ENTREPRENEURSHIP

Entrepreneurs are those individuals who take risks and start something new and unique. The word entrepreneur is of French origin and, literally translated means “between-taker” or “go-between”. Many of us still believe that it is something very new. But entrepreneurship dates back in ear of Marco Polo. Although, every individual who brought meaning to world around us, through his ideas, is categorized as entrepreneur. In our modern time entrepreneurship is process of creating something new and assuming the risks and rewards.fawad-aly-shah

Many individuals are equipped with creative ideas. Few of them discuss them in bright day light. Only entrepreneurs craft and mold that idea into reality, a vague set of thoughts into practical solutions. The skills required to be an entrepreneur are classified into three categories, Technical skills, business management skills and entrepreneurial skills. Technical skills comprises of writing, listening, oral presentations, organizations, coaching and technical know-how about latest trends. Business management skills include, planning and goal setting decision making. HR, marketing, finance, accounting managerial control, venture launching and monitoring. The final skill area revolves around personal skills like inner discipline, risk taking, innovativeness, persistence visionary leadership and ability to manage change.

Here is a small assessment to check your entrepreneur skills and tendencies.

  • Do you like to be in charge and be responsible?
  • Do other people you deal with respect trust you?
  • Do you know people who have the expertise and talents you lack?
  • Do others easily understand your concepts and ideas?
  • Are you willing to work long hours with little immediate compensation?
  • Are you in good physical health?

If more of your answers are in yes you have the drive to be an entrepreneur. Many people argue that questionnaires would not help in judging the true expression of any individual. It depends upon the ability of given individuals about how honest they are in giving feedback about themselves.

Childhood family experiences, education, personal values, age, work history and motivation are some key elements in the journey of becoming an entrepreneur.

Firstly, in any successful individual’s life childhood phase played an important role. It is such a phase by which every individual shape up his personality, from beliefs, adopt values and develop self confidence. The overall parental relationship to the child is also very important in establishing the desirability for entrepreneurial activities in that individual. 

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Secondly, education is of huge importance. Although Carnegie, Durant, Ford, Lear, Jobs, Gates were all college dropouts but they were very insightful. Education is needed to communicate clearly what are your intentions towards yourself and society.

Thirdly, personal values revolve around ethics and ethical behavior. To establish trust among the people around us we need to have strong personal values.

Next comes work history which is the past work experience of an individual. For entrepreneurial purposes If an individual was consistent in his previous jobs there are high chances that he will be successful in launching himself as an entrepreneur.

In the last comes age and motivation factor of the individual. The desire to be one’s own boss is what drives people around the world to face all the social, psychological and financial risks to create and develop a successful new career. Age is also a very crucial factor. A research shows that the ideal age for entrepreneurial career is between 22 and 45 years. A career can be initiated before or after this age successfully. 

Beautiful saying of Eric Ries will conclude things “Our educational system is not preparing people for the 21st Century. Failure is an essential part of entrepreneurship. If you work hard, you can get an 'A' pretty much guaranteed, but in entrepreneurship, that's not how it works.”

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