Facts that would change as how one thinks about opportunity and entrepreneurship

Who is turning in order  to become an  entrepreneur  and where they are launching their businesses may however  surprise anybody .

When one hears  the words startup founder, it’s thus  likely that the image that comes to mind is that of a young man who lives in a lavish apartment , favors casual wear and hasn’t finished college.

Chasing the  deadlines, crunching the  numbers and also  pushing innovation are thus  '"just another day at the work" for the  startup owners. But, what do they however  do for themselves?

They thus  have a lot on their plates . One however knows  that 80 to 90 percent of the startups fail in the growth stage.

Given all this pressure and the constant workload,startup owners are however  left with no time for themselves. And that's thus  a shame because little do these entrepreneurs however know that following the tried-and-tested habits which are however described below -- the ones thta the  successful owners follow all the time -- can however  boost their productivity like never before.

The purpose of this article is to make the reader aware of some of the facts that would change as to how does one thing about opportunity and entrepreneurship . Further, the article tells about the three things which form the real heart of entrepreneurship .

Entrepreneurial opportunity thus emerges at the nexus of the  individual aspirations with the  economic and social conditions which are  perceived as favourable in order  to create a new product or service, however  either in an existing market or either  a new one

Some of the facts given below would help one to change their thinking about opportunity and entrepreneurship .

Fact No 1 : The Startup activity is thus  on the rise but the rate has however declined.

Fact No 2 : People are also  choosing entrepreneurship for the opportunity, not for necessity.

Fact No 3 ; There has been  presence of  more boomer entrepreneurs than the millennials.

Fact No 4 : The entrepreneurs  are the  college graduates, not the  dropouts.

Fact No 5 : Female entrepreneurs have however  made gains, but there is also  still a long way to go.

However , the real heart of entrepreneurship lies in three things which probably are :

1. the ability in order to identify or either  recognize an opportunity,
2. the ability in order  to review or assess the opportunity, and last but not least,
3. the ability in order to successfully execute and realize the opportunity.

While these kinds of tasks result in being  straightforward on the  paper, the skills which one needs  for each one are thus  very different, and it is also difficult in order to be good at all of them. For the purpose of being a successful entrepreneur, one is required to excel at all three, and that too all at the same time.

Let’s study each of them separately

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1. Opportunity Recognition

The people who thus typically excel at the  opportunity recognition are considered as the right-brain creative type people. These people are however  clever and also look at the same situations that everyone else does, but they however  envision something different. They also see new angles, new possibilities, and new ways in order  to do things. Scientists, especially those who are  in the heavily analytical fields, thus often struggle with this phase. Being a scientist, we however strive for the  reproducibility and also have the mindset that if A + B = C today, then A + B = C tomorrow. People who excel at the opportunity recognition however often look at a situation in a different ways   and say, what if tomorrow, A + B = D? Then what would happen ? Opportunity recognizers however truly result in  think outside the box, stretch the limits, and are combinatorial in non-traditional ways.

While the opportunity recognition phase is however  crucial when one is  beginning a new enterprise, it is also  important in order  to seek new opportunities throughout the entire lifetime of any enterprise. In order to stay ahead and also  on top of the market, companies thus  must constantly recognize the opportunity as they however  continue in order  to grow and evolve.

2. Opportunity Assessment

The opportunity review phase is where the scientists generally stand out in the entrepreneurship process. The opportunity review is however  when the analytical assessment of the opportunity that was however  recognized occurs. During this stage, an entrepreneur must also assess the potential strategies and the business models as well as also  conduct market and economic analyses in order to establish an answer to the question which is Can I bring this idea to the  market in an economically successful way?

Thus , Just like opportunity recognition, the opportunity assessment process however  never actually ends in a business. A plan is also  necessary, for sure, but an entrepreneur must thus  be nimble in the face of the market changes and the  forces. Perhaps the most difficult challenge of a start-up company or either a budding scientist is thus  to make the correct decision between staying the course with the plan and then also  determining when it is the  most beneficial in order to detour from the plan based on the  reactionary forces. As an entrepreneur, this is thus  the largest struggle.

3. Opportunity Realization

The opportunity realization is thus what is called as  the “Get it Done” phase. During this phase, it is also time in order to take advantage of the situation and then execute all of the great ideas and the projections are however  ascertained from the two prior phases. This phase is thus  tough and unpredictable. It is however  a combination of doing the  things by the book and thus  also dealing with the  inimitable people and also  unique situations.

In theory, it is said that everything that makes a good scientist should also  make a good entrepreneur. Thus , just like delivering any kind of paper, patent or any scientific discovery, being an entrepreneur also means having several ideas, exploring the most “sticky” ones, and then finally implementing the winning initiative with the  full force.

Maintaining an equilibrium between entrepreneur and opportunity and the three main aspects of entrepreneurship , the ability in order to identify or either  recognize an opportunity,

the ability in order  to review or assess the opportunity, and last but not least,

the ability in order to successfully execute and realize the opportunity , the founders of LegalRaasta a startup which provides legal services have resulted  in providing more than 100 + services. One doesn’t even have to go out , as it provides online services .

Choosing LegalRaasta is beneficial as:

1. It has , 30+ offices in India

2. It has 10+ years experience

3. It helps to save your time

4. There is a cash back guarantee

Some of the services which it provides are :

1. Tax Filing/TDR - GST Registration , GST Return, ITR , TDS Return filing, Business income return , Bulk return filing , Revised return filing , Respond to tax notice

2. Company Formation - Pvt. Ltd., Limited Liability Partnership (LLP) , OPC registration

3. Registrations - DSC, Trademark, Patent , Copyright

And also many more services . 

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.