Towards successful entrepreneurship

THE business world has witnessed the rise of many successful industrialists who have spearheaded operations and helped translate ideas to reality. Ever since the Industrial Revolution brought capitalism to the forefront, business tycoons have manipulated markets using their acumen to leverage industry options.

Entrepreneurship in the twenty first century has received fresh impetus. From small-scale ventures to turnkey establishments, entrepreneurship is even more relevant in today's dotcom era. The challenge is open to all who have what it takes to be successful.

Who is an entrepreneur?

An entrepreneur is one who conceptualises, builds and manages a business enterprise. Upsurge or slump, the entrepreneur has to face the risks involved in a business. There are certain qualities that every successful entrepreneur possesses.

Enterprise

A successful entrepreneur always starts out with an innovative, ground-breaking idea. He also has to distinguish between a ``bright idea'' and a ``viable one,'' and to implement those ideas that are promising.

Dynamic and industrious

A strong personality, highly motivated, with a passion to do something different makes an ideal entrepreneur. High energy levels, enthusiasm and joie de vivre is essential. Being self- motivated and disciplined and to lead by way of example are the qualities an entrepreneur must possess. Working long hours, without leisure and holidays, and unearthly timings is not uncommon. High stress levels call for resilience and a dare-it- all attitude.

Leading the way

You should be able to lead and instruct. A certain amount of assertiveness is necessary to be in control of every situation. You should be able to make quick and effective decisions. Your organizational and managerial skills should be your dominant capability.

Concept is king

As an entrepreneur you should be confident and thoroughly convinced that your concept will meet with success. Your gut feeling should spur you on, even if your co-workers are cynical, and experts are sceptical. There will always be the risk factor to impede you. A successful entrepreneur knows how to live with the risk factor and find ways and means to get around it. Recognise opportunity and make the most of it before anyone else does.

Feel the pulse of the market

A successful entrepreneur does not depend merely on a brainwave, but supplements his groundwork with a meticulous survey of the market. Make sure the market is ready for your product. The product or service being introduced should have a high level of demand; idea should be appealing to the user. The customer's needs should always be uppermost and care should be taken to cater to, and work the product towards meeting the need of the customer community at large. If a market already exists for your product, research your competitors, and find out the problems faced so that you can steer clear of the pitfalls.

Marketing is indispensable

A successful entrepreneur should be an out and out marketing pro with mastery in the art of concept selling. With effective brand building and brand promotion techniques, a high rate of brand- recall can be created in the minds of the customer community. A dynamic sales- force and an aggressive sales plan will help your product get the right exposure.

Be vigilant

An entrepreneur's mind should always be at work on ways to augment and improvise products with newer technologies and better know-how. Fine-tuning with customer feedback as the benchmark, re-inventing and always upgrading to newer versions will help you keep alive and abreast of competition. Always be on the look out for better options and greener pastures for your concern and in the process you will carve a niche for yourself as a successful entrepreneur.

ARCHANA JAYAKAR

archana.hydKcareercommunity.co.in