Results 1 to 5 of 5

Thread: Entrepreneurship: What it takes

  1. #1
    The Lone Ranger Lieutenant General rishabhd's Avatar
    Join Date
    Jun 2009
    Location
    delhi
    Posts
    67,580
    Rep Power
    100

    Default Entrepreneurship: What it takes

    If you have always hoped to venture out on your own and make it big, it might be the first sign that you are made for entrepreneurship. However, to have a good shot at building and sustaining a successful business, you need to do a lot of groundwork before you begin. What does it take to be a good entrepreneur? Here are some essentials.




    If you have always hoped to venture out on your own and make it big, it might be the first sign that you are made for entrepreneurship. However, to have a good shot at building and sustaining a successful business, you need to do a lot of groundwork before you begin. What does it take to be a good entrepreneur? Here are some essentials.


    Domain knowledge: You don't need an MBA to start a business but you definitely need to know the field you are entering. Ideally, it should be a field you have worked with at different levels, and have an understanding of how it works. But if you are really keen on entering an area that is not your domain of expertise, you still can but you need to work on building domain knowledge as a first step. This can be done by taking up a job or internship in the field, talking to people in the business extensively, in depth research, and as much hands-on practice as possible. If you enter a field with little or no domain knowledge, you are likely to spend a lot of time and money making mistakes that could easily have been avoided. You will still learn through trial and error, but you can bypass many errors of a novice.


    Basic business knowledge: You don't need a MBA, and there are many things that you can learn as you go along, but you need to know enough to make a realistic business plan, assess the market, project long-term and short-term goals, and make a convincing pitch to an angel investor.


    Skills and qualities needed

    Leadership

    People skills

    Communication skills

    Organisational skills

    Ability to think on your feet

    Networking skills

    Willingness to take risks

    Faith in your idea

    Taking the initiative

    Ability to stay focused

    Flexibility

    Willingness to put in long hours

    Perseverance


    Venture capital: You need to be aware of your sources and limitations when it comes to capital. You need to know how you can raise venture capital, and prepare a viable and convincing business plan. The concept/idea and the financials are the key factors which will attract the attention of a would be investor.


    Openness to change: While you need to believe in your idea, and do all you can to make it work, there may be a time when you realize it is just not working. You need to be flexible enough to change your method of approach, modify your product/service or even completely change your product/service to fit market needs. You need a Plan B to salvage the situation. This could include an alternate source of funds, or making a drastic change in your business.


    Networking: You can't be an expert in everything. Getting the right people involved in legal matters, finances, organization and sales is necessary to get things moving well. Advice from other entrepreneurs and people in the field is invaluable.


    Willingness to learn: You need a growing knowledge of every aspect of business. Learning from every person you work with or interact with will help.


    A course in entrepreneurship


    There are Certificate, Diploma, PG Diploma and MBA courses in Entrepreneurship. Any of them will be helpful.


    CIIE (Centre for Innovation, Incubation and Entrepreneurship), an initiative of IIM - Ahmedabad, provides mentoring and other support.


    NEN (National Entrepreneurship Network) provides workshops and short courses.

    ASEED and Entrepreneurship Development Institute of India (EDII), New Delhi offers a six-month PGDEM


    Some venture capital funders

    SME branches of banks

    DFJ India

    Canaan Partners

    Lightspeed Venture Partners

    Nexus India Capital

    India Innovation Investors

    Reliance Technology Ventures
    Last edited by rishabhd; 01-07-2010 at 08:45 PM.
    Wo Acha Hay Tou Behtar, Bura Hay Tou Bhi Qabool
    Mizaaj-E-Ishq Mein Aib-O-Hunar Dekhe Nahi Jatay...!!!


  2. #2
    The Lone Ranger Lieutenant General rishabhd's Avatar
    Join Date
    Jun 2009
    Location
    delhi
    Posts
    67,580
    Rep Power
    100

    Default

    Entrepreneurship and salesmanship have one thing in common. They both need to convince someone that a new product or service is needed. The entrepreneur does it by bringing his ideas to reality and the salesman sells it.




