How do entrepreneurs do it? How can one foster entrepreneurial ability in oneself? What entrepreneurship can give you? What parents and teachers should know about it? This lesson is to testify that one can become an entrepreneur if they know how to attack the attacks that come along with being an entrepreneur; with a bit of encouragement from the ones they care about that is. A lesson made from the excerpts from Ojas Chaugule’s “Lamebook”- an ebook that throws light on Entrepreneurship and the unimaginable ups and downs they have to face to become an entrepreneur.
Entrepreneurs are ordinary individuals with a different mindset and
nature. They foster growth and new opportunities for others while fulfilling
their own dreams. It is wrong to think that every entrepreneurial venture takes
a flying start right from the beginning. Most of the entrepreneurs are known to
succeed after a roller coaster ride of success and failure. In fact what makes
them different from others is the tenacity to carry on even if failure is
encountered. Hence, when every other mind finds entrepreneurship a risky matter, you should think of it as an opportunity to explore, learn and beef up yourself! which is thrilling! These(Entrepreneurs) people are unemployable and cannot work under anyone
else and hence wish to start off something of their own. it's in their blood and nature.
Statistics reveal that there are many people who come up with innovative
ideas almost every day, but they do not possess the much required potential to
bring them to reality. It is easy to dream, but only an individual with
an entrepreneurial mindset possesses that inner force that can drive them to
take the first step towards fulfilling it. That’s where the difference lies,
the difference between visualization and reality is always significant. A true
entrepreneur is the doer, not a creative dreamer.
No one is born big! You have to make it so! If you feel that starting a new business is a rocket science and a rather mysterious process, you are wrong! An entrepreneur happens to be an individual who organizes, manages, forecasts and tackles each single facet related to a business or enterprise. Profits and losses are the two important outcomes of any business. Considering entrepreneurship is roller coaster ride of ups and downs, starting at an early age will help you to develop immunity against odds and failures. If you look around, you will find most of the successful entrepreneurs have done exactly that. Some of them have done some odd, unconventional jobs before they made it really big and the key is perseverance. Take the example of Michael Dell: this founder of Dell computers began his career as a mere dishwasher in a local restaurant, and amidst his daylong tiring chores he took time to go to the University for assembling and selling computers. A striking example of farsightedness, he understood it early that if he can sell computers directly to the customers eliminating the middle level, then his product will cost much less and he will be able to make more profits. Plus a solution like that can enable customers to get a customized machine! His confidence and belief pushed him to drop out the University, take some loan from his grandmother and set up what we today know as “Dell computers”!
Here I suddenly remembered a sentence from Biography of Steve Jobs written by Walter Isaacson. It says, Steve Jobs could make impossible possible, because he did not realize that it was impossible. As you may have heard "ignorance is bliss"!
When you are thinking of entrepreneurship, you are actually trying to create something, out of in fact, nothing! It is all about bringing out the inherent leadership quality that you already have inside you and turning a new born idea into a hardcore reality. You got to get out of your shell and think differently altogether, to start up a new business. It might be easier said than done, but again, there is a first time for everything. Biggest is risk is not taking a risk.
An individual planning to start up a business must be ready to face a zigzag path that is occasionally turbulent and garnished by obstacles. A new business startup is all about ups and down in the beginning. If you do not do proper research before you jump into the task your venture might fail or get discontinued like thousands others. Sometimes many such entrepreneurs also transfer ownership and control of their business to compensate for the loss. You already must have invested a huge amount either form personal savings or loans from the market itself- so a failure can be devastating for you-both financially as well as emotionally.For successful entrepreneurship, it is very important to dream, to think of a vision and come up with an idea, however weird it might seem to the others! It is because if you do not dream, then you will never be able to bring it to fruition. There will be boundaries and challenges coming up on your way from others, who do not feel your thought to be realistic enough, but you should look beyond those possible apprehensions that others try to incorporate inside you. Successful entrepreneurs are never daunted by challenges!
"An Entrepreneur" is a different species. I do not think of it as a person who manages business. Entrepreneurial ability and mindset can be found in any field. Let it be a business, politics, sports, entertainment, you name it!
Almost all small business entrepreneurs
who want to be successful, must have certain qualities inside them or at least
try to develop them in due time. One must understand that there is no magic
formula or developed software with the help of which you can make your venture
successful. You need to be intuitive, to be able to foresee the risks and
opportunities, as well as analytical enough to figure out the strength and the
weaknesses to run the business successfully. A clear idea about what you want
to achieve in future, and how to proceed to accomplish the task will help you a
lot to begin. This not only helps you to keep the focus on your goal but also
might help you to overcome many humps you might face on your way to success. A
sensible entrepreneur must always desire his products and services to bring
substantial monetary profits for him as well as make some positive contribution
to the others at the broader level.
