Economic and Non Economic Factors Affecting Growth of Entrepreneurship

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Introduction

Entrepreneurship has become a solution to the problem of unemployment faced at a global level in the world today. It gives individuals the sense of freedom and independence that they can make their mark in the world. With the field of entrepreneurship as an opportunity, individuals do not have to toil hard day by day in a job they have zero interest in. Instead, they can invest their time and effort into a product or service that they are passionate about. In turn, such entrepreneurs create job opportunities for the youth of the community. They become a blessing to consumers who can have more varieties of products at effective prices. It decreases the chances of a monopolistic market. An entrepreneur can go a long way in having an impact on the economy of a country. By creating job opportunities and market demand as well as exporting quality products, they can help strengthen the economy.   If you have set out your foot in the world of entrepreneurship you will understand that there are many factors affecting the growth of entrepreneurship. Here are some of the economic and non-economic factors which have an impact on entrepreneurship:  

Economic Factors     

These factors are important in influencing the economic stability and growth of a country. They are the factors that are crucial in ensuring your company sees its expected progress and attains its objectives.

  • Capital

To start your entrepreneurial journey, you would need capital for many reasons. First off, you would need land, a place where you can start your company. You would need raw materials to create the product or service. You would also need machines to process those raw materials. If you have funds readily available to use as capital that would be a bonus for you. But if you have to seek funds so you can start your company you can start pitching to investors. Present your business idea to investors and find out if they would be interested in investing in your business. In some countries, entrepreneurs are given the financial capital they need in their initial stages by the government. Events are organised where entrepreneurs can pitch their ideas and judges select the company based on the criteria.

  • Infrastructure

The infrastructure available in your city, village or town will go a long way in having an impact on the growth of your entrepreneurial venture. A location with quick and easy access to communication tools and the latest technology will help boost your business or company. For example, if your product would require shipping to different parts of the country or other countries, it is ideal that you are located in a place with access to quick and secure shipping facilities.

  • Labour

For a business to see growth and success, you will require skilled labour. The quality of labour should be given importance over the quantity of labour. However, the availability of quality labour at an efficient cost would be a bonus. Choose a location that will be able to provide the labour population you require. If transportation and accommodation become an issue, these factors could add to your expenses and result in losses. If your company is going to require manual labour, choose a location that is close to the communities where the manual labourers live. Otherwise, make arrangements for the labourers to be able to reside next to the place of business to save transportation costs. If you are planning to start a software or IT company, it would be ideal to invest in a place that is the IT hub of the city or the country. There would be more chances for this city to have the personnel with the required skills and expertise for the company.

  • Raw Material

Just as important as labour is raw material procurement. When choosing the location for your business make sure it is near the raw material source. While it is possible to transport the raw material through a supply chain, such requirements would increase expenses. To gain maximum profit at a low cost, a location close to the raw material source is the ideal choice. For example, an entrepreneur may be interested in starting a furniture business, but if the required wood types are not available nearby, the cost of transporting the raw material would double the expenses. As such it would be ideal to start the furniture company in a location where different wood types would be accessible. Or else, the company can focus on one particular type of wood for all its products as its specialisation.

  • Market

The market plays an important role in ensuring the growth of your business. The size of the market, as well as the marketing techniques used, are both important. A market is a place where entrepreneurs and consumers interact. It is a place where buying and selling take place. With the advanced technology available today, the world has become one big market. You can market your product to any part of the world using the internet and shipping facilities. This improves your chances of increasing profit and sales. It expands your market beyond the immediate location of your company. The availability of various E-commerce platforms also increases your market size. You could sell your product through such platforms saving the cost of shop rent and labor charges. Make sure to study what is dominating in the market where you are planning to introduce your product. Consistently work towards expanding your market in the offline or online space.

Non-Economic Factors

Various non-economic factors come into play in affecting the growth of entrepreneurship. Some of these are:

  • Social Mobility

Social mobility is an important factor in the growth of a business. The society where you are starting your entrepreneurship journey should be an accepting one. Certain societies are not easily adaptable to change. Such communities would hinder the growth of the company. Assess the social environment where you plan to start your business and make sure it is a place that is adaptable to change and growth.

  • Education

Education has an important role to play in defining your entrepreneurial journey. This may be formal or informal education. While one should acquire the degrees required to start a business, this opportunity may not be accessible to all. However, every person can get educated through experience and consultation. Work for different entrepreneurs and learn how they get their businesses to grow. Learn from their mistakes and errors. Consult experts and professionals. The whole journey of entrepreneurship is a never-ending learning process.

  • Entrepreneurship Legitimacy

All societies in the world come with their terms, norms, and regulations. The entrepreneur must learn to adapt himself and his business to society. There are cultures and traditions passed down through generations that cannot be ignored in totality. The entrepreneur must keep these norms and regulations in mind while also growing his or her business. For example, the fast-food corporation McDonald’s makes alterations in their menu as per the country’s religious norms and regulations.

  • Attitude of the Society

The attitude of society is another factor that should be considered for the growth of entrepreneurship. For entrepreneurs to flourish, society should learn to accept changes. They should learn to encourage growth when it is directed towards the progress of the community as a whole. There might be instances where it is necessary to have slight changes in cultural traditions and norms for growth and development. The society has a role to play in showing a positive attitude toward entrepreneurial advancements.

