Entrepreneurship needs many skills to pace up with the ever-growing economy and technology, but today we are going to show the 4 critical concepts and components that are required for an entrepreneur to start a business.
it is considered as one of the most important characteristics for entrepreneurs. As entrepreneurs everything has to be built from starting, only with passion they can build something so strong. Passion is what drives you to succeed because you are completely dedicated towards running your business. Without passion it would be very difficult for an entrepreneur to survive as it takes a toll on you emotionally, physically and mentally. It also gives you lots of motivation and confidence that you need to deliver your mission and purpose for what you do and why you do it. So, it is very important for an entrepreneur to do some inner work and find out their real purpose and passion in their lives.
“A successful entrepreneur is a passionate entrepreneur.”
A vision is the imagination of the future you desire. Having a vision means to have clear sense of purpose. Having a vision is inspiring. Clear vision provides one with energy, enthusiasm, confidence and commitment towards achieving the goal. it is very important to have a clear vision in difficult times for an entrepreneur, it reminds you why you started. It also helps in achieving long and short-term goals of a company.
We can take example of Bill Gates to understand the importance of vision. He did not actually complete college because ever since childhood he knew exactly what he wanted do in his life.
Everything revolves around vision. To be a successful entrepreneur you need to have a vision.
it is a key component and a highly wanted skill of an entrepreneur it is defined as persistence in doing something despite difficulty or delay in success, it also means tenacity which basically means courage to withstand the entire possible negative outcomes of a startup which basically include the primary negative outcome “NO” , it is difficult for a person to tell others “NO” and he/she himself/herself cannot digest that response if given to him/her, and hence having perseverance is needed by any entrepreneur, as its normal for a person’s idea to be rejected by others and while the idea being really genuine, it is possible to be disregarded, it is the person’s willingness, determination and commitment, in the past we can see all the entrepreneurs who became large success in the course of time have perseverance,
colonel sanders, founder of Kentucky Fried Chicken, popularly known as KFC, is generally a known name for Food lovers, the recipe for the fried chicken was invented by his mother, and he passed it to the world, he stated the company at the age of 65, the age when all others will plan for retirement, colonel sanders started a trend in the market which took him, very long time to get reach into the market, as known he used to sell it from door to door and only 1-10 of 1000 homes would try the dish, but his determination made him his fortune of lifetime.
an entrepreneur must accept the fact that learning is a never ending process it will be in throughout the path of any journey it might be a success or a failure, but An Entrepreneur must never stop learning and keep up his/her speed of growth he/she must know his/her drawbacks and pitfalls and should have the wits to seek support and learn from the experienced persons the willingness and wits to ask for an advice, and being humble to your fellow ones, it is the separating bridge for the good and great in the world of entrepreneurs,
It’s about the people we trust that matters in an entrepreneur’s career, it is also dependent on the how much they trust you hence, focus on the trust issues between people of your organization, building trust on the organization is an important aspect for the success of a business and could also generate lead for your business.
Authors: Nitya Santhoshi, Yuvaraj Rajarapu.