Entrepreneurship: Know the True Meaning

Entrepreneurship is such a broad term that we cannot define it completely in one definition. Entrepreneurship means different things to different people. Some imagine famous Businessman Like Tata, Ambani, Gates while others picture small business owners opening up their shop doors every day. Ultimately, entrepreneurship Include all the Business ventures that share a commitment to turning an idea into a profitable business.

"Most people think being an entrepreneurship is all about coming up with an idea & it’s execution, but that's just one part.”It's also important to know, right from the beginning, how you will reach Consumers & affect their life’s, in most cost effective manner.

In TedTalk at IIT Kharakpur Mr. Bikash Barai , An IITians  & Entrepreneur himself said that Aspiring Entrepreneur have so many ideas in their mind but 90% of startup fails due to that idea itself. He also added one must find a great problem at first place to resolve & that could be a great idea itself.

Traits of Entrepreneurs:

There are no specific traits that every entrepreneur shares, but many do possess a few common characteristics. 

• Entrepreneurs are typically confident and self-motivated.

• They are Persistent but understand their own limitations.

• Instead of following the status quo, entrepreneurs have a healthy disrespect for established rules, and often set out to do things that others may not have the courage to.

• They are also willing to fail and start over again; taking the lessons they've learned to create something new and improved.
  
  
  
  

  Tips for aspiring entrepreneur

  
  
  • Learn from others' failures. Rather than admiring the small percentage of businesses that grow to become successful, study those that end up failing. Most companies have made common mistakes that have led to their end. Have the modesty to learn from the mistakes of others before making them yourself is the secret to success.
  
  
  • Make sure this is what you want. Because entrepreneurship need so much hard work, it is critical to ensure you're following the right path.
   
  • Solve problems. Entrepreneurs should always be in search of problems to solve, and not the other way around.
  
  
  • Be passionate. Successful entrepreneurs are driven primarily by a need for achievement and the desire to make a meaningful difference.
    
    
  • Get advice from those who have done it.  Business owner should find mentors who are successful. Keep on leaning by reading books, Build network with people you admire and opt for educational programs, It will help a lot.