Secrets of Successful Entrepreneurs

Dr B K Mukhopadhyay

Entrepreneur can be successful if and only if…………
Any successful entrepreneur is that person who has effective control of commercial undertaking and one who undertakes a business or an enterprise in the true sense of the term. That entrepreneur is an innovative person who maximizes his profits by following new strategies or venturing into new products or services. His entrepreneurial activity is governed by varying combination of socio-economic, psychological, cultural and other factors: Caste/religion, Family background, Level of education, Level of perception, Occupational background, Migratory character, Entry into entrepreneurship, Nature of enterprise, Investment capacity and Ambition/moderation.

Are the Basics well remembered??
(i) Entrepreneurship is about the discovery and pursuit of opportunities, without regard to resources currently controlled, that result in value creation.
(ii) In some cases it is connected with the creation of an organisation or venture or enterprise.
(iii) Not every small business start up represents entrepreneurship.
(iv) Entrepreneurship does not require a profit motive, but
always value creation.
The successful entrepreneur requires specific characteristics and skills that are often achieved through education, hard work, and planning. He is a risk taker as every businesses face risk and as such entrepreneurs minimize risk through research, planning, and skill development.
Added to this he has to be: perceptive; view problems as opportunities and challenges; being curious and like to know how things work. They take the time and initiative to pursue the unknown. He is self-confident [entrepreneurs believe in themselves, their self-confidence takes care of any doubts they may have]; must be flexible[in order to adapt to changing trends, markets, technologies, rules, and economic environments];independent [as an entrepreneur’s desire for control and the ability to make decisions often makes it difficult for them to work in a controlled environment]; believe in themselves as their self-confidence takes them to next higher level];imaginative[entrepreneurs are creative. imagine solutions to problems that encourage them to create new products and generate ideas; persistent[true entrepreneurs face bureaucracy, make mistakes, receive criticism, and deal with money, family, or stress problems, but they still stick to their dreams of seeing the venture succeed; goal-setting[motivated by the excitement of staring a new business and as such once achieved, they seek out new goals or ventures to try and then hardworking [entrepreneurs need a great deal of energy to see a venture start and succeed – they are not deterred by the long hours to achieve their goal.

Entrepreneurship Management Is a Continuous Process
Entrepreneurship Management has been a very big area in as much as it speaks of the capacity and willingness to develop, organize and manage 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] and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive international marketplace.
Establishing the core principals of “entrepreneurial management” within an organization calls for a certain strategic choice that affects a company in multi- dimensions. The aim is to empirically measure entrepreneurial management (it’s existence and degree) and to link this measured strategic choice (for or against) entrepreneurial management with firm performance. On this score it is clear that companies that follow core principals of entrepreneurial management should outperform other more administrative firms in certain measures of strategic performance. Naturally, the linkage is very strong – linking the measured degree of “entrepreneurial management” with firm performance.

Success Does Not Appear Overnight
So, such initiatives will try to integrate all three sides of the Knowledge Triangle (updated education, research and business). The integration of all three sides and the effective transmission and sharing of knowledge, information and skills for joint exploration will be crucial to delivering the good and open further growth opportunities that economies like India, Bangladesh, Vietnam, among others, have been desperately seeking for, in as much as the academicians, and present and future entrepreneurs, if go on working in isolation, would be less effective in delivering the results needed as demanded by the global markets and forward – looking consumers in the days to come.
By adding higher managerial inputs into the mix, businesses will be able to take advantage of a workforce with skills tailored to their needs so as to be able to drive their market share ahead. Side by side, learners will benefit from an education that will make them more attractive to future employers and also more apt at contributing to the development of those employers’ businesses.
This, in turn, will help entrepreneurs translate their ideas into successful businesses; getting support for technology, market assessment, access to human resources, mentoring and finance, while at the same time develop a clear strategy towards the penetration of the overseas markets, breaking the existing fragmentation around national markets and overcoming the entrepreneurs’ latent fear in moving abroad.
The upshot: explore excellence in business, education, entrepreneurship and research for world class innovation. In view of making this operational, an integrated partnerships composing of businesses, entrepreneurs, universities, research institutes and technology centres will produce new innovation models and inspire others to emulate them.
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 analytical frameworks to assess market opportunities, as well as pragmatic leadership skills to launch and nurture new business ventures within a larger organization.

The Writer, a Noted Management Economist and International Commentator on ongoing Business and Economic Affairs, can be reached at m.bibhas@gmail.com

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