  • Cultural Value

The cultural values of a country also impact the growth of entrepreneurship. If the culture has a leaning toward the growth of the economy and money-making business, there are higher chances of entrepreneurs flourishing in the country. There are certain countries whose cultures encourage a strong work ethic. These kinds of countries are the ideal place to start a business or company for an entrepreneur.

Conclusion

There are many factors affecting entrepreneurial growth and some of these factors can be classified into economic and non-economic factors. Both factors play important roles in ensuring the growth of a business or company. The economic factors are such as capital, infrastructure, raw material, labour, and market. Without these economic factors a business can’t grow and earn profit. The non-economic factors are largely influenced by the society and country where the entrepreneur resides. These factors are such as social mobility, education, entrepreneurship legitimacy, the attitude of society, and cultural values. A society must be willing to adapt to changes for entrepreneurs to flourish. They should be able to see how such businesses create employment opportunities for the youth of their society. And how the rise of entrepreneurs can impact the overall growth of the economy.


Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

Tips on Starting an Entrepreneurial Career at the Age of 18

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Introduction

If you are planning to start a business, then now is the right time. Starting early is always a good idea and eighteen is a great age to gear up for a new business. You may be a part of the population who is not interested in doing a 9 to 5 office grind. If so, it is the age of entrepreneurs, and to set out to be your own boss is a great career choice especially if you have got a business idea in mind. If you are wondering how to become an entrepreneur at 18 and want to figure out where to start, check out these points below –

  • Initiative

To start a business, it is important to take an initiative. This may sound simple but it is the first step to completing any task before you. Many people have entrepreneurial dreams but they often remain unachieved because they do not take the initiative. You must have strong willpower to take an initiative towards starting a business. The first step may be small or big, but one step forward is better than taking no initiative at all.

  • Pitch to Investors

There are always investors looking into investing in promising businesses. If you believe your business could impress such investors, pitch it to them. Before you pitch your business idea, have a thorough understanding of the industry you plan to pursue. Be confident in your subject area. Take time to describe the kind of products and services you will be offering. Let the investors know how you plan to attract customers over time and what strategies you will use to increase your market value. Have a visual presentation ready in case you are asked for it. Make the presentation engaging and informative. It should not be too lengthy or descriptive but with just enough words and images to capture people’s attention. 

  • Pick a Side Hustle

As starting a business involves a certain level of risk, it is good to have a side hustle when you are just starting out. In the beginning stages of the business, you would have little profit but more expenses piling up. It will take time to accumulate profits as you would need to invest in manpower and machinery to get the product or service up and running. To support your business in these beginning stages, have a side hustle. Your side hustle could be working at a cafe, it could be working at the front desk of an office, or it could be working as a delivery boy. Make sure you can spare enough hours on your side hustle while also making time for your business. Learn how to balance the two till you can give full concentration on your business alone.

  • Productivity

You must be productive when starting a business. To ensure that you remain productive, create a to-do list. This will help you keep track of the tasks you have completed and the tasks that are left. It will also help you remember your duties for the day. Learn to cultivate a sense of self-discipline. Disciplining oneself can be learned over time. Have a structure in your daily routine and manage your time well. To remain productive, it is also important to learn to take breaks at regular intervals. If you work without breaks, you may feel burnt out and such could affect your health.

  • Set Business Goals

Having a business goal is important. It steers you in the direction you need to go. Classify your goals between short-term and long-term goals. You can start by identifying your yearly goal, then identify your five-year goal. It would also help to note down your ten-year goal. When you have an understanding of where you see your business in the next ten years, you will have a better sense of what you need to do to achieve that goal.

  • Creativity

Be creative in your business. The product or service you plan to introduce may be in existence already but your passion and creativity could make it unique. For example, if you are interested in candle making business, come up with unique scents and designs that will impress your demographic. If you are interested in setting up a cafe, figure out the vibe that would fit best with the city’s crowd. A place that would make them feel at home with endless good coffee. Understand your value and seek out your talent. Bank on this talent for your business. Get creative in attracting customers to your business. Use social media platforms and offline approaches as well. Come up with unique ideas and taglines that will capture the interest of your customer base.

  • Continue Learning

There is never an end to learning. Every day will be a new lesson as you start your business. Each morning will bring new challenges. When you think you have just overcome one challenge, there will be another one waiting for you. Conquering one challenge after another may get tiresome. But, they are the path that every entrepreneur needs to take so they may grow in their field and be resilient in their business. As you learn more about the ins and out of a business, you may realize how much knowledge you need to really get to the top. Update yourself with the product you are introducing. There may be new features to similar products being introduced in different parts of the world. Stay updated on any such innovations and changes that take place over time. Learn about your competitors and the strategies they are undertaking. What strategies can your company implement to grow? Even thirty or forty years down the line, as technology advances and knowledge increases, you will find that the learning process in a business does not have an end.

  • Knowledge

Don’t run your business blindly. Have the basic knowledge required to run a business. Get yourself familiar with employee management and finance management. Learn how to take care of the smallest to the biggest tasks in the business. All this will help you become a better leader in the future. It is especially important to bank upon knowledge about the product you are planning to introduce. What got you interested in the product, is it practical, and will it see the expected success? Do your research well. Consult with experts and professionals. Read up about the product and consult former research findings and analysis.

