Entrepreneurship-An Alternate Career Choice
If you've recently started your own business-or if you're thinking about it-you have a lot of company.Becom ing a home based entrepreneur is not just a career choice but also a lifestyle choice which more and more people are choosing day after day.
While many individuals go on their own internal reasons-a passionate need to be independent, a burning desire to turn a hobby into a profession, or the love of a challenge-others have chosen the entrepreneur route in response to external situations, including layoffs, frustration with their current workplace culture, or a need for greater flexibility in their lives.
Just as the dream during the 1950's was to buy and own our own homes, working for yourself (especially from home) is the dream of the 21st Century.However becoming an entrepreneur isn't for all.It's important to consider whether you have what it takes to start a business and run it successfully.
You've probably heard that start-up statistics are grim.What you need to know is that around 30% of businesses that are started at home survive longer than 5 years. Stories of overnight successes and young millionaires are rare. The dot.com era ended two years ago, and venture capital money is increasingly hard to secure. The hardworking, determined, visionary who dedicates long hours and endless energy to his or her business is the more realistic picture of today's entrepreneur.
Entrepreneurship comes with many hurdles both internal and external ones.They still need to offer exceptional service and top class products like any other business. They need to manage cash flow and maintain profitability and hire and retain the right mix of people. Externally, factors such as access to financing, the economy, government regulations, and technological issues impact entrepreneurs on a regular basis.
Many small businesses fail because of weaknesses in general management, financial management, and marketing (Statistics Canada, "Failing Concerns: Business Bankruptcy in Canada"). Michael Gerber cites the "entrepreneurial seizure" as a primary reason for failure in his book "The E Myth, Why Most Small Businesses Don't Work, and What To Do About It." What is made evident by Michael Gerber is that many entrepreneurs fail in realizing their dream by assuming that understanding the technical side of the business is enough to enable them to succeed. There are many more aspects to a home based business than that.
To avoid becoming a casualty of the start-up craze, it's critical to be aware of the pros and cons of running a business.There is no get rich quick scheme out there. The potential sure is there to earn a lot of money and a great residual income but you have to be willing to put in the hard yards and go through the dirty work needed to get there.
Are you the right person to become an Entrepreneur?
One recent study of entrepreneurs (William E. Jennings, "A Profile of the Entrepreneur") asked subjects to rank several traits and attitudes related to business ownership in order of importance.
Results showed the most important attributes to be:
" Desire and willingness to take initiative
" Desire to Achieve
" Good physical health
Filling out the bottom of the list were some surprising attributes, including a strong desire for money, patience, organizational skills, and a need for power.Today's entrepreneurs are more interested in competition and achievement than money or power.
By asking youself these questions then you can start to work out whether you have what is required to successfully start and carry on your own home based business.
" Are you willing to do that hard work and put in the time and effort required to get started?
" Do you want to bear the responsibility for all business decisions and responsibilities related to your company?
" Are you independent, disciplined, and committed to entrepreneurship?
" Are you willing to play a number of roles within your business?
Where Do You Start?
Research, research, research! Reseach in to the industry you are wanting to get into, and ensure you look at both positive and negative aspects. Talk to other entrepreneurs about what has worked for them, and read relevant trade journals, books, and business publications. You must be willing to learn daily and keep up to date with all current dilemmas facing this industry.
It is essential then to develop of comprehensive business plan.This is especially important if you are going to require outside funding to commence your business.All successful businesses whether online or not have a business plan in place. Set goals for your business, then break the goals down into achievable steps. A good plan will help you maintain focus when things become overwhelming.
Networking can begin immediately when starting a business. Don't burn your bridges at your current job, keep good relationships with current workers.When networking is done well it can establish mutually beneficial relationships.
Other aspects you also need to consider are :
Financial aspects such as amount of capital requirement to start-up and obviously if you can find an opportunity with low start up costs then that is great. However, remember that all businesses need capital to start.
