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.

Features of Entrepreneurship Development

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.

Also Read: Why is Entrepreneurship so Important in Education?

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.

When Bhavish Aggarwal, the co-founder of Ola Cabs, was asked what made him become an entrepreneur, he narrated a personal experience as the genesis of his venture. Apparently, when he was travelling by a rented cab once, he had a very poor experience. It then struck him that it was a huge pain point for cab commuters and it became his passion for solving it. His passion drove him into entrepreneurship.

The reasons for taking the entrepreneurial plunge vary from one person to another. Here are some of them:

Be Your Own Boss

Some people are not carved for traditional corporate jobs. They are easily bored. Hence they seek continuous challenges and creative freedom. They always itch to do something that makes them their own boss. They want to be in control of the business and call all shots.

Also Read: Why Everyone Should Take A Course In Entrepreneurship?

Idea

Vijay Shekhar, the founder of Paytm, knew that he had a great business idea in his mind. The e-wallet technology could change the way businesses happened, and transactions were done in India. Even though he did not receive any financial backing from the investors, he was eager to transform his idea into reality. He invested his savings in launching Paytm. The rest, as we know, is history! And, we also have examples of the likes of Steve Jobs (Apple), Brian Chesky, Joe Gebbai and Nathan Blecharczyk (Airbnb) and Mark Zuckerberg (Facebook).

When a person has ideas that are innovative, unconventional and disruptive, it pushes them into entrepreneurship.

Money

It is a fact that the money you can spin-off from a successful venture is many times more than what you would earn as a salaried professional. The lure to make lots of moolah is another motivation for people to test the waters of entrepreneurship. While the probability of failure and success is equal, entrepreneurs do not fear the consequences. They know that if their business becomes successful, the money will start flowing in eventually.

Social Objectives

You must have heard of social entrepreneurs. These are a breed of entrepreneurs whose core objective is to address the social causes of the society and make the lives of people better. The money is not their prime focus; rather doing good for the community is what matters to them. Take, for example, Shaheen Mistry who launched Teach for India to reduce education inequality in India and reach out to underprivileged children through a network of college and working professionals acting as teachers.

Family Business

At times, entrepreneurship is not a choice, but a compulsion to take over if it is a family business. The responsibility to carry the legacy forward becomes a reason to become an entrepreneur.

Whatever your motivation may be, it is recommended that you enrol in online entrepreneurship courses to learn the tricks of new business and develop necessary skills.

More Information:

What Drives People Into Entrepreneurship?

Realize your dreams, become an Entrepreneur!

Best Entrepreneurship Management Course in India

The Startup Environment in India – Are Entrepreneurs Born or Made?

What Management Skills Are Necessary to Become a Successful Entrepreneur?