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Entrepreneurship: Look before you leap!

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  18 April 2017 12:00 AM GMT

By Dr B K Mukhopadhyay

Words are flying high – failures galore – romantic notions prevail. But there is now a bit of silver lining too! Entrepreneurship is something to be seriously taken care of.

Rightly, NKC defines Entrepreneurship as - ‘Entrepreneurship is the professiol application of knowledge, skills and competencies and/or of monetizing a new idea, by an individual or a set of people by launching an enterprise de novo or diversifying from an existing one (distinct from seeking self employment as in a profession or trade), thus to pursue growth while generating wealth, employment and social good’.

It is a well known fact today that entrepreneurship Magement has been a very big area in as much 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] plus risk-taking, and is an essential part of a tion’s ability to succeed in an ever changing and increasingly competitive intertiol marketplace.

The Basics That Surface

Establishing the core principles 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 principals 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.

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. In fact 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 improve their alytical skills, make sound investment and magement decisions, mage growth, and develop essential leadership capabilities in as much 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:

Growth in an economy create 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

Examining the core challenges of maging product development in a competitive, unpredictable marketplace, leading product innovation prepares such would be executives also to take innovation to a new level. Through cutting-edge concepts and pragmatic frameworks, these aspects provide 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. Leading Product innovation help magers also who have project responsibility for products and services in diverse companies, industries, and countries.

Leadership and Strategy

Leaders of science-based organizations face the daunting challenge of turning scientific innovation into business opportunity. So, the crucial need is there to develop the leadership and magement skills required to identify breakthroughs with the greatest market potential, structure an optimal research organization, find sources of capital, and ultimately develop an executive team with a deep understanding of both science, technology and business.

Need for Imparting Realistic Training

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.

The real need is there to impart updated training so that participants could expand their knowledge; gain valuable new insights from the reality-based case studies; as well as share and develop decision-making techniques with an influential group of peers. The concept of such a program should be simple, the impact far-reaching: to gather a group of dymic business leaders...create an environment that fuels their passions...and something powerful happens.

But The Steps are Not Difficult to Locate:

The process of entrepreneurship - to understand the processes of entrepreneurial activity in start-ups and established firms by examining the antecedents and consequences of various forms of entrepreneurial opportunity identification and opportunity pursuit for individuals, organizations, and industries. It has been located that experimentation and innovation in products, services, processes, and business models as central to entrepreneurial activity.

The fince of entrepreneurship - to understand the fincing of entrepreneurial ventures by studying the antecedents and consequences of entrepreneurial funding decisions both domestically and intertiolly.

The context of entrepreneurship - to understand the ways in which entrepreneurs both respond to and shape the context in which they operate, by examining the history of entrepreneurship across time and tiol borders and by alyzing the legal and cultural contexts for magerial action.

In Lieu of Conclusion

The issue is a burning one in as much as the same not only affect liquidity, profitability and equity of individual company but affects the tiol economy by freezing the supply link also, which, in turn, terribly affects the process of capital formation.

Is it not the fact that the path to success is an elaborate one? A long journey before one comes out of the tunnel indeed! Tasks remain unending: [a ] building the credibility; deciding on what to do; identifying the competitive edge; locating what makes service successful; understanding what makes the service fail; what makes ourselves stand out [b] knowing about customers and prospects : who need us - at the market, in order of importance , whom do they want to be customers, whom don’t they want , where are they, how do they get to them, when is the best time to get to them, what turns them on and of course what turns them off ???? It is the goodwill ladder that is to be ascended. One only get a single chance to make a first impression & to most of the demanders’ first impression becomes the last impression – rightly or wrongly!

The upshot - most people have an idea for a business venture but very few are able to succeed in getting it executed. Though the role of entrepreneurship and an entrepreneurial culture has been underestimated for years, as an important economic driver, yet in recent times, it has become apparent for experts, policymakers and businessmen that entrepreneurship greatly contributes to a country’s economic development, which achieves high employment and turnover growth.

As worldwide we are still experiencing high rates of unemployment, new ideas are required to provide economic growth, increase productivity and employment. Policymakers have to recognize this and do what they can to encourage new enterprises.

The fact remains - the world wants to see the results only! What good is more business if you don’t get paid?

(The Writer, a noted Magement Economist, an intertiol Commentator on Business and Economic Affairs and Principal, Eminent College of Magement and Technology, can be reached

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