Often young people dream and think about entrepreneurship as a short cut way of being rich and get famous and when challenges start coming in their entrepreneurial journey, they simply quit in between the great expedition. I believe, Social network and digital media channels directly responsible for creating the negative influence of overnight success. Many young entrepreneurs are still missing the right direction because of unaware of dark side of being an entrepreneur.So what it takes to be an Entrepreneur?
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EntrepreneurStart
Entrepreneur …a visionary
“It is not in the stars to hold our destiny but in ourselves.”William Shakespeare
Who believes in:
A person who have an idea and dare to start that Idea. Or A people who have a talent for seeing opportunities and the abilities to develop those opportunities into profit-making businesses.
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Who is entrepreneur?
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Presentation Notes
Core Competencies Initiative Does things before asked for or forced to by even and acts to extend the business to new areas, products or services. Perceiving Opportunities Identifies business opportunities and mobilizes necessary resources to make good an opportunity. Information Gathering Consult experts for business and technical advice. Seek information of client or supplier’s needs. Personally undertakes market research and make use of personal contacts or information networks to obtain useful information. Persistence Takes repeated or different actions to overcome obstacles. Concern for quality work State desire to produce or sell a better quality product or service. Compare his performance favorably with that of others. Commitment to contractual obligations Make a personal sacrifice or expands extraordinary effort to complete a job, accepts full responsibility in completing a job contract or schedule, pitches in with workers or work in their place to get the job done and shows utmost concern to satisfy the customer. Efficiency Orientation Finds ways and means to do things faster, better and economically. Planning Various inter-related jobs are synchronized according to plan. Problem solving Conceives new ideas and finds innovative solutions. Self-confidence Makes decisions on his own and sticks to it in spite of initial setbacks. Experience Possesses technical expertise in areas of business, finance, marketing, etc. Self-critical Aware of personal limitations but tries to improve upon by learning from his past mistakes or experiences of others and is never complacent with success. Use of influence strategies Develops business contacts, retains influential people as agents and restricts dissemination of information in his possession. Monitoring Develops a reporting system to ensure that work is completed and quality norms Credibility Demonstrates honesty in dealing with employees, suppliers and customers even if it means a loss of business. Concern of employee welfare Expresses concern for employees by responding promptly to their grievances. Expansion of capital base Reinvests a greater portion of profits to expand capital of the firm. Impersonal Relationship Place long-term goodwill over short-term gain in a business relationship. Building Product Image Concerned about the image of his products among consumers and does everything possible to establish a niche for his products in the market.
Types of Entrepreneurs
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An inventor is one who discovers new methods and new materials. An innovator utilizes inventions and discovers in order to make new combinations.
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What drives entrepreneur?
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Analogy ofMale & Female entrepreneur?
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Motivation
• Achievement- Strive to make things happen
• Personal independence – self image as it relate to status trough their role in the corporation is unimportant.
• Job satisfaction arising from the desire to be in control.
• Achievement- Accomplishment of a goal
• independence – to do it alone
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Departure Point
• Dissatisfaction with present job
• Sideline in college, sideline to present job, or outgrowth of present job
• Discharge or layoff
• Opportunity for acquisition
• Job frustration
• Interest in and recognition of opportunity in the area
• Change in personal circumstances
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Source of Funds
• Personal assets and savings
• Bank Financing
• Investors
• Loans from friends and family
• Personal assets and savings
• Personal loans
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Occupational Background
• Experience in line of work
• Recognized specialist or one who has gained a high level of achievement in the field
• Competent in variety of business functions
• Experience in area of business
• Middle-management or administrative-level experience in the field
• Service-related occupational background
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Personal Characteristics
• Opinionated and persuasive
• Goal Oriented
• Innovative and idealistic
• High-level of self confidence
• Enthusiastic and energetic
• Must be own boss
• Flexible and tolerant
• Goal oriented
• Creative and realistic
• Medium-level of self-confidence
• Enthusiastic and energetic
• Ability to deal with the social and economic environment
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Background
• Age when starting venture: 25-35
• College educated – degree in business or technical area (usually engineering)
• Firstborn child
• Age when starting venture: 35-45
• College educated – degree in liberal arts
• Firstborn Child
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Support Group
• Friends, professional acquaintances (lawyers, accountants)
• Business associates
• Spouse
• Close friends
• Spouse
• Family
• Women’s professional groups
• Trade associations
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Type of Business
• Manufacturing, technology or construction
• Service related – educational services, consulting, or public relations
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Difference between Entrepreneur and
Manager
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MotiveThe main motive of an entrepreneur is to start a venture for his personal gratification
Main motive of a manager is to render services is an enterprise already set by someone else.
