What is Entrepreneurship? A Detailed Guide about the Most Eminent Subject of the Business Town.
As the corporate sector becomes stiffer for many of us because of the ruthless office hours of 9-5 which are becoming extremely hard to follow by many, alternate ways of livelihood are sought out by the majority. Obviously, working under the same routine for continuous hours at a minimum pay scale is abhorred by those who have become a direct victims of this system. Hence, they tend to find out ways of getting out of this tiresome system and create something of their own which is not only fruitful to them but is a blessing for many around them so the efforts of standing at their own feet start with the willpower of reaching at the skies and in a very short period of time, we find these people intending to be the “Entrepreneurs”.
But what exactly is this entrepreneurship? How is it different from the traditional ways of sustaining a good life and how one can take the first step towards the road of entrepreneurship?
All these questions act like an obstacle in many minds who are more than curious about this new mode of earning and becoming your own boss with the advantage of having adaptable working hours, unlike the convenient modes. This article serves as a comprehensive guide taking you to the destination of your newly found interest as you can perfectly suit yourself about all your burning questions alongside marking the location of the exact path towards a perfect understanding of the challenges and ethics of entrepreneurship. So, gear up yourselves and wind your seat belts tightly around you because this journey is going to be more adventurous than you think.
What Does Entrepreneurship Actually Imply?
When we move towards the very basic understanding of entrepreneurship, the fascination is quite natural because yes, you got it right, there is no rocket science behind the basic understanding of this complex term. It actually refers to “setting up a business of your own with a little or more than a little investment by keeping the market trends in mind to earn a handsome amount as a final profit”. Well, this seems quite simple since we have seen many examples of big brands launching in the past with their products and thus eventually ruling over the business world because of the specific agenda they had in mind with respect to their product. Now you need to stop here for a moment and let us explain the idea of entrepreneurship in a more extensive manner.
Let’s get you to an example
Consider yourself selling oranges at a place where apples are in abundance and where traditionally people have only dealt with the business of selling merely apples. The uniqueness of your product will instantly become a reason to attract the majority because in the past they have only seen apples in the market, so the curiosity of this new product will act as a force of attraction and thus you will turn out to be a danger for the apple sellers in the market. This is what entrepreneurship is. Traditionally entrepreneurship only involved introducing a certain kind of business and making money out of it but you cannot expect time to stop at one single point and as time changed the concept of entrepreneurship also took many forms adapting itself according to the requirements of the age and here we are in the 21st century where because of the growing popularity of brands and local businesses, this has become a full-fledged business where the guides on being a part of this system are being sold like hotcakes.
Entrepreneurship gets Digital in the Digital World
We have seen technology getting revolutionized in this age with the ever-growing significance of social media applications and enormous ways of earning online. This has shaped entrepreneurship into a very different concept compared to what it appeared in the past.
These days, it is not only limited to selling a specific product under one’s name and ownership but people have become experimental and they are selling out their talents and services as well which is very interesting because compared to the past where you had to take care of a billion of things, had to follow the rules and regulations implemented by the governments in order to set up a specific business and sell a particular product.
It’s real it’s digital
Now you only need to open up your social media handles, jot up your talent, and then all you need to do is to tap so that it reaches the maximum number of people in the minimum time. Who had wondered that photography or painting would turn out into high-profile businesses and would be earning more than an average office worker? Not only photography and arts are getting their due recognition in these times but we have a super cool mode of earning nowadays which is referred to as vlogging.
Vlogging is the new talk of the town
Vlogging, earlier, was not popular among the masses because of the limited accessibility of the internet but as the internet got its speed and became the top priority of users globally, vlogging automatically became the apple of the users’ eyes because of being simple and easy compared to the other professions. Many of the vloggers once after rising to the acclaim of the public, started full-time businesses in correspondence with their vlogging and it has now become a new trend.
What are the elements of Entrepreneurship?
Though apparently, entrepreneurship appears simple as setting up a business or selling products and services for the sake of profit, there is much more than a simple startup or investment. Hundreds of businesses or start-ups initiate on an everyday basis but only a few come into the limelight and are then cherished by the buyers. What makes them worthy in the eyes of the potential client? This is a question of many budding entrepreneurs who find themselves stuck in the loop because of their rivals taking up all the front positions in this race. So, we would provide you the answers to these questions on the behalf of the successful entrepreneurs who came and aced in this world making others surprised about the secrets of their success.
