An entrepreneur can touch the skies in a few months or can take decades to get to the peak but a person who tries and gives his/her best definitely tastes success. Before we dive deep into ‘What Must An Entrepreneur Assume When Starting A Business’, let’s understand a few things about business and entrepreneurship.
Starting a business is very demanding as you have to fund your business, search for a marketplace, register your business, and many more. But, having said that, being an entrepreneur is not as frightening as some people think.
Yes, it is demanding, requires funds, and has to bear risk but if you want to be an entrepreneur you have to be confident enough, and if you are confident and savvy then you will be a successful entrepreneur. Not a single person can be successful in his/her first attempt if you want to be successful you have to make a lot of effort.
The primary goal of an entrepreneur must be to create value for the goods and not only focus on making profits. Entrepreneurs are greedy to be creative and not to make money. Before starting a business you should know some basic definitions of an entrepreneur, entrepreneurship, and enterprise.
- Who is an Entrepreneur?
- What is Entrepreneurship?
- 8 Steps in The Entrepreneurship Journey
- How to Start a Business?
- What are the Benefits of Starting a Business?
- What is Business Environment?
- So, What Must An Entrepreneur Assume When Starting A Business?
- How to Become a Successful Entrepreneur?
- 8 Myths About Entrepreneurs and Entrepreneurship
Who is an Entrepreneur?
A person who establishes and grows a new business is an entrepreneur. You have to be enough savvy, smart, and confident if you want to be an entrepreneur. Creating a business is not easy as it needs proper planning, facing challenges, getting funds, manpower, and many more.
Entrepreneurs have to be used to risks, failure, long hours, etc. entrepreneurs are sharp enough to manage money. An entrepreneur develops a business model. You must know that entrepreneurs and entrepreneurship are different things. Let us understand what entrepreneurship is.
What is Entrepreneurship?
When you wish to work for yourself and start up a business process is called entrepreneurship. Entrepreneurship is the art to convert your creative ideas into a business.
These are four types of entrepreneurship:
- It can be Social entrepreneurship
- It can be a Scalable startup
- It can be a Large company
- It can be Small business
8 Steps in The Entrepreneurship Journey
You must follow the below-given procedure to make your way towards entrepreneurship-
1. Discover Yourself
First of all, assess what is your strength and what are your weaknesses, and what you enjoy doing, and start with what you want to do. Discovering yourself will help you make the base for yourself.
2. Explore The Opportunities
Step out and find out the need, want, and problems so that you can get the opportunity to fulfill the need. Opportunities are not always easy to find. So it will take time to find them out.
3. Come Up With Ideas
One should try to develop and create new ideas to overcome problems and meet the opportunities of the customers which is one of the major parts of this process.
4. Make Robust Plans
Entrepreneurs should make the proper plans, research, and create strategies as planning is very important and the right planning can take you to your required dream goal. You can get some help from experienced ones for making the necessary planning.
5. Raise Capital
One should start trying to attract new capitalists, investors, or partners for raising funds. Capital and funds are the backbones of an enterprise and without the required funds you can’t survive in the market.
6. Launch The Start-Up
In this step, one should be ready to launch his/ her enterprise and start developing his/ her customers and the fame game begins.
7. Fuel The Growth
Growth is an important process as stagnancy is dangerous for anything and an entrepreneur should always try to expand and grow his enterprise. The growth of your business will definitely help you to reach your aim and goal.
8. Build an Enterprise
Enterprise is an outcome that is made by an entrepreneur in his/her able guidance of entrepreneurship. Enterprise is the setup you want to set and for which you started dreaming and working. It is your asset which includes your capital, machinery, types of equipment, goods manpower, labour, and many more.
How to Start a Business?
- At first, you must research for market, searching will help you to discover if there is any business opportunity for your plan or not. Without proper planning, you can and should not move ahead.
- You must make a blueprint of your business plan so that you can establish your business as per the blueprints.
- You must also arrange capital for your business. Without investment and funds, no business survives in the market.
- You must select a suitable business location for your plan. The location should be the best one that suits your business and help you make your plan successful.
- Then you must select an apt name for your business. The name should be the best one which has to play an important role in highlighting your business in the business world. A name is very important for fame.
- You have to register your business. It is very important to complete the legal formalities to register your business/enterprise. So that you should not face any problems while running it.
- And at last, you have to club all the points to reach the goal. As all the points mentioned above are as necessary as your dream is for you.
What are the Benefits of Starting a Business?
Listed below are top 5 benefits of starting a new business.
1. You can live your life as you want
The people who create their own businesses are free to do anything. They can stay in their hometown or can go out of the country and have fun. They don’t have to work all the time as an ordinary workers/employee. You can enjoy your private life without any distractions from work.
2. You have a lot of say in the affairs
When you run your own business you have a lot of say in your business like what happens at your company, the status of the market, and many more. You can also make decisions that can benefit your company.