StatusOwner Employee
Risk
Assume risk and uncertaintyManager does not beer any risk involved in enterprise
RewardsProfits, which are highly uncertain and not fixed.
Salary which is certain and fixed.
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InnovationEntrepreneur himself thinks over what and how to produce goods or service to meet the changing needs of the customers. Hence he acts as innovator/change agent.
A manager simply executes plans prepared by the entrepreneur.
QualificationAn entrepreneur needs to possess qualities and qualifications like high achievement motive, originality in thinking, foresight, risk-bearing ability etc.
A manager needs to possess distinct qualifications in terms of sound knowledge in management theory and practice.
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Downside of being Entrepreneur
Harsh Reality
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Tons of Mountainous Challenging Circumstances
aka hurdles to overcome
YOU with idea and tactics to fight with
goliath
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The first iteration or implementation of your idea will often be wrong. That's not because you're not smart, not doing the right things, or some other reason to come down hard on yourself. As it turns out, this is actually a good sign. No idea survives its first interactions with its customers and requires you to synthesize feedback to adapt to the customer. You could be prideful, not listen to what your customers are telling you, and keep things the way they were. In the end, that just leaves you with no customers and a product you may not even use yourself. It's okay if things change up a bit when it comes to your idea and its implementation.
Your working time never stops.
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Your family and friends won't understand,
what you do.
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"You're an entrepreneur, so that means you're un-employed?" or "Oh that's nice." are some of the many reactions you will get from close friends, family members, and others over the course of starting your company. Even if you achieve milestones that are worthy of praise (customers, fundraising, new traffic levels, press,etc.) and denote success in the entrepreneurial world, people still won't understand what you do. Unless you build one of the few consumer success stories that come around every few years, things probably won't change here. The b2b space is even more difficult to explain as most people aren't your customer, especially if it's a niche workflow. This is okay and sometimes even a relief to know there is more outside in the world than just techies and entrepreneurs. Just because they don't understand it, doesn't mean you're doing something wrong or unacceptable. I doubt Larry Ellison can have most of his family understand Oracle (that database company that stores information), but things turned out pretty well for him at the end of the day.
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If you got into entrepreneurship first and foremost for the money, then you are in the wrong business. Sure you may one day sell your company, but that day is probably far far away. Even then, there are usually earn out clauses, vesting still in tact, and a whole lot more. Even if you raise a good chunk of cash, your money is better spent on hiring the best talent than paying yourself a higher wage. There's nothing wrong wanting to make money, but in the beginning it's going to be rough. You will make less than most of your friends, especially the ones doing the "normal" paths of things like finance. It's a litmus test in its finest form though. If you truly love what you're doing, the capacity to have a large bank account takes a back burner to completing your mission. Sure you need some basic creature comforts, but luxury items almost seem silly as you will not have the time to truly enjoy them.
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Some entrepreneurs have a superhero complex that they feel they can do everything themselves or with just one co-founder. They think that it's possible to scale the company with just two to three people. This just results in being overworked and unfocused. Know when to let go of your pride and bring in people that are often smarter than you are. By bringing in others to work with you, there's also an ability for each team member to be laser focused on what they're best at. Finding co-founders by themselves is very hard just by itself. Finding a group of individuals smarter than yourself across a broad range of skill takes up way more time than you would ever think. In the early days, you may be super excited about your company, but it's often hard to get a large group of others equally excited. They may have their own ideas they want to work on, be comfortable with a cushy salary, or generally just not interested in what you're doing. Just because you're excited does not mean others will be excited. If you're lucky enough, you will hit a certain period of growth explosion that requires you to hire rapidly and be a great judge of character on the fly. This is a dangerous period for a startup as the company is still small enough that the wrong DNA can make things take a turn for the worse, but you cannot be as granular with hiring these employees as your first 10.