    What does it take to be a successful entrepreneur? While the world has advanced rapidly from what it was a mere hundred years ago, there is yet room for improvements and the entrepreneur is as much demand as he ever was. It's rare to find the man or woman that is willing to take a chance, sometimes to risk life and stake everything they have to bring a unique idea to life.




    While the entrepreneur may seem to possess supernatural powers, anyone can learn to become an entrepreneur. The first step is to realize that creativity in not limited. Entrepreneurship is not limited to just business or improving job performance. It can be applied equally to improve personal and family life where business acumen isn't needed.
    While few will reach the stature of a Thomas Edison or Bill Gates, the rules that guarantee success applies equally to the lowly janitor or the boardroom executive



    Entrepreneurs are Dreamers

    They are dreamers, evaluating every idea for workability and profitability. No idea is too ridiculous to be dismissed outright. The best ideas with the most promise are filtered out. Once the most important of those ideas are selected, the entrepreneur goes to work, creating a plan to bring that idea to life.
    Entrepreneurs Believe in Themselves

    They have a strong belief system. They believe they have a right to be successful. Time is of no concern. Whatever it takes and however long it takes, they're prepared to sacrifice both time and money. The idea infuses them with desire and they take action to build the foundation that often makes them successful. While many claim their idea is unworkable, the entrepreneur refuses to believe it and does it anyway, often to the chagrin of the naysayers.
    Entrepreneurs are Risk Takers

    That doesn't mean they throw all caution to the wind. Well before they launch their new ideas, they make an inventory of everything required to reach their goal and everything that might stand in the way of its achievement. Every venture has an element of risk. If the risk is worth taking, entrepreneurs seize the opportunity.




    They don't focus on the possible failures, only the ultimate outcome. They are acutely aware that failures are a necessary part of becoming successful. While failure to the average mind is something to be avoided, the entrepreneur expects to fail several times before success is assured. Just study the biographies of people like Thomas Edison, Abraham Lincoln and Colonel Sanders of KFC fame.
    Entrepreneurs are Work Oriented

    They spend many hours testing, tweaking and making improvements. Their work ethic is the dedication to the job at hand. While they may not get immediate payment for their troubles, they do it for the sheer joy the work gives them. Work equates with action. They must be doing something every day that moves them closer to the ultimate goal. 60 hours a week or more is not unusual. While the average man can't wait to get home from a boring job, the entrepreneur burns the midnight oil increasing his self confidence and his value to his employer and community.
    Entrepreneurs Know the Value of Leisure Time

    Far from having no social life or neglecting their families, entrepreneurs know when it's time to take a break from the routine. Taking time out is an important element as it helps refresh the imagination and keep the fires of desire burning. An occasional time out helps to refocus priorities and make any course corrections necessary. Without a break they can find themselves well off the target they set for themselves.
    These five elements are what makes a successful entrepreneur. No matter what the activity, nor how menial the job or career, anyone can apply these techniques to improve life and bring in the success that is their birthright. Entrepreneurship for a better world is everyone's business.


    Wo Acha Hay Tou Behtar, Bura Hay Tou Bhi Qabool
    Mizaaj-E-Ishq Mein Aib-O-Hunar Dekhe Nahi Jatay...!!!


  3. #3
    The Lone Ranger Lieutenant General rishabhd's Avatar
    Join Date
    Jun 2009
    Location
    delhi
    Posts
    67,580
    Rep Power
    100

    Default

    It Takes Leadership

    The right leadership can inspire a team and an organization to greatness.


    f leadership could be summed up in one simple thought, it would be setting an example for others to follow. It's an important concept, especially in tough economic times, when companies are struggling and employees are worried about their careers and their next paycheck. When uncertainty is pervasive and the future lacks predictability, employees need reassurance that their interests, as well as those of upper management, are valued and being protected.


    "The only safe ship in a storm is leadership," says Faye Wattleton, president of the Center for the Advancement of Women.
    Setting the example means you don't ask someone to do something you wouldn't willingly do yourself. This means setting a standard of excellence for others to aspire to, while giving them the tools, motivation and inspiration to follow you. Employees want their leaders to be truthful and respect them, regardless of their relative position within the organization. Respect works both ways, and it must be earned.