  • Build Your Team

Be involved in building your team. Get to know everyone that you plan to hire. Take some time to understand their knowledge and experience. Try to analyze what contribution they would have towards the business. Calculate if your investment in their talent will be worth it. Choose a team that will learn to work towards the business goals efficiently. The team should feel that the business is their project and work on it with passion. Make sure the employee you’re hiring will be able to uphold their responsibility. Conduct a thorough research on the experience and background of the applicants. Check up on references provided by the applicants.

  • Collaboration

Where necessary, team up with the right partners for the growth of your business. The collaboration could be in regards to business development and marketing. You could collaborate with other brands or influencers who can help you increase your brand recognition. Organize an event with other businesses that are engaged in a similar product category or service you are involved in. When collaborating with companies or individuals, choose people that share your goals and values.

  • Understand Your Target Audience

You must understand your target audience. To do this, conduct a survey. Send a team to the area where you will be setting up your business and have them conduct a survey. The survey could determine what people would think of the new business coming up and if they feel such products are necessary. While you define your target audience, it is also important to understand which group will not be part of your target audience. This will help you save time and money. Find out the buyer personas based on different categories. These could be categories such as location, age, gender, employment, and income.

Conclusion

Now that you have some idea of how you can start your business, it is time to get started. Make sure you take the initiative and practice consistent productivity. Keep your customers engaged by introducing new features to your product every now and then. Find loyal customers by being loyal to them too. But before you can find your customer base, do research to understand your target audience. Make sure you set your business goals and objectives. Hold team meetings to remind your employees about these objectives and what can be done to achieve them. With all these tips and more, you can get started on your journey of becoming an entrepreneur at 18.


Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

Tips To Help You Become An Entrepreneur

Tips To Help You Become An Entrepreneur 1

Many aspire to become an entrepreneur but only a few succeed at it. Entrepreneurship allows an individual to implement his/her ideas in areas that interest them. The satisfaction level of being an entrepreneur is high, however, there are also a few sacrifices to be made. Whether you are looking to become an entrepreneur at 18 or 80, it is always a challenge. Here are a few tips to help you become the entrepreneur you were meant to be –

  1. Your passion for entrepreneurship should be high
Your passion for entrepreneurship should be high

The passion you have for your goal should drive you to work towards it day and night. Your passion should be able to push you through the challenging times, even when you feel like giving up. It must help you form a definite vision of what you want in the future. The energy, courtesy of your passion for work, will attract clients to your business. It will also help you achieve your desired growth.

  1. Can-do attitude
Can do attitude

You can start by writing down your goals and what you aim to achieve in the next five years. Remind yourself of why you started in the first place.  List down the talents and skills you believe will help you achieve your ultimate goal. It might also help to have positive influences such as family and friends for support to keep up the tempo. Reading about entrepreneurs you look up to and learning from their struggles will also help you develop a can-do attitude.

  1. High degree of perseverance
High degree of perseverance

Perseverance is the key for any entrepreneur. There is a huge possibility that your startup may fail. It is most likely that you will face obstacles as you go along. With each new step you take in your new venture, you will be met with a bigger challenge. As such, it is important to develop a spirit of perseverance. It is also important to develop an attitude that helps you strive ahead through the ups and downs, amidst criticism and praise.

  1. Gauge the strength/uniqueness of your idea
Gauge the strength uniqueness of your idea

Learn to focus on the strengths and the unique aspect of your idea. There are many existing entrepreneurs and flourishing businesses.  So what is it that makes your idea unique? What sets your business apart? You will find that there are a few unique aspects of your idea that could help it thrive. Focus on these unique aspects and promote your business based on these unique points. Help clients understand what makes your business different from similar products and services.

  1. Test your idea in the market
Test your idea in the market 1

Being an entrepreneur comes with a lot of risks. However, it is always important to know which risks must be avoided completely. One of the keys to doing that is to test your idea in the market. A great way to test your idea is to have a focus group, where a small group of customers will use the product and give feedback and suggestions. Another option is to conduct a survey. This could be done by distributing free samples and asking for feedback. These steps will help you understand the product’s key advantages and disadvantages for the consumer.

  1. Test your MVP with customers/prospects and keep fine-tuning it
Test your MVP with customers prospects and keep fine tuning it

Create a minimal viable product and test it in the market to understand the product’s success rate. You can keep fine-tuning the product as per the feedback received until you achieve the desired quality. There are many ways you can test MVP such as social media surveys where users can give feedback directly. You can also have landing pages or pre-order pages.

  1. Launch your product with a Set Business Plan
Launch your product with a Set Business Plan

Have a business plan in place before you launch your product. It is important to note down and have a careful analysis of the competitive environment. It is imperative to understand who your competitors will be and how you can overcome any setbacks. It is also critical to be aware of the financial constraints that you might face. Most importantly, you should have a marketing plan. These steps are necessary so your product can be marketed as widely and as effectively as possible.

  1. Generate revenue
Generate revenue

Have a financial plan which ensures that your business will generate revenue over time. Calculate your profit, your expenses, probable losses, and the expected income you can generate over time. It is important to take note of the salaries you might need to pay. Develop a strategy to ensure that you can keep paying your team while generating income for yourself.

  1. Build Your Team
Build Your Team

Build a core team after careful selection. As you are just starting out, you must try to get the right set of people to work with. They should have a positive mindset to adapt to different situations. Ensure that the team is work-driven and productive.

