative. One must be willing to put in all required efforts to realize one’s vision, to give concrete shape to one’s ideas. One must possess the ability to take risks – this is a prerequisite for starting a venture and is needed at various stages post the establishment of the venture. Needed alongside is the ability to manage risks.
To establish and grow a venture, strong business acumen is a must. Excellent abilities at leadership and management are needed to register success. One needs strategizing skills, and an eye to spot and will to grab opportunities that present themselves. Creativity and imagination are needed to tap more opportunities.
One must have the aptitude at finding the right resources, making a sound assessment of others’ skills, and delegating work responsibilities efficiently. Communication and interpersonal skills, and networking skills help interact with people and involve them in the fulfillment of one’s dreams.
Skills at managing stress, fielding challenges, taking sound decisions even under pressure, honoring commitments despite obstacles, and adapting to all kinds of situations are crucial. Of course, ambition, self-motivation, and discipline are supremely valuable.
Trajectory in Entrepreneurship
Skills and courage make stepping on this path possible. While one may start a business without a reputed MBA qualification and do well too, a formal training does make the road smoother and success more easily achievable, though there certainly are exceptions.
If one has chosen to establish, say, an IT firm, it is a good idea to have a degree in IT followed by an MBA so that technical and management skills in combination can promise rewards. To venture into entrepreneurship armed with work experience, some core competency, leadership exposure, and business knowledge is a desirable course.
After starting a venture, one is required to shoulder the entire charge of handing all operations and meeting set objectives. One has to establish some principles that each person associated with the venture, including oneself, must follow.
With requisite skills and absolute commitment to the charge, one can firmly establish the venture, and gradually building on trust and reputation, take the venture to great heights. The final destination must be visualized as the best one can possibly achieve, the farthest one can possibly go. As a business leader, one is an example to many and must showcase oneself to be a responsible leader, committed to doing positive work and giving back to society in whatever way possible.
Pros of Entrepreneurship
The biggest pro is the freedom one enjoys. One can set one’s own chosen objectives, and work in a style one prefers. One has control over the functions of the organization, takes all strategic decisions, and drives growth.
There is a lot of flexibility involved. One can plan one’s work as per other commitments, not being answerable about working hours and schedule.
There is a lot of thrill involved. There are new people to meet and deal with, new challenges to scale, new learning to pocket on a regular basis. One gets opportunities to stretch one’s own limits, and gain personal growth that can often be transformational. Entrepreneurship has the ability to provide a great amount of self-satisfaction, and a strong feeling of self-worth.
Cons of Entrepreneurship
With freedom comes immense responsibility. Absolute charge of an enterprise can be overwhelming, even somewhat frightening at times.
Despite the immense responsibility and the huge amount of work required of one, success is not guaranteed. There are ups and downs in business that will affect an entrepreneur deeply. One must be prepared to face failure.
Even if one can make one’s work hours flexible, there is no running away from the sheer load of work that one is meant to handle. Work schedules are draining and can be unpredictable as well. Competing with other businesses and trying to remain a step ahead is necessary but can be extremely stress-inducing.
Managing people and keeping them motivated to deliver, especially when there are tight deadlines to be met, can be challenging. Some employees and clients also create unpleasant situations which one has to be able to deal with, and not get overtly disturbed.
Who is Entrepreneurship good for?
Entrepreneurship is a thrilling experience, bestowing one with great decision-making powers. If one has the requisite skills and can disregard all cons for enjoying the pros, one must take the worthwhile risk of giving the entrepreneur in oneself a chance. With ambition, leadership, and self-motivation, success will come knocking.
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