Entrepreneurship
The Wikipedia version of entrepreneurship is "Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business"
Let's hear what an entrepreneur himself says "A way of life dedicated to creating something new that makes the life of Humans better."
What is A Way life now??
Way of life :
It is like going to an adventure park- you pay to get afraid & get the adrenaline rush. You don't know what's in front but the thrill is worth it. You might win a jackpot at the end, you might lose everything... But it ain't the result but the experience.
Characteristics needed to be strong entrepreneur:
Confidence
Competence
Courage
Self-Discipline
Versatile
Flexible
Focused
Communicator
Steps to be an entrepreneur:
Raise capital
Gather people
Acquire resources
Then your startup is ready to start.
Developing a new idea is not an easy task, the idea can be good but it is not sure that the business will run or not. Some people are good at this, but lack other skills which are also essential to run a company.
Skills:
Vision to imagine a new product
Courage to take risk
Raising capital
Managerial skills
Emotional skills
Every entrepreneur should know their strengths and weaknesses, entrepreneurs bring the employees with the skills in which he/she is weak.
Challenges:
Hiring talent
Obtaining capital
Competition
Unrealistic expectation
Winning trust from customers
Types of Entrepreneur:
Innovator: Innovators care more about the impact that their products and services have on society.
Opportunist: These types of entrepreneurs have an ability to pick out financial opportunities, get in at the right time and exit when business hits its peak.
Builder: Builders seek to create scalable businesses within a short time frame. They are suited to the fast growth they desire but can make personal and business relationships difficult.
Specialist: They have a strong skill set in a specific area obtained through education, specialist entrepreneurs will build out their business through networking and referrals, resulting in slower growth than a builder entrepreneur.
The Six Dimensions Of Entrepreneurship:
Strategic orientation: Strategic orientation describes the factors that drive the formulation of a company's strategy.
Commitment to opportunity: The promoter is willing to act in a very short time-frame and to chase an opportunity quickly.
Commitment of resources: The entrepreneur attempts to maximise value creation by minimising the resource set and must, of course, accept more risk in the process.
Control of resources: Entrepreneurs learn to use resources well and to decide what resources are needed in-house.
Management structure: He wants more formal relations, with specific rights and responsibilities assigned through the delegation of authority.
Reward philosophy: Organisations are more explicitly focused on the creation and harvesting of value.
Myths about Entrepreneurs:
Entrepreneurs don’t have a personal life: We think people have to make sacrifices to follow their entrepreneurial dream. But work-life balance is as important for this category as it is for other professionals. It reduces the risk of burn-out, increases productivity and it is good for our health.
Real entrepreneurs don't quit: It is one the most famous myth of our culture, but there are many businesses that have quit and got benefitted.
Business people don't have a boss: Entrepreneurs, just like the rest of the world, need to establish connections if they want their business to thrive. It requires taking care of clients and making sure they are happy. Because a happy client will, in turn, recommend your business to other people.
Entrepreneurs are rich: 62% of American billionaires are self-made, but others have not reached this privileged status. Some of the people who are now millionaires started from 0.
Entrepreneurs take extreme risks: People say that business people are addicted to taking risks, but in reality, the most successful people on the planet are very good at calculating risks.