Although a rising number of young people are opting to go to business schools and learn about entrepreneurship, it is important to understand that mere rote learning can never teach anyone what entrepreneurship means. One has to have it inside them to make it big.
Marion Igarashi, Dean, Undergraduate program in a leading business school in the country has some important advice to share in this regard.
She has pointed out how innovation and innovative thinking have come from entrepreneurs who have looked outside the box. They connect the dots and have networking across the world. So the global entrepreneurship is connecting the worldwide over.
Adding to that, woman entrepreneurs today are a phenomenon to reckon with. Mother entrepreneurs have a different approach, especially in finding out what would best suit their babies. Their thought process has made them more successful than their male counterparts.
But can one build these entrepreneurial skills over a period of time? Listed below are some simple guiding tips that can be helpful in this process.
The role of technology in an entrepreneurial venture
The Internet of things (IoT) has changed the way one approach businesses. Today one can be anywhere and be connected with their business requirements and needs.The data analytics, machine learning, Artificial Intelligence, Virtual Learning amongst others have gone beyond the assessment of the business. Today one can collect data from almost anywhere and the algorithm can predict the consumer pattern, their preferences, their paying capability.
This enables the entrepreneurs to reach out to the customer with their almost precise preference. So for the entrepreneur today, technology helps them to target the right customer with the right product.
Having a passion and a dream for the business
One needs to be passionate about the work they plan on doing. Otherwise, one starts living someone else’s dream. All one needs is a passion and a will to follow that to become a successful entrepreneur. One may not become an entrepreneur from the word go as one may not have the risk appetite. Then it is advisable to wait it out. One should find out a partner who believes in the dream and is willing to finance it. So find out that passion which is connected to the dream, follow your heart, and find what that might cost you and your will to do that.
Staying relevant but pushing oneself
To stay relevant in the business it is essential to understand the needs of the millennial.
At the same time, it is important to push oneself to make a better version than yesterday.When you fail you learn.Failing helps to know the boundaries and help learn resilience. It also makes one humble.
In today’s world we are not competing with each other. The real-life lesson is how we collaborate, how we give up and how you move forward together.
Giving back to the society
Entrepreneurship is also about giving back to the society. It is the law of the universe. One should share 1/10th of what one earns to the community only to see it coming back to them. It may not be conventional thinking but it is indeed the way forward.
These simple yet profound tips are something that budding entrepreneurs need to keep in mind so that their ventures become a success.