General management for young leaders in entrepreneurship
Who is a Business Entrepreneur?
A Business Entrepreneur is an individual who starts a new business and can bear most of the risks while waiting to enjoy its long-time rewards. He is an innovator, a source of new ideas, services, and goods. An Innovative Entrepreneur is a person who has new business ideas and procedures. The entrepreneur plays a key role in the economy. Entrepreneurship as a subject is still an innovative topic in India which requires a blend of enthusiasm, passion, and capital.
Business Entrepreneur and Entrepreneurial Management:
Entrepreneurs play a key role in business management. They have skills and initiative necessary to anticipate current and future needs and contribute new ideas to the market. Business Entrepreneurs prove to be successful in taking the risks of start-ups. Entrepreneur Development Courses help give a direction to budding innovators in the field of business and create experts in this field.
Innovation and Entrepreneurship
Entrepreneurship is one of the resources economists categorize as integral to the innovative production. Innovation and Entrepreneurship work together. An entrepreneur combines his innovation and enthusiasm with his capital. Given the risks of opening a new venture, the acquisition of capital funding is probably challenging. While some entrepreneurs are lone players, some have Family Business Strategy up their sleeves; while others take the help of their partnership businesses for greater success.
Three thinkers who were central to this idea, are, Joseph Schumpeter, Frank Knight, and Israel Kirzner. An entrepreneur usually acts as a coordinating agent. He moves various resources, both tangible and intangible, thus promoting capital formation. Entrepreneurship can have a positive effect on the economy and society in several ways. Entrepreneurship and Small Business Management both are the start-ups that help cure the society of the ongoing sicknesses of poverty and unemployment.
For example, a couple of information technology companies began operations in India in the 1990s. Simultaneously, business in associated industries, such as hardware providers or call centre operations, began to develop. They started offering support services and products.
Role of Entrepreneurship in society:
Family Business ownership and entrepreneurship; both create a social change. They break traditions. Entrepreneurs invest in community projects and help in charities too. They support causes over and above their personal business profit. Moreover, research shows a high level of self-employment can stall economic development. Entrepreneurship is a critical driver of innovation and economic growth. Therefore, fostering entrepreneurship is an important part of economic growth strategies of many local and national government around the world and also for Family-Owned Companies.
California’s Silicon Valley is often considered as a well-functioning entrepreneurial ecosystem. This region has a well-developed venture capital base, a large number of educational talents and wide range of government and non-government programs.
How to be an Entrepreneur?
Well, you do need to be versed in certain sets of skills to be an entrepreneur. Entrepreneurship Courses are available online and offline. You can enrol in business management courses so that you have a clear idea of your business. Online Business Entrepreneurs are establishing new ideas going beyond those stereotypical notions of businesses. You can Learn Business Management Online to become an expert and be ready to make your mark as a young leader. One should also be ready with the mindset that his or her business is not going to flourish in one day. Hence it is imperative that one should build a diverse skill set. This building of skill-sets can be achieved through the process of continuous learning and trying out new tasks. Also, one should consume content across multiple channels such as books, articles, lectures, etc. and you should develop the skill to identify your problem and solve it accordingly. This is known as “adding value within the problem”.
Business Courses on Entrepreneurship:
- Entrepreneurship Skills for International Business
- Entrepreneurship: Design Thinking for Business
- Entrepreneurial Operations: Launching a Start-up
- Business foundations
- Business principle and entrepreneurship
Reasons why Entrepreneurship is important:
- Entrepreneurs create a new business: Entrepreneurs provide new and good services, which are path-breaking offerings for society. It can also produce a cascading effect on the economy. A study on Entrepreneurship Subjects gives young leaders a chance to start up his own business. Innovative Entrepreneurs in the current society are performing quite well and contributing to building up a strong economy.
- Entrepreneurs add to National Income which is praiseworthy: Their ventures literally generate new wealth. New and improved offerings in terms of products and/or technologies enable new markets to be developed. They have proper business strategies for marketing. Be it single person’s effort or Family Entrepreneurship, they are social performers who provide the much-needed economic boost.
