14 December 2019

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Know Thyself: The First Lesson to be an Entrepreneur

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The concept ‘entrepreneurship’ is getting glorified today and in India an entrepreneurial eco system is getting sprung up. There was a time, not so far away, when entrepreneurship was considered as “the road less travelled” and those who had decided to take entrepreneurship, were considered as oddballs.

The options are wide today as there is a shift from manufacturing to service based economy and the cost and hurdles to become an entrepreneur is also considerably less. The B-Schools are focussing on moulding smart entrepreneurs than moulding smart managers.
Does it mean that every entrepreneur would become successful? Not really says career experts. To become successful, you should introspect and find out how good it is for you.

What Experts Say

If you are getting away by the glam of your own boss, you should realise whether you possess an entrepreneurial bent of mind before jumping into action.Ms. Shivani Manchanda, a leading career counsellor and Director of Career Track says, “There are several personality traits vital for an entrepreneur. Most important quality one should possess is persistence & self-discipline. Self motivation and a drive is the next thing as it takes a while for the money slips to start coming in and it is easy to loose faith and give up”.

Pointing at her own example she continues that the moment she quitted her job to start Career Track she ensured that she works hard, even though there was nobody monitoring her time or input into the company. When you have your own business, no one is giving you the direction, and circumstances are always changing.

Supporting Shivani, Mr.RaviPokharna, Director at P T Education, an education & training organisation based in Delhi says that he had seen many youngsters with a slightly fancier and glamorous picture of this whole idea of entrepreneurship. They are expecting too much out of it thinking that ideas make good businesses. He wanted to reach out to such enthusiasts and share that “Entrepreneurship is unglamorous given the fact that you have to be ready to do anything and everything on your own at some point of time. 

He requests youngsters not to jump in unless they are ready (or have back-up) to sustain on their own/ on some other revenue line for at least next 3 years, as things take time to shape up. Shivani Manchanda also stressed this point, “An entrepreneur should possess the mental ability to take a risk, as there are no guarantees for an entrepreneur”.

The Self Assessment Exercise

So how could you establish whether the self employment option is good for you?

Ask yourself ‘Am I confident about myself and my venture? Am I willing to make sacrifices to get results? Am I a good decision maker? Observe your feelings and compare your approaches to different situations. You can even take up small assignments like selling or advertising a product to understand whether you are happy and energetic in doing it. If the outcomes are positive, the next step is meeting an expert.

An expert, or a counsellor, through a series of exercises can help you to decide whether entrepreneurship is the right career option for him. Experts can give guidance about what kind of business the person should take up, what is his strengths are the areas he should work upon. This may be helpful to ensure that you don’t commit a mistake.

Validating Your Goals

Once you are in the business, the first step to validate it is building the confidence. Confidence has an inbuilt knack of turning around even worse situations-‘the best’. When combined with knowledge and experience, it helps to handle any kind of situation. Innovative ideas can be generated and implemented and business can be operated with the belief that every initiative is bound to success.

Procrastination is a silent killer of success. A procrastinated person will be waiting for the right time or the right mood to dawn upon them for action. Focus on specific goals and don’t wait for right time or mood.
 
Gradual climbing of steps helps in understanding your potential and the possible opportunities to match your talent. For instance, if you are a software engineer wanting to work as a freelance designer, work part-time or and accumulate experience.

Dr.Anitha, who turned as an interior designer in Kochi, says, "We need to have a back-up plan in mind that it can be a slow process to build something from scratch. "People may have concern of income while changing careers. As Dr.Anitha says, "Its not going to be an easy ride initially, but without pain there is no gain'."
 
Clear idea of what needs to be done or how it needs to be done is the key for validating your goal. Schedule, organise and prioritise your to-do lists and keep in track. Create workable goals for yourself and use self imposed deadlines.

If you're open to learning new things it will expand your horisons. Parvathi had a very limited knowledge of technology before she got to CSB. However, once she started learning, she was able to get into it. "It was hard and I was very much discouraged initially," she recalls.

The search for a perfect career is not practical. While some of the factors may be out of our control, a successful person should always try to take each problem as a challenge and find the best possible solution for it. At the end of the day, it is up to you to find a career path that makes you happy and helps you to grow, progress and learn.

Last Updated ( Wednesday, 08 December 2010 15:51 )  

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