How to Become a Entrepreneur

Entrepreneur job description includes developing, designing, producing, marketing, and eventually selling businesses with the end goal of financial profit. He or she owns and operates everything from small entrepreneurs to tech startups. Owning your own business can be extremely rewarding and fulfilling. 

However, having a entrepreneur as a career also means undertaking a lot of risk and initiative, and inevitably comes with a fair amount of stress and angst. Business Entrepreneurs are most likely to be the first ones at the office and the last to leave, and often put in extra hours in the evening along with forfeiting many of their weekends and holidays to make sure things are running as smoothly as possible.

Leader

As the leader of the organization, you will be in charge of establishing the internal tone, setting a good example for your team, resolving conflicts, and keeping morale up in times of distress or hardship. That is not always easy.

Financial analyst

The financial health of your company is the biggest factor for its ultimate success or failure. While you might have a CFO or similar position filled in your organization, you will still be responsible for overseeing your financial records and taking action when necessary to prevent a disaster such as securing a new line of credit.

Marketer

As the primary visionary for your company, you have the job of establishing an image for your brand. You can recruit an outside marketing professional to help you come up with the nuts and bolts, but ultimately, it is your job to finalize your company’s marketing plans.

Manage customers

The role of entrepreneur at an early stage is to make sure your customers are happy. You will only have a few clients in the beginning, and they are going to be vitally important for the health of your business, so you will have to take it upon yourself to ensure their satisfaction.

Manage employees

In Entrepreneurship as a career  you will be in charge of building the team that carries your ideas and objectives through to success. This means you will have full control over who comes into your organization, and you can prioritize whatever blend of skills, talents, education, experience, and personality you need to make things work.

Here, in this section, we will be discussing the types of a entrepreneur. 

Business Entrepreneur: A business entrepreneur is someone who has an idea or product for the business world. It is usually a new or different idea, something that has not been seen before, or something that provides a new twist or improvement for an existing sector.

Social Entrepreneur: A social entrepreneur is someone who has innovative ideas for social change, or new solutions to social problems, and dedicates their time to bringing these ideas to fruition. This might include issues of inequality or poverty; an example would be to create a new charity to address these issues.

Serial Entrepreneur: A serial entrepreneur refers to someone who has a lot of ideas and constantly starts up new companies or enterprises to implement these ideas. Generally, a serial entrepreneur will have had good success or successes with previous ventures, allowing him/her to start up new ventures.

Lifestyle Entrepreneur: A lifestyle entrepreneur refers to someone who starts up an idea or venture based on a sport, hobby, or pastime they are passionate about. For this type of venture, usually large start-up costs are required. Often people who have been successful in the business world and have some of their own money to invest might make this transition.

Also read: Career as an accountant

Generally, the workplace will be office-based, but it may vary when it comes to the career as an entrepreneur. The size of the workplace will depend on the size of the venture and may start at home or in a small office and grow to a large corporation. For some ventures, the workplace will be dependent on the specific idea or industry, for example, a sporting venture may require a sports facility and this would serve as the workplace. If you want to know how to become an entrepreneur, then read the entire article.

Does Entrepreneur require travelling?

Likely

There is a lot fo travelling involved when a person decides to make a career as entrepreneur. The person is required to meet all the important stakeholders. He or she is also required to meet the vendors and government officials on a regular basis in order to be in the loop, in case there are any latest developments which might affect the business.

Employment Shifts

Full Time, Part Time

A career as an entrepreneur can be both full-time as well as part-time in nature.

Employment Nature

Permanent

Entrepreneurs need to work on a permanent basis. As they are the guiding person of the company they need to work very hard to manage the company as well as the employees.

Work Place

Office

Individuals who opt for a career as an Entrepreneur typically work in offices. This may be in a corporate office or a private office. Because many of the documents accountants prepare and submit are time-sensitive, the work environment is often fast-paced. Most Entrepreneurs work in offices, but some work from home.  

Presence in Geographical Area

Rural, Semi-urban, Urban

In entrepreneurship as a career option, one can work in an urban, semi-urban, or rural setting. There is no specific geographical location where an entrepreneur operates.

Time Pressure

Likely

In Entrepreneur profession it requires a lot of hard work, persistence, and supervision. There are a lot of tasks one has to perform in the career as entrepreneur within a day. Hence, the time pressure is immense. Meeting deadlines, completing projects, holding meetings, and meeting investors and other significant stakeholders require a lot of time management. The time pressure for entrepreneurs is considered intense.

Overtime Details

Entrepreneurs are required to work overtime almost every day. In fact, they also work on weekends and sometimes holidays. They are required to report to their office before everyone and leave the office after everyone. In a career as entrepreneur, working overtime for long hours is quite common.

Weekly Hours of Work

Min 60 Hours

In the entrepreneur career, one usually works 60-80 hours per week.

We have provided here details of entrepreneur skills. These entrepreneur skills are crucial to perform in a fast-paced Corporate work environment. Here, we have discussed how to become an entrepreneur.

