To believe in oneself and get motivated continuously, these are the two most important traits of an entrepreneur. Entrepreneurship is the profession resting on one’s confidence and vision. Strong belief, innovative idea, leadership skill, attitude towards success, positive thoughts make you the successful entrepreneur. This is the process one can define as creating what you have seen in dreams. It is the process of identifying one business idea and taking risks, managing and organizing all the available resources into a practical plan of action to make an empire.
Identifying a business opportunity to fill a gap in the market and make a plan to be succeeded in the plan is what one can do. One can start in any of the category: small, medium and large size. Manufacturing and service sectors are there to dive in. It is purely a misconception that one needs a large amount of money to start a business. New startup policy is out now from the state and central governments which help a small entrepreneur get into the business of their choice. Banks are advised to disburse the small amount of loan to aspiring entrepreneurs. Even salaried person can take up the entrepreneurship. They need not leave a job because it takes time to generate income through the business. One can make a plan initially, start working on them and when you start earning the income, you can decide for leaving a job. Entrepreneurship never comes easy; it needs a lot of laborious work and constant updating your knowledge to survive in today’s competitive market.
What is important in this field is: one must be aware of his strengths and weaknesses. He must traits of leadership quality, risk-taking ability, willingness to upgrade the skills and will power. Entrepreneurs must know their source of finance because one has to survive their business through money power initially when you don’t have your own source of financing the business. Additional attributes include patience, good positive attitude, the temperament to work hard and to overcome your limitations.
There is no formal education needed to be a successful entrepreneur. Good academic background and confidence in self are the biggest requirements to initiate your dream work. Good communication skill, leadership quality and ability to stand our always help.
Merits and Demerits
The fear of failure, financial limitations, a highly competitive market, and excessive pressure are some of the challenges that loom large before an entrepreneur. One has to work hard, have patience and courage, and have a burning desire to succeed to take up on entrepreneurship.