-The Way Ahead -Vivek Krishna.K
Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities.
Young Entrepreneurs Have Challenges
Today India is producing business minds in mass numbers. However, a large pie of this portion is contributed by those aggressive teens, who face the barrier of being an young entrepreneur. Ideas which might change the way India looks, ideas which may catapult India to become a superpower, are all shattered due to hurdles. But we have the power to defeat those hurdles.
Every business involves challenges. And if a young entrepreneur does one, needless to mention the hype around it. Many people assume that a younger entrepreneur is less capable and responsible. But we are not. There are very common problems that young entrepreneur needs to overcome. Some of them are listed below.
Common Problems Young entrepreneurs face:
1. Something that pretty much all young entrepreneurs face with starting a business or running one is problems with age discrimination. 2. Getting the respect of potential clients and employees is the most common problem mentioned by entrepreneurs who started heading up their own businesses while still in their twenties. 3. The biggest problem is finding a good idea.
4. Dedication and focus. Most young people were raised in the instant gratification age, and tend to get sour when they discover that business is like a seed. A business must be nutured and allowed to develop. 5. Finances. Most startups fail due to lack of profits. Entrepreneurs are usually under capitalized. 6. Lastly, support of others. You need to be very self-motivated and passionate, and oftentimes get good feedback from a supporting group of friends and/or family. 7. Mainly getting enough cash flow either through savings or debt to support themselves and get their idea running.
Mistakes That Young entrepreneurs commit
In my opinion, the first two mistakes that students can make with entrepreneurship are:
1. Not getting started
2. Not keeping with it
3. Mistaking early growth spurts with ability
4. Depending on word-of-mouth
5. Pretending to be in business
Steps to Succeed:
The simple steps for a young entrepreneur to succeed are
➢ Conncect &
So you want to run your own small business…be your own boss…have a great idea… make lots of money. These are the seeds of entrepreneurship. Every successful business begins with one good seed.
Your first steps:
Understand and know yourself –
what kind of entrepreneur are you?
What are your interests?
What is most fun for you?
What do you know most about?
How do you like to spend your time?
How hard are you willing to work?
Is there a better way to do something?
Is there a new way?
Understand that business is basically about buying and selling...sellers control the supply of what is sold and buyers control the demand for what is bought.
You decide that you are an entrepreneur – you have what it takes. Begin putting your plan together. A business plan answers the question – will your idea be profitable? It can help you predict both success and potential pitfalls.
Businesses succeed because they:
Have a clear sense of purpose and understand the product...