As you graduate and walk out of the halls of your institutions, the world will have the next generation of entrepreneurs. But, before turning down a secured job or walking away from interviews, you need to evaluate if you have got what it takes to start a business.
What is Entrepreneurship?
Wikipedia defines it as: ‘the creation or extraction of value’. More narrow definition would be that it is an activity of setting up a business, taking on financial risks in the hope of profit.
In this era of massive industrial explosion, freelance work and self-run enterprises are attracting people, especially the young grads just entering the workforce, offering them a plethora of career options to explore. The speed at which companies can scale has never been faster. Statistics show that India has the 3rd largest startup ecosystem in the world. With entrepreneurship now becoming mainstream, more and more millennials are progressing towards the idea of owning a business rather than taking the traditional 9 – 5 job. But ownership is not just a job, it is a mindset.
Whether you’ve been bouncing ideas back and forth regarding the launch of a business, or you think that you are just not ready for it, this article may help you decide if you should move from job-seeker to entrepreneur.
Have you got what it takes?
Is there one tried and true formula for successful entrepreneurship? Definitely not. A single task can be approached in multiple ways. But if you break it down to its core, certain basic elements are common across most businesses.
So here is a recipe for a successful business startup:
1.The first and foremost ingredient you will need is- an idea. ‘Knowledge is power’. It truly is the biggest and best resource one can use to open a window of possibilities.
2.Sketch out a business plan. Before deciding to get on with it, do a thorough research on your business model and list out the possible risks you may face as a measure of precaution. This will ensure a refined approach for future business endeavors as well.
3.Understand how to manage a business. It is necessary to have a steady process of functioning, but it is to be balanced by taking calculated risks. Millennial ethos combines individualism and the addition of value to the world. Take the leap and build your wings on the way down.
4.Gather a team, if necessary. Not everyone can handle working alone. Teamwork can help in keeping everyone’s spirits turning the chaotic process into a fun-filled adventure.
5.Networking, or as millennials call it ‘people management’. It is a crucial aspect that assists in connecting individuals, organizations, and technology, thereby creating an intellectual and a strong workforce.
6.Knowing your audience: Whatever is your product of choice, advertising it to the customers who will find it useful is essential.
7.Lots of hard work and dedication. There is no substitute for hard work. Entrepreneurship is a high-stress occupation and will require you to invest a lot of yourself in it.
8.Staying motivated throughout the process and never giving up. Like any job, this is true for entrepreneurship as well. Learning from past mistakes and continuing to improve will help you achieve your goals.
9.Last but not the least, you will require a pinch of luck, although it is only hard work which can guarantee you success.