Every business has some rules which form the foundation of that particular business. In the very same manner, entrepreneurship doesn’t come alone but there are certain elements that make it up as a whole and ensure your success in the market. These elements are the following:
- Selecting the businesses of choice
- Market Research
- Understanding of the Customer’s Needs
- Personal Knowledge
- Adequate Communication Skills
These are some of the very basic elements of entrepreneurship that ultimately lead you towards success. Unfortunately, many budding entrepreneurs are ignorant of these things and they tend to take a shortcut without a complete understanding of the working mechanism of this process. Entrepreneurship is organic in nature with slow growth. One needs to be patient to see the long-term results of one’s efforts which is unacceptable for many since they want to get successful in the blink of an eye just the way they have learned from the idealistic media. However, you need to follow these basic elements at the most if you want to completely interpret this organic process and ace it. Let’s get to these elements in a bit of detail so you find out the hidden treasure among these written phrases and then construct a palace of your own dreams based on it.
- Selecting the business of choice
Imagine you are on a shoe hunt and you want to get the best quality shoes at an affordable price. What are you going to do as the very first step of your hunt? You must be thinking of walking along with the entire market and finding out the shoe prices at different stores and then selecting the one which is according to your budget but offers you a fine quality as well so that you don’t feel getting deceived at the end of your venture. So, getting a nice pair of shoes is what we call an “ideal choice” in terms of business.
Selecting the business of choice is basically the first step of the entrepreneurship ladder
This enables you to lay a basic framework for your business. We can also regard this as a mind mapping where you analyze the products or services available in the market and then compare or contrast these with the one present in your mind. If you are still contemplating introducing the right kind of product or service, then this step serves as a guideline to you and makes your mind for finalizing a specific service or particular type of business within the market that could do well in the presence of other potential rivals.
Since this particular element is the very basic step, you need to be very careful about how you choose it.
Do’s of an Ideal selection
- Always take notes of the products or services available in the market under your selected niche.
- Focus on the quality of the products or services available at first and then move to the pricing
- Write about the signifying features your rivals describe with respect to their offered products or services.
- Look at the rival’s way of advertising their products or services on the public platforms.
- Select your desired type of business or service in the light of the market trend.
Don’ts of an Ideal selection
- Never stick to a specific niche but keep two or three niches in your mind while you are conducting a market research
- Never ignore the customer’s perspective with respect to your particular niche and the associated products which fall under it.
- Never ignore the drawbacks of the products or services introduced by your rivals in the market since they will, later on, serve as a guiding light to you so as not to repeat those flaws while launching your very own product or service in the market.
Whenever you are about to select a specific product in the market apart from the quality and affordable range what gets more noticed to you? It must be the uniqueness of the product itself which calls you towards it. The world with the presence of millions of alluring brands and services seems like a web where every other client is in need of finding a product that could be up to the estimated mark.
No one wants to waste precious money on something which has not a specific peculiarity or a differentiating quality attached to it.
Uniqueness is an essential part of entrepreneurship
A large number of businesses fail to impress their respective market because they are a part of the rat race and become just another of the so many products which are familiar both in terms of the quality and the price. In that case, many of the customers often prefer the one where the trust has already been built because according to a customer’s mindset, the brand which was trustworthy in the past will serve efficiently in the present, unlike the new one.
Therefore, it becomes very essential that you have a clear idea about the uniqueness of your product or service which is going to be introduced by you. You must keep in mind that in the presence of hundreds of products, you need to have a specific product identity. You need to prove to others that your product is different from others. The uniqueness is what makes your point clear in the market. Every entrepreneur knows the importance of uniqueness and this is what actually makes a business or a service top class amidst all other rivals in the market.
- Market Research
Once you have made up your mind, it is very essential for you to take some time and conduct a detailed market analysis of the product you are introducing or you have already introduced. This is important because it allows you to find out the importance of your specific product or service within the market.
Market research gives you the answers to many questions.
You can get an idea about the popularity of your product or service alongside finding out the feedback of your customer regarding the service or product you offer.
Significance of Market Research
In this age of digital media, market research has become very simple as you find your customers online ordering up to various products every now and then. So, you are able to get a better idea about your very own products in the form of valuable reviews. Reviews are the modern coins of reward in entrepreneurship. Many of the multinational brands have understood their importance, so they keep their doors open for their potential clients to review their products or services just like the way they want. All the budding entrepreneurs need to follow the same guidelines.
