Who's an Entrepreneur?
Imagine creating your own company, and having people who believe in your company work with you to make it a success! That’s what it’s like being an entrepreneur – You get to be your own boss.
There is no set path to entrepreneurship. KFC’s famous Colonel Sanders started the chain at 65 after working in the army, railways, insurance companies and starting his own ferry boat company. On the other hand, OYO’s Ritesh Agarwal started his journey at 17, without even completing his formal education.
Compared to most other careers, entrepreneurship doesn’t have a set path. You can be doing anything, be at any stage of your life and come from any background – you mainly need a solid idea that you’re ready to put everything at stake for. If this is something you see yourself doing, then read on!
What will you do?
Defining ideas, plans and goals for the organisation.
You must come up with strategies to develop your business and make it a success. You will set goals – long-term and short-term – to work towards, so your company continues to grow and achieve its intended goal.
Example: If you have set a monthly target for your sales, you will have to make a plan – how much will you invest for it, how many people you would need working on this target, what resources you will have to use, etc – to make sure that you achieve your goal.
Getting investments for your company.
Most entrepreneurs start their business with just an idea and no finance to back it up. It is your responsibility to get the necessary capital to run your company. You will have to meet with investors, pitch your idea/product to them, and explain to them why it is profitable for them to invest in your brand.
Example: If you’re an amazing cook but don’t have the money to open your own restaurant, you would look for someone who believes in you and is willing to invest in your restaurant. They will fund the restaurant, while you keep the business afloat.
Keeping a watch on the market.
You will have to keep a close eye on the market to detect any changes in the demand, supply, or the policies of the industry to ensure that your company is not affected by any sudden changes. You should also be prepared to change up your processes to incorporate any changes that take place.
Example: If you’re running a restaurant, you would notice that most people today look for healthy alternatives. Knowing this, you would make sure to include a section in your menu that offers baked or roasted items. This way, you don’t lose out on customers.
Creating employment opportunities.
You cannot do everything on your own; you will need to hire talent to help you with your company. For this, you will first need to understand what processes and operations you need help with, and then look to hire suitable talent for those roles.
Example: If you’re looking for someone to join your sales team, you will first have to understand what you expect of this person. Once you know what you want from them, it will become easier for you to hire someone on the basis of their skill or past experience.
Leading your team.
You are the captain of the ship and must set goals, and motivate your team to achieve them. You will have to help your team grow by giving them constructive feedback on their work, and support ideas they come up with. Your team will be able to work better if they know they have an efficient and trustworthy leader.
Example: If one of your team members makes a mistake, don’t just apprehend them for it; take the time to help them see where they went wrong and show them how they can do better.
Maintaining relations with customers and clients.
To any business, customers and clients are a top priority. You need to maintain good relations with them, and ensure they are happy with the service you provide. You must make sure that you address and resolve any issues they face with the company, and keep them updated with the latest developments you introduce.
Example: If you’re running an online store, and you receive feedback from a customer about a lack of variety in sizes, you must ensure that you incorporate that request into your products to make the customer feel valued and trust your brand.
Collaborating with like-minded businesses.
Entrepreneurs constantly look to grow their business to reach out to as many people as possible. While you can do this by yourself in due time, you should also be open to collaborating with people in the same line of business.
Example: If you’re running a blog about lifestyle, you could collaborate with a food blog that provides healthy food recipes, or a fitness blog that helps people lead a healthier life. You could work on a post or a campaign together and double your reach.
Keeping track of your progress.
As someone running a business, you would set annual targets for your business. To ensure that you stay on the right track, you would have to make periodical – weekly, monthly, quarterly – checks, so you know at what pace your organisation is progressing, and which areas need more attention. These checks will help you figure out what works best with your audience, so you can put in more resources there and ultimately meet your end goal.
Example: If you’re running a blog and you set an annual objective of getting a thousand followers, you must keep a track of how many followers you have gained on a weekly or monthly basis. This will help you understand which of your posts – articles, videos, etc. – brought in the most engagement and followers so you can do more of those to achieve your goal.