3. You can choose the employees you want to work with
When you yourself are an employee then you don’t get any chance to choose the co-workers or the people you want to work with. But when you create your own business you can hire whoever you want.
4. You can make bold bets
People who are in an ordinary job do their ordinary tasks daily they don’t have a chance to face challenges but an entrepreneur faces challenges in their business regularly which gives opportunities to learn something new and creative.
5. You can follow your passion
If your passion is to become an entrepreneur and set up a new enterprise, you can fulfil your dream and follow your passion. And this passion will take you to your dream world.
What is Business Environment?
There is a non-stop relationship between a business and its environment. This relationship helps you to strengthen your venture. The business environment assists us with business risks and opportunities. This also helps you to build an image of your business. This helps to meet the competition and to learn more.
Let’s Understand the Characteristics of Business Environment
1. Unity of external forces
The business environment is the sum of all the factors even the factors which are outside the business and the factors over which your business has no control. These consists of investors, suppliers, customers, and many more.
2. Indivisible Part of the Business
The environment of a business is a very important part of the business. No business can be successful without its environment. Businesses need their environment for its support.
3. General and specific forces
These factors are present outside the business. These factors are of two types – specific and general.
These forces indirectly influence the working of your business. for instance, legal, political, and social conditions.
These forces directly influence the working of your business. For instance, consumers, suppliers, investors, etc.
So, What Must An Entrepreneur Assume When Starting A Business?
There are many things that an entrepreneur must assume while starting a business or new venture and I am discussing ten assumptions you must know while starting a business. These assumptions will let you kickstart your entrepreneurship journey.
1. It Will Take Considerable Amount of Hard Work
It is said that hard work is the key to success and the statement is very true. An idle person cannot achieve anything in his life. Without hard work, a person can’t be called successful and one who works hard will definitely reach the goal. Hard work is the main factor. Hard work starts from the beginning and goes till the end.
Starting your business/venture requires a lot of dedication, sacrifices, and precious time. Making blueprints of your project is not sufficient, you should have it in your mind with complete dedication without taking a rest.
2. Will Power Will Get You Through Tough Times
Will power is the internal power that helps you to attain everything in your life. It is your inner determination to achieve something. starting a new business/venture is not as easy as a person thinks but not as difficult as to frighten before starting it up. If you have strong willpower and a focus to do something then nothing is impossible.
Your passion and your willpower will never let you down. Arranging funds, getting loans, creating investments, and taking place in the market is not easy but if you have a strong heart you will succeed.
3. Be Ready For Scaling Success Quickly
Success and failure are inversely proportionate to each other. Success may be big or small, and bring smiles to our faces. Attaining the goal is success and is the need of every person. It gives you more confidence and satisfaction. Sometimes a person starts a venture with the feeling that he/she will succeed in a small period and will earn a high profit.
But every time this feeling does not work. Success is not guaranteed. You may face failure too and risk is the major factor of a new enterprise. Success depends upon many factors such as how you have prepared the blueprint of the enterprise. How much research you have done and how much do you understand your venture.
4. Build Good Mechanisms and Trust The Process
Success does not have any shortcut. You cant buy success with money and hard work is the key to success. One person should follow the proper process and go through the proper process and go through the proper channel to taste the success. No shortcuts work even shortcuts lead to mishaps, so to get success, your skills, your hard work, and your qualities matter instead of shortcuts. Pure hard work can only let to a successful entrepreneurship journey.
5. Failure – Big or Small – Is Inevitable. Learn From Them
Failure and success are two sides of the same coin. It is not every time that you will face success and it is not so that you will have to face failure. your ideas and your hard work may face failure at the first step but it is not a matter of losing heart you should learn a lesson from them and go ahead. You can understand the drawbacks left over in your work done and overcome them to achieve your goals.
Failure is not always bad but it gives you chance to improve yourself and to start with new zeal and enthusiasm. You should not give up at first. you should try, try and try.
6. It Takes Time
The most common assumption of an entrepreneur when starting a business is time. It is very commonly said that Time is money and money is time. Time is very precious, valuable, and powerful. Setting up an enterprise requires a lot of your time, efforts, and financial research and the most important is your time. Which you have given to fulfil your dreams.
7. Believe in Yourself – Even If You Might Be The Only One
Nowadays the most frequent problem that people face is that they don’t believe in themselves. Believing in yourself is one of the most important things that you must assume when starting a new business. It has been observed that the people who believed in themselves are successful in today’s time.
Believing in yourself makes you feel positive and confident. Confidence helps a person deal with tangy situations. Believe in Yourself and confidence both should be part of an entrepreneur’s skill.
8. Patience is a Virtue
Patience reveals the character of a person and helps a person to face major mishaps. An entrepreneur should have the quality of patience. Every good thing takes time. In today’s time, people want quick results. As an entrepreneur, you must be calm and patient. If you are not, then it makes it a bit difficult for you to be an entrepreneur. Markets require effort and time to be profitable.