    "Leadership is not position," says Stephen Covey, author of several bestselling leadership books. "It's moral authority. Moral authority comes from following universal and timeless principles like honesty, integrity and treating people with respect."




    When We Think of Great Leaders


    If you ask anyone you know to name two or three great leaders from American history, invariably they will name people from politics and the military. You may hear names such as George Washington, Abraham Lincoln, George Patton, Robert E. Lee, Martin Luther King and Franklin D. Roosevelt. They are responsible for some of the most enduring actions of tremendous consequence made in times of national crisis. Perhaps this is why we associate the idea of leadership with people who were in positions of power during crises.
    Why are business leaders rarely mentioned in the same breath with these people? Most likely it's because we usually equate running a business with management, rather than leadership. This is a huge mistake. Everyone has his or her own opinion of those in the business world who combine effective leadership and management skills, and the list would be influenced by the age, work experience, location, upbringing, knowledge of history (and other diverse factors) of the person being asked. Today's business leaders come from a variety of different fields and have a significant influence over our daily lives.






    Leadership vs. Management






    While the terms leadership and management are sometimes used interchangeably, this only confuses two distinct but complementary concepts. When author and contemporary thought leader John Baldoni was asked for his view of how leadership and management interact, he responded: "Management is about control. Leadership is about guidance. To run an organization effectively, you need to control operations and systems, and you need to provide guidance to people. Manage by holding administration tightly, but lead by holding the reins of leadership lightly. Management involves putting the right people into the right places with the right resources. Leadership is about turning those right people loose by setting high expectations, providing coaching and acknowledging achievement."
    Both management and leadership have essential roles in business success. Management provides structure, stability and organization, while leadership provides the inspiration, influence and atmosphere for creativity, innovation and self-motivation.




    According to author and CEO coach Jim Collins, both leadership and management are vital. "The very best leaders are first and foremost effective managers," he says. "Those who seek to lead but fail to manage will become either irrelevant or dangerous, not only to their organizations, but to society."




    "We have all witnessed companies that have been over-managed in the absence of leadership," says Mike Myatt, CEO coach and chief strategy officer of N2growth. "When leadership has been abdicated to management in a corporate setting, you will always find that growth slows, morale declines, creativity wanes and the competitive edge is weakened."
    Leadership is something people need, whereas a process is something that can be managed. Both are necessary to make and implement decisions effectively, and to execute strategy.
    "Leadership is providing inspiration and vision, then developing and empowering others to achieve this vision," says author, executive coach and professor Marshall Goldsmith. "Management is successfully supervising the achievement of objectives."



    Wo Acha Hay Tou Behtar, Bura Hay Tou Bhi Qabool
    Mizaaj-E-Ishq Mein Aib-O-Hunar Dekhe Nahi Jatay...!!!


  4. #4
    The Lone Ranger Lieutenant General rishabhd's Avatar
    Join Date
    Jun 2009
    Location
    delhi
    Posts
    67,580
    Rep Power
    100

    Default



    Teamwork and a Common Vision





    Top leaders think in terms of "we" rather than "I." Gen. George Patton offered a unique perspective on this when he said, "An army is a team. It lives, eats, sleeps, fights as a team. This individuality stuff is a bunch of crap."
    When the team succeeds, every member deserves and takes credit; and every member must share responsibility for failures. This approach is a good way of gaining employee buy-in for tough decisions. The employees need to know that the survival and success of the company depend on them as much as on the senior executives. They want to be an integral part of the solution and are willing to sacrifice during tough times so long as they see sacrifice coming from the top first.
    While management can be delegated to responsible people, leadership cannot. The best leaders surround themselves with capable people who can perform and supervise the tasks and processes necessary to run a successful business. Leaders understand that getting people united behind them is different than issuing instructions on what those people should be doing. Leaders must focus on the bigger picture and ensure that everyone shares a common vision. This responsibility can't be effectively transferred because that vision must come straight from the top.
    You must be willing to make decisions and lead by example. Some consider this the most important quality in a good leader. Leaders should also avoid being surrounded by "yes men" and insist that subordinates be honest, even when they know their comments are not what the leader wants to hear. This enables leaders to anticipate and avoid bigger problems well before they occur by testing the viability and strength of proposed solutions. Open discussion and debate usually lead to better decision-making and a feeling of inclusiveness and ownership for all involved.




