Do you have the creative streak? The ability to establish? The desire to administer? The courage to take risks? The will to become successful and a millionaire? If yes, then you possess a latent talent in the form of an entrepreneur within you.
Entrepreneurship is the process of designing, launching, and managing a business venture along with the risk it carries with it. It is not just a venture, but a bread earner for people who have invested their life in thinking about the idea, working on that and expanding it to the fullest. With the passage of time, it becomes an emotion for those ambitious people.
Entrepreneurship has been prevalent since the late 17th century where it was synonymous with risk taking. But, now the definition has been refined and also includes a specific mindset resulting in entrepreneurial initiatives, in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship. Entrepreneurs are leaders who study the market and try to take an advantage of whatever opportunity they identify; they try to innovate and improvise the existing portfolios.
Entrepreneurs like Jeff Bezos, Bill Gates, Mark Zuckerberg, Steve Jobs, Mukesh Ambani have left their footprints in the sand of success with their zeal and enthusiasm in the field of entrepreneurship. Their stories are inspirational and have given people lessons like: a) Love what you do, b) Avoid negative people, c) Qualifications and marks are not everything, d) Money must not dictate your projects, e) Stop making excuses and the most important lesson is to manage your failures, among others. With their stories and lessons every year, the number of entrepreneurs is increasing and many are enticed towards this field.
The United States of America witnessed its high growth rate of GDP due to this reason. In India, policies such as Make in India, Startup India, Stand up India, Skill India, and Digital India are making India a favorable destination for many people who are passionate to become an entrepreneur. This shows how this field is growing and has immense scope for an individual and for an Economy too.
The way every coin has two sides, entrepreneurship has both pros and cons. Some of the positive ends are:
- Generation of Employment: Entrepreneurship creates employment not only for the entrepreneurs but also for the staff, logistics, labors working for that venture.
- New Inventions: It leads to invention of new products, portfolios, and improvisation of existing products. With the technological advancements, there have been many great inventions done which our ancestors would not have even thought of.
- Impact on Economy: Entrepreneurship adds to the Gross Domestic Product of an economy thereby helping it move closer to the goal of becoming a developed one. It helps it to increase their trade not only in the domestic market but also in the international market.
- Improved Standard of Living: It helps to improve the standard of living of a person by increasing the purchasing power. This helps in increasing demand and thereby leading to an increase in consumption of a household (an addition to the national income).
These are many more merits which entrepreneurship has. But, the question is, should we pursue this or not? It is important to look at both the sides of the coin and take a decision. Some of the cons are:
- Problems with funding: New ventures and startups need funding at all stages of their lifecycle and hence, the entrepreneur has to ensure that their business is funded either by financial institutions or by any other sources. It creates a problem if there is lack of funding.
- Logistics Issues: There might be a problem in maintaining poise between the resources required and resources which the venture gets. Under this situation, it creates disequilibrium between demand and supply chain.
- Operational Mismanagement: Sometimes, entrepreneurs fail to manage the nuts and bolts of running the business in an effective, efficient, and efficacious manner and this might create a problem in proper management of the entire business.
Now, there’s no age limit or time frame as to when you can become an entrepreneur. Right from kids to even grandparents, anyone becomes an entrepreneur. This is because entrepreneurship means coming up with innovative ideas, which may come to a person at any moment. Entrepreneurship can help one delve into different fields, like Marketing, Finance, Research, Business Development and Strategy. It also helps in developing soft skills, like using Photoshop, etc. Having such soft skills is very important as being an entrepreneur, you may be required to do many things simultaneously and if you don’t know the basics of every department, then you can never lead a business in true sense.