  1. Develop a Marketing Strategy directed at a well identified target audience
Develop a Marketing Strategy directed at a well identified target audience

One of the most important steps in your entrepreneurial journey is to develop a marketing strategy keeping in mind your target audience. Your product will not be able to cater to all demographics. As you work on your product, have a clear idea of which age group is your target.

Conclusion:

Being an entrepreneur is no easy task. But one must strive ahead with a can-do attitude and persevere through challenging situations. In the end, it will be worth the hard work and effort that you and your team put in.


Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

The Importance and Need of Entrepreneurship Development Programmes

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Currently, in India, the need for an entrepreneurship program is more potent than ever. Hence guiding students in the right light holds super importance. Entrepreneurship can actualize the potential of budding minds and boost the economy manifold. However, it is also true that although students get fascinated by this domain, it often becomes difficult for them to pursue it any further. It is because of the absence of the right mentorship and guidance to overcome the hurdles along their journey. One of the major reasons we suggest that you get into programs like the WE NEN. The program focuses on guiding college students about when, why, and how to initiate a start-up via case-study-based education.

Importance of The Entrepreneurship Programme:

Now that we have discussed the potential of entrepreneurship, it is also crucial to analyse what makes its development so important. Here are some critical reasons why entrepreneurship development is the need of the hour:

●    Better Job Opportunities:

One of the most important reasons to promote Entrepreneurship Programs in India is that they aid in better job opportunities. Entrepreneurs create numerous jobs as most industries need myriad people to work under various profiles. Hence, the job market gets a major boost. However, it can be only a direct consequence of a good entrepreneurship development program.

●    Gives Independent Working Environment:

Another promising tenet of entrepreneurship programs is that it boosts the independent working environment. One does not need to work under any specific boss, and that provides a lot of flexibility. Hence an entrepreneurship development program helps you in this arena as well.

●    Helps Entrepreneurs with A Vision:

This is probably one of the most significant aspects of the entrepreneurship development programs as they help one envision life and work. In most cases, entrepreneurs have many ideas, but they do not know how to implement them in the real world. This is where the development programs come into play and offer great value to budding entrepreneurs. The program also helps develop financial planning, which is essential for any entrepreneur to succeed.

●    Solves Problems of the Masses:

To succeed at his venture, an entrepreneur must focus on solving problems central to the mass population. An entrepreneurship program helps one have that vision, which can aid in building sustainable ventures. Having a potent vision for their entrepreneurial venture is crucial as it assists one make better decisions when in doubt.

●    Boosts The Economy of The Country:

Entrepreneurship programs also play a crucial role in the economic aspect of the country. Since our economy needs an economic boost, promoting entrepreneurship can prove to be a step in the right direction as development programs focus on creating jobs, which help create a better cash flow. In addition, entrepreneurship programs also help improve the standard of living, which is essential to improve the current economic strata of the country.

●    Take Account of Local Resources:

For a country to have better GDP, the economic growth of its states matters as well. And a state’s growth is possible with the use of local resources. Entrepreneurial programs, in most cases, educate on the use local resources, which further creates a demand for the same and is ultimately beneficial for revenue generation, in turn promoting economic jurisprudence.

Conclusion

Entrepreneurial programs are the need of the hour. There can be nothing better than being part of programs where you get the right kind of mentoring. It is one of the major reasons we think that getting in touch with Wadhwani Foundation can boost your entrepreneurship journey. It belongs to the genre of a non-profit organization and is highly beneficial for individuals focusing on the training and guidance programs!


Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

What is Entrepreneurship Development?

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The process of improving a skill through training is referred to as entrepreneurship development. This type of training will assist a person in making better decisions and encourage them to start new businesses.

Entrepreneurs are in high demand in today’s world, and good entrepreneurship development will enable them to be risk-takers, solution seekers, and idea generators. Fostering entrepreneurial development results in strong business fortunes, which leads to business sustainability and growth. Entrepreneurs have the power to shape economies, communities, and individuals around them through innovation, creativity, and enterprise, bringing foresight and positivity.

Need for Entrepreneurship Development

Entrepreneurship development can be an important part of business growth in today’s business environment. Entrepreneurship leads to job creation as it encourages the expansion of related industries. A recent boom in automotive manufacturing, for example, has fueled the growth of ancillary industries like software and hardware manufacturing, call centers, and network maintenance firms. These industries, in turn, have the potential to generate new jobs.

The lack of a coherent system for entrepreneurial development is a major flaw in the current system. Instead, various institutes and agencies host various programs that are difficult to manage due to a lack of coordination and proper planning. They also lack experts to offer advice and guidance to new business owners. Furthermore, the government does not devote resources to providing a high-quality entrepreneurship training program. Regardless, entrepreneurship development has the potential to generate new jobs and boost the economy.

Governments should initiate effective coordination and implement a single-window scheme for prospective entrepreneurs to improve the success rate of Entrepreneurial Development programs. They should also appoint experts from relevant fields to assist entrepreneurs. To improve entrepreneurs’ chances of success, governments must develop a long-term policy for entrepreneurship development.

How does Entrepreneurship Development work?

