Entrepreneurship is the act of starting up a new business…
It is also the study of the process of starting and setting up a business. On looking at the etymology of the word “Entrepreneur”, it is derived from the French verb enterprendre, which means ‘to undertake’. An Entrepreneur is someone who has an idea, one who is ready to undertake the responsibility of turning that idea into a reality. They strive to create a unique product or service which can be sold, thereby establishing a brand.
Start-ups have a few indispensable requirements:
- A concept to propagate business involving a product, service, process or technology.
- Human hands to support work like employees, vendors, advisors, etc.
- A process or medium through which products can be delivered or how technology can be developed.
- Start-ups require funds to develop the idea, for the business to generate revenue.
An Entrepreneur must possess a set of characteristics and develop certain attitudes to sustain the laborious feat of becoming a successful Entrepreneur:
- passion: The journey to success is bound to pose various hardships. Entrepreneur’s need to have the passion and drive to cross these hurdles, even if nobody believes in their business.
- Unafraid to take risks: Since they are starting their own business, they are diving into a world foreign to them. Leaving it all behind and starting a company of their own is a risk in itself but it is only the beginning of many more to come.
- Hardworking: Determination, grit and a strong work ethic is a quality all Entrepreneurs possess. Starting one’s own business, from scratch is not an easy task and without a strong effort, all will go to dust.
- Flexibility: Being inflexible about the consumer’s specifications is not an option that an Entrepreneur can afford. Success comes when all suggestions are taken into consideration and optimized based on the client’s needs.
- Management of money: A lot of slim expenditures occur when one is starting a business. It is important to remain well within one’s budget as capital is exhaustible. A strategic financial plan and an emergency fund is an absolute must.
The qualities required are endless but the ones listed are most essential. Above all, one must believe in themselves and strive hard to materialize their dream.