9. Take Calculated Risks, But Have a High Risk Tolerance
An entrepreneur is a person have to bear risks while starting a business or a running business. Understanding the serious effects of risks, an entrepreneur should be ready to face all kinds of risks. Sometimes, initially, you did not get the required results and takes some time to reach the goals and the risk moves a parallel way.
So, patience and backup are required to face the risk and entrepreneurs should always be ready to face such situations.
10. Profit and Loss Are Temporary
Profit is not guaranteed and you have to face loss sometimes but with your strengths, you can overcome your losses and can switch to profitability for your enterprise.
How to Become a Successful Entrepreneur?
The following are some entrepreneurship characteristics to become a successful entrepreneur-
1. Never give up
Real entrepreneurs never give up. Being an entrepreneur shows many ups and downs but never give up on these uncertainties, face them. Facing the problems builds confidence and makes you a real entrepreneur.
2. Inspire the people around you
Nobody is perfect. Everybody wants to be perfect in their field and wants to give their best and needs inspiration and guidance. Give inspiration to those people and make them successful with your entrepreneurship guidance.
3. Stay Hungry
Always try to be innovative and make your products better for people. Be hungry for better products and services.
4. Stay Foolish
To be productive in the market entrepreneur must never stop learning. This will help you to find out the solutions to the problems that you are facing and make your business fruitful. Entrepreneurship is not a one-day process but a lifetime process with lot of continuous learning.
8 Myths About Entrepreneurs and Entrepreneurship
There are many myths about the entrepreneurs which are mentioned below-
1. Entrepreneurs do not have their exclusive life
It is assumed that entrepreneurs do not have their personal/exclusive life. They are dedicated to their business and give their valuable time to it but they simultaneously live their family life and give quality time to their family as well as to himself/which is quite necessary.
2. Real entrepreneurs do not quit
It is easy to say that real entrepreneurs do not quit. It is not easy to face all kinds of situations boldly. Taking into consideration the situation sometimes entrepreneurs can also quit and leaves the unavoidable circumstances. But an entrepreneur’s qualities can get you out of such a situation.
3. Entrepreneurs only think about money
Sometimes it is assumed that entrepreneurs only think of earning money and profit and they are greedy but it is not so. An entrepreneur is a person who has to bear the risk as well as losses of his/ her business. So profit is also part of his/ her life. So thinking this is not true.
4. Entrepreneurs are born and not made
It is a common saying that entrepreneurs are born and not made which is a false statement. A person can be born with some skills but the art of being an entrepreneur he learns by himself. Entrepreneurs are made with hard work in their life, and hard work is the key to their success. You can take examples of many such entrepreneurs who have become successful with their own efforts and not by birth.
5. You have to be restless if you want to become an entrepreneur
This is a false statement. Yes, you have to devote your precious time, and work hard to achieve your goals but are not forced to lead a restless life.
6. Business people don’t have a boss
When you start your business you are your own boss. but this doesn’t make you independent like everybody else in the world entrepreneurs also have to build connections to flourish their business. Even he/she himself/ herself is answerable to customers, dealers, accounts department, etc
7. Entrepreneurs take very big risks
An entrepreneur is good at calculating risks which makes them a bit confident to take risks. But risk-taking is not an easy job and nobody could easily decide about the risk but an entrepreneur has to go ahead with some decision.
If you want to be an entrepreneur you must have a unique idea: this is the most frequent assumption that people think. It is thought that you must have a unique idea if you want to be an entrepreneur which is absolutely wrong you can also be an entrepreneur by working on an existing business with some innovation.
8. You must be young to be an entrepreneur
No doubt youngsters are very keen to take risks and grab opportunities. Even though they are very digitally skilled but the adults have experience from which they can start their own business and become an entrepreneur at any stage of their life.
Entrepreneurs are Rich this is one of the most common myths about being an entrepreneur. Entrepreneurs are not born rich, Their hard work, constant work, and spirit to reach the top make an entrepreneur rich.
The purpose of this article is to guide the youth who wants to become an entrepreneur. We have discussed some important points that you must consider before you start up your business. We have discussed things that an entrepreneur must assume before starting a business, the need for a business environment, and some more important points. If you want to make successful entrepreneurship then you should study biographies of successful entrepreneurs on the web who are not born but made themselves successful with their own efforts and hard work. This will be very useful and motivating for you.
Entrepreneurs are born they are made to be an entrepreneur. A good entrepreneur focuses on people’s requirements and then establishes a business to fulfil them. Entrepreneurs also create job opportunities. You must be very responsible if you want to be an entrepreneur. The main responsibility of an entrepreneur is to create and manage a business. Even if you become a successful entrepreneur never stop learning because learning will help to flourish your business and also always inspire people around you.
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