One big section that needs absolute attention in any business is the customer. Believe it or not, today customers are the “god” for any entrepreneur. If they are not satisfied, the business cannot proceed further to make profits. You as an aspiring entrepreneur need to have the basic intelligence to understand what they need and what they don’t. You should reformat your products and services as per their needs because it is them who will ultimately decide whether you will exit or not in the long run. Along with IQ EQ (emotional quotient) is important as well. Customers are individuals with different preferences and you need to understand that very well. A proper "EQ" will also enable to understand your customers in a far better way. This will enable you to create a productive and effective environment for overall benefit of the organization. You will be able to build a proper organization culture which will help you to build goodwill for your company. Indeed that will give you a separate identity as a successful entrepreneur who possesses the required norms, skill sets, culture, values and above all, leadership quality to run a successful business.
Almost all of us love to go through the real life stories of successful entrepreneurs who had the potential to convert a simple dream into a million dollar organization existing in real life. You will be shocked and surprised to know that most of the successful entrepreneurs, who had been able to establish themselves, were not born with a golden spoon in their mouth. Most of the successful entrepreneurs have seen the worst before they saw the best.
Take the example of Bob Williamson, the founder of Horizon Software International. He belonged to a broken family and left his home in Mississippi during his late teens. He had seen lots of bad patches in his life before he could commence his $26 million company through his own efforts. In the beginning, he did not have a home of his own, and worked as a brick cleaner in Atlanta at a mere $15 per week. He was mentally and physically devastated, and got fully addicted to drugs. "I was either going to commit suicide, which several of my friends had done, or I was going turn my life around," says Williamson. But may be when you are destined to make it big, your path is already set by the almighty. He met with an accident during these days and got admitted to a hospital. During his stay there, he came across the Holy Bible, got converted to Christianity which changed the entire path of his life. Can you imagine that this person with no degree but a criminal record is the CEO of a company that makes food service software for almost all hospitals, schools and other institutes?Failures and success are the two sides of the same coin. You cannot realize one without the other. In fact a success that comes without a failure doesn’t taste so good as otherwise. Many entrepreneurs face failure as a part and parcel of their ventures. Some go bankrupt because they cannot cover up the losses in the business. But history has revealed that entrepreneurs usually have a much tolerant and open minded outlook towards failure. That is why they are so different from an ordinary human being.
and you can be one of them!
Just do a simple experiment. Consider two individuals you know and observe them for some time. How can you identify who out of them possesses the quality and the capability of becoming an entrepreneur? Well, certain characteristics will be visible in one which might not be, in the other. A person with an entrepreneurial mindset can never sit back and accept what life has in store for him. He will always attack life proactively, and determine his own goals and objectives. The path that he will choose to fulfill his dreams will be paved by him only and no one else. He will be the one who believes in developing his reasoning skills, his perceptions, his will power, imagination and intuition as well as his overall personality.
If we just create a tag cloud of these traits it will go something like this...
"Intelligent", "Street Smart", "Knowledgeable", "Analytical", "Sharp", "Honest", "Loyal", "Hardworking", "Visionary", "Persevering", "Patient", "Struggler", "Tolerant", "Resilient", "Precise", "Having flexible mindset", "Emotionally Matured", "Self Disciplined", "Self Aware" ,"Self Motivated", "Shrewd", "Aggressive"....
Experience is the ultimate "Guru"!
There are things you can not learn in B-Schools.
You either learn it by experience or by seeing other people who have already done it.
Entrepreneurial qualities should be cultivated. Everything is not gifted to you when you were born.
One should be nurtured in that way. Surround yourself with people who are superior to you.
Watch and study what other successful entrepreneurs and business people have done before? How did they do it? Read about them, Learn about their companies, its timeline.
Even smallest thing matters, manners matter, How these people talk? how they walk? how they dress? how they answer?
I bet on this, day by day you will start becoming like them. Just by observing them!
Even your mind will start to accept and prepare itself to be an entrepreneur. Things will fall in place automatically.
As mentioned earlier, there is no substitute for experience you are going to get.
Entrepreneurship teaches you to be focused at your objective. Until and unless you fix your goal and work dedicatedly towards it, you can never achieve what you have dreamed of. It will teach you how to make creative choices so that you can take faster steps towards the venture. It also teaches you to be honest while examining your present results through which you can get an exact picture of where you are right now. This enables you to figure out the mistakes you have made, and not to repeat them in future.
You can also develop a habit of being meticulous if you are into entrepreneurship. Most successful business tycoons are very particular of what they do, and never leave any stone unturned. They keep a track of every aspect of their business, small or big, so that everything remains under their control.
One common trait among all budding entrepreneurs is the ability to tolerate risks and the desire to be rewarded well. When we talk about the rewards, money tops the chart, which is one of the major rewards you can expect from your blood and sweat efforts. In later stage, You can have your entire financial problem disappear once your world changes when you establish yourself in the market. Not only that you can have certain financial opportunities popping up your way which will help you to grow as a businessman. Pride and recognition are the other feathers in the cap of a successful entrepreneur. but for that you have to struggle and work your as off!