Entrepreneurship is the new buzz word that seems to be becoming the talk of the town. The latest development can be traced from the fact that most of the young brigade is getting inclined to become the proud owners of business rather becoming a mediator to fulfill someone else’s dreams. The passion for chasing the dreams have become so strong that many colleges have introduced entrepreneurship development classes wherein students are encouraged to come up with new ideas that can shape their as well as the nation’s future.
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Advantages of having young blood as entrepreneurs:
It’s no denial that there is a rising inclination of youth to become job-giver rather job-seeker. The path-breaking contributions by these young entrepreneurs lead to employment generation which eventually helps in the growth of the economy. Entrepreneurs are an important asset for any economy as they bring forth the ideas and concepts that directly or indirectly act as a catalyst for the growth of the nation. Entrepreneurial endeavors lead to the influx of money into the economic machinery of the nation, whereas on one side the established business may hit the glass ceiling in terms of their services, offerings, and money generation, the entrepreneurial ventures will boost new products and technologies in the market resulting in income and wealth generation.
Entrepreneurs are breaking tradition, following the path-breaking rules to create something that was never thought of. Today we are experiencing the high rise of that stratum of people who believe in themselves rather than believing in the predefined systems and protocols. The latest examples of Facebook, Linkedin, Alibaba etc. are few examples of providing service to people in a manner that no had ever thought of and all this became successful because there were strong determination and perseverance of people who wanted to make it happen.
There is another side to the positivity of entrepreneurship and Italy is quite an example where self-employment has proved to be inefficient for the economic growth. Here I remember a famous phrase that says, “Too many chefs and not enough cooks spoil the soup”. Thus, it the role of the government and the state becomes very important here. They need to establish policies and rule that can work as a guideline for entrepreneurs. Unfettered entrepreneurship might result in some unsocial activities like pervasive corruption, criminal activity, unfair market etc.
Hence , the state needs to strike a balance when it comes to promoting the idea of entrepreneurship which will not only help the economy grow but will also lead to establishment of a regulated society. In order for entrepreneurs to grow, there are a few tips that will work wonder for you :
Fire in the belly
As a young entrepreneur you should be passionate about your idea and concept. Accept your failure with open arms as they are bound to happen however, don’t worry they are just a part of running a business. Your passion for your idea and zeal to succeed will help you come over this failure and make your way to success.
Delegating work
The success of any entrepreneur lies in delegating the right person right work. Your sole objective is to make your business run and increase the productivity ; technology has given us many options like Virtual Assistant, online work etc. which can be of great help .This not only reduces your workload but also lets you focus on your business.
Understand what market needs
Need analysis is the most important aspect of any business. Your product or service should match the customer requirement; make sure you run a pilot project r conduct a survey to understand what will be the probable response of people towards your product or service.
Look for mentors
Having a Startup mentor or a guide will not only help you get a third party view of your business model but at the same time they work as an excellent source to drive your business in a right direction. An important point to note here is that the mentor and the experienced brains in the business know the rules of the game, you might be good at technology but the experienced class has already, mastered the art of networking which is the key to success for any new venture.
Optimally use social media marketing
It’s never bad to use social media to market your product after all, people are now more driven by social media messages but remember to optimally use it. Don’t solely rely on social media as your only tool to market your product or service, see which is the best medium and best time to market your product.
It’s never bad to use social media to market your product after all, people are now more driven by social media messages but remember to optimally use it. Don’t solely rely on social media as your only tool to market your product or service, see which is the best medium and best time to market your product.
