We are a nation of huge potential because one of our biggest strengths as compared to other countries is our young workforce. We have one of the largest work-forces in the world and that translates into two things – creating enough jobs to employ this talent and leveraging its inherent potential. Courses related to entrepreneurship will cover this impact of entrepreneurship development in detail, but as we can see, it is posed to play a significant role in alleviating the country’s unemployment issues.
There are some features that entrepreneurship development has which need to be recognized so that one can focus on using those for overall growth.
- There is a formula for success – Yes, there is a formula for success, for every venture. But it is not the same for each company or each entrepreneur. There is a logical reason for why a particular venture does well and another collapses. That formula is a combination of many factors which are applicable in the context of that organization or startup. An entrepreneur must have the foresight to develop that formula for his or her own venture.
- It may or may not show drastic growth within a short time frame – It is usually believed that startups become huge successes overnight. Many people think of this has a fast-growing segment with many support networks, funding sources and even conducive regulations. Even so, not all entrepreneurial ventures show that steep growth trajectory. So the entrepreneur needs to build an internal resilience.
- The passion is non-negotiable –Many people fall into the trap of processes when the venture starts to gain momentum. While the processes are critical, what is more important is the continuous presence of passion. The drive that had led to the creation of the entrepreneurial venture should remain strong and persistent. That is what will determine the next phase of growth. That passion and commitment is a key feature of entrepreneurial development.
- The ability to take a risk – An entrepreneur is a risk taker. But he or she is not a risk-taker who does it in an unplanned manner. The risk is almost always a well-researched and calculated one. That reduces the margin of error and yet allows space for innovation. The risk is also purposeful and it has an end goal. The path that might be used to achieve it can be unconventional.
These are some big features that define entrepreneurial development and shape it up. They also create the character and culture of the venture in the long run, since they stem from the founder himself or herself.