Entrepreneurship

An entrepreneurship is the ability to manage resources and set up a venture by putting your ideas into practical reality. In recent years, rapid growth has been observed in entrepreneurship style of business. Professionals like to work independently rather than obeying instructions of any entity. 

Reasons of shift in the trend

People are switching more towards entrepreneurship because of various cultural and economic changes. The advancement and easy accessibility of technology has also supported the idea of entrepreneurship. It has given confidence to the people to experiment in the business field with their ideas. People now find it mainstream to live by paycheck to paycheck and want to earn a better lifestyle for themselves and their families. Having multiple stream of income has become the necessity of today’s individuals. 

In some countries, the rising unemployment rate has encouraged individuals to become entrepreneurs to earn for their survival. 

Easier like never before

There is an increase in people’s willingness to become entrepreneurs as the government has also started providing financial assistance to new startups aiming to support business development. Entrepreneurs identify the problem, convert it into an opportunity and then provide solutions for it. It has become practically much easier to start a business in today’s time then it was years ago. 

Having a low startup cost has made it easier for individuals to start their businesses and enter the market. Young students, business graduates are more eager to become entrepreneurs rather than serving an organization. Millennials are looking for a meaningful work and are eager to make an impact on the society. 

Advantages of entrepreneurship

One of the most common reasons is that people enjoy freedom of working as an entrepreneur. They are not answerable to anyone and have the independence they need to put their ideas into reality. They have the leverage to choose their own team and decide how work is going to be carried out. It is an excellent learning experience and allows to express your creativity to the fullest. You have greater potential to earn profits and align the business with your vision. Many entrepreneurs were initially entry level workers who didn’t get enough support from their management to showcase their skills and abilities. Being an entrepreneur it is your duty to create an inspiring work culture. It is important to realize the team centric values and implement to make your team work towards your vision. Entrepreneurs get to choose the standard they want their customers to be treated.

Challenges faced by entrepreneurs

Despite you being the CEO, you need to be a multi-tasker when it comes to managing between different roles that you have to perform for your company. You have to juggle between Human Resource, Marketing, Finance and Sales until you find the right candidate for handling each department. 

Since the work is new, it becomes difficult to have a work life balance. But if you are able to prioritize things well, you can develop harmony between work and personal life. Being the boss, you need self-motivation to always perform well and keep the vision aligned with your business practices. You need to keep yourself motivated and then only you can encourage and motivate your team members to perform exceptionally well. 

The greatest challenge that entrepreneurs face is the financial risk involved with it. You need to have a backup finance to manage failures. It takes years to develop a PR in the market, find reliable suppliers, investors, partners and influencers. 

Entrepreneurs need to be very creative with their ideas because there is already a very tough competition in the business world and building reputation takes years. So patience is the key. If you are someone who lacks patience, then entrepreneurship is certainly not your thing. 

New businesses have to deal with various legal formalities and hiring a reliable lawyer is essential who can guide about the ethical business practices. Entrepreneurship requires double of your efforts, time, commitment and passion to make your business stand out from the crowd and earn profits. 

Running an entrepreneur business may feel like an upward hill, but the journey is as eloquent as the destination.