Why trust reviews?
The reviews are not only a mark of the success of your business but they will also lead you to find out the ideas about other products available in the market and that is a very big finding indeed as you can take inspiration from those ideas and amend your ways of service so that they somehow catch the idea of your clients in the market.
After all, fine research can save you and your business from many possible hurdles on your way to be the next star of the town!
- Understanding the Customer’s needs
Think about the time when you were thirsty and your mate grabbed you a pack of Doritos. Did you like this act of his or welcomed the pack with an open heart because it was actually what you were waiting for all along? Yay or Nay? The majority of you will answer in a nay and when you are asked about the reason behind this, you will shrug your shoulders off by saying, “Because, I was thirsty, not hungry and who wants a pack of Doritos while being thirsty, as it is only going to make me more thirsty.” Yes! Your answer is exactly the way any sane person would respond, but do you ever care about the customer’s thirst the same way?
Many of the businesses fail because of the selection of a very wrong kind of market
They don’t understand the significance of a specific market for specific clients and hence they fail miserably and we find them complaining about entrepreneurship. The truth is different. When you comprehend entrepreneurship, it is not just setting up a specific kind of business and then waiting for the profit without understanding the requisites fully.
You will find that many times their chosen market is wrong. They belong to one niche and are selling their product to clients of another niche. This is because many of the niches overlap with each other and one often finds it a bit confusing to differentiate between all. There is a very simple rule to that as well.
All you need to do is to specify your product first and then study its potential clientele
You can easily find out that information over the internet and then when you are fully familiar with the type of clientele suiting your product. Only introduce it then and among that specific circle.
There will be a certain age, sex, and affordability constraints to hurdling your pathway but once you are going to tackle them down step by step after making your product age, sex and affordability specified, you are on your way to rock in the business world because then you have gotten the very basics of earning from a specific product made with hard work for specific people.
If you are cooking shrimps and you don’t even know what shrimps are and how do we tenderize them. Would you be able to cook them to their finest taste? Maybe a no because when you don’t even know the basic ingredient of your dish, how would you be able to present it in front of others and tell them what they are actually eating?
A number of times when one is trying to interpret entrepreneurship, the background knowledge about the whole mechanism is very essential.
You need to know what the demands of a fine-running business are. You must have a clear understanding of your product or service. Having a mere understanding of the product doesn’t guarantee you a successful venture but you need to be extensive in its understanding. Always keep in your mind that the knowledge about your product is something you are later going to preach to others. So, pay heed to the comprehensive knowledge.
Roles of Skills in Entrepreneurship
If you are selling your services over a specific platform, try taking skill quizzes or certain other assessments because your client will attach your personality to the services you provide. So, the accomplishments on your part are a must constituent of the agenda because they will serve your client as a way to analyze you and thus your service. Always be prepared to answer questions coming from your clients because these questions are a mark of your success in the entrepreneurial world.
- Adequate communication skills
It is believed that one smile initiates an everlasting friendship between two people. Then, you yourself can conclude how much value effective communication has within entrepreneurship. You need to learn that a successful entrepreneurial relationship is based on the positive relationship between a buyer and a seller. Not many of the entrepreneurs are masters of holding a valuable conversation.
You need to learn that as an entrepreneur, you will encounter various kinds of people belonging to various social classes and holding contradictory beliefs about your product/service. All you need to care for is managing all the classes on the same scale of politeness.
Many of the young entrepreneurs have not taken to the habit of accepting criticism which serves as a poison engulfing the entire business.
You must remember that as a seller it is your prime duty to answer the queries and accept the criticism in a very positive manner. This creates a friendly relationship between the customer and you if you are humble towards the suggestions or ideas provided by him/her. If you have mastered the art of developing fine communication skills then you are already half your way to success.
Not just learn but implement what you learn
Entrepreneurship has the same entity as a tree. If the foundation of a tree is strong enough, then it stands by the test of time, and no storm or calamity can eventually hit it down or break it off from its place and it keeps on prospering throughout. In the same way, once you have learned these basic elements of this delicate process, your business is most likely to flourish because you have learned the criteria and true essence of entrepreneurship by following this ladder to success.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.