Table of Contents
Who is an Entrepreneur?
An entrepreneur is the one, who possess the ability to look at the problems of the people around them, understand them and work on providing simple yet innovative solutions for their problems. Entrepreneurs are commonly seen as an innovator, a source of new idea, goods, services, and business.
Entrepreneurs plays an important role in improving the economy by using new and demanding skills and taking up initiatives necessary to anticipate the needs of the market and offering new goods and services based on it. The one who proves to be successful in taking on the risks of creating a start-up and offering simple yet innovative products are rewarded with profits, fame, and continued growth opportunities.
Types of Entrepreneurs
Business Entrepreneur
Business entrepreneurship aims to offer simple and innovative solutions for the problems of society. A business entrepreneur understands the problems of people and put in the required efforts to offer products or services and market them as a simple solution to their problems. Their products or services are usually something new that has not been done before or something that improves the existing products or services.
Social Entrepreneur
Social Entrepreneurship aims to create positive changes in society through various initiatives. A social entrepreneur takes risks and puts in the required effort to solve problems being faced by the people in the society. Hence, we can say that a social entrepreneur starts a start-up for the greater good of the society and not just for the traditional motive of corporate profits. Therefore, the work of a social entrepreneur may include in the areas of poverty, education, environment, social equality and many more.
Serial Entrepreneur
They are the one who have multiple ideas and continuously keeps on putting required efforts to implement them and establish start-ups, companies or enterprise around them.
Lifestyle Entrepreneur
Usually these start-ups start from the hobbies, in which, the founder is passionate about. Therefore, they create products or services which can improve the lifestyle of community by offering them a leisurely experience around their hobbies
Formal and Informal Education required to become an Entrepreneur:
Though education is not a barrier or a hard-core prerequisite in becoming an entrepreneur, but it will be helpful if a person has done some formal or informal education in the area of their business. At the same time, if they also possess a work experience in their business domain, that would add a great value to them while starting their entrepreneurial journey.
The motive behind such education and work experience should be to understand, in practical terms, that how business functions, products are launched, teams are managed, products or services are marketed and presented in front of right consumers to capture their attention and bring them to the business and many more aspects of running a business successfully.
Even before starting a business, one can go with the experiences of other entrepreneurs through their autobiographies, podcasts or by meeting them to understand it even better that how they have managed their business through hardships, failures and success.
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Basic Points to remember while starting your Entrepreneurial Journey
Identify a Problem:
Once, you have come up with your great idea like coaching or new application delivery services or online stores or anything, you wish to start your entrepreneurial journey with, you can start working on turning your idea into a business. Open your mind to understand that how your product or service will help in solving the problems of your consumers and make their life easier than before. Let’s take an example, due to the pandemic you were not able to go outside and buy home groceries, so you thought of creating an online service in your area to deliver every home grocery that is required by your customer at their doorstep.
Problem identification is not just enough to start building your product or service around it. You also have to validate your problem in the respective community. It means that you have to understand it first that what you are considering as the problem of the society, is really their problem and if offered, they want to have solution for it and how much they will be willing to pay for it.
Making a Business Plan
Making a business plan is not just about making good presentations. It is about understanding that what you are going to offer the community, how you are going to develop it and offer? It means that once you have figured out your products or services, you need to make a detailed plan on how you are going to produce them, what kind of technical or non-technical skills will be required to develop and reach your product to the customer, how will you bring people with the required skills to help or support you in developing your product or service, how will you manage the finances while developing your business and many more similar aspects of your entrepreneurial journey.
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Building Finances
Once you have figured out the problem to be solved, your product or service around it, made a business plan, the next step of yours would be to execute that business plan meticulously for the desired result. One of the important exercises in executing your business plan is to have enough finances to hire and manage different resources to build and market your product or service to the consumers.
There could be many ways to arrange finances, in the beginning of your entrepreneurial journey, like using your savings, bank balance, asking your family, friends and relatives or even taking bank loans, grants from different government and private bodies, raise fundings from investors or capitalists. Although, while making decision of arranging finances, be very clear of how you are going to return it or exchange value in return of it.
Registration of Business and IP (Intellectual Property) related Works:
Business can be registered into their respective class and category as per the nature of business. There are 3 major categories of registering a business – Sole proprietorship, Limited Liability Partnership (LLP) and Private Limited. At the same time, if you are offering something very new or wish to have special rights so that no one can use your technology or name to market their business then you also need to think about patenting the technology or register your trademark with the IP office of your country. You can take help of any CA / Lawyer to understand it better in the case of registering your business.
Build your Network:
It is the most important aspect to be remembered while being in your entrepreneurial journey. Since, it is quite evident that you are going to start your entrepreneurial journey and, in the beginning, you need lot of finances and resources to start and keep it going. At this point, you need to understand the importance of social networking. It means that how you are going to connect with the people from diverse backgrounds, how you are telling them that what value you need with their association and what they value you are going to offer them, in return, and how it is going to benefit both of you for their respective mutual growth in their careers / business.
Social networking is so powerful that, if connected and nurtured well, your social network may help you in getting investments and other resources required for your business very easily. LinkedIn is one of the best social networking platforms for professionals.
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Hope the information presented here, will give you an idea about entrepreneurship and help you in starting your successful entrepreneurial journey. If you liked this article, then also share it with your community using social media and help others in getting benefitted with it.
In case, if you feel that we have missed something important in this article and needs to be included for its betterment, feel free to share your suggestions with us through comments or mail us at rudrasupport@gyaannirudra.com.
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Wishing you all a splendid and exponentially growing career journey ahead.
I am Adesh Vats presently pursuing my MBA in Business Analytics. I am an optimistic person who believe more in practical than in theoretical. Exploring the different places and taking photographs is my hobby.