Entrepreneurs have the power to alter societal norms. As a result, they have the potential to motivate society to improve and innovate. These businesspeople also encourage community development. Their innovations have the potential to raise people’s living standards and improve existing products and services. Entrepreneurship enables them to create jobs and improve everyone’s quality of life. Entrepreneurial efforts benefit the economy in the long run. It also promotes social change, raising everyone’s standard of living.

Individual training and creativity are important aspects of entrepreneurship development. It entails promoting risk-taking and innovation while also providing funding and mentorship. The process is designed to equip you with the tools needed to run a business and develop a product or service. The entrepreneur’s development process aids them in making the best decisions, whether their idea is a profitable product or a service with global demand. Furthermore, a successful entrepreneur has a better chance of building a long-term business.

Entrepreneurship Development Process

Three broad phases and six steps make up the entrepreneur development process. Activities to stimulate entrepreneurship, identify and motivate potential entrepreneurs, improve management skills, and provide land, power, and water are all part of the first phase. It could also include advice on plant selection and layout, product marketing through the reservation, and government quota allocation. The second and third phases are critical in fostering entrepreneurship once the entrepreneurial activity has begun.

Idea generation, market research, feasibility study, business plan, company formation/launch, and growth are the six steps of the entrepreneurial development process. It also entails assessing resources, risks, and abilities. Entrepreneurs must ensure that they have the necessary resources to run their businesses to succeed. They must create a business plan once they have all of the above resources. The business plan is the foundation of their venture and serves as a checklist to see if they’re on track.

How to Develop Your Entrepreneurial Skills

Developing entrepreneurial skills necessitates ongoing education and knowledge. The best way to improve your entrepreneurial skills is to seek out new information and inspiration regularly. You’ll improve your leadership skills and identify growth and expansion opportunities as a result of this. Gaining a better understanding of the world around you will assist you in making more informed decisions about your future. A small amount of networking can go a long way. Every new business needs influential contacts to succeed. Joining a competitive Entrepreneurship Development Program will help you realize your dream of becoming an entrepreneur by filling in the gaps.

A budding entrepreneur requires a creative mind. To come up with a business idea, they must think outside the box. For example, a t-shirt printing business that is both unique and functional must focus on serving customer needs. 

Entrepreneurship Development Program-NEN programs

Through a one-year practitioner’s course in entrepreneurship, the Wadhwani NEN Entrepreneurship program aims to instill an entrepreneurial spirit in youth. Students will be able to apply what they’ve learned in practical ventures in addition to classroom instruction. In addition, the foundation facilitates resource access, focuses on skilling needs, and establishes a network of institutions. The programs are designed to help the Wadhwani Foundation and its ecosystem partners achieve their goals and objectives.

In India, the foundation has launched five high-impact niche initiatives. Each of these initiatives promotes job skilling, and innovation, and encourages policy changes to help the economy grow. Hundreds of entrepreneurs have used it to land their dream jobs. Wadhwani NEN, founded in 2009, has expanded its reach to over 20 countries. Its goal is to increase the rate of job creation around the world.

The NEN is a non-profit organization that promotes entrepreneurship. Their programs give participants a comprehensive entrepreneurship education. Participants also have access to mentors and industry experts who can assist them in developing and launching their businesses. These resources can assist entrepreneurs in achieving success in any field.

Conclusion

The Entrepreneurship Development Programs are a one-of-a-kind initiative that connects entrepreneurs with mentors and other resources to help them launch new businesses. The program’s goal is to empower people to become entrepreneurs and to establish a strong support network. Intensive workshops, online courses, courseware, 1:1 mentoring support, and industry experts, such as former CEOs and CTOs, should all be available. Its primary goal should be to improve job opportunities and living standards in local communities.

Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

10 Skills Every Entrepreneur Should Have

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Entrepreneurship entails coming up with a novel solution to a problem and monetizing it through the establishment of a business. An entrepreneur is a person who comes up with a new concept and implements it uniquely. The ideas and goods of an entrepreneur disrupt the current market.

An entrepreneur’s life is not easy. The entrepreneur faces numerous difficulties and problems from the moment he or she decides to establish a business. It is the most difficult, but also the most successful and gratifying job path. It is much easier to achieve success when you operate as a team toward a single goal. There are a few essential talents and skills required for entrepreneurship that will help you sustain and lead a successful problem-solving startup.

Entrepreneurship Skill Development: 

The need of entrepreneurship development is on the rise. Before deciding on entrepreneurship as a career option, it’s critical to grasp the talents that can help you succeed. Although these abilities are necessary for becoming a successful entrepreneur, keep in mind that they improve with practice. Entrepreneurship and skill development are inextricably linked. The following are ten basic talents that every entrepreneur should have:

A.   Risk-taking:

Risk-taking is a big part of entrepreneurship. Taking a calculated risk and being proactive in situations is what risk-taking entails. An entrepreneur is expected to take as many calculated risks as feasible as a founder to achieve that path-breaking moment. Taking risks does not always imply success; it can sometimes fail. Rather than succumbing to resentment, the lesson must be learned and executed.

B.   Emotional Intelligence:

An entrepreneur, like any other person, experiences a wide range of emotions. They’ll have to deal with rejections, distractions, lack of focus, burnout, stress, and a slew of other issues. Entrepreneurs must be emotionally aware of their circumstances. It’s referred to as emotional intelligence. An emotionally knowledgeable entrepreneur spends less time ruminating on superfluous emotions that stifle productivity.

