Entrepreneurship
(BCAS401)
Name- AKASH HALSANA
Roll No- 33101221009
Sem- 4th
Year- 2nd
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❖What are the three most important habits to be a
successful entrepreneur?
When we think of entrepreneurs, we usually call to mind
leaders of their industries. Billionaire business owners,
perhaps. These men and women have established
themselves as front runners in their respective niches, and
often they’re also managing thousands of workers all over the
world.
We see them and know them today, not as the men and
women they were years ago. Though their hit ideas may
seem like an overnight success, they were more likely the end
product of overcoming a string of failures.
So what makes a successful entrepreneur? What unique
qualities does an entrepreneur possess that inspire their
intuitive, inventive, and fighting spirit?
If you’re reading this article, there’s an excellent chance you
possess a good number of these entrepreneurial habits
already. Other characteristics may need to be nurtured over
time to take your ideas to the next level.
The Path to Becoming an
Entrepreneur
Your path to being bitten by the entrepreneurial bug may have
been a long and varied one. You may have grown up in a
home where these types of skills were taught and
encouraged.
However, it’s more likely that you were thrust into learning
how to make lemonade from the lemons life gave you. It’s
also possible that your overwhelming student debt makes it
difficult to make timely payments, affects your credit score,
and makes it increasingly hard to land a regular 9-5 job.
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You may also struggle to repay other debts and loans and
believe that some extra income will help you pay them off
faster. You may have even lived through a job loss, illness,
divorce, or other hardship.
Life circumstances have led you to this point, and it’s now
possible to understand why and how you see the world
differently.
Once you better understand how an entrepreneur thinks and
acts, you’ll be able to nurture those qualities in yourself so
that your new and innovative ideas survive and thrive in the
open market.
Here are three essential characteristics of a solid
entrepreneurial spirit:
1. Calculated Risks
When we look at a typical business school graduate, we can
see that they are taught how to use calculated and measured
risk management to get the “car” of their business from
second gear into fifth gear out on the open highway of “big
business.”
Conversely, entrepreneurs are the ones who put immense
energy into finding the car, making it start, and driving it in
first and second gear up that bumpy and challenging dirt road
and over to the main highway.
As you can see, entrepreneurs think differently and are
certainly not adventure averse. They are also not afraid to try
new things because they constantly calculate the risks of
what they can afford to lose and still keep going.
Established businesses and investors are comparatively
more careful. They’re always looking for ways to minimize
risk and hit targets to get the most significant returns on their
investments.
2. Nothing to Lose
Many entrepreneurs are not afraid to take chances because
they tend to live their lives as if they have nothing to lose. Not
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only do they personally live by this creed, but they are also
excellent risk dividers – doling out the risk and pulling in
additional partners in a venture to spread the danger thin.
Taking chances is an ingrained trait that enables them to
make fast, intuitive decisions and calculations regarding their
affordable losses. Whereas investors may need to see
countless spreadsheets and exhaustive data analysis to
make a decision (and take weeks or months to decide),
entrepreneurs always know precisely where they stand and
what they can afford to lose at any given moment.
Being confident gives them the freedom to take big chances,
seize opportunities, and keep pushing forward with their
businesses.
3. Humility
Entrepreneurs are aware of who they are and understand
their strengths and weaknesses. For the most part, they’re
also not arrogant. Entrepreneurs admit that they don’t know
everything and can form partnerships with others.
This humility and honesty make entrepreneurs great at
reaching out to others to fill the gaps in understanding what
their business needs. They hire other professionals to make a
stellar team and headhunt suitable candidates for their team.
They cover the critical aspects of their business that they
cannot do. Their team may include boutique accountants,
graphic designers, content writers, marketers, and a host of
other professionals that lend their talents to the growing
business.
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You’ll rarely hear an entrepreneur
say, “I’m better than you.” What you
will hear them say is, “I love what I
do – I’m always learning – and I want
to grow and learn with you.”
You’ll rarely hear an entrepreneur say, “I’m better than you.”
What you will hear them say is, “I love what I do – I’m always
learning – and I want to grow and learn with you.”
Entrepreneurs know how to leverage the slack resources they
see around them to create new opportunities for growth and
advancement. They also make quick decisions about what
directions to take without fear of complete failure.
Their general risk-taking nature propels them to thrive against
all odds – and when they grow large enough, we all get to
hear about their overwhelming, seemingly “overnight”
success.
5
❖What’s your favorite aspect of being
an entrepreneur?
Ans: The best part about being an entrepreneur is having the
opportunity to take an idea and inspire other people around
me to contribute to that idea, make it better and put it into
action. When it comes down to it, success is sweeter when
you were the one to take the risks.
