A common 9 to 5 job, or being an entrepreneur and enjoying all the benefits and advantages of entrepreneurship? Many of the people are quitting their jobs to be and entrepreneur and get the success in entrepreneurship. An entrepreneur is the person who bears all the risks and with his innovation and ideas to start a new business to enjoy the profit gains and other benefits of being an entrepreneur. An entrepreneur from his skills, ideas and innovative mind develops a new product or services and bring them to the market. It sound similar like a business but it is quite different, as in business there is more of trading of goods and products, but in entrepreneurship the ideas are developed and a new products, or innovations are introduced in the market for business.
CHARACTERSTICS OF AN ENTREPRENEUR.
There are some qualities and characterstics that a successful and ambitious entrepreneur acquire or should acquire in order to reach the high skies being in entrepreneurship. With all these essential qualities an entrepreneur could have a positive outcome from his skills and innovative mind as an entrepreneur is not only a businessman.
- INNOVATIVE- Innovations and ideas are the key to entrepreneurship as entrepreneurship is all about innovation. One develops a product or services in respect to their innovation and ideas. More the creativeness and innovations more the chances and options to select a great product to introduce in the market.
- CONFIDENT AND OPTIMISTIC– Confidence and optimism is required not only in entrepreneurship but in all fields to achieve the success. In today’s era the competition and business is running is fast pace which require timely decisions, controlling and planning of the business in order to cope-up with the pace and make your place in the competition. And for all this confidence and optimism is required.
- KNOWLEDGE- There should be a versatile knowledge of market and legal issues, planning, marketing , technical management and all the other areas from developing an idea to establishing the product in the market.
- RISK TAKER- Although every business has risks and an entrepreneur has to go through from all the risks and carefully plan and develop an idea keeping all the criticism and risks of failure in his/her mind. As risk is an essential entity more the risk more the profit and lessor the risk lessor the profit. Entrepreneurship gains is all about enjoying the fruit of risks in business.
SCOPE OF ENTREPRENEURSHIP-
Entrepreneurship has a vast scope in many sectors such as industrial sector, service sector and agricultural sector. An entrepreneur has vast opportunities by starting from small scale business. Small scale industries has better opportunities and higher productivity at low labour costs.
- INDUSTRIAL SECTOR– In industrial sector occupy an important place in economy of the country and it has many opportunities to an entrepreneur. It has wider scope for an entrepreneur to start his own industry and develops his ideas into production.
- AGRICULTURAL SECTOR– There is vast scope in agricultural sector to as alliance between industry and agriculture can bear many fruits to an entrepreneur as an industry provides many machinery and other facilities to the agriculturist which can help an entrepreneur industrialist.
- SERVICE SECTOR– The service sector gain most of the attention of the entrepreneurs as it efficient and effective growth provides many opportunities to an entrepreneur. Many services like hotels, transportation , saloons or any other gain attention and develops ideas in an entrepreneurs minds. (OYO rooms is an example of entrepreneurship in which it provides information and bookings of hotels)
BENEFITS OF ENTREPRENEURSHIP-
- INDEPENDENT- In any common job there is many boundations and limitations which decreases the scope of independency in the work but in entrepreneurship one is his or her own boss and able to take decision his self or herself.
- FLEXIBILITY- Work when you want to or don’t when you doesn’t feel. There is flexibility to be your own boss as you can work according to your will. An entrepreneur enjoy flexibility of working and taking decisions.
- GROWTH- Personal growth as well as business growth, Entrepreneurship helps in gaining them both. The profits from an ideal idea helps in growth of business as well as self confidence and reputation.
WHY AND WHEN ENTREPRENEURSHIP FAILS
- LACK OF INNOVATION- Innovation and ideas are the key to entrepreneurship. One should have attractive ideas and innovation which can attract market towards the product or service. More the better ideas more will be the better chances towards success.
- LACK OF KNOWLEDGE- Proper knowledge is essential before taking any step towards production or developing an idea. By not having proper planning and knowledge of the steps from developing to establishment the entrepreneur fails.
- BAD DECISION MAKING– Decision making is an important factor, the whole game lies on the right decisions. In fact the first decision to take is if you want to be an entrepreneur or not. Decisions should be taken with proper confidence. Bad decision making policy leads to failure.
- MARKET INVISIBILITY– In this era, there is much competition and all need visibility in the market, some entrepreneurs fails to promote the product they developed in the market. Market should know about the product and proper promotions measures should be taken to properly establishment.
- LACK OF FOCUS & CONFIDENCE-
A common mistake that most of the people make on many fields not only in entrepreneurship. Focus and confidence is the first step towards entrepreneurship. The best way to focus is to choose your passion or the thing you love in this manner one wont loose his/her interest.
Entrepreneurship has a wide scope and with proper measures and dedication one can reach the high skies of success with entrepreneurship and leaving the 9-5 job behind. The entrepreneurship has provided many of people great success and visibility in the market. Some famous entrepreneurs like Jeff Bezos , Dhirubhai Ambani, Ardeshir Godrej, Mark Zuckerberg who from there innovative minds and skills developed the new products and made an establishment in the world for their well known services and products.