Take the Mentoria career assessment test, to find out how well-suited you are as an Entrepreneur.
Where will you work?
Co-working space/ Home
You are your own boss, so you get to choose the kind of work environment you want for yourself and your employees. Depending on your industry, goals and the scale of your business, you would work in different environments. Initially, while your business is still taking off, you could set up at a coworking space or even at home.
Once your business has grown, you could get an office that you and your team could work from. You could even set up the decor in a way that complements your company culture and the product you provide.
On the go
You may be required to travel - either to explore newer markets or to meet investors - both domestically and internationally, thus, having to work on the go.
How do you get there?
What skills would you need?
As a marketer, you need to get people hooked on your brand. This requires you to come up with fun, entertaining, and exceptional ways to engage your audience. There is a lot of competition in the market, and the only way to be on top is by constantly doing something new and innovative.build this skill
It’s harder than ever to get people’s attention, what with so much information being thrown at them. But, people cannot resist a good story. Every good marketing campaign has a story to tell their customers and relate to them on an emotional level. Marketers who tell great stories through their marketing campaigns are always in great demand.build this skill
How do you make it to the top ranks?
Pursuing your career locally VS abroad
Studying entrepreneurship in India helps you understand how you can execute a business idea in the local context. India is home to many colleges that offer a degree in entrepreneurship. You can get a degree in entrepreneurship from colleges such as Indian Institute Of Entrepreneurship Management And Technology, Nirma Institute of Management, Entrepreneurship Development Institute of India, S.P. Jain Institute of Management & Research and others. These colleges offer you courses in different branches of entrepreneurship including social entrepreneurship, small business entrepreneurship and scalable startup entrepreneurship, among others.
Getting an entrepreneurship degree in India would cost you an average of INR 50,000-INR 2,00,000, depending on the university you opt for. The duration of an entrepreneurship course in India is two years.
The best colleges to pursue entrepreneurship abroad are Babson College, Stanford University, Harvard University, University of Pennsylvania and others. A degree in entrepreneurship abroad would cost you around INR 5,00,000-INR 10,00,000. One of the many benefits of pursuing an entrepreneurship degree from a foreign university is that they focus on practical studies that give you an opportunity to engage in research work. Few universities have incubation cells that guide young entrepreneurial ideas and help you succeed. You can also opt to register yourself for an online master’s degree in entrepreneurship programs conducted by universities such as Everglades, Peru State College and others.
What are your career options?
Social entrepreneurs focus on creating a product or service that helps solve social needs and problems. Unlike a business entrepreneur, the primary goal of a social entrepreneur is not to make money but to work towards the betterment of society.
Technology entrepreneurs make use of science and technology to build their enterprise. They use innovative methods of production to establish their business. Technology entrepreneurship largely relates to providing a product or service online.
A trading entrepreneur undertakes trading activities. This type of entrepreneurship focuses on procuring the finished goods from manufacturers and selling them to customers. The sale of the product can be done directly or through a retailer.
A manufacturing entrepreneur manufactures the products. He identifies his strength and the needs of the customers. Resources and technology are then put into use to manufacture products that help meet/satisfy customer needs. This type of entrepreneurship involves building finished products.
This kind of entrepreneur starts a company knowing that their vision can change the world. Such entrepreneurs obtain capital from venture capitalists or investors. The job involves building the company from scratch and expanding it to start generating revenue.
Family business entrepreneurs work on expanding and strengthening their family business. Their main aim is to grow their business through new strategies and ideas to continue the entrepreneurial legacy of their family.
Agriculture entrepreneurs consider farming to be their business and come up with ideas to help minimise the effort put in to grow the business. This is done with the help of technology that helps organise activities in innovative and effective ways. It is important for an agriculture entrepreneur to find ways to revolutionise the agriculture sector of the country.
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