5 Pillars in making of successful Entrepreneur ||UMER AKHTAR||

“all PRODUCERS are not ENTREPRENEURS but all ENTREPRENEURS are PRODUCERS” – by UMER AKHTAR

An ENTREPRENEUR is a person who set up a business or chain of multiple businesses, taking on financial risks in the hope of profit; many entrepreneurs see potential in the market due to their 5 inhibitory or learned traits. These are as follows :-

1) RISK TAKERS – This is the key trait of any Entrepreneur which we have heard in their success speech and had even witnessed this while going through any entrpeneurial process.

If we take the example of ELON MUSK then it’s quite obvious that he’s company SPACE – X was at the edge of bankrupt after the failure of 2nd rocket launch but he still decided to go for the 3rd launch and the rest was history now his projects are funded by NASA itself who one’s said Musk that his project is not feasible in the reality. Hence the RISK taking factor makes an entrepreneur to try and succeeded no matter what. Which nurture their will power towards their plan or venture. Therefore the one who makes the journey between DREAM TO REALITY possible is an ENTREPRENEUR.

2) OPPORTUNIST – “WHERE THERE’S A WILL THERE’S A WAY” suits best for an entrepreneur because the visionary quality makes an entrepreneur opportunist towards every possible situation in daily life. They plan to figure out the way from out of the box to deal with daily life problems.

JEFF BEZOS who dreamt Amazon and the era of digatilisation back during 1980 and started investing and developing the Amazon app and now whenever we take the name of any E-commerce website the name Amazon strikes 1st in our mind. And even figured out different ways to overcome the delivery problems and other promotional and sales business related problems in the business venture in order to survive in the Red Sea business environment as a market leader.

3) DYNAMIC – Entrepreneurs are flexible and adaptive at their approach. They can do any miracle and can be any one in the business world without any fear of failure. They enjoy the failure which helps them to bounce back in the race if business with even more speed.

Best to recall our 1st generation Indian entrepreneur DHIRAJLAL HIRACHAND AMBANI (commonly known as DhiruBhai Ambani) the founder of RELIANCE group who managed to create the the Reliance industries and the Ambani empire during the late phase of his life while working as an employee in ADEN PORT and managing a family a journey from middle class no one to the one of the super-rich family of the nation.

4) PERSUASIVE – Patience, Expertise, Negotiation are the key interpersonal skill together makes an entrepreneur Influential towards the society & business world. Name any entrepreneur from the Forbes magazine and checkout they have been ranked on the basis of their influential power Patience to watch things go wrong and hoping for the best at the end of the day without loosing the cool. Expertise in order to learn and grasp knowledge during generation of idea and even while failing in experimental approach. Negotiation finally helps them to commercialize their final product or service in the market which finally seek them profit or in laymen’s term “pays the fruitful price for their hard work, persistence, patience, dedication and knowledge towards the idea”. Another reason persuasive traits are important for entrepreneurs because it helps them to build Network. Networking with other entrepreneurs will allow you to meet people who are going through similar experiences and facing the same challenges. Building a community of fellow entrepreneurs to connect with will help you learn from others and share your experiences with like-minded people.

Let’s talk about Karansanbhai Khididas Patel; many of us might don’t know who is he; but we know NIRMA SURF POWDER pretty well. And just like other business during the initial stage NIRMA was doing great in market but were failing in generating revenues due not able to collect payments from retailers on time. Therefore the Negotiation & Networking skills helped KK Patel to bounce back into the market. He invested huge amount of money in advertising and promotions of surf powder and stopped the distribution after positioning the product perfectly into the minds of the end consumer he started negotiating with the retailers and wholesaler to purchase the product in the credit basis in order to continue the business cycle and to maintain proper integrity in the business relation.

5) VALUE CREATORS – “IMAGINATION is more important than KNOWLEDGE” – Albert Einstein. When it comes to entrepreneurs they believe in creating the value not only for themselves but even for their stakeholders. And some of them work for the welfare of the society and are known as social entrepreneur in simple layman’s term. As entrepreneur tries to bridge the gap between the imagination and reality and never tend to leave the opportunity in this process they create an immense value for individual, society and nation in the level of global worldwide platform. The work of an entrepreneur maintains the balance of demand, supply and production, which leads to savings and expenditure of an individual whose ratios points towards the per capita income and GDP of the nation. Hence an healthy working environment with the government support can nurture an entreprepreneur which supports and upgrades the economy of the nation.

Let’s understand how MCDonald’s creates the value from a bread and different recipes related to bread. In order to be value creator the building of an sustaining business environment surrounding your business is very important. Now, MCDonald’s takes the help of local bread manufacturers and vendors for the supply of all raw materials required to make burger or sandwich. Opening outlets in two major forms COCO (Company Owned & Company Operated) or via Dealer or Franchise owner in business jargen known as CODO (Company owned & Dealer Operated). Now, it generates the employment for the locals and provide business to the host country, provides a value of standardised food and experience to the customer. And generates profits in dollars and take those profits back to parent country.

Just like MCDonald’s most of the MNC’s work in the same pattern and creates values for every one on global stage.

To conclude the traits of entrepreneur we can say “THE SECRET OF SUCCESS IS TO DO THE COMMON THING IN A UNCOMMON WAY”. Hence therefore the one who embarks and lives like these common people categorise them as insane and that’s the reason former CEO of INTEL Andy Grove says -“Only the paranoid survive”.