Career as Entrepreneur

What: An entrepreneur is a person who starts an enterprise. He searches for change and responds to it. A number of definitions have been given of an entrepreneur- The economists view him as a fourth factor of production along with land labour and capital. Still others feel that entrepreneurs are innovators who come up with new ideas for products, markets or techniques.

To put it very simply an entrepreneur is someone who perceives opportunity organizes resources needed for exploiting that opportunity and exploits it. Computers, mobile phones, washing machines, ATMs, Credit Cards, Courier Service, and Ready to eat Foods are all examples of entrepreneurial ideas that got converted into products or services.

Entrepreneurship can be described as a process of action an entrepreneur undertakes to establish his enterprise.  Entrepreneurship is a creative activity. It is the ability to create and build something from practically nothing. It is a knack of sensing opportunity where others see chaos, contradiction and confusion. Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks and derive benefits by setting up a venture. It comprises of numerous activities involved in conception, creation and running an enterprise.

How: Obviously, a successful Entrepreneur must be well trained in their desired field but qualifications can vary greatly. A hopeful restaurateur may be a skilled chef newly graduated from culinary school, a people-person with a bachelor’s degree in hospitality services or an MBA who knows nothing about cooking but has always dreamed of owning a great neighbourhood restaurant. A common denominator for all Entrepreneurs is the need for capital, so the ability to write an effective business plan is vital.

 Entrepreneurs are considered risk-takers and are people who are willing to leave the security of a nine-to-five job in order to create something of their own. Especially at the beginning of an enterprise, an Entrepreneur may need to be manager, bookkeeper, public relations representative, customer service agent and marketing expert all in one. A strong, independent nature is evident in most successful Entrepreneurs, along with the confidence to believe in their own success.

He can convert a threat into an opportunity. Small businesspersons might shut-down or change his business if he anticipates losses but an entrepreneur will try again after analysing the situation. On the other hand an entrepreneur can leave a perfectly running business to start another venture if he so desires. Functionally all entrepreneurs are self-employed and income generating persons but the reverse is not true- all self-employed and income generating persons are not entrepreneurs.

Where: Entrepreneurship is the terminal stage of the entrepreneurial process wherein after setting up a venture one looks for diversification and growth. We will learn more about entrepreneurship a little latter in the lesson. An entrepreneur is always in search of new challenges. An entrepreneur is not a routine businessperson he might not have resources but he will have ideas. He is innovative and creative. There are several institute which offers programs in Entrepreneurship Management

Institutions: (see below)