Entrepreneurship_ Post 2

(This article was published in the bimonthly newsletter of Electrical Technocrats Association – E.T.A)
It is really essential to develop certain attribute to be an entrepreneur. Entrepreneurs may evolve by the following scenarios (i) Through family business (ii) Gaining fairly large experience in the industry (iii) People/Fresh graduates who have strong business idea, work it out and make it a commercial venture (Some even skip campus recruitment) (iv) People who have no option to earn their living.
Generally people who join the family business are not referred as entrepreneurs, as they just join an already existing organisation and they do not face much difficulty in business as they are easily guided, whereas people in the other categories may face lot of problems in the initial stages. The exception may be the second category, who may not face much difficulty as they would have gained lot of contacts during their career and can easily make out a clear plan. People in the fourth category may not stay in the business for a long time if they get a good scope of living through other options. However this can be argued.
I like to discuss in detail the fourth category for two simple reasons. The main reason being, the target audience of this newsletter might fall under this category and the second reason is I fall under this category and I can write about it from my personal experience
The entrepreneur should have
1. A clear focus on what the business is
2. Passion for what he is doing
3. Patience to allow mistakes, but also should tolerate risks
4. Ability to build a strong team
5. Perseverance and Resilience (Highly important)
In spite of possessing such traits, it may not be easy or the first generation entrepreneurs, to taste success. The targets might not be easy to set, the nuances of the business dealings should be learnt, enquiries have to be converted into sales. This only a sample of work and human resource might be a constraint. However, one should hang on and should not loose self confidence. If you have a strong business idea and a great passion for entrepreneurship, you should have the courage to skip your placements. Doing this may not guarantee you a regular income or huge pay packages as your peers who successfully get through campus recruitment, initially. However if you have the traits listed above and correct your mistakes at the right time, you will be very much ahead of your peers in reasonable time frame.
Let us look at how to generate a business idea in the next newsletter. Till then, keep your feedback posted.
The author is the Founder & C.E.O. of Ulaginoli Energy Solutions and can be reached at boniface@ulaginoli.com or +91 9884342050