Entrepreneurship: Why is this knowledge a necessity for College Students in India?

Entrepreneurship: Even this perplexing sixteen-letter word is insufficient to justify the contribution of an entrepreneur to the world. From every tiny little product to complex services, entrepreneurship is the channel that makes it all accessible. Entrepreneurship ensures the self-sustainability of an economy thereby generating employment opportunities.

Ideas lead to INNOVATION and INNOVATION creates a future.

UNDERSTANDING ENTREPRENEURSHIP

Can you imagine a world full of brilliant ideas but no practical utilization? Seems impossible right?

Experts define Entrepreneurship as the ability to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. In simpler and common terms, it refers to starting a new business. 

Considering this, most of us might confuse a “businessman” with an “entrepreneur”. Are the two exactly the same? Certainly not. A fine line separated the two. A businessman usually follows a setup path and earns profit by selling goods and services. While an entrepreneur believes in thinking out of the box, novel paths, and working on unconventional ideas. An entrepreneur might become a businessman in the future. 

A businessman is a market player while an entrepreneur is a market leader.

Also Read | Best 15 Inspiring Movies For Entrepreneur – Must Watch

WHY COLLEGE STUDENTS?

This might have built up a clear understanding in your mind. But you might be wondering what all of this has to do with COLLEGE STUDENTS?

Let us start by understanding the basic tendency of students. “Let us study well and grab a hefty package” is exactly the perception of 90% of college students in India. Why is it so? This is because all we have bestowed since our childhood about a “well-settled” life with minimum risk involved.

But let us look at it using another perspective. Imagine a student who gives equal importance to learning communication, analytical, and leadership skills on a practical basis as much as he gives to academics. This individual is capable of now converting his ideas into reality if he chooses to do so. All the skills mentioned above are a part of entrepreneurial skills. 

Also Read | 10 Smart Startup Ideas You Can Start In College

What if someone doesn’t wish to become an entrepreneur?

 Still one must acquire entrepreneurial skills for the below mentioned reasons: 

1. Boosting Job Prospectus: Considering the human nature of favoring like-mindedness, an entrepreneur always seeks to hire a person who has pioneering practical skills apart from what the job actually demands. Such an individual is always perceptible and has a bright career. 
2. Develops analytical mindset: A person, after acquiring entrepreneurial skills, is always able to research and analyze any given situation in an effective manner. This makes it easier for him to solve any given difficulty. 
3. Improving Public Relations: No matter what, a person seeking these skills will always have an edge over others in terms of maintaining public relations. He/She would be great at handling any group of people and thus would be handed over more responsibilities. 
4. Developing Managerial skills: Entrepreneurs are those who know how to get work done. These skills ensure that you are not made ‘just to follow orders’. You are able to make appropriate and timely decisions.
5. Switching your profession: Most youngsters today consider taking a break from their existing career path and opt for switching their profession. Many people quit their jobs and build their own startups. Job conditions might compel someone to do so. In such cases, if one has preliminary knowledge about the topic, it might open up a new scope of opportunities for him/her.   

Why do Entrepreneurs earn millions of dollars? 

Firstly, entrepreneurs are able to exactly identify what their audience demands. Then, they are able to come up with effective solutions for the same. They formulate strategies keeping in mind their target customers and set up the prices accordingly. 

E.g. Premium and Luxury Car manufacturers like BMW, Ferrari, and Porsche do not spend even a penny on advertising their products. The brand value of these companies is so high that it is sufficient enough to attract their small target customers. They are well aware that their products are made only for financially well-off customers. Hence, they believe in providing top-class services to them and set up the prices accordingly.   

Secondly, true entrepreneurs never work for money. They work in order to solve a particular problem and improve wherever there is a scope. The customers, who make use of these goods/ services are definitely willing to pay and opt for this in future as well.

Entrepreneurs work for their own. The following are the qualities that make an Entrepreneur distinguishable from others:

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How to know if he/she is an entrepreneur?

• Problem Identification Skill: On a daily basis, we all come across several things which aren’t going the right way or at least need improvement. At times, we even have a thoughtful solution for the same. But real entrepreneurs are those who identify a problem, try to formulate the solution, and develop an appropriate mechanism for the better.  

• Seize the chance: An entrepreneur, after seeing potential in a thing, has the ability to consistently work to find the appropriate solution for the same. Once a chance is given, he is able to grab the most out of it. 

• Leadership Skills: A true entrepreneur is always the glue between his team. He knows how to effectively manage each of his team members and get the work done as efficiently as possible. 

• Effective communication: An entrepreneur always knows how to put forward his thoughts clearly in front of any audience (be it investors or appealing the customers). Once the ideas are conveyed effectively, any process becomes easy. 

• Risk-taking attitude: An entrepreneur is always a long-term thinker. Temporary conditions or scenarios might dwindle the perception of many individuals. But being consistent and taking a risk is what makes an entrepreneur stand out. 

And yes, entrepreneurship is not all about learning but experiencing.

Also Read | Best 5 TV Shows For Entrepreneurs To Watch in 2021 – Must Watch

Here are 10 effective steps which YOU can take RIGHT NOW!!!

1) Start Reading

2) Perform Case Studies ( may not always have to be success stories)

3) Listen to Practical Experiences

4) Develop speaking/communication skills

5) Participate actively in group discussions

6) Think and Analyze.  

7) Take leadership responsibilities   

8) Perform in-depth research

9) Learn to be patient & Respect Difference of Opinions

10) Make a start 

Check out | Best books to develop an entrepreneur mind

CONCLUSION

Hence, we can understand that entrepreneurs are in turn problem-solvers. If entrepreneurs increase in number, it indicates a reduction in the number of problems faced and in turn a rise in the number of opportunities. This is exactly what we want to achieve for our nation to make progress.