Entrepreneurs & Entrepreneurship (Part 2)

Patience, Dedication, Hard Work and Tolerance for Risks

Continuing from the earlier discussion, I would like to dwell a bit more about the various other aspects of Entrepreneurs and Entrepreneurship.

THE DNA OF AN ENTRRPRENEUR

There is a general misconception that to become an entrepreneur one has to have original, earth shattering, game changing ideas. Nothing can be further from the truth. To be an entrepreneur you need - Passion and Will to succeed. 

There is a need to be confident and decisive even when the future is unknown.  You must love your work. Some other key traits that mark a successful entrepreneur are,

1. Patience :
   1. Building a business is a process and sometimes a very slow one. It has  more ebbs than flows
2. Dedication and Hard Work
3. Tolerance for Risks
   1. This is perhaps the most essential trait that a person must possess to successfully come through times of uncertainty and challenge. Persons who cannot handle  worry or anxiety and  who crave predictability and security are ill suited to be entrepreneurs

TYPES OF ENTREPRENEURS

There are three types of entrepreneurs

• Those who become entrepreneurs to make a living.
  • 90 % of entrepreneurs fall into this category, be it a large distributor or the Panwallah at the street corner
• Those who want to make a change. These are those that are taking existing processes and repackaging them to create convenience or cost savings
• Those who push an idea, which is new and revolutionary –the game changer . It can be a product or a service.

WHAT IS DRIVING ENTREPRENEURSHIP

1. The pace of change is accelerating leaving a smaller window of opportunity and hence scope for new products and ideas to push out an existing product or idea, Strategy life cycles are shrinking
2. Deregulation and descaling effects of new technology is pushing youngsters into the arena
3. Internet is shifting power from the producers to the consumers
4. Plummeting costs and wider availability of communications
5. Globalization and disappearing country trade barriers

ENTREPRENEURSHIP – THE ROAD AHEAD

• The road ahead is a series of unknown .
• The customer is unknown and has to be identified and acquired
• Products features are unknown as solutions not product is what the customer wants
• Competition is unknown as it can come from any where, another company ,another country or another technology
• So a business idea, not a business plan , is required which identifies who is the customer and why . How is he reached and serviced and every transaction  is an experience .

Sid Garg, Founder and CEO of www.zarood.com is one such entrepreneur who has set out to contribute to the cause of handmade exquisite fashion. Working directly with Kaarigars (Artisans), Sid Garg is able to offer the most exquisite pieces of Fashion Jewelry and Accessories and Décor at very competitive prices.

About the Author

Mr. Veer Sagar consults and advises companies on general management, business development, cost and process management, objective creation and company positioning. Veer has over 48 years of general management experience in India with a particular focus on marketing and on the information technology and manufacturing sector. Current is the Chairman of Selectronic, one of India's earlier BPO operations. Veer has also lead courses and delivered sessions on these topics to MBA and executive audiences at Harvard, IMD, Hong Kong University.  He is also the Founding Chairman of “The Association of Entrepreneurs, (www.aoe-india.com)