Ambitious: It is easy to give up when the going gets tough, but the most successful entrepreneurs persist because of their ambitious nature. Entrepreneurship as a career in India wants to succeed, and they thrive on reaching small milestones that are stepping stones to their major goal. When you are highly ambitious, you may have an internal drive to work hard, and you may be committed to doing what it takes to make a career as an entrepreneur. Generally, you will not look for shortcuts and are willing to put in the time necessary to get the job done right. 

Willingness to learn: You must stay updated with changes in technology, the evolution of your industry, sales processes and more in order to make a career as an entrepreneur. If you are wondering how to become an entrepreneur, then you should focus on these particular skills. Always seek new knowledge. More than that, look for the most successful people in your industry, and do not be afraid to ask for their opinions or advice. 

Communication skills: Communication is a two-way street. In order to communicate outwardly in an effective manner, you must pay attention to others’ motivations, hot buttons, interests, and more. It is essential to have good communication skills in order to make a career as an entrepreneur. 

Creativity:  You must try new things to find what works best in your career as an entrepreneur. You also need to enrich your life with new experiences regularly. This may be something as simple as talking to new people or taking a personal interest class. Each experience that you have can lead to new opportunities that you previously did not have available to you. If you are wondering how to become an entrepreneur, then you should focus on these particular skills.

Assertiveness: While listening is important for effective communication, you also must know when you need to take control of the conversation and assert your opinions and beliefs in your career as an entrepreneur. Entrepreneurship as a career in India listens to others who are making reasonable claims and requests, but you also need to know when to say no. Be consistent yet open-minded to earn respect and trust from those around you. You need to know what you stand for, and you need to stand up for those beliefs. 

Perseverance: Many of the most successful business owners have suffered devastating defeats and failures. Rather than look at these events as an end to a situation, they have looked at these events as important learning moments. 

Courage: In order to harness the power of creativity, you must have the courage to act on your great ideas and plans. While you need to research your ideas thoroughly, you must also have the courage to take an unknown step and try things that are unfamiliar to you. Entrepreneurship as a career in India must take numerous steps to develop the right combination of skills, traits, and knowledge to be successful with their efforts.

We have mentioned below certifications that individuals may opt for who want to establish a career as Entrepreneur. If you want to know how to become an entrepreneur, then read the entire article.

Business Entrepreneur: A business entrepreneur is someone who has an idea or product for the business world. It is usually a new or different idea, something that has not been seen before, or something that provides a new twist or improvement for an existing sector.

Social Entrepreneur: A social entrepreneur is someone who has innovative ideas for social change, or new solutions to social problems, and dedicates their time to bringing these ideas to fruition. This might include issues of inequality or poverty; an example would be to create a new charity to address these issues.

Serial Entrepreneur: A serial entrepreneur refers to someone who has a lot of ideas and constantly starts up new companies or enterprises to implement these ideas. Generally, a serial entrepreneur will have had good success or successes with previous ventures, allowing him/her to start up new ventures.

Lifestyle Entrepreneur: A lifestyle entrepreneur refers to someone who starts up an idea or venture based on a sport, hobby, or pastime they are passionate about. For this type of venture, usually large start-up costs are required. Often people who have been successful in the business world and have some of their own money to invest might make this transition.

According to the IT industry body Nasscom, India continues to reinforce its position as the third-largest startup ecosystem in the world. The total number of tech startups in the country has grown to 8,900-9,300 with 1,300 startups being added this year so far. The startups have created an estimated 60,000 direct jobs and 1.3-1.8 lakh indirect jobs. Over 18 per cent of all start-ups in India are now leveraging deep tech, which means there are over 1,600 such companies in India. 

This number constituted only eight per cent of start-ups incepted in 2014 and has seen a 40 per cent CAGR (compound annual growth rate) over the past five years. India currently has more than 48 million small businesses, double the number of small companies here in the U.S. (23 million). According to a report by Business Today (India). Therefore, entrepreneur's career outlook has a lot of scopes. Breakdowns among the top industries are as follows: 

Retail (except motor vehicles): 40 per cent,  

Clothing manufacturing: 8.75  per cent, 

Food & Beverage: 7 per cent,  

Services: 6.2 per cent, 

Auto (sales, maintenance, repairs): 3.6 per cent, and 

Furniture: 3.2 per cent

According to Indian government data, Micro, Small and Medium Enterprises (MSME) contribute nearly 8 per cent of the country's GDP, 45 per cent of the manufacturing output, and 40 per cent of the country's total exports. Small businesses in India create 1.3 million jobs every year and provide the largest share of employment after agriculture. They play a significant role in the country's GDP. 

About 15,000 small business owners have registered with eBay India to export their products globally, and these exporters now comprise a third of sellers on the platform. It is estimated that a product listed by an Indian seller is sold in the international market through eBay India every 10 seconds. Hence, making a career as an entrepreneur can be a good decision looking at the market situation. In this article, we have discussed how to become an entrepreneur in India.

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