ENTREPRENEURIAL PRACTICES FOR SUCCESSFUL BUSINESS

ENTREPRENEURIAL PRACTICES FOR SUCCESSFUL BUSINESS

The “Atmanirbhar Bharat Abhiyan” is an initiative taken by Government of India to make the country strong and prosperous through enterprise development. In context with global competitiveness and international trades, amount of wealth generated in the economy of a country by her people matters. Development and promotion of MSMEs creates localization of the capital, self-employment, utilization of local resources and human talents what exactly support the activities being done in earning profit in the business and self-reliance and sustenance.

This may be noted that this could be only possible when the people possess the qualities of technological, managerial and behavioural capabilities. It is obvious to mention herewith that practicing innovative ideas, their implementation, and catering the needs of the customers and adoptability nature with changing situation lead to success, otherwise people remains poor despite having rich resources around themselves.

In this article, I have attempted to show the practical aspect of doing business successfully.

First of all, let the youth develop their mind set that they must be master on the wealth (self-employment, ie, self-dependency on own selves for livelihood) rather than becoming servant (employment, ie, dependency on others for livelihood).

Seeking Self-Employment: Youth seeking self-employment may follow the following steps before setting up new ventures:

  1. evolving strategies to empower yourself  through enterprise development,
  2. strengthen linkage with  people (customer) and business support organizations,
  3. Create personal as well as image branding and earn goodwill through you behaviour, commitment, integrity, rendering quality services, and doing the things differently.
  4. Involve yourself in generating new ideas, incubate them, and convert them into new viable/feasible project. The new product thus innovated for noble cause should be registered under Intellectual Properties Rights Act.
  5. Evolve process of performance measurement system of your  entrepreneurial practices,
  6. Design and practice monitoring and evaluation mechanisms for continual growth of your business.
  7. Always get ready for research, education and trainings on your entrepreneurial activities.
  8. Avail of Government schemes and programmes in running your business.

Developing Entrepreneurial Mindset:  Entrepreneurship is the process of wealth generation in the economy by mobilizing and making optimum use of resources. Generation of more wealth denotes active and dedicated participation of the people.  This happens when more number of the people participates in the economic activities. Entrepreneurial culture in the society creates conducive atmosphere in building up entrepreneurial mindset among the people.

Definition: Entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation.

 Mindsets of Successful Entrepreneurs:  A successful entrepreneur possesses the following characteristics of mindsets which lead to entrepreneurial mindset.

  1. Identify your market and create networking with potential customers.
  2. Assess the market for your products/services.
  3. Design and develop the products so as cater the needs of customers.
  4. Measure the return on investment you are getting from your networking efforts.
  5. Make sure you give something of value first when making connections instead of beginning by asking for something.
  6. Be sure that and offer the products to the customers with expectation of getting payback. Watch that you receive encouraging and positive feedback from the customers in the market.
  7. Establish your presence in the market through ‘Personal Branding’.
  8. Keep your vision, objective, mission, and ethics very clear and understandable to others.
  9. Be a good Fund Manager.
  10. Brand image of your products must create confidence and reputation for a long run.
  11. Always utilize your resources including time for productive purpose of your business.
  12. Total quality has to be assured all the time.
  13. Make creativity and innovativeness integral part of your business.
  14. Make your product distinct, specific and qualitative.
  15. Keep on adding value to your business.
  16. Take ownership of your business.

Necessary advice, counselling and hand-holding support are rendered at “Innovation & Start-up Entrepreneurship Cell, Institute of Science & Management(ISM), Pundag, Ranchi-834004 (Jharkhand) ; Contact: 9694123257; email id: hodbm@ismr.ac.in

References: 1. Oct 16, 2013 by Shawn Hessinger in Management

2.https://smallbiztrends.com/2013/10/successful-entrepreneur-mindset.html)

  1. Entrepreneurship Development in India (First edition);2016; Dr. Sushil Kumar, Avishkar Publication, Jaipur
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3 Replies to “ENTREPRENEURIAL PRACTICES FOR SUCCESSFUL BUSINESS”

  1. The qualities to become an entrepreneur solve lot of problems and show the path in our daily life.
    Very inspiring article

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