When you are emotionally intelligent, you develop resilience, which aids you in combating your inner critic, who prevents your growth. Entrepreneurship education necessitates determination and the desire to battle constantly.

C.   Can-do attitude:

Any duty that comes their way within the scope of the idea must constantly be ready for an entrepreneur. Approaching an issue with a positive mindset aids in the discovery or identification of a solution. Taking on difficulties and having the skill and efficiency to tackle them will lead to monetizable creative inventions.

D.   Leadership:

The qualities of a leader are the most crucial components of an entrepreneur. A leader can achieve success far beyond his or her wildest dreams. A boss differs from a leader in that a boss is simply a manager who is purely concerned with personal development. A leader, on the other hand, is invested in the development of their team as well as their dreams and goals. They recognize the importance of the founder’s role in bringing the team together and matching their goals and vision with the company’s.

Every employee must be taken into account by a leader, who must provide an adequate opportunity for them to grow and demonstrate their abilities. They must also recognize each team member’s strengths and offer them sufficient opportunities to advance in their careers.

E.  Strategic thinking:

An entrepreneur must be able to think strategically to prepare and develop an idea that has yet to materialize. A founder must be able to think critically and strategize the business’s growth and have a clear picture of the future ahead, in addition to technical abilities and knowledge. An entrepreneur may stay on top of their startup game by having foresight, preparation, and a clear plan of execution. Once a clear image of the future has been established, goal-setting, concept planning, and resource utilization may begin.

F.    Time management:

An entrepreneur’s ability to manage time is crucial. An entrepreneur, unlike an employee, is accountable for all aspects of the business, from human resources to technical issues. They must be able to multitask and successfully control their tension. They must be aware of their priorities, maintain a daily to-do list, and efficiently manage their time. As an entrepreneur who wears several hats, you must divide your time between executing the most important duties for the company’s growth, setting aside time for yourself and personal development, and reflecting on the day’s events. It will assist you in increasing your efficiency and identifying time management issues.

G.   Selling and networking:

Selling and networking are two non-technical business abilities that are transferable across industries. Selling entails persuading investors to invest in your idea and persuading potential customers to buy your product. An entrepreneur must be able to sell his or her product. The entrepreneur is the startup’s founder and first employee. They will make few sales at first while their sales crew increases. Networking with other entrepreneurs and executives will provide new prospects for collaboration and growth for their businesses.

Conclusion:

Entrepreneurs are critical to the country’s advancement in terms of innovation and the economy. To mitigate financial risk, loss, or expense, an entrepreneur must be technically sound and knowledgeable about the regulations that govern entrepreneurship in their country. If you’re a young professional with a business idea or a student interested in pursuing entrepreneurship, the Wadhwani Foundation’s National Entrepreneurship Network (NEN) offers an experimental and immersive entrepreneurship course that will provide you with all of the skills you’ll need to incubate and launch your own company.

Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

How to become an entrepreneur at a young age?

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Youngsters need to explore their entrepreneurial passion.

“Being an entrepreneur isn’t really about starting a business. It’s a way of looking at the world, seeing opportunity where others see obstacles, taking risks when others take refuge.” — Michael Bloomberg.

Because age is not a barrier to starting your business or beginning your entrepreneurial journey, here’s how you can become an entrepreneur as early as after 12th grade.

Did you know?

➔ Tilak Mehta, a 16-year-old who developed an app-based courier service in Mumbai called Papers n Parcels.

➔ Divya Gandotra Tandon, an 18-year-old who founded a news and media organization called Scoop Beats Pvt. Ltd.

With the advancement in technology and increased access to capital, entrepreneurship is a path of choice for many youngsters. When this choice is channelized correctly, it helps individuals develop a mindset that excels in creativity & leadership as they are highly motivated to succeed while being open to the risk of failure.

An individual can unlock the entrepreneur within by:

1. Ideating

2. Investigating

3. Piloting

4. Improving

1. Ideating

The most challenging part of a business is to arrive at a good idea. It is not advisable to put pressure on oneself with the “right” idea on the first try. It takes effort and iterations to arrive at the winning idea. Don’t be afraid of failure. Take failure as the stepping stone to success.

The intent should never be about coming up with a million-dollar idea. It should be about working on something you are passionate about. At the same time, passion is not the only ingredient for success. The trick is to uncover a winning idea by combining something you are passionate about with what people need or want. Family and friends can provide insights when it comes to advising on where you excel (or don’t)!

Once you have shortlisted a few viable ideas, consider if you need any additional education, certificates, or experiences to start your business. Be it how to create high potential startups or build scalable startups etc.

With these inputs, reach out to a mentor. A good mentor can inspire, motivate, connect and guide and is someone you look up to. He has done what you want to do. Ask them how they did it. This will help you avoid mistakes.

Ideating

2. Investigating

It is time to ask yourself some tough questions.

a) Is this a feasible business opportunity?

➔ Is there a market for the product or service you plan to offer?

➔ What customer or market needs will the business solve?

➔ What is your value add?

➔ Are there many players already in the same space?

If your investigation tells you that the business may not be feasible, then it is time to go back to the drawing board!

b) How much will it cost to get the business going?

It is important to calculate cost overheads with as much accuracy as possible to build scalable startups.

