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Entrepreneurial Success: Start Before You are Ready!!

Entrepreneurial Success: Start Before You are Ready!!

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  6 March 2018 12:00 AM GMT

By Dr BK Mukhopadhyay

Entrepreneurship Magement has been a very big area ismuch as it speaks of the capacity and willingness to develop, organize and mage a business venture along with any of its risks in order to make a profit. As such: entrepreneurial spirit is characterized by innovation [innovation plus invention] and risk-taking, and is an essential part of a tion’s ability to succeed in an ever-changing and increasingly competitive intertiol marketplace.

Establishing the core principals of 'entrepreneurial magement' within an organization calls for a certain strategic choice that affects a company in multi-dimensions. The aim is to empirically measure entrepreneurial magement (its existence and degree) and to link this measured strategic choice (for or against) entrepreneurial magement with firm performance. On this score it is clear that companies that follow core principles of entrepreneurial magement should outperform other more administrative firms in certain measures of strategic performance. turally, the linkage is very strong – linking the measured degree of 'entrepreneurial magement' with firm performance.

Success: The Ultimate Goal

Successful entrepreneurs recognize that change is a catalyst for innovation. So, the need is to develop the entrepreneurial mindset needed to energize existing / new companies, insights and alytical frameworks to assess market opportunities, as well as pragmatic leadership skills to launch and nurture new business ventures within a larger organization.

They may come from families in Business: From generation to generation or may have taken direct entry. No doubt, in today’s global marketplace, family businesses are a major force and are among the most vibrant competitors in most industries. While family-owned companies often have enviable strengths - long-term relationships, a reputation for quality work, aggressive reinvestment, and high stakeholder loyalty - they also can be hindered by traditiol practices, interl politics, and family conflicts.

In a marketplace characterized by new players and intensified competition, leading a family business has become increasingly complex. To prevail, a family-owned company must address special challenges, such as nurturing effective family work and shareholder relationships, passing the business from one generation to the next, and maintaining ownership control. These tasks require sensitive leadership of the business and the family.

A family can contribute greatly to the success of its business - and vice versa - only if the family follows a discipline mapped out by successful family-owned companies from around the globe.

Success in today’s turbulent business environment demands smart innovators who possess the unique set of skills required to identify a business opportunity and transform it into a successful company or to launch a new line of business for an existing small-to-midsize company.

The entrepreneurs are to essentially improving their alytical skills, making sound investment and magement decisions, maging growth, and developing essential leadership capabilities ismuch as in today’s fast-changing environment the situation has turned to be a complex process of exploiting disruptive opportunities to build successful new businesses. New business initiatives; selling the concept to investors, partners, and other parties; attracting resources; and evolving key strategies as the business grows, thus, have been intricately getting involved into the process.

Launching New Ventures:

Obvious enough, starting up a new venture amid rapid change and increased competition is fraught with challenges. Launching new ventures focuses on overcoming the common obstacles facing entrepreneurs in startups and executives building an entrepreneurial culture in larger organizations. This essentially calls for building a successful business by turning disruptive innovation into a competitive advantage - how to lead and grow a profitable enterprise at every stage of its lifecycle.

Growth in developing economies like India, Bangladesh, Philipines, South Korea, among others, is creating opportunities for talented entrepreneurs who know how to build a successful business, to identify the right opportunity, build organization, attract resources, plan and execute strategy, and vigate complex business environment to drive sustaible success for the company.

Product Innovation

The crucial need is there to examine the core challenges of maging product development in a competitive, unpredictable marketplace, and train up the entrepreneurs to take innovation to a new level, backed by cutting-edge concepts and pragmatic frameworks, providing new insight into product development issues, such as the alignment of product innovation with corporate strategy, the impact of disruptive technologies, and the magement of risk.

Leadership and Strategy

To develop the leadership and magement skills the need is to identify breakthroughs with the greatest market potential, find sources of capital, and develop a team with a deep understanding of both science and business.

It has been a fact that constant and intense focus on running a business leaves little time to learn about the latest resources, techniques, and solutions. Business owners often feel alone, not knowing where to turn for advice and answers. Often, they lack the perspective to assess their company’s performance and potential - as well as their own. This gap calls for immediate adequate attention.

Gaining valuable new insights, sharing and developing decision-making techniques, creating an environment that fuels their passions, in turn, could bring in far-reaching changes and something powerful could surely happen in the coming days provided a planned approach is adapted.

Capital Support

Fund, no doubt, has been flowing into the business sector – much more than what was there even a decade back. In today’s complex private-public equity environment, players across the industry - investors, entrepreneurs, governments, banks and fincial institutions and professiol intermediaries alike – have been taking greater interest on this score. On the part of the entrepreneurs 'Time' is ripe to have better understanding in the are of fincing ventures by studying the antecedents and consequences of funding decisions, both domestically and intertiolly. Locating sources of fund is just the beginning ismuch as a lot depends on how the fund is utilized in a risk-maged manner.

Upshot: Success Story; Not a Matter of Copy and Paste!!

It is Benel D. Lagua, Executive Vice President at the Development Bank of the Philippines, an active FINEX member and a long-time advocate of risk-based lending for SMEs, who is quite right in opining that these days, ‘it is fashioble to become an entrepreneur, to start one’s own business according to one’s values and to be your own boss…running a business may not be for everyone and to believe anyone can be a business entrepreneur is a myth. Entrepreneurship entails taking a lot of risk and people’s attitudes towards risk vary considerably. Risk taking requires a specific persolity type and a special mental toughness. Successful entrepreneurs have special skills not all of us possess. They are astute magers of money, people and resources. They are quick to identify opportunities where other people only see problems and challenges. They are comfortable with uncertainties, changes and a volatile environment and have a readiness to take calculated risks (not gamble). They are good negotiators and can deal well with all kinds of people, from the lower workers in the organization to the most sophisticated partners and customers. They are good implementers and executors who walk the talk. They get up when they initially fall down and are resilient and consistently on the go. They are not easily discouraged and are passiote about what they do’.

Business is risk-based, locate, measure, control and mage, success is the result !!

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