Entrepreneurship: Qualities and Characteristics

• Entrepreneurship is the concept of developing and managing a business venture to gain profit by taking several risks in the corporate world
• Willingness to start a new business is crucial to entrepreneurship
• Joseph Alois Schumpeter is considered the father of entrepreneurship

Characteristics of Entrepreneurship:

• Ability to take risks

• Innovation

• Open-mindedness

• Visionary thinking

• Leadership qualities

• Knowledge of the product

• Hardworking nature

• Networking skills

• Self-confidence

• Flexibility

• Entrepreneurs are individuals who create new businesses, bearing most of the risks and enjoying most of the rewards

• The meaning of "ENTREPRENEUR" is one who organizes and manages the risks of a business or enterprise

Entrepreneur vs. Entrepreneurship:

• Entrepreneur: Person
• Entrepreneurship: Process
• Entrepreneur: Organizer
• Entrepreneurship: Organization
• Entrepreneur: Innovator
• Entrepreneurship: Innovation
• Entrepreneur: Risk Bearer
• Entrepreneurship: Risk Bearing
• Entrepreneur: Motivator
• Entrepreneurship: Motivation
• Entrepreneur: Creator
• Entrepreneurship: Creation
• Entrepreneur: Leader
• Entrepreneurship: Leadership

Importance of Entrepreneurship:

• Plays an important role in changing society
• Vital to cultivate, motivate, and remunerate, to the greatest extent possible
• Accelerates economic growth
• Promotes innovation
• Promotes social changes
• Promotes research and industrial development
• Develops and improves existing enterprises

Typical Entrepreneur:

• Creates a new business in the face of risk and uncertainty for profit and growth
• Achieves goals by identifying opportunities and assembling the necessary resources to capitalize on them

Key Characteristics of a Typical Entrepreneur:

• Vision
• Passion
• Adaptability
• Resilience

How to Become an Entrepreneur:

• Find a profitable product
• The product category is the core of the online business
• This is one of the most important decision to make

Stages of Entrepreneurship:

• Ideation

• Planning

• Execution

• Scaling

• Hypergrowth

• Develop your product

• You will decide what you'll sell

• There are several options for product development

• Buy your product wholesale

• This means that you'll purchase pre-developed items from a wholesale marketplace

• Validate the market for your product idea

• The next step is to validate your product idea

• Figure out if the market is ready for what you're selling

• Determine if customers really want the product

• Generate a Business Plan

• Create a well written Business Plan

• Document outlines strategically

• Include everything about your business

• Funding is needed to secure your business

• Reinvest early profits back into your business

• Many businesses need some kind of funding

• Explore options to secure funding

• Secure a business loan

• Take out a credit card

Launch Your Business:

• Launch the business after securing funds
• It's time to launch your business
• Continuously Educate yourself through becoming a student
• A successful business owner is always a student of entrepreneurship

Entrepreneur of the Year:

• The entrepreneur of the year program
• Has been celebrating the most ambitious and visionary business leaders
• Recognizes successful, dynamic businesses
• Recognizes businesses for decades
• Every year an independent jury of some of India's most prominent business leaders
• Selects the finalists and winners of the program

Characteristics of Successful Entrepreneurs:

• Curiosity
• Structured experimentation
• Adaptability
• Decisiveness
• Team building
• Risk tolerance
• Persistent
• Innovation

Employee to Entrepreneur:

• Moving from employee to entrepreneur requires planning and a clear understanding
• Setting career objectives
• Requires confidence for job on your own as an independent business
• Think like a business owner

Ways to Move From Employee to Entrepreneur:

• Get used to more work and longer hours

• Position yourself effectively

• Determine your target market

• Do it yourself

• Schedule each day

• Put some living expenses away

Agri-Entrepreneurship:

• A-E Entrepreneurship stands for agri-entrepreneur model
• Agri Entrepreneur is a local village youth which acts as a Service Providers to the farmers
• Provides aid in agriculture development in remote areas
• Each AE essentially has critical functions
• Providing better quality inputs
• Knowledge and crop advisory
• Market linkage
• Credit facilitation

P-T Entrepreneurship:

• Entrepreneurs in the physical therapy industry have a unique opportunity to bring innovation and growth to this field
• Physical therapists are natural entrepreneurs and problem solvers

Characteristics of P-T Entrepreneurs:

• Increased work-life satisfaction
• Higher earning potential
• Greater autonomy
• Satisfaction of being your own business owner

Student Entrepreneur:

• You can become a student entrepreneur as well
• All you need is a great business idea that adds value to the lives of your target audience
• A plan and a resilient mindset
• Entrepreneurship allows students to learn more than just their chosen field of study
• Creates an interdisciplinary environment to work and develop in

Apply for Student Entrepreneurship Competitions:

• One of the most effective resources awaiting a student entrepreneur today is the student entrepreneurship competitions

Additional Advice:

• Seek out funding schemes
• Publicize yourself through networking
• Seek feedback and validation
• Seek guidance from industry experts

Tips for Becoming a Successful Student Entrepreneur:

• Pay attention to the advice of the mentor
• Analyze your own abilities and disabilities
• Find business ideas that suit you
• Test your idea
• Research your competition
• Search for a suitable mentor

What Do You Need to Start a Business?:

• Business Plan
• Business Name
• Business Structure
• Business Registration
• Legal Requirements
• Funding

Success Indicator for a Business:

• Key Performance Indicators (KPI) measure a company's success
• A set of targets vs. objectives or industry peers
• KPIs can be financial
• Includes net profit & revenues
• Minus expenses or the current ratio

Types of KPIs:

• Financial statements

• Sales Indicators

• Number of customers

• Level of customer satisfaction

• Employee satisfaction

• Marketing effectiveness

• Small businesses know that to be successful they need to clearly manage their growing business

Key performance indicators small business owners should measure to ensure long-term success:

• Revenue
• Growth
• Profit margin
• Monitor your cash flow
• Return on capital employed

Setting Personal Goals:

• Entrepreneur goal setting is when business professionals create specific objectives for the future
• These can include both long-term and short-term goals

Best Personal Goals to Succeed as an Entrepreneur:

• Build professional communication skills

• Learn time management

• Build a network

• Develop an investment strategy

• Implement a marketing strategy

• Adopt a social initiative

• Build a balance between personal and professional life

• Once you have established goals, they will give your life and your business direction

• Goals will help reach intended outcomes

• Focus your attention and actions to achieve desired outcomes

• Mobilize energy and effort

• Increase your persistence

• Provide direction for developing strategies for achieving the goals