Demystifying Entrepreneurship: Definition and process

Demystifying Entrepreneurship

Demystifying entrepreneurship or simply decoding this complex and heavy word called 'Entrepreneurship' is rather an easy task if one read its definition but is quite a long process when one wants to understand the whole concept in depth. Many times people get easily scared and confused after listening to this simple yet terrifying terminology but let me assure you that Entrepreneurship is rather easy to understand and isn't as scary as it sounds or spells. Entrepreneurship in its most basic form can also be seen as a process of handling startups which may provide services or products to a customer. Discussed below is the simplest way of how you can understand Entrepreneurship in the easiest way and how this whole thing works.
Entrepreneurship can be defined as the process of designing, creating and launching a startup or a new business. Entrepreneurs are the one who starts this but is that all? Of course not! Entrepreneurship and Entrepreneurs are a lot more than that. While the whole process includes the very basic- creating an idea to the very last step- which isn't defined in the dictionary of a true Entrepreneur. There are no limits to imagination similarly, there are no limits as to how big a business should be or can be. It is the Entrepreneur himself who decides his own limit and generally, it's infinite. Entrepreneurship is more than setting up a business. It's a dream through which Entrepreneurs wish to bring a change in everyone's life. They want to influence people, inspire them, help them and create a great world with an equally great vision. Companies like Microsoft and Apple were once a dream but now that dream is affecting thousands and thousands of life on a daily basis. Each successful company was once a startup started by once a common man, what made the difference was the understanding of the whole concept- the concept of Entrepreneurship.
There are two things that should affect you as an entrepreneur. One being people- the people who are going to use your products and make you visible in the market and second being the process- the process or the way you handle things. The way you strategize your plans and create something new. You can be a business scientist if you want. A man who creates new things, new ideas but all under one main concern- the best of your people. For then only will you and your company will survive and make you an Entrepreneur, a true one at that. Passion and the thirst to prove yourself is also one of the main mantras in order to achieve success.
Entrepreneurship process is basically creating a framework and forming a strategy based business plan. You can be innovative and do something different but there are some grounds rules to that too. You need to keep in mind that being a startup your company should be ready to face losses more than profits, also you should have a budget plan and everything should be done under that number to avoid any monetary issues, there are certain legal issues you need to consider before starting up your new business, make sure that everything you do is registered and abide by all the laws. You need to have the knowledge of all your competitors knowing who are you up against. You should have a fair idea about marketing. Funding for your company should also be kept in mind. And the most important, customers, defining the target audience and attracting them towards you is very important.
Have an idea, conceptualize it, formulate it and implement it. Create something new, an idea which holds the power to create a huge difference in the society. Live for a purpose- a purpose to make your idea real and let other people know about it and finally, process the whole idea and come up with the best plan, consult your seniors, question the experienced ones, take advises, listen to your heart but have that passion to compete with thousand others and be the one of your own kind, then only will you become an Entrepreneur and will understand the secret of Entrepreneurship. Till then! Be an Entrepreneur, act wise and play smart.
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This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.