- They develop community: Entrepreneurs invest in community projects and provide financial support to local charities as well. Some famous entrepreneurs like Bill Gates, Warren Buffett have used their wealth in charity and promoting health care.
- Entrepreneurs create social change: Entrepreneurship results in an improved quality of life and creates jobs for the unemployed mass.
Entrepreneurship and Small Business Certification:
Some small businesses need certification in order to receive the benefits of their specific small business program. Entrepreneurship and Small Business Management often require highly competitive strategies to be successful.
- Small Disadvantaged Business: SDB is designed for companies with owners who classify themselves as socially or classically disadvantaged.
- HUBZone Program: Innovation and Entrepreneurship both go side by side so some programs are also unique on their own. This program is for historically underutilized businesses including urban or rural areas. Your company will get federal aid if your company is HUBZone Certified.
- Business Development Program: This program is created to give financial support to the socially disadvantaged business. Once certified; you can receive specialized contracts and form a partnership with fellow organizations.
Strategic entrepreneurship in the family business:
Family-Owned Company has some strategic planning, finance, tax, compliance, complications, people management, and technology. The entrepreneurial activities in a family can be personal but everyone present in the family is going to take the credit. Decision-making in case of Family Owned Small Businesses or large businesses is done by all. The risks are greater in the case of Family Entrepreneurship. As a family entrepreneur when it is all about the family, one has to think twice before taking risks. The family wants to stay in business for generations.
Family-Owned Companies, who are successful, usually observe the market carefully. They observe what changes have come in the market. This is the reason some families command a monopoly in the market of Family Entrepreneurship while others are unable to survive longer. They achieved success because they invested in productive activities, emphasized growing assets, and remained reasonably united over generations.
College Courses for Entrepreneurship:
Entrepreneurship Courses in India are gradually becoming popular. What is an Entrepreneurship Course? It is often referred to as a program meant to facilitate the entire process of conceptualizing, launching and running a business enterprise to provide goods and services. To make your business grow loads of Entrepreneurship Development Courses are available in the education domain. Some courses are Online Business Courses with Certificates. Entrepreneurship Courses in India are available both in full time and part-time options. Full-time courses are mainly offered as a specialization in BBA or MBA. Post-Graduation Entrepreneurship Programs are also available in two options. Masters in Entrepreneurship online or offline will definitely provide you with more expertise. This program is for those graduates who intend to set up a highly impactful or innovative business. Irrespective of your previous records Entrepreneurship Master’s Program accommodates a range of learners who are interested in starting their own business. Due to the increasing popularity of this profession amongst students, Masters in Business Strategy acts as a career booster for aspiring candidates in this highly competitive market.
Some popular entrepreneurs in India:
- DHIRUBHAI AMBANI – RELIANCE
- RATAN TATA – TATA GROUPS
- NARAYANA MURTHY – INFOSYS
- LAKSHMI MITTAL – ARCELOR
- ANAND PREMJI – WIPRO
- ANAND MAHINDRA – MAHINDRA GROUP
- SHIVA NADAL – HCL
- BHAVESH AGGARWAL – OLA CABS
- EKTA KAPOOR – BALAJI TELEFILMS
- GAUTAM ADANI – ADANI GROUPS
- MUKESH AMBANI – RELIANCE INDUSTRIES (NOW)
Future in Entrepreneurship:
It has been mentioned earlier that innovation and entrepreneurship go together. But in business sections in the newspaper we often see lots of cases of bankruptcy, organizations closing down, and disasters happening with business models. The reason can be they could not observe well the growing change in the market. The entrepreneurs have often thought that their old strategies will work. Companies like OLA, UBER, AMAZON, APPLE, and FACEBOOK could stand in the market by reading the thought process of the mass customers. They have changed the rules. Facebook in 2009 and Facebook in 2019 is hugely different from each other. A technology-oriented Entrepreneur Management Syllabus based on current economic trends is necessary for the growth and development of the business for budding entrepreneurs; be it a single-handed enterprise or a family-owned company. We have to change the ways business is perceived because now we live in a society where time is technology and technology is the driver of all the businesses.