Entrepreneurship Essay

ENTREPRENEURSHIP

(CIA-3)

Submitted by:-

Raghaw

1421418

TABLE OF CONTENTS

INTRODUCTION 3

LITERATURE REVIEW & CRITICAL ANALYSIS 3

CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR 5

REASONS FOR FAILURE OF AN ENTREPRENEUR 6

CONCLUSION 7

REFERENCES 8

INTRODUCTION

Quote – “Start-ups pursue opportunity with resources that don’t match the task; although they may have one or two critical ones such as a product idea or access to an experimental customer, they lack all the resources required to win.” – Cohan Peters

Analysis: Opportunities are there for everyone. It is important who identifies it at the earliest and exploits it to not only create value for the society but also develop a sense of satisfaction for themselves.

Know your personal brand: Successful entrepreneurs know themselves well and can perceive others accurately. They have a high degree of self-awareness and the ability to engage in self- reflection that allows them to accurately recognize their strengths and weaknesses and to be open to the prospect of positive change.

2. Take on challenges: There is an inherent risk involved in venture creation. Entrepreneurs make hard decisions, often without complete knowledge of the factors that could affect their businesses. They must deal with the challenges of scarce resources, high uncertainty, and ambiguity.

3. Think through possibilities and practicalities: Entrepreneurs must constantly hone their abilities to think outside of the box. Successful entrepreneurs can look at an existing idea or product and make it into something even better by looking at it with fresh eyes.

4. Promote the business: Successful entrepreneurs are their own best spokespeople. They are strong communicators, and they are readily able to enroll and motivate others. These traits are essential at every stage of the

The team is not getting along: Things go wrong. People on the team haven’t worked together before, and they don’t fully trust any ideas except their own. As the top executive, you have to make some tough decisions, and spend much more time than you expected on communication and mediation.

4. Requirements changed in the middle of the cycle. While everyone was busy building the product and business model that was detailed in the business plan, early feedback from the field makes it clear that you were somewhat wrong. Or the economy has taken a sudden turn for the worse, so your high-end product no longer has a market.

5. Cash Flow Problems: Investing in all the money at the initial phase without any prior market research led to only outflows and no inflows for the company. Hence the scope for any future inflows also starts looking bleak.

CONCLUSION

In my experience, the skills and traits of the entrepreneur have had at least as much to do with a company’s success as the product or service, the state of the economy, or any other factor in determining a company’s chance for success. As a new business, partnering with another company in a related field may seem like a great way to grow. But the stakes are much higher for tech startups, whose operations can easily be ruined by hitching their wagon to a passing fad. "If a company isn 't nimble enough, or cannot execute fast enough on an idea, the window of opportunity for your product or service may very well close before it is