WHO IS AN ENTREPRENEUR? WHAT DOES HE EVEN DO?
- RISHI P RAJAN
Entrepreneur. We all have heard of this term at least once in our life. And we all have most likely associated it with an individual thinking out of the box and coming up with innovative ideas and proceeding to launch their own business. However there is so much more to this than such a measly definition.
Entrepreneurship is the process by which either an individual or a team recognizes the exact opportunity for starting a business, and proceeds to acquire it in order to exploit it in the most profitable way possible. In simpler terms, entrepreneurship can be described as the process of designing, launching a business successfully. However, most importantly, it is the ability and readiness to face uncertainties and risks.
In economics, the profit that an entrepreneur makes is with a combination of land, natural resources, labor and capital. So basically, an entrepreneur must be capable of taking ever changing disparities into account, and strive to meet a goal without being afraid to take risks. They should be well versed with their goals and designs, and must be ready to overcome any obstacle, including catering to the common needs of the customers. Apart from being flexible and highly intuitive and innovative, it is paramount for entrepreneurs to be natural leaders, in order to lead their venture into success yet be able to stand their ground when problems arise.
Entrepreneurship can be classified into four types, depending on the social construct and fun management:
SMALL BUSINESS ENTREPRENEURSHIP: This type of entrepreneurship is more personal, and is limited to well-known acquaintances. These businesses include small scale ventures like eateries, book outlets, grocery shops etc. The main goal of such ventures is to purely feed their families, and they collect funds through loans and borrowing money from family members.
SCALABLE STARTUP ENTREPRENEURSHIP: This type of entrepreneurship generally involves your typical youthful gusto, and mainly starts with the vision of changing the world. It consists of thinking outside the box, and these startups need more venture fuel than the previous one, as they consist of skilled employees and a slightly more scalable business.
LARGE COMPANY ENTREPRENEURSHIP: In this world of rapidly changing trends and inventions, large companies and businesses are often required to keep up with the increasing demand for new technology. These types of entrepreneurships collaborate with conglomerates under a separate branch and continue with their innovative launches or sometimes even sell their designs or products externally.
SOCIAL ENTREPRENEURSHIP: This type of entrepreneurship focuses on the humane and philanthropic side of business and attempts at launching businesses for the sole purpose of helping people in need and doesn’t stand to make any profit from them.
Now let’s be honest. No one said being an entrepreneur is easy. In fact it is one of the most frustrating occupations out there. Taking the lead from a certain point is relatively easy. However, it all boils down to the first step, which the entrepreneurs themselves have to make – after all, building a company is never easy.
Speaking of difficulty, every entrepreneur is required to have certain skill sets and personas if they want to succeed in their careers. Perhaps some of the most vital aspects of them would have to be:
LEADERSHIP QUALITY: After all, who doesn’t follow a born leader, exuding charm with a witty mind and motivating words?
ABILITY TO PERCEIVE CHANGES: In this ever changing world, one must always be open to unforeseeable
circumstances and risks. I mean, would you ever follow a boss who panics at the first sight of discomfort?
CONFIDENCE: Confidence maketh a man. It is pretty obvious for a confident person to take the limelight no matter how skilled or smart the others might be. After all, entrepreneurship isn’t just a skill and intelligence related business. One must be able to attract potential customers, as the case in every other business out there.
ABILITY TO MULTI-TASK: An entrepreneur literally is born to multitask, especially during the very beginning of their career. From attracting new ventures, to managing important situations, to appointing employees, to taking care of the finances, an entrepreneur must be able to handle immense levels of stress.
There are so many more necessities, all of which comprise a person’s emotional intelligence level, but now that we delve deep into the responsibilities of being an entrepreneur, it doesn’t seem all peaches and roses does it?. However, you see, the best and most brilliant aspect of being an entrepreneur is that you will have the satisfaction of being your own boss. Even after a really long day at work, you feel the smile on your face as you finally relax, knowing that everything is exactly how you wanted; how you always dreamt it to be. You are for once spared from the fear of being scorned at by your boss, because you yourself are one. After all, isn’t that what we all are after? The smell of sweet satisfaction?
In conclusion, like every other career out there, being an entrepreneur has its own pros and cons. However, what really matters at the end of the day is if you like it. And if you are sure that you can manage the workload and stress and the never ending responsibilities, all with a smile on your face and never ending determination , go for it!!