Investigating

3. Piloting

With the tough questions answered and the business plan prepared, it is time to test the business idea with real customers if they would purchase the product or service – friends and family do not count.

Along with customer validation, the involvement with a group of fellow aspiring entrepreneurs to brainstorm ideas, navigate challenges and share expertise can come in handy. Entrepreneurship is lonely, so find and build a tribe of aspiring entrepreneurs.

It is important to remember that the path to becoming an entrepreneur is never linear – tons of unexpected twists and turns. There is a need to be flexible. However, the key is to have a plan, refer to it and update it regularly.

With this plan, it is time to develop a Minimum Viable Product (MVP) basis market and customer feedback on the business idea. Then, do whatever it takes to get the first sale – be door to door, cold calls or individual emails. It is time to get the word out with an elevator pitch and start selling. The art of persuasion is an important lesson learnt through entrepreneurship education.

Finally, an entrepreneur needs to network with potential customers, partners, and employees actively.

Piloting

4. Improving

All individuals need to accept that failure and criticism are part of their entrepreneurial journey. One needs to use it to their advantage.

➔ Critiques and feedback help one to learn and get better.

➔ Iterate, iterate and iterate until one succeeds. You need to tweak and improve as you go.

➔ Keep a growth mindset by seeking advice or hiring people with different points of view.

The life of an entrepreneur is never easy, but it is rewarding. As a young entrepreneur, the best is yet to come.

So, all you have to do is enrol in the Wadhwani NEN’s pro bono, immersive and experiential ‘Ignite’ entrepreneurship program in a team format (min. two members), complete the course and get top certification by an international jury.

Improving

It’s time to try, learn, and ultimately succeed! Apply with your team’s nomination here:

Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

6 Important Skills and Traits to be a Successful Entrepreneur 

6 Important Skills and Traits to be a Successful Entrepreneur

Throughout the journey of a startup, a founder dons many hats. It is commonly acknowledged that entrepreneurship is one of the toughest yet most rewarding career paths. A successful entrepreneurial journey is marked by many a setback and failures. Despite this, startup founders must stay strong and believe in themselves. So, what are the crucial skills and qualities a successful entrepreneur must possess? Let’s take a look at these factors that play a major role in entrepreneurship development and growth.

1) Self-discipline

When you launch a startup venture, you are your own boss. There’s no one looking over your shoulder or holding you accountable for the work you do. Self-discipline, then, becomes a fundamental quality for successfully starting a business. Imbibing self-discipline involves honoring the commitments made to partners, vendors, clients, customers and even your employees.

2) Integrity

It’s important to be perfectly honest in every aspect of your work. When it comes to establishing successful businesses, it boils down to trust. Whether or not you make it big as an entrepreneur depends on how many people are willing to work with and for you, give you money, lend you credit, buy your products and services, and even help you through a crisis. In short, your business is going to be based on your word, and you want to make sure your word holds value.

3) Persistence

From investors to customers, you will probably hear a resounding ‘no’ multiple times as a startup founder. Don’t lose heart – it’s all part of the entrepreneurial journey. You need passion, determination and grit to persist in the face of rejections, adversity and even ridicule. And that is what sets apart a successful entrepreneur from others.

4) Risk-taking ability

They say entrepreneurship is often a ‘high risk, high reward’ game. Starting a company requires an ample appetite for risk as uncertainty is a huge variable in successful entrepreneurship. Even the best business or startup ideas may not work out due to various obstacles.

5) Business planning

An entrepreneur should be equipped to oversee various departments of a startup and be able to multi-task, delegate and make business decisions. Apart from technical skills, he/she needs to be great at strategy, brainstorming, goal-setting, project execution and management. Simply put, a founder is like the captain of the ship, and without adequate business planning skills, the ship lacks direction and is doomed to sink.

6) Leadership

A startup founder is someone the entire organization looks up to. It’s important to get everything from leadership style to communication to conflict resolution right. An ideal entrepreneur leads by example, is decisive, empathetic, promotes a culture of open feedback, and motivates the team.

These entrepreneurial skills and abilities are not innate and can be honed and developed over time. With the right kind of practical exposure and mentorship, anybody can exhibit the skills and ideas needed to start a business or company.

If you are a young professional or a student aspiring to start your own business, Wadhwani Foundation’s National Entrepreneurship Network (NEN) offers a pro bono, experiential and immersive entrepreneurship course that provides the necessary skills and knowledge to be a successful entrepreneur and launch your company. The ‘Activate’ and ‘Ignite’ courses feature 1:1 mentoring sessions, masterclasses by marquee entrepreneurs and industry experts, practical assignments, activities and pitches, and more.

Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

How to become an entrepreneur

How to become an entrepreneur

If being your own boss is your ultimate career goal, entrepreneurship is just right for you. Here’s what you need to launch a startup.

An entrepreneur’s journey is an exciting rollercoaster with a ton of learning, failures, personal growth, and fun along the way. There’s a unique thrill in seeing your business idea come to life, adding value to the world, providing employment to people, and pursuing your passion every single day.

