Why should you be an Entrepreneur?
Most people will lead ordinary lives and just fade with the passing time but some will stand with courage, devotion and a desire to succeed and change the world. They will create jobs, markets for new products, give the people their latest gadgets and make the world work better.
I have always strived to make difference in the attitudes of the people towards new businesses, especially in Entrepreneurial ventures. I am currently taking courses on entrepreneurship and innovation, I have talked to various professors, read several books and co-founded a company with my friends to further my entrepreneurial interests.
In the current world scenario of capitalism and multibillion dollar businesses it has become extremely important for college students to have entrepreneurial skills so they can create new ventures and not only benefit themselves but for the much larger cause of humanity by creating jobs and raising money for philanthropic activities. I feel that the audience should be more aware of Entrepreneurial aspects given that this generation will financial powerhouses of the world economy.
To comprehend the meaning of the term and decide to become an entrepreneur is a decision few will take. I would also like to discuss some ways to not fail as an entrepreneur and develop some ordinary skills into extraordinary ones.
Now that you understand the conviction required to be an entrepreneur. I would like to emphasize the ways by which people can have a deeper introspection of their skill sets.
I. The meaning and significance of entrepreneurship.
A. Entrepreneurship is a way of life. It’s a powerful force deep down inside, driving you to achieve your dreams, despite dubious odds and the doubts of others. (Pollard, 2013)
1. It’s an opportunity to create a business model by devising truly innovative products that are commercially successful and economically viable. (Thomas, 2013)
2. It also counts as a pursuit, a focus or concentration in a field that is able to identify even short windows of opportunity. (Thomas, 2013)
B. The difficult path to tread
1. It is highly demanding and the person to have laser focus in his identified area of business and skills. (Pollard, 2013)
2. Leadership is another important aspect which should become an inherent trait when vying for such an activity. (Pollard, 2013)
C. The decision to be an entrepreneur
1. There is immense freedom in owning your own venture. There are no artificial ceilings imposed and the person has all the flexibility to pursue their dreams. (Pollard, 2013)
2. The person also develops an attitude which is resistant to failures and a complement to risk taking ability. (Pollard, 2013)
Now that you who is an entrepreneur and what it takes to be one I would like to discuss the challenges associated and skills needed.
II. The skills required to be a successful entrepreneur are of the toughest to learn considering the fact that only 1% of the aspiring entrepreneurs become successful.
A. Challenges which are associated are both emotional and financial.
1. Even the successful people go through immense pressure during their initial years isolating them from social life. (Thomas, 2013)
2. The risks associated with investing intellectual and financial capital in a new venture have to considered and catered intelligently. (Thomas, 2013)
B. There are some ideas which help in building a successful venture
1. The most basic requirement is to develop a strategic plan involving a detailed plan with steps, deadlines and goals to accomplish. (Kohler, 2013)
2. The other important aspect is to have a solid marketing plan which will includes all the ideas, concepts and the use all possible resources to create sales. (Kohler, 2013)
C . How not to fail?
1. There should always be a creation of unique value propositions to the customers which means that the people should be able to experience something new and interesting instead of minor changes to an existing product or service. (Wanger, 2013)
2. Being in constant touch with your consumer base helps to identify ways to serve their interests better and have an intuition of their potential demands through deep dialogue. (Wanger, 2013)
Directional Transition: I believe that now that you have an extremely clear understanding of the term, and its implications in your life and other people too. I would once again motivate you to give a deeper thought and realize its significance with the inputs I provided on the skill sets.
Never forget the significance of being an entrepreneur and the inheriting new positive capabilities.
There is depth in the meaning of entrepreneurship and it requires determination to develop skills that complement it.
It is the decision you can make that will impact the world. The rest will seek jobs but you will create them and change the world. You would not be limited by bounds but set new records, be a visionary and a leader. I would take this opportunity to say that one day you may be the cover pages of Forbes or grace the cover of Times Magazine.
1. Wanger, E. (2013, 12 09). Five reasons 8 out of 10 businesses fail. Retrieved from http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/
2. (n.d.). Retrieved from http://www.frankislam.com/speeches/Montgomery_College_Speech.pdf
3. Pollard, D. (2013). Entrepreneurial spirit. Unpublished raw data, HILLMAN PROGRAM LAUNCH, .
4. Thomas, E. (2013, 01 10). Entrepreneurship: A working definition. Retrieved from http://blogs.hbr.org/2013/01/what-is-entrepreneurship/
6. Kohler, M. (2013, 08 05). Why your college student should start a business. Retrieved from http://www.entrepreneur.com/article/227680