Entrepreneurship

Entrepreneurship as we understand is self-employment where one can have freedom to work, set his or her own schedule and work from a place of their choice.   The entrepreneur transforms an idea into a lucrative business.

But before one venture into this field, it is necessary to evaluate the details of owning a business. One should weigh, analyze all the pros and cons of entrepreneurship before entering the field.

Let’s see what are the positive things about it:

A/ One has total control over the business. He or she as the owner decides about the ethics of the business to be followed, the culture to be maintained. It is also the decision of them whom to hire, what should be the profile etc.

B/ You are working for yourself. So, success is all yours. You enjoy all the privilege of being the owner of the business. Managing all the departments properly, you are able to earn a good profit and make the progress. As profit is there, a financial security is there which make you further capable of investing more in your business so as to grow the business more.

C/ When your business is successful, you add on the prosperity of your own family, your employees and your country. You may be impactful nationally and globally. The product of your business may be helpful to others thus increasing your business more and more.

D/ When you are an entrepreneur, you develop various skills in you which helps you out in every aspect of your business.  There are organizational skills, leadership, time management, risk taking skills which eventually are developed in you in the course. In early stages of the business, when you have less staff, most of the work is done by you which helps you in developing the skill of multi-tasking. And slowly you become a person who can look after all the aspects of the business be it production, marketing, finance, purchase etc.

E/ Entrepreneurship is a medium where you follow your passion. You convert your interests into business and make it grow continuously. At the same time, you have all the freedom and flexibility to work. You are your own boss so there comes a sense of satisfaction. You decide how much time is to be devoted and in what fashion.

At the same time there are some negative aspects also which should be taken care of:

A/ Initially in the preliminary phase, the entrepreneur has to give more time, contribute long working hours so as to establish the business. He cannot take liberty of postponing the work to next day or so. One has to invest more, may be own savings. But this is the requirement of the time. Investors are there but they should feel interested in your product, then only you get funding from them.

B/ There is more financial risk involved in a new business. One has to be careful and should start at a small level and then grow it gradually. Managing finances at initial level is very crucial and needs a much better understanding of finance.

C/ From the first day, you are the person bearing total responsibility of the entrepreneur. And this requires many traits in you. You need to be determined, very level-headed, respect time, patient, consistent in your approach, hard working with a never give-up attitude.

D/ You are under stress all the time. And so, you have to manage yourself also as more stress will have its bearing on the work and your business. You should have a balanced life schedule.

E/ There is competition also which you may have to face in the market and they are inevitable. There might be players providing similar product already in the market and are well established. You need to focus on the aspect as what features you can give in your product which gives it an edge over other similar products, what is your marketing strategy, which are your target customers. Pricing is also very important. If you do not give a competitive price justifying the feature of the product, it is going hard to survive in the market.