Life today is fast-paced and exciting. With lights, glamour, lifestyle, money, recreation, and humankind in general fuelled by technology and people who took upon themselves to redefine the world. The world has seen eminent scientists, inventors, creators, entertainers, and entrepreneurs who have changed the course of the society and the world. The role of entrepreneurs has been and is increasingly becoming more and more significant.
Defining an Entrepreneur
So who exactly is an entrepreneur? If one goes by the dictionary definition then an entrepreneur is an individual who sets up a new business taking a personal and financial risk in hope of making profits. He or She is often perceived as an innovator who generates new ideas, services and/or products for customers or society. An entrepreneur is seen as an initiator, decision maker, risk taker and great motivators. They are seen as a key to an evolving and economically growing society. They are facilitators who have the power to get together people who have the skills necessary to anticipate present as well as future needs and give them the necessary resources to cater to those needs. They are individuals who are motivated not just by money and profits but a sense of achievement that comes with serving humankind.
Strategies for Becoming a Successful One
With growing technology, demanding customers and a general economy that is very fertile, the number of entrepreneurs and their ventures is on a rise. But not all of them succeed. Those who make it big are gratified with money, fame, and even more opportunities. But those who fail, become less prevalent and sometimes lost in the crowd. So what sets a successful entrepreneur apart and makes him/her stand out is a question many budding entrepreneurs take their time to mull over. The world is divided over such opinions. While there is no fixed recipe to success, here are some strategic ingredients that have proven their mettle in the making of a successful entrepreneur.
Following One’s Heart is the first and foremost thing that one can do. Feeling self-motivated to start and take risk is the first and most defining step that one can take towards entrepreneurship. It always makes sense to start a venture focussing on something one loves to do. Starting a development centre serves no purpose if one has a flair for say photography. An entrepreneur has to put in long hours to establish the venture, so choosing a work that one already loves to do shouldn’t sound like work at all.
Know Thy Competition is another important strategy. As an entrepreneur, one has to study the competition in the chosen field understanding their product, services, market, pricing, and clients too. It will help in deciding a better price, strategy and marketing method for one’s own product.
Minding One’s Money is vital because of it a powerful yet limited resource in the initial days. It is important for an entrepreneur to know where his or her money is going and how is it working. One must know where the money is coming from, where is it going, the bottom-line profits and how best can it be conserved. Most successful entrepreneurs confess to living frugally in their initial years of stepping into the market to be able to deal with rough patches that can come unannounced.
Finding One’s Space by venturing into a niche and small market at first is essential. Focussing on a small market initially helps in catering to the unique requirement, understanding its nuances, and better visibility of one’s new products due to lesser competition. It helps a business to create a new and substantial customer base to grow into bigger markets.
The Client is the King and must be treated with all due respect and adulation. It is essential to take time out and listen to what the customer, i.e. end customer or business client, has to say. The feedback, however small, must be taken and pondered over to make the offering better. Entrepreneurs need to connect with clients in their preferred manner and made to feel valued. A valued customer makes for a valued product and entrepreneur.
Embrace Change as stagnancy does no good. An entrepreneur aims at bringing change via the venture’s products and services and must be ready to adapt to changing times and demands. Being flexible and adaptive in response to customer’s demands and competition’s offering is essential to keep the venture floating.
Entrepreneurship is not an easy task. But that’s what it is about, taking up challenges to bring change. The world is a great stage and has space for every individual. All it takes is courage and strategy for an entrepreneur to make his or her mark on this stage. Entrepreneurship puts one in a driver’s seat and makes them accountable to customers, employees, stakeholders, family and everyone involved closely or remotely. Staying focused on the goal, sensing changing demands and being flexible is the key to success in these changing and emerging times.
– Sneha Sinha