The world of business has never been more enticing as well as challenging. For those who have a vision and dare to step forward and establish businesses without compromising on professional ethics, entrepreneurship is the right choice of career.
A lot of people misunderstand the meaning of entrepreneurship. It is not just about owning a business, but the ability and willingness to develop, streamline and operate a business, prevail over the challenges, and to make profits sustainably. With the evolution of technology, starting a new business is the most prominent example of entrepreneurship for anyone.
Conventionally, entrepreneurship required a lot of resources such as land, labour, raw materials and capital inputs. In modern world, you can become an entrepreneur even in the virtual world without any raw materials or physical products. However, what remains unchanged is the approach to entrepreneurship and the entrepreneurial mindset. You need to still be resilient, quick-thinking, capable of thinking long-term and ready to take risks based on the gut feeling. India is rapidly on its way to become a startup nation and the true meaningof entrepreneurship has to be imbibed by all the budding entrepreneurs.
You could be entering the world of entrepreneurship by launching a small home-based business or taking the top chair at a multinational, but it is your will, determination and aptitude to deal with risks that will always define your entrepreneurial success.
Let’s take a look at some of the key traits of a successful entrepreneur to help you prepare better for your entrepreneurial plunge:
Risk taking: No matter which field you decide to enter, not all businesses can be successful. Companies fail even in the industries that are booming. Hence, you must be ready to take the risk. If you are looking for assured growth and income at all times then entrepreneurship is not for you.
Ability to innovate: Situation in modern world change dynamically. Two years ago, nobody could have imagined the impact that the COVID-19 pandemic has made. Hence, as an entrepreneur, you should always be ready to make changes, innovate and create new products or services in sync with the changes in customer behaviour or needs.
Vision and Leadership: An employee sees only what he/she is given to do. An entrepreneur sees where the company can be years or decades down the line. As an entrepreneur, you need to have that vision, and the ability to lead others towards it. An entrepreneur has to not only command, but steer the enterprise too.
Be dynamic: You might start with something, and pivot partly or completely with the change in operating environment. Keep an eye on the markets, and identify an opportunity when it presents itself. Being the first mover always has its advantages.
Be receptive: Nobody can be always right. You might have an idea about how something would work, but things could turn south. In such a scenario, listening to experts, getting inputs from your team and analysing strategical changes will only make the business stronger. Be ready to receive and appreciate feedback and suggestions.
Delegation of authority: As an entrepreneur, especially in the early stages, it is common for people to do everything themselves. Due to cost concerns, early-stage entrepreneurs try to run everything from technology to marketing, product development to payroll on their own. This might save some money but, can eventually drain out the person and cloud the vision. Therefore, hiring people and delegation of authority to the right person for the right job is absolutely essential for a successful entrepreneur.
While there could never be any guarantee or a sure-shot formula to become a successful entrepreneur, by cultivating the above traits, you can surely enhance your chances of entrepreneurial success!