Entrepreneurship is derived from the French word “entreprendre” which tells us the meaning “To undertake”. It is an art and act that is being an entrepreneur or a person who involves in introducing new things and ideas. Finance and business running strategy is required in order to be an entrepreneur, which comes in new organization or can be a part of uplifting organization in order to receive an opportunity. Of course, entrepreneurship means to be a self-employed or starting a new business. Recently, entrepreneurship has expanded up to social and political activities.
In the current economic recession, many of people are being threatened by downsizing, suspension or firing from the job at any time. So in this time, to create your own job by starting own business or when you have tired by searching new job, is obviously a good idea.
There are number of question to be asked in course of starting new business or to be a self-employed. The first and most important question to be asked is ‘should I start a business?’ whiling thinking, you will come across different types of businesses and you have to select appropriate one from them.
Always keep in mind; to commence new business is something different from being a job person. In the normal course of conduct, it is usually seen that most people find new business impossible and become indolent in smooth operation of business. To be a wise entrepreneur, you have to go through predefined decisions and mindset. Following are the five traits that must be learnt before starting new business.
If you have decided to start a new business, keep in mind that the operations of entrepreneurship are totally different as that of JOB. In job, you have to concentrate only on the assigned tasks, whereas, in self-employed, you have to train yourself in multi-tasking simultaneously which are episodic by unforeseen events, more especially in the commencement phase. As an employee, you have no need to involve in the decision-making of business, but being a self-employed, you are the only being to solve all the problems and crisis of the business.
2: Need Help
To be an entrepreneur from employee is just like a career change. Many people take the help from different career consultants for the best interest of entrepreneurship. You can consult with different people according to your expertise, experience and skill with the broadness of new ideas. Support can be helpful for you to think as an entrepreneur instead of thinking like an employee. Mentoring support is necessary in order to evaluate skills and experience in the best interest of the business as it is current requirements of the business to be oriented and motivated in all aspects.
When you work in any organization as an employee, many other employees guide you in different way either directly or indirectly. You are controlled by other’s actions directly, whereas in small business, you have to control your own actions directly. As a self-employed, you cannot sit in office on the revolving chair and hoping that someone will come and will control everything lying pending in the business rather you have to prepare your own plan in the success of your own business, as you are the only sustainer of profit & loss.
4: Seek For Opportunity
There are number of employees who do the same as they are assigned. There are also many people who are assigned to search out the opportunities as being a boss of sales department, management team or a corporate company. Being an entrepreneur, you have to watch all around for opportunities like looking for new clients, new products and services. You have to keep align yourself according to opportunity and adapt yourself for the betterment of business.
5: Uncertainty In Business
Business runs under uncertainty. As an entrepreneur, there is no assurance that your product & services can be prolonging up to six months or more than that. There is also no assurance that your client will remain in-touch for paying off bills. There is also no guarantee that you will earn for this week or month. All these uncertainties remain in business and you have to be conscious all about these. It is totally different from being employee as in employment; you just perform your duty regardless of any uncertainty in business. So changing into self-employed, you will have to keep all uncertainties in mind and will have to prepare your business plan.
To be an entrepreneur, it does not mean to jump from employee to self-employed or sleep at night and have dream of entrepreneur and it materializes in the morning, but there are many bridges from employee to self-employed, which you have to cross to make it materialized and successful.