- October 7, 2019
- Posted by: SAL
- Category: SAL
“Entrepreneurship is about being able to face failure, manage failure, and success after failing.”– Kiran Mazumdar-Shaw
Entrepreneurship at its fundamental is the creation of a business with a realistic vision. It is to draw profit from what little you have and using the same profit as a ladder step to upscale the business.
More importantly, the term defines the capability to build a system that resolves problems which were once impossible to solve. The entrepreneur need not be from a technical field but he can be one who starts a social revolution or one who reforms the structure of an entire industry.
Though everyone has had an idea at some point of time of the day yet a very few have the power to foresee a future in that thought and then possess the guts to pursue it. Turning a mere discrete network of schemes into an existing reality is what accounts for true entrepreneurship.
However, this does not come easy and entrepreneurs have a price to pay for it. A lot of sacrifices, struggle, and hard work is involved in it. An entrepreneur does not gain success overnight but it is built on the staircase of failures that come in the way. Only learning and laddering up each failure, one becomes successful.
An entrepreneur is a definition that rudimentarily means setting up a business. However, if you go deep then you will understand that it has roots widespread across all around. The definition has a broad spectrum when you consider that work that is put in.
It is surprising that even a freelancer is an entrepreneur because he/she has set an environment, a workspace where there are no shift boundaries for work and the ultimate goal is making profits. A person giving up everything to build a co-working space is an entrepreneur.
There are millions of reasons why one chooses to become an entrepreneur. Some people must be tired of their 9-5 job and want something that pays them more at the same time, some want to change the world with technology, some want to reform the society, some are tired of working under someone else’s nose, some want to be their own bosses, some want to follow their passion, some want to work for things that kicks them out of the bed no matter what, and some may be curious or ambitious about something.
Though being an entrepreneur is not a cake walk. You have to have the determination, the power of decision making, and vision of diversification. These are the 3Ds to attain entrepreneurial success. Failures will always be a part of a great journey but to overcome the failures, you must possess the three qualities in order to become an entrepreneur. Only having these powers you will be able to withstand the adverse situation that may come your way.
Determination is defined as the strongest will to continue doing what you have always aspired to do. It is the inner conscience that resides in your mind. It always keeps your body on the toes to push all the negativities away. It makes you stand heft against all odds and helps you pull yourself up.
The determination is positive thought that lets you never give up when the worst paradigm shift occurs. The only thing that a determined person can see is the destiny at the far end that he has yet to achieve. It wakes you up in the middle of sleep, it makes you skip your meals, and it drives you crazy to a place where you can actually find a way to overcome your failure and use it as a stepping stone for your success.
Decision making is the process that no business owner can every escape in his/her lifetime. Basically, we all have to make a decision every day like what to wear, what to eat, where to go, when to go etc. But, when it comes to entrepreneurship, the entire dynamics change. In your personal life, you may only be responsible for your life or your family. Whereas when you are at a position of an owner then your decision affects the business, your family (probably), employees, and their family(definitely).
Any day or any time when you come across the crossroad, you get to choose a way where your entire business will move ahead. This decision cannot be taking in a minute or in a hurry. But a thorough study, research, and analysis have to be done so that whichever way you choose brings you profit and gets you closer to your dream.
Any smallest of the choices that you make for your business can have a significant impact on the profit margins and workflow in future. Therefore, a good look at every prospect and aspect of decision making is important to reduce the expected number of casualties to a minimum amount.
Diversification is the term that we all are well aware of. In its elementary state, it refers to having various branches and sub-branches of something. Whereas when it comes to entrepreneurship then diversification is defined as having more than one approach to the same thing so that if one fails then the business could be picked up from the last point of recovery.
A lot of entrepreneurs suggest not to keep all eggs in one basket and this is where diversification plays a role. The goal should be one but there must be manifolds to achieve it. This helps in reducing the chances of business getting crushed down. In fact, it increases the chances of success and leads to business expansion.
Diversification increases the chances to reach the destiny sooner, decision making along with diversification increases the pace of building the business, and determination along the way gives hope and strength to achieve what one’s destiny. The 3Ds are the pillars on which the foundation of entrepreneurship is built upon. Only dreaming will not work but one has to actually strategize and become determined in order to achieve entrepreneurial success.