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Hey there Mr. CEO, Chairman, and Co-Founder! As a co-founder of a < 10 person company with a product that doesn't have customers, titles really don't mean much. Everyone will be doing a little bit of everything, including cleaning the toilets. Don't try to mask the grind of being an entrepreneur with some superficial title. In reality, you should love and embrace the nitty gritty of those first days. Business cards are nice to hand out, but they really shouldn't say more than co-founder or something else. Maybe someone inside the company plays more of the CEO role (speaking and being the face of the company), but that doesn't really matter in the early days. You have to be humble and you have to be willing to do whatever it takes. You don't have a staff of 50 to throw the task on to either. If you don't do it, it won't get done. Sure you could also try to optimize for efficiency, but that's almost counter productive as the early days of a startup requiring doing so much, that it's hard to just cut something out.
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Having customers is a great thing, but dealing with support is a whole other ball game. If you're in the consumer world, expect to deal with customers that don't notice the obvious even with your fancy pants UI/UX in place. You will also get an influx of feedback that is often contradictory. One customer wants it in red, another wants it in blue, and a third wants it combined to become purple. The key to dealing with customers is to respond to everyone, but have a strong rule of authority. If you succumb to customers frustrating you and do everything you say, you quickly end up in a far worse position.
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Multiply everything by two, including the things inside of your control. When things take longer, you sometimes think that you're doing it wrong or no one really cares. In reality, everyone else has multiple deals and responsibilities on the table. By factoring this into the expectations of your startup, it makes a lot easier to prepare for launching products, closing deals, and more. Also, be persistent and get the other party what they need as soon as possible. On the flipside, most deals just never work out. It may be an acquisition all the way down to a simple business development deal. There are always many moving parts and excitement that can just fade. That's okay though. If you're building your company upon one deal or a silver bullet (more on that below), then you need to re-evaluate things. Don't be depressed when a deal falls through as that is just the nature of the beast.
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There shouldn't be and usually never is a single deal that can make your company. Certain deals or customers can take you to another rung on the ladder, but there are still many more rungs to climb along the way. You shouldn't look at a deal as the end game to the startup, but a means to a specific milestone that is in the near future. A deal can be taken away far faster than it can be given to you. By training yourself to diversify your risk and the milestones that advance your company, you control the destiny of your company, NOT one single partner. The success of a startup is the compilation of luck infused with many little wins along the way.
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You have to understand that you cannot control everything in the universe. Markets collapse, the government intervenes, tragedy strikes, and other unforseen circumstances. You don't let this make you quit. It's like a roadblock on the way to a concert, sports game, or party you want to get to. You may have to sit in traffic or take an alternate route, but as long as you are determined to get there, you will end up at the event. In the words of the late Randy Pausch "Brick walls are there to show you how bad you want something." Once again, this isn't a deterrent to becoming an entrepreneur, but just a reality check to make sure you're prepared. Many companies die because people just give up . Hopefully this article does some small bit in helping preventing this. Life as an entrepreneur is hard, but if you really love what you're doing and have the determination, you WILL do it.
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In some cases you may be able to find out that your idea just won't work or that you are one of the lucky few that get acquired early on. Other than that, be prepared to work on your startup for many many years. The press often makes it seem as if success happened overnight, but the entrepreneurs themselves spent a lot of time with the company over the course of many years. Startups aren't a 5k, but an all out iron man competition.
Upside of being Entrepreneur
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Own Way
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Be Different
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What it takes to become an Entrepreneur?
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WANT TO BE YOUR OWN BOSS
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ALWAYS GIVE UPNEVER TRY AGAIN…“Get up, Stand up, don’t give up the fight”
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NEED HELP TO BUILD YOUR DREAM TO BECOME YOUR OWN BOSS
