Learning the Entrepreneurial skills
In one of its kind entrepreneurship summit organised by The Economic Times India, talks about empowering the industries and segments through the dispersion of critical business knowledge but for servicing the entrepreneur industry, it is equally important to have skilled entrepreneurs to take the industry to the next level.
The entrepreneurs across diverse sectors have analysed current industry trends and charted the way forward for the next generation. To help the budding entrepreneurs these summit help in achieving a new outlook. J.P. Malhotra, MD, Bhartiya Valves is one such entrepreneur who feels that this kind of summit helps him in changing his method of working and has evolved him as a self-experienced entrepreneur who had learned the trait of business only through his self-experience and attending the conferences on entrepreneurship.
J.P. feels that entrepreneurship should be a subject for study in order to become a good entrepreneur. He shares, “I feel that entrepreneurship should be a subject of study which has to be formally learned. For an ordinary person who wants to be an entrepreneur, education has to be formalised and they should be told case studies followed by formal lecturing.”
Entrepreneurship is an interdisciplinary program that provides opportunities to students to learn about entrepreneurship- the process of creating value through recognizing and developing opportunities.
The subject serves to complement the student’s major area of study, in any college by offering a means of putting theory and practical knowledge. J.P. Malhotra is an example himself who left his job after 20 years of experience and moved on to work as an entrepreneur. Though he was taken a back during the initial stage of his business but he moved ahead with his experience and sufficient knowledge while attending seminars on entrepreneurship which had helped him develop his company.
Likewise, he wishes, would be entrepreneur should get adequate knowledge of the subject at university level. Breaking out of the 9-5 environment, today’s youth wants to be a job creator than to be a job seeker. To become an entrepreneur strong business background can be helpful in securing financial support. However, the qualification varied from business to business and the subjects of study too are different.
Brijesh Agarwal, Founder, indiamart.com also agrees that a formal education is required to become an entrepreneur but he also argues that entrepreneurship is just not limited to only theoretical education, it is equally important to see in what sought of environment one is born, among whom he moves, how much risk taking capability he has and all of that is impacted not only because of education but lot of other factors. It’s good to have a formal study but it should not be seen as giving more entrepreneurs necessarily. Education definitely aid but that is not the only way. ”
To be a successful entrepreneur, required skills are necessary. They have a tolerance for risk taking and a willingness to leave the security of a 9-5 job. The ability to multi task is a key, especially at the beginning of an enterprise, where an entrepreneur may need to function as a book keeper, customer service agent and marketing expert.
Mahesh Gupta, Chairman, Kent RO Systems Ltd. Feels, “To be a successful entrepreneur it is essential to know many laws, need to know many actions which you need to take, and it’s good to know that before they trouble you. I think there can be a course which can be planned to learn all those techniques. Basic concept of being entrepreneurship and to develop an idea which you can develop a business has to come through you.”
While studying entrepreneurship one should focus on how entrepreneur think and make decisions. One can also learn how entrepreneurial firms compete for customers in national and international markets, how they form strategies, how they organise their activities and operations to grow into successful and profitable businesses. Innovation and entrepreneurship is a strong complimentary major for students completing bachelor of commerce. Master of commerce, MBA are also the area of study that helps in preparing a good entrepreneur.
Theoretical education includes MBA, Communication, Accounting, Business law, Marketing, Computer Science and IT, Economics, Psychology, Entrepreneurship where as practical education includes Competitions, Hands-on experience, Internships, Research and projects.
To start your company, it is first essential to know the do’s and don’ts to be taken care of. They are:
Don’ts
Overnight success
Do not expect to achieve an overnight success. Entrepreneurship is a marathon. Even if you have the vision and plan, the team and the capital in place there will always be unexpected challenges in the way. Whatever the way to make the business success but the key is to stay focus on the long term vision and do not waver in your determination.
Ignore past
While you may have a very powerful idea to take your business forward but chances are that somebody might have tried it earlier and failed terribly but this should not deter your spirit to do good in business. Instead of dismissing these companies you should strive to learn everything about them and try to find out the reasons of their failure. This will help the new entrants to not repeat the same mistakes.
Money is just not the key
Do not assume that money will going to solve the problems of business. A perfect strategy with a better vision is what required first to push the business and reach goals. Ofcourse capital is important for any business but it needs to be used in right way. The best use of the investment funds is to take a model that’s been proven to work and scale it.
Always consult investors for strategy
From the investors’ point of view, it’s all about getting as big of a return on an investment as possible and as quickly as possible. Building a lasting company requires deliberate approach so it is not necessary to follow the investors’ approach to spend more on the portfolio of the company so investors can speed along to a quick and profitable exit.
If you are through for a long haul so beware of moneymen and their unquenchable thirst for short-term gains. It’s your company and grows it on your own terms.
Do’s
There are many entrepreneurs who get involved in industries about which they do not know anything. There are several advantages to starting a business in an industry with which you are already familiar: you will have a better understanding of your customers’ needs, you’ll be more familiar with the competitive landscape and you’ll be able to speak more intelligently about your vision to employees, customers, investors, and other key stakeholders.
Raise alarm
For the start-ups there is a need to know lot more things while running the business but that only comes through the experience and the practical knowledge. Do not hesitate to ask help when in doubt or trouble. Whether you seek help internally or externally, people will respect the fact that you are aware of the limits of your knowledge and are actively seeking to enhance your understanding of a problem.
Be focus to achieve purpose
Entrepreneurship can be tiresome with full of setbacks and disappointments. The best defense against discouragement is to have a strong sense of purpose. Make sure that your purpose of starting the business is clear to yourself and that they provide the meaning and motivation you need to get your business off the ground.
Learn from mistakes
All human beings are bound to make mistakes, especially entrepreneurs who rely on optimism to get through the hard times. However, ignoring the mistake and allowing it to fester can be costly to the company, so one should have the courage to admit when you are wrong and when it’s time to change course.
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