It can be difficult to start from scratch and be assured that there are a lot of entrepreneurs out there who continued to work their initial job whilst starting their entrepreneurial business until things picked up. Be patient.
If you are going to continue working in your current job then it may at times feel quite overwhelming.Remember to carve out time for friends, family, and fun. If you can find a business that can help you along with things such as automated marketing systems, training and support etc then this will help you spend your time wisely and focus on building your business.
In closing, please remember that becoming an entrepreneur is not for the faint-hearted. If you are willing to work hard and learn then stop looking for the magic formula, which doesn't exist. Your dreams can come true with work and perseverance.
The current recession has brought about many buzzwords in the media; recession-proof, recessionista, and the great recession are just some of the many words that have been thrown around in news stories and blogs over the past year. Countless articles have been published inquiring about what people are doing now, when the job market is at its worst. Some people continue their schooling, others stay locked into jobs they can’t stand. One topic that hasn’t been explored as widely during this time is that of entrepreneurship. As the economy continues to rollercoaster, there are many who seem immune to it, building a business from the ground up despite advice warning against it.
When news of a market downturn first started making headlines a few years ago, few people gave it much thought. But when reality hit, few knew what to do. For those who had a vision and the ambition to do so, they employed themselves by doing something they loved. Although a bad economy may not seem like the best time to be a small business owner, it has actually been good news for many. In a piece for Harvard Business Publishing, New Mountain Ventures founders Christopher Gergen and Gregg Vanourek write,
“Many people assume that entrepreneurs are allergic to recessions. It turns out that downturns can be times of tremendous opportunity–and, yes, profit–for entrepreneurs. But only if they play their cards right.”
The entrepreneurial spirit has taken hold among people all over the country looking to break out of the everyday and be their own boss. Entrepreneurship inspires creativity, allows someone to become incredibly passionate, and bring something new to the world. Those who recognize the potential in a recession—most important being decreased barriers to entry and the need for new businesses—will reap the rewards.
CNN recently published a piece on a history of businesses born during economic downturns, citing examples of...
To read more about the re-emergence of entrepreneurship, go to Sparxoo, a digital marketing, branding and business development blog.
WOMEN ENTREPRENEURSHIP AND CAREER DEVELOPMENT
An enterprise is an undertaking and enterpriser is one who organizes and manages it and takes risk. Initiative, risk bearing, co-coordinating of factors of production, use of innovation and provision of capital are the basic elements of entrepreneurship.Solutions, creation, processing and promotion of unit, promotional help, adequate and timely finance, sufficient market stability and intelligence are the main factors effective progress.
This is considered to be one of the most significant organizational changes taking place in the world today. However, though the number of women entering the managerial profession is on the increase they are still clustered in the lower levels of management and rarely obtain positions of significant corporate power.
In difference countries where the entry and middle level management positions are held by a significant number of women, experience prove their effectiveness as managers.
*Ph.D Research Scholar, Department of Commerce, Periyar University, Salem-11
The first Indian woman to graduate from Harvard business school. She is amongst the most powerful women in business in the country. Now in 2006 Naina Lal kidwai could become a director on the board of Swiss multinational nestle.
The goals of women’s empowerment are to challenge patriarchal ideology to transform the structures and institutions that reinforce and perpetuate gender discrimination and social inequality and to enable poor women to gain access to and control over both material and information resources.
In operation vital and extensive employment and beneficiary oriented programmes for specific target groups like farmers, and artisans such as the:
1) National Rural Employment Programming (NREP), the
2) Integrated Rural Development Programming (IRDP),the
3) Rural landless Employment Guaranty Programming (RLEGP),the
4) Training Scheme of Rural Youth for Self Employment (TRYSEM)
5) The Scheme for providing Self Employments to Educated Unemployed youth (SEEU)and
6) Self Employment Programme for Urban Poor,(SEPUP)
Growth for Industrialization, Urbanization, Education and Democratic system in the country the custom-bound-society of India is in the process of a change. The women are searching gainful employment in different fields.