It’s a life successful entrepreneurs wouldn’t trade for anything in the world. And the best part is that anyone can become an entrepreneur – no special degree or qualification is required to start your own company. However, you do need a few basics in place before you take the entrepreneurial plunge. Here are the essentials of how to startup:

1) Have the right mindset and skills

Beyond the glamour of being a startup founder lies a whole lot of hardship and hard work. Are you ready for late nights, failed fundraising efforts, rejections from investors, and going through various iterations of your business idea? The entrepreneurial journey certainly isn’t easy and it’s important to think about whether you can handle the stress and the uncertainty. A high degree of passion, tenacity, can-do attitude and a growth mindset is essential.

2) Develop a solid business idea 

If you have an entrepreneurial personality, you probably have a few ideas of how to start a business. Evaluate them all and zero in on the most promising one. You’ll need to do ample research, talk to target audiences, consider commercial viability, check out the competition and perhaps undertake an entrepreneurship course to hone your business ideas.

Entrepreneurship education can give wings to a great business idea and accelerate the journey to start a company by helping to fill a real market gap, solve a problem, and add value to the customer experience.

3) Hash out a business plan

Take the business idea and convert it into a profitable business model with a unique value proposition (USP), a target market, a competitive advantage, production costs and other expenses, resources. This is essential for the next steps of developing a Minimum Viable Product (MVP) and market testing with sample customers.

4) Build a network

A successful startup founder needs to surround himself with a network of advisors, mentors, lawyers, investors, other founders, etc. Networking is extremely crucial as the right connections can accelerate your entrepreneurial journey and do wonders for your business. Look up events, talks and workshops in the startup ecosystem and try and attend as many as possible.

5) Raise capital

Finalize a pitch deck and sharpen your presentation skills because the next step is raising money to get your startup going. Not just investors or banks, your initial capital can even come from friends or family. However, be prepared for a number of rejections and don’t let them deter you. This is key to creating a successful startup.

6) Keep a safety net ready

Be sure to save up a certain amount of money by way of a part-time job, freelancing, or even working at a full-time day job until your startup fully takes off. Despite your best efforts, there’s a chance your business idea may work out the way you envisioned it to. So before you go all out, create a safety net you can fall back on.

If you are a young professional or a college student who dreams of turning an entrepreneur, Wadhwani Foundation’s National Entrepreneurship Network (NEN) can help you to put together the basics and launch practice ventures through its experiential and immersive entrepreneurship courses, which are free of cost. The courses entail practical knowledge, projects and assignments, access to mentors, pitch simulators and pitch days, and a lot more.

Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)

8 Secrets for Entrepreneurial Millennials

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As left-brain skills are getting automated, right-brained, creative, free-spirited millennials are rising beyond the suffocated security of 9-5 jobs.

8 Secrets for Entrepreneurial Millennials

The digital economy is truly democratising fame, wealth and education, which was majorly available to the privileged class in the past.

Today age, birth, caste does not determine who you become. The digital world is for the consistent hard worker who can smartly predict the waves of opportunities presented by data-hungry apps that allow you to build, create, express without discrimination (as long as it is legal and ethical).

Being born poor is not your fault, but if you die poor, then you have no one to blame. Many millennials are taking charge of their lives plucking opportunities out of thin air and moving out of the comfort zone fuelled by the hunger for wealth, recognition and the need to do something meaningful in life. Nothing wrong with that! It is far better than living at your parent’s expense and wasting time watching TV and complaining about government policies. Yes, that is another side of millennials.

I urge the ambitious, crazy, hungry, skilled millennials to take action NOW!

1) Be a Creator: Whether it is videos, blogs, recipes, products or services. The 1% who shape our world are not those who just consume but are those who create.

2) Learn to Communicate Better: Learn to write & speak better. If you can’t communicate, you will always struggle to get what you deserve, run the risk of paying too much, earning too little, and always feeling like others are bypassing you.

3) Be Ethical: In a world full of fake news and filtered insta-life portrayals, be a fresh breath of genuine, honest self. Question the status quo, stand up for your beliefs and opinions. Be bold, and it’s ok if people are polarised ‘for’ you and ‘against’ you. Better to be surrounded by those that accept your honest self than those who don’t.

4) Be Human: We are used to swiping and clicking for our needs. In the age of AI & automation, stand out of the crowd by being personal, kind, compassionate. Smile, offer sweet words of appreciation, hold the door open for the person after you. Learn to be human again if you want to be relevant in 2030, 2040 & beyond.

5) Be Rooted: Embrace your history, tradition and culture while respecting that of others. Be proud to practice your Indian inheritance of Yoga, meditation, Mahabharata, Gita, Ayurveda & Vedic Mathematics. Let that be your competitive advantage in this westernised world.

6) Be Flexible: It is the easiest thing to see your own point of view as the right one. But learn to respect the ‘other’ point of view even if you disagree. The ability to hold your view and an opposing view simultaneously, appreciating the pros and cons of both, allows you to decide, negotiate and create win-win situations.

7) Go Fast, Be Patient: Speed up your daily progress and goals. Push hard for the quarterly milestones, but be patient for the tangible outcomes to fructify, mature and ripen over time. That’s how the compounding effect works.

8) Good to Great: It’s the last mile that differentiates the good from the great. It is easy to start, hard accept the challenges and complete what you started. 98% will quit. 2% will succeed. Survival of the fittest. That’s how it works.

I have summarised my learnings in these 8 secrets that I have learned from my billionaire mentors, which helped me go from zero to a million by age 22, and which has also worked for 1800+ mentees of mine in India, US, Canada & UK.

By Avelo Roy