    Can Leadership be Taught?





    This question has been the subject of great debate. There is anecdotal evidence that the greatest leaders throughout history possessed common qualities: charisma, trust, integrity, dedication, and the ability to effectively communicate their vision and inspire people to accomplish it as a close-knit team.
    The U.S. spends significant sums every year training leaders at its three major service academies. Training at the service academies is heavily focused on teamwork and selflessness, key attributes for leaders in any environment.

    Formal leadership training is also available at many colleges and universities, typically at the graduate level. These intensive programs focus on facing tough business challenges, championing change, team building and leading under pressure. They expose participants to an array of case studies and workshops that feature real-world exercises designed to assess leadership style and develop ways to improve it.

    On-the-job training from a mentor can instill the kind of street smarts that can't be taught in schools. If you are fortunate enough to work with or for someone who epitomizes the skills and qualities you want to emulate, observe that person in action. More often than not, successful leaders do not seclude themselves in an ivory tower, but will make themselves accessible to everyone in their organization. They connect with people and make them feel that they are crucial to the organization's ability to prosper.






    Management and Leadership in Today's World





    Perhaps more than at any other time in our history, leadership in business is a critical element to navigating the troubled waters of the U. S. economy. Supply and demand are being reset to reality, and competition is more intense than ever. The best leaders will bring out the best in their employees, and discover skills and abilities they never knew they had. Good management and leadership are the building blocks that comprise the foundation for every successful business.
    Author and management consultant Tom Peters says the management vs. leadership face-off is a false dichotomy. "It is sometimes said that the difference between 'management' and 'leadership' is 'doing things right' vs. 'doing the right thing.'" He contends that both are of equal importance and, if anything, 'doing things right' takes precedence.
    Most would agree that there is no magic formula or recipe for becoming a great leader, and certainly no two leaders are alike. In fact, different leadership styles may be needed depending on your specific business model, your employees and your line of business. It takes a different style of leadership to run a high-tech company than to command an army.
    Do you treat people with sincerity and respect when you first meet them? Do you help them grow and prosper, and enhance their value to the organization? Do you encourage and motivate them to succeed? Do you make them feel part of an important team? If your answers are "yes," most people would want to work for you.
    John Quincy Adams may have said it best: "If your actions inspire others to dream more, learn more, do more and become more, you are a leader."
    Wo Acha Hay Tou Behtar, Bura Hay Tou Bhi Qabool
    Mizaaj-E-Ishq Mein Aib-O-Hunar Dekhe Nahi Jatay...!!!


  5. #5
    The Lone Ranger Lieutenant General rishabhd's Avatar
    Join Date
    Jun 2009
    Location
    delhi
    Posts
    67,580
    Rep Power
    100

    Default

    Wo Acha Hay Tou Behtar, Bura Hay Tou Bhi Qabool
    Mizaaj-E-Ishq Mein Aib-O-Hunar Dekhe Nahi Jatay...!!!


Similar Threads

  1. Neha Dhupia takes a break from Bollywood
    By Preeto Maam in forum Bollywood Celebrities
    Replies: 6
    Last Post: 15-10-2009, 12:59 AM
  2. Strength and courage
    By theachiever in forum General Discussion
    Replies: 2
    Last Post: 13-10-2009, 02:30 PM
  3. Ash takes home nearly Rs. 1 billion from ads
    By maveric_k in forum Bollywood Celebrities
    Replies: 2
    Last Post: 21-04-2009, 12:33 PM
  4. Boy aged 2 years takes VIAGRA 4 times a day.
    By kaps58 in forum General Discussion
    Replies: 10
    Last Post: 02-03-2009, 03:23 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •