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notjustinfo.com |
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Knowledge centre for MBA students. |
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Entrepreneurship quotient Nisha Jose Entrepreneurship and innovation are central to the creative processes
in the economy, promoting growth, increasing productivity and creating jobs. Entrepreneurs
sense opportunities and take risks in the face of uncertainty to open new
markets, design new products, and develop innovative processes. In a
knowledge-driven economy this process is critical in large and small
businesses alike. So if you have an idea you believe in and want to be your
own boss, then Entrepreneurship is your terrain. Small businesses are becoming increasingly competitive against their
larger counterparts. The global economy has seen the emergence of new
industries that have captured the attention of consumers all over the world,
and has allowed resourceful entrepreneurs to capitalise on these markets.
This is not to overlook the numerous ideas that have fallen by the wayside
thereby inflicting losses on the owners. Such outcomes can be attributed to a
lapse in the analysis of the feasibility of the idea. The transformation from a germ in the mind to a profitable business is
a tricky one. It requires strategic planning, funds and above all the right
talent. The major stages would be to identify a market opportunity, develop
the business concept to respond to that opportunity, assess and gain access
to the resources required, apply those resources and manage the business.
Entrepreneurs need quality knowledge, a positive mental attitude and the
right mix of skills to handle problems headed in their direction. Come
implementation stage and your idea can give you rude shocks! You can
accommodate such surprises if you adopt a realistic view of this adventure. The individual must start by finding out how business savvy he/she is.
The unvarnished results may sting but will point out the functional areas in
which assistance or training is required. A fair understanding of the main
functions of business management like Marketing, Finance, Personnel
Management etc. is vital. You are descending into territory where the
principle of `Survival of the Ones
Most Responsive to Change' rules. Not only is success but failure is also
an eventuality. For instance, if you lack marketing skills, you could choose to take a
course in marketing, or hire a consultant to help you plan your strategies.
Once you've analyzed what you need to do, you can get down to choosing the
business that's right for you. Even if you have a specific business idea in
mind, give yourself permission to look at some other options and dream a bit.
Write a list of your hobbies and interests, and brainstorm to see if there
are any related businesses. Of course, you must indulge in something that
capitalises on your inherent strengths. An objective SWOT analysis
(Strengths Weaknesses Opportunities Threats) of the business concept will
throw up issues to be taken care of. The target market should be understood
thoroughly in order to adopt appropriate marketing strategies. The Internet
is an immensely useful medium through which assistance can be sought.
Commencing with nurturing the idea, you are guided through the details of
creating your company, strategies to be successful and tactics for staying
afloat. An ideal entrepreneur should have excellent people skills. You will
invariably run into all types of people in your customers/clients,
competitors, employees and colleagues. Due attention must be given to each
category keeping in mind the myriad personalities you are likely to
encounter. Consistent willpower and adherence to the original goal is vital.
A common misfortune that befalls an entrepreneur is mindless wandering.
He/she may diversify to avenues that do not lead to the goal he/she primarily
set out to achieve. This may result in loss of direction and eventually the
destination. Once the business has commenced, can you relax? Certainly not, for
this is the time to get into more action. Since this is an ongoing process,
you must keep track of the competitors' activities and the customers'
voracious appetite for more. Successful
entrepreneurs have earned their success through a combination of brilliance,
dedication, perseverance, teamwork and good luck. |
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