Every human born has a specific purpose, a predestined path to tread on. This journey to discover the purpose or the self, at times also re-discover is called “Life”.
Life as we know it is full of surprises and special moments, and it depends on us to understand it’s challenges, rewards, gifts, it’s ups and downs et al. All these special moments always guides us in our journey and specially towards our goal. Thus, only by understanding ourselves can we be aware of our journey and its eventual goal.
Someone may aspire to be a Doctor, some Fashion Designers, some may want to be an Architect while some may want to be an Entrepreneur and start his/her own business. While to be a Doctor, or a Fashion Designer or an Architect one compulsorily has to undergo structured academic courses, on the other hand it is not compulsory to have a degree or even a diploma on Entrepreneur to be one…. Great!!!! Isn’t it… But then what qualities do you think are required to be an entrepreneur, start a business from scratch and become a viable player in the market.
- Faith: They say, that faith can move mountains. But, to be an entrepreneur one has to have faith not only in his idea, his team but also on oneself. It is very important that once you have taken a decision, you will stick by it. One must maintain faith in the entire process. There are bound to be obstacles. Things won’t happen at the snap of a finger, you will have to struggle, fight at every point, but you will overcome. Keep the faith.
- Viable Product/Service: Whatever the entrepreneur is offering to the market should be feasible. One cannot offer services which are half baked or based on ideas alone. If a better “me too” product is to be launched, then, then the product either should have enhanced features or high toned down cost or higher durability etc. The new product should have some kind of advantage over existing products. Similar, in the case of services also.
- Vision: The entrepreneur must have clarity of vision. He must think about his offerings, before making a pitch. The path along with its steps must be clear to him. He should talk to his peers, do the necessary market research about the need /viability of his offerings, understand the possible obstacles, be ready for unforeseen events, talk to experts in the field. And when mentally ready for the journey, walk the talk.
- Passion: The entrepreneur must be highly passionate about his concept. Work towards fulfilling his dream, and leave no stones unturned. He must understand that the idea is like his baby, and he, the parent. He has to see to it that his idea is protected, through patents and copyrights, nurtured and taken care off by a very efficient, hardworking and a smart staff team. If required, the idea may be incubated, and then reach out to the market with a solid offering. He will face several teething problems, but it will be his passion that will ensure, that the offering sees the light of the day, and will make him endure and overcome them.
- Decisive: The entrepreneur must be able to take bold decisions, after rationally understanding the pros and cons of their consequences. High risk leads to higher returns and lower risks lead to lower returns. He must know the pulse of the market, for him to take appropriate decisions. Many times “gut feelings” also support decision making.
- Good judge of people: The entrepreneur when running a business need not and should not deal with the day to day running of the business eg. Manufacturing, Finance, HR etc. He must know to take care of them on a holistic basis. For this, he must have the right team to carry out his instructions. He must be very careful is selecting his core team, who in turn will get efficient, hardworking and smart team members. Most of the start-ups are boot strapped, thus retaining the right people, is also an aspect which he has to deal with utmost care.
- Good business sense: Creating an awesome public offering which is a sure shot winner, is not enough. Ensuring the product delivery to the end user and profits thereon, is also another attribute the entrepreneur must possess. The offering has to be backed by similarly good product placement, pricing and promotion. If the entrepreneur is unable to do it himself, he may hire competent employees to do the same. But it should never be the case where he does not have this attribute, but still wants to do it himself.
- Very good in Networking: The entrepreneur has to be a full on extrovert, outgoing, polished and smart. He has to network with various agencies, Govt., PSUs, Banks, Media houses and Corporates to make his enterprise and himself visible. The more eyeballs he receives, the better. He has market himself for finding contacts to run his business. He has attend meets, webinars, conclaves and connect not with the audience, but also the speakers, organizers etc.
Summarizing the write-up, I would state that for an entrepreneur, “now” is the best time, he/she should passionately work on viable idea and with a great team.
So, if you have it in you to be an entrepreneur, you should undertake the journey, achieve your goal and be the master of your own fate!!!
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