Every once in a while we have an idea that we think can help us bring about a change but more often than not, we lack the resources and knowledge of how to bring that idea to life.
If you look around yourself, you will constantly see new startups emerging every single day and they all have one common goal, which is to solve a problem. We are the start-up generation.
Let us start from the very basics and understand everything there is to this term “Entrepreneurship”
What is Entrepreneurship?
Technically speaking, originally Entrepreneurship has been defined as an act of creating a business while building and scaling it up to generate profits.
But that definition has stayed constant for decades and is a bit limiting to the present scenario. Today entrepreneurship is about transforming the world by solving problems, no matter how big or small, and helping make everyday lives of people a tad bit easier.
It can be anything from initiating a social change to creating an innovative product or even introducing a life-changing solution. What the definition doesn’t include within itself is that people take charge of their own careers and dreams in their hands and lead it with a clear vision in their mind. Entrepreneurs take the first step towards making the world a much better place for everyone.
Who is an Entrepreneur?
By definition, an entrepreneur is someone who sets up a business with an aim to make profits.
Once again, this definition can be considered a bit vague and limiting.
An entrepreneur can simply be a person who has set up their first online store as a side gig or it can also be a freelancer who is just starting out.
An entrepreneur is someone who starts something, to solve a problem, which can eventually become a sustainable business with employees. Same is the scenario with freelancers, if they are focused on creating a profitable business from the projects they get, then they fit the entrepreneur definition.
However, being an entrepreneur is much more than having a business. Entrepreneurs are some of the most powerful transformers in the world and have an enormous impact on everyone around them.
Entrepreneurs see the solutions and possibilities to everyday life problems.
Importance of Entrepreneurship
So far we have seen what entrepreneurship means and who is an entrepreneur. But whether entrepreneurs are creating a new product or creating jobs, they are constantly taking actions to ensure the world progress. Now let us take a look at why entrepreneurs are important
- They create jobs : Entrepreneurs take a risk to employ themselves. Their ambition to solve the problem that they’re working on continues their business growth and leads to creation of new jobs. As their businesses continue to grow , even more jobs are created.
- They create a change : Entrepreneurs work on their ideas to bring about changes. Some of these changes may be on a global level as well. Entrepreneurs create solutions which solve problems. All entrepreneurs bring about some positive impact from their products, ideas or business.
- They give back to the society: While in the long run, entrepreneurs make more money , they also give back to the society equally. Entrepreneurs are some of the biggest sponsors and donors for charities and non-profits for multiple social causes.
Why do people become Entrepreneurs?
With more than 400 million entrepreneurs , entrepreneurship has an international appeal and presence to itself. Every entrepreneur has their own “why” which led them to create a solution for a problem in the first place. Whether they do it to have more personal freedom or create a greater impact on the society, they take control of their own lives by living on their own terms.
Here are a few reasons why people should become entrepreneurs:
- To create a positive impact: Entrepreneurs are constantly striving to make the world a better place. Whether they believe in space exploration or eliminating poverty or are working on building a game-changing product in a specific industry, at the end of the day they’re building a brand which will be of service to others and have a positive life-long impact on the customers life.
- They are risk takers: entrepreneurship goes hand in hand with calculated risk taking. Entrepreneurs don’t apply for jobs, instead they create them. With that there come a lot of risks, be it a financial risk of starting something from scratch or the risk of not knowing what to expect from the solution you are building.
- They are curious: Entrepreneurs love learning and are experimental with their methods. They love to find out the answer to the question “what would happen if …”. Their curiosity is the biggest factor behind their continuous growth.
- They are ambitious: The people who love working towards difficult goals and milestones are meant to be entrepreneurs. They are constantly looking to challenge themselves and achieve higher goals, as a result they are constantly working on their personal and professional growth. Whenever obstacles are presented in front of them, they find a way to work around it and achieve their goal. Entrepreneurs are unstoppable.
Tips for starting out in College:
- Don’t be limited to your curriculum: You have endless opportunities in your college years. Opt for internships in the fields that interest you, work with NGOs for causes that you believe in and want to support. Stepping outside your college will give you a chance to get exposure and build your network.
- Join societies & clubs: Almost all colleges have various clubs and societies in varying fields. You can use this as an opportunity to explore various fields and build on your skill sets.
- Build your Network: You never know who you will meet in your college. Everyone has scores of skill sets and passions. Networking with people not only gives you a chance to learn from each other, but it also creates endless opportunities to start working on your ideas together.
- Find a Mentor: Having a mentor to discuss your ideas and build on them is one of the most important things. You can get proper guidance and insights from your Mentor’s entrepreneurial journey that will help you take all the right steps.
- Start Early: If you have an idea don’t put it off for a later time. Start with what you have and learn from your mistakes early on in the journey. The more you fall down, the stronger and more determined you will stand back up to work on your idea.
Your Quick Guide to Starting Up:
Every entrepreneur’s journey of starting up is different, but there are a few steps that they follow to ensure that what they are building is something that can have a long term impact and actually solves a problem.
- Conduct research: Whatever idea you may have, you need to research it and identify if someone else is already working on the same idea. At the same time you need to research if your idea will actually help the problem that you have identified. If you are building a product, then you need to research the need of the product.
- Build an MVP: Build the most basic version of the product with the resources you have. Your first set of users will provide you feedback and suggestions on how you can improve your product/solution so that it can help them in a much more efficient manner.
- Identify a Business Model: All business work on varying business models, that helps them generate revenue. You need to identify a business model which will help you make your startup sustainable and self-sufficient in the long run.
- Build your team: You can find endless talent in your college campus and if you build the correct network for yourself, you should be able to build your initial team from your campus.
- Start Marketing: Start using the platforms that your target audience is the most active at to spread the word about your product and make them understand the need for it.