In developing countries they invariably work harder than men. They contribute to economic actively and to the welfare of society through house hold jobs, child rearing, educating children and working in the fields. In developing countries, the discrimination extends to health care, food, property and access to credit.
Women’s organization aim at creating general awareness on the status involves roles, exception, entitlements rights and obligations etc. In many cases women are unaware of the legal rights, to take decisions and great influences by a family the dominance of the male.
From 1980’s onwards, the issues raised by WOMEN IN DEVELOPMENT (WID) and, lately, GENDER AND DEVELOPMENT (GAD) approaches have acquire great importance, both for government organizations, non- government organizations and women’s organizations. While WID concentrates more on women’s economic activities.
We need to invest in our people and, especially, improve the lives our women we need contribution from our women to attain excellence in all areas of activity. Our social and cultural attitudes neglects and marginalize women. In public, we can accept and respect women and brag about having a woman as our Prime Minister or a few women’s as Chief Ministers and Judges. But privately, the large majorities of women are sub Jud gated and dominated.
They need permission from their men to occasionally visit their parents and relatives. It is estimated that 124 million women work in India (National Sample Survey Organization, 2000). This represents about 31 percent of the total work force. The Government economic survey for 2003-04 has estimated that there are 4.95 million women in the organized sector (both public and private sectors) about 18.01 percent of the total organized work force.
Last year the Confederation of Indian Industry (CII), through its women Empowerment Committee Conducted survey of white-collar in 149 member companies across different sectors and regions. The percentage of women employees in medium companies was 18 percent, large companies 4 percent. At the managerial level, the percent of women at junior level was 16 percent, middle level 4 percent, senior level 4 percent and at senior-most levels, just 1 percent.
Today, to survive competition in a globalizes market, many organizations are our sourcing and contracting out their work. This certainly has created opportunities for home-based work, especially for women in sectors like textile, garments and electronics.
The natural enterprises of Indian women can be nurtured through innovations schemes of micro-finance. The government, financial institutions and private sector can join hands to create women entrepreneurs.
Many of us agitate to ban cow and buffalo slaughter, but remain insensitive to the increasing rate of female feticide in some of the states. Women to do not educate, because the work in there, homes and kitchens. Many organizations do not have any sexual harassment policy in place and distressed women have no place to turn to. Most of the families do not equal chances to the son and daughter. Most of the women to unawareness to the society. Though 48 percent of Indians are women, they are disadvantages in every way-in term of literacy, labor participations and earnings. Those are un favorable family background, lack of education, dual role of women, lack of aptitudes, and training, absence of individualistic sprit, lack of freedom to choose a job according to ability, influence of sex, caste, kinship custom and family burden etc. In her childhood, she relies on her parents are elder members of family, in her adulthood she relies on her husband and in laws and again in her old age she depends on her husband and sons. The male superiority ego, complex create barrier in the pathway of success.
10. More ever, wherever necessary bookish knowledge she gathers is not sufficient to meet the various problems in the business field.
However in India Women enjoy the following five rights that men do not:
1) I-T exemption of Rs.35,000
4) Extended Maternity leave
5) Day-care centers.
These companies employee the highest percentage of women in India:
Makes a conscious attempt to build a strong female executive pipeline by effectively using the graduate campus trainee programme and building database of successful female candidates in the industry at all levels.
More women @ Accenture: A metrics based recruitment process for hiring women, a referral programme for women and special recruitment drives at women-only colleges.
A role model programme for women highlights the achievement of senior women managers and showcases the absences of a glass ceiling.
THE TOPEST WOMEN IN A MAN’S WORLD:
1) Naina Lakidwai, VC & MD, HSBC Securities
2) Sangita Taiwar, ED, TATA Tea.
3) Kavita Hurry, MD & CEO, ING Vysya Mutual funds.
4) Ashu Suyash, Head of Business, Fidelity Fund Management.
5) Renuka Ramnath, MD& CEO, ICICI Venture Funds