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Enterpreneur

HOW TO BE AN ENTREPRENEUR ?


What is entrepreneurship ?

An entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. In other words, entrepreneur is as an innovator who markets his innovation. They develop new goods or processes that the market demands and are not currently being supplied. The entrepreneur carries out “new combinations,” thereby helping render old industries obsolete. In the developing countries, successful small businesses are the primary source of job creation, income growth, and poverty reduction. Therefore, govt. support for entrepreneurship is a crucial strategy for economic development.

What Makes Someone an Entrepreneur?

Research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion and self-confidence and common sense.

Go alone or team up :-

One important choice that new entrepreneurs have to make is whether to start a business alone or with other entrepreneurs. They need to consider many factors, including each entrepreneur’s personal qualities and skills and the nature of the planned business.For ITI students, it will be better option if they make a group of like minded trainees so that both investment and responsibilities be shared . In case of team up, team members share decision making and management responsibilities. They can also give each other emotional support, which can help reduce individual stress.

It is important for a new entrepreneur to be aware of potential problems while considering the advantages of working with other entrepreneurs. In general, the benefits of teaming outweigh the risks.

Choosing a product and a market :-

Prospective entrepreneur needs to come up with a good idea Entrepreneurs who provide goods/services at customers’ homes or offices, or who sell them on the Internet, are also targeting a new market—people who don’t like shopping or are too busy to do so.

Loans under Pradhan Mantri ‘MUDRA YOJANA‘ :-

PRADHAN MANTRI MUDRA YOJANA (PMMY), a flagship scheme of Government of India, was launched on 8th April, 2015 by the Hon’ble Prime Minister to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them. MUDRA loans are extended by banks, NBFCs, MFIs and other eligible financial intermediaries as notified by MUDRA Ltd.

Loan Amount
  • Shishu Loans upto Rs50,000/
  • Kishore Loans above Rs.50,000/- to 5.00 Lakh
  • Tarun Loans above 5.00 lakh to 10.00 Lakh
Eligible borrowers :
  • Individuals
  • Proprietary concern
  • Partnership Firm
  • Private Ltd. Company
  • Public Company
  • Any other legal forms

The applicant should not be defaulter to any bank or financial institution and should have a satisfactory credit track record. The individual borrowers may be required to possess the necessary skills/experience/ knowledge to undertake the proposed activity. The need for educational qualification, if any, need to be assessed based on the nature of the proposed activity, and its requirement.

Marketing/ Selling/ Selling online :-

For a new business, marketing means selling. Before launching the business, the entrepreneur should research the target market and analyze competitive products. An entrepreneur can also develop a file of potential customers, for example, by collecting names or mailing lists from local markets, schools, and community groups or other organizations. This file can be used later for direct mailings—even for invitations to the opening of the new business. After the new firm is launched, its owners need to get information about their product or service to as many potential customers as possible.

Publicity is also an extremely valuable way to promote a new product or service. New firms should send get advertised the product in newspapers, internet, marketing magazines, shopping malls, etc. A local newspaper might publish a feature about the startup.

Publicity is also an extremely valuable way to promote a new product or service. New firms should send get advertised the product in newspapers, internet, marketing magazines, shopping malls, etc. A local newspaper might publish a feature about the startup.

Crowdfunding for startup/Entrepreneurship

When Nikhil Sarup, founder of a legal startup, learned about the deplorable condition of Tara Balgopal, an 82 year old veteran danseuse, he offered to fight her case pro-bono. He also initiated a campaign on crowdfunding platform, Ketto. In less than 2 days, over 3 lakh poured in and when the campaign ended, Sarup had raised over 8 lakh from over 400 backers. That's the power of crowd.

As a concept, crowdfunding is not new to India. Startups such as Ketto, BitGiving and Wishberry have repackaged this age-old concept with a digital bow.

Crowdfunding platforms now cater to a plethora of causes from disaster relief, entrepreneurship, art, individual causes and environmental issues. When Delhi based animal care shelter Friendicoes was on the verge of shutting shop, animal lovers came to their rescue on BitGiving. Friendicoes managed to rope in upto 60 lakh (thrice the goal amount).

Testimonial

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