There are many businesses in today’s’ world and many entrepreneurs too. But the most important aspect is it has become difficult to find a good businessman who has ideas and who can give competition to the market.
Students who want to learn entrepreneurship and who want to become future business people need to have a very clear idea about what it actually is, how it helps in running a business, how a team is made, how an entrepreneur runs from pillar to post to set up his new business. It is not at all easy but not hard too.
If you have the will to change the economy of society and create a better future for yourself and your people around, you can start from today. But to do all this it is necessary to have a glance at the entrepreneurship values and roles and responsibilities too.
As the term goes, entrepreneurship is an important topic in finance. Entrepreneurship has been studied as the topic which allows in composing and dealing with a business with the ability to create something new.
All the dangers needed to be kept in mind and one should work harder to reach the target or the goal. It is complete planning, propelling and strategizing a business with sheer knowledge and expertise.
Today, there are many entrepreneurs around the world and each has their own product expertise. If you are keen to start entrepreneurship, finance is the subject which you need to be a pro in. Studying finance will allow you to learn about the monetary aspects, the investments, and the return on investments of the firm.
Entrepreneurs are business administrators who are in the continuous process of administering and supervising the dispatch as well as the development of any venture.
When an individual or a group of individuals recognize a business opportunity, entrepreneurship starts from there. This group then sends the required assets and other business requirements so that these essential amenities can be used for growth of the business.
In order to have a good and running firm, entrepreneurs need to follow certain steps:
- First and foremost, they need to develop strong strategies for success in the future.
- An efficient human resource team should be hired who will further be able to hire experts from the market.
- The budget should be immediately finalized at the beginning of a financial year and all other material assets should be kept under control.
- Every team member should have the initiative to grow. If required, business plans can be altered too to see the effect.
- Risk management should be planned beforehand. Business means risk and risk means planning beforehand.
- Gains and losses are all part of entrepreneurship and so; all should be strong enough to handle both the situations.
While the entrepreneurship in business is continuously connected with very little, startup, or revenue driven start-ups, the conduct in entrepreneurship can be found in very few, medium and large estimated businesses and also for the beneficiary and non-revenue driven institutions. This can be segmented gatherings that are willful, altruistic associations or even the government.
Entrepreneurship may work inside a complete business process which incorporates:
- Administrations and projects that are linked to the government which helps in advance entrepreneurship and increases business visionaries as well as new firms or companies.
- Venture affiliations and associations that are independent and no legislative. These associations provide coaching to the new business visionaries via various sites.
- Small start-ups backing institutions that hall the governments to increase help for certain projects on entrepreneurship and also the private company laws.
- Assets and offices of entrepreneurship.
- Giving entrepreneurship instructions which help in preparing certain programs in the B-schools, institutions, and colleges.
- Financing as in providing bank advances, fund financing, providing establishments awards in private and government establishments as well.
Business entrepreneurs are always on the go in searching and researching for new business markets and opportunities to create a place for their own. But there are huge risks in this and before proceeding anywhere in the market, the team of entrepreneurs should have alternate plans ready.
An entrepreneur is seen as an innovator-one who sees opportunities in the market and therefore generates new ideas. Thus, entrepreneurs who take risks of a start-up are rewarded with gains and immense business profits along with fame and continuous business growth.
Entrepreneurs also boost business in financing in new business ventures. There is a lot of risks involved when a new startups is being invested. But to an expert entrepreneur, it is a challenge. The entrepreneurs deal with it via bootstrapping- which includes financing business by investing on own money, by providing good equity to reduce the cost of labour, by minimizing inventory control and many more.
While there are many entrepreneurs who are lone players as they have to struggle hard in setting up a proper business, there are businessmen who think of partnership too. This helps in greater access to the capital and the other assets and resources. In these processes, new business firms acquire finance from angel investors, many venture capitalists, and many hedge funds and also from crowdfunding.
Bank loans are also available but sometimes entrepreneurs are not in the situation to count extra interest upon these loans and therefore they seek help from the angel investors. The return on investment is also calculated and as the business runs, the return is being taken by the investor or the source that provided funding to them.
You might be thinking as in how these entrepreneurs help in running the country or how do they help in the benefit of society! Well, nurturing business and entrepreneurship will always have a positive impact on the country or society. Entrepreneurs create a business, employ people, run the finance, and invent new products as well as services.
This automatically creates a ripple and there is more development in the society. Entrepreneurs also add on to the gross national income which benefits the economical aspect of the society.
Higher earnings are reflected in the tax bases helping the government to invest more upon bigger projects that are beneficiary for the society.
With the cash flow and fund flow aspects in the society, financial aspects increase too. These entrepreneurs invest in big projects and also help various non-governmental organizations. Taking about the entrepreneurial ecosystem, high levels of employment will automatically cause economic development. This should be properly controlled too since unregulated entrepreneurship can lead to unfair practices and too many entrepreneurs can create income inequalities in the society.
To reduce this government creates an entrepreneurial ecosystem which consists of these entrepreneurs themselves. There are also government-sponsored assistance programs as well as ventured capitalists. There are non-government associations such as business incubators, entrepreneurs’ associations, and various education programmes as well.
In order to become an expert entrepreneur, there are certain values they need to follow and worship. These are as follows:
- Ensuring there is financial stability is most important since finance is the base of any business.
- Building a skill set that is well versed will allow the entrepreneur to manage tough situations easily.
- Content to be consumed across multiple channels in order to keep himself well updated about the market and the products.
- An entrepreneur should be able to identify any given problem and should be able to handle the problem too. The solution to a problem should also be taken by the entrepreneurs by him or by discussing with his expert team.
- Contacts and goodwill is another major aspect any entrepreneur should follow. Building a relationship with the higher sages of the society will not only help him in creating a space for himself but also help him in promoting his product properly. Goodwill is necessary since people /consumers always learn about the company first before buying any product.
- An entrepreneur should also get his hands dirty when working with his labors or trying to learn something. Until and unless he knows about the job well enough he cannot be a master at it. Working alongside his laborers will create trust and loyalty and build communication amongst him and his laborers.
- A good team is what an entrepreneur needs badly. Without a proper, knowledgeable team, an entrepreneur cannot work at his best.
- An entrepreneur should know when to change the course of his business. If he senses something wrong in his strategy or plan, he should immediately change the plan or the strategy of his business. This will not only help him in managing the risk but also help him in saving his money and the acquired assets.
- Last but not least; money management is something which is very vital in any business. The entrepreneurs should have a team of accountants who will look after the monetary aspect of his business. Whether there is cash flow, new investments, labor costs, machinery cost or paying the taxes to the government, the entrepreneur should be aware of his budget.
There are various types of entrepreneurs:
- Social entrepreneurs who work towards social firms and business developments.
- There are cultural entrepreneurs who work on cultural aspects and businesses.
- There are sole proprietors who are ethnic entrepreneurs or who run self-employed businesses.
- There are institutional entrepreneurs who invest in institutions and management bodies of schools and colleges to run a business on it.
If you are keen on earning about the entrepreneur and if you want to become a future businessman, it is necessary to know about the topic well. Here I shall mention some links which can help students as well as common people to have knowledge about this financial topic.
Also, there are many books by famous entrepreneurs which will help you in getting a complete knowledge about this.
Apart from all this, the entrepreneur shall be a leader in his industry and shall have the quality to lead his team to a better future. There can be risks and gains, losses and trials but with all this, we create opportunities for us. if you are not knowing the market properly it is not necessary for you to create an opportunity for yourself. There is a plan A and you should be always ready with a Plan B too whenever you are thinking of launching a product or starting a new firm. It is necessary to know how the people are responding to the new business and whether they are actually liking it or not. There are many products and services now-days and therefore your services or product should be a pro or should have certain properties that help it in standing out in the market.
If you are a group of people, try to make a team and work towards setting up a business firm. It is important to create a team since a team will give your ideas, innovative concepts, and monetary control and thus help in pushing the business forward. There are now various laws which have made partnership easier. So you can always go to an expert lawyer and have a partnership business too. This lawyer will guide you properly and then starting any business is easy.
Entrepreneurs are also involving themselves in marketing and promoting the business. Therefore it is necessary to appoint a good brand and marketing agency or firm who promises to deliver the best services. Social media has become a big stage to reach out to the people and investment here is very less. Therefore, these entrepreneurs can also have social media channels and pages to promote their ideas and businesses to reach out to the thousands of people around.
Michelle Johnson is an expert entrepreneur who runs a successful business. She is an MBA from the University of Pennsylvania and has an MBA degree with more than six years of experience in Finance. She helps a lot of students in their financial accounting assignments and in projects too.