- In simple word business is a way of earning your livelihood by selling or buying a product or services in terms of money which includes both profit and loss when it calculated yearly.
Many decades ago when there was a way of doing business where selling or buying something By Exchanging one commodity for Another, In distinction from A sale and Purchase, In which money Is paid For The Commodities Transferred which was called as “Vastu-Vinimay”. It was as same as we do in today’s era by taking or giving something to our neighbors to impress them with our Foods or any special type of things to show off.
Role of Entrepreneur:– Lots of hard work Required to start and expand an enterprise. This hard work starts with the Entrepreneur who begins the process of creating an enterprise by having a idea of a business and to plan accordingly on how to turn that idea into a reality.
The entrepreneur, who is being the owner, is the biggest risk taker. He is the one who invest the capital for his business and also accountable for all the Profit and Loss.
He also reduces the risk by bringing the people that can help the organization grow. They can be shareholders or investors that have a stake in the company and are motivated to help the company succeed.
Skills Required For A Entrepreneur:-
- Problem Solving Approach:- Being an Entrepreneur one should have a ability of solving the Problems which do arise at the beginning of the business, one have the different tactics to handle them. One should have the skills to predict the risks and come up with risk management plans to solve the problem.
- Money Managing Skills:- The ultimate goal of doing a business is to make a profit by hooks or crooks. One can’t expect to manage a business if he doesn’t have the skills to manage money. Creating a budget for the enterprise will also be a big challenge to any business which is not well handled will result in a loss.
- Strong Network with Appropriate Person:- The most important skill is before entering in any kind of business, one must have to create a plan for it. Finding the right persons for your business is always tough but once you filter them out, they always give you the
profitable business. So one should in his Free time have to explore about successful entrepreneurs and note down some points on how they tackle their problems.
- Having good terms with Customers:- Business is all about building a good relationship with customers without this no one can’t survive in this neck cutting competition. Because Customers are our Mouth Marketing tool they advertise the products what they like about our services & products which they got from a businessman without taking any charges. So we should always be focus on services and quality of product.
- Avoiding Stress skillfully:- Stress can kill entrepreneurs if the business not well handled and managed. There will always be a time when all options that you try will hit the wall. Frustration occurs in the process of trying to fix this. Don’t let stress put you down, instead, turn them into an opportunity to grow. Apply useful tactics for business growth.
- Managing People Effectively:- Managing people takes different dimensions. Use different parameters to gauge people’s capabilities. Identify their weakness and work on them. Productivity can only be achieved by having an effective team on board. Motivate and build them every day. Treat employees with equally as it brings respect. Timely feedbacks about the business will be experienced.
Strategy to become Successful Entrepreneur:-
- Understand Your Business:- For being a Successful Entrepreneur you should have very clear understanding of picking a Idea which is new in market and few similar business are running at that place. Measuring all ups and down of the business you can begin it with Positive approach.
- Marketing Strategy:- Having Best Idea’s for business makes it run easily by complying right strategy of marketing at right time. One should have make a better plan and to be followed accordingly.
- A proper corporate name & Signature:- When plans are ready to execute, now think about a appropriate corporate name and its signature, take examples on Google and also take suggestions from your friend circle, and then choose one from the piles of suggestions which suits your enterprise and your business Idea.
- Funds & taxations planning:- Calculate the whole Idea of your business and its cost with 6 months’ additional backup plan. It always helps and save you from Business Odds.
Having a Modest Backbone of backup plans always helps you stand firm in your business in any situation.
- Get a Domain Name for your website:- For better marketing and advertising approach you should have a Domain name for their website to get attract the traffic. Website should be transparent when someone visit on it, they get the most of the information about your business on your home page, because generally people don’t want to their precious time by clicking more and more, so homepage must be attractive with informative at a same time.
- Have a clear vision of get-go:- Being a Entrepreneur you should have a clear vision and mission of their business Idea and guts to achieve the goals set by you, having a positive and strong vibes will always help you growing the business.
- Management of Time:- The most important fact for Running a Business proper and smoothly is management of times. Time is always matter when it comes to Implement & Execute the task timely and in proper manner. If businessman failed to manage the time, it will turns out to be the Loss for the business.
- Setups of Accounting system:- When things finalized in a proper manner, Find a best person who can keep all your records, maintain proper Book-keeping and have a best Auditing system for Accounting, so at the end of the year you have all the details of your business, so you can further proceed with better approach.
- Strong & Authenticated Deal with Partners:- Building Good Terms & Conditions with shareholders and partners by proper Authenticating Deals signed by each, always helps us to achieve the target.
- Use every offline and online platform to grow your business:- Nowadays, the best way of getting the customers attention, is marketing it online by using every famous platform which can get you the right customers for your business. Use of Public Newspaper, Advertising company who dose advertise campaign, personal reference these are the most common advertising tools.
Positive Approach to achieve one’s Goal:-
- Not getting discouraged by rejections from customers:-You should always have a positive side of taking negative things as a complement to work better on it. “Success is what, nothing but the next chapter of Failure”. So keep chasing your dream and try to fulfil it by any hooks or crooks with having a positive approach.
- Perfect your Pitch for targeted audience:- Being a Entrepreneur, you should have a perfect Pitch for selling their Ideas in front of audience, some best quotes which bond them to relate themselves to listen your ideas carefully.
- Patents & Copyright:- Before entering in the market, you have copyright and Patents your Idea’s so no other can copy it, and it will maintain your Goodwill as well.
- The entrepreneur is the, owner and manager of a business. In other words, the entrepreneur is an economy producer whose ultimate goal is to create a business from a well-defined project. To make run his project, he uses the number of resources like knowledge-based, financial and relationship-based, from which he produces other resources (employment, innovation, etc.), that is how he maximizes his resources in order to achieve a goal.
To be successful in a business requires entrepreneurship and innovation, without being innovative, you can’t be a Smart Entrepreneur for that he/she would have to be run with the market and accordingly have to up-date themselves, for that they have to plan their strategy time to time for achieving their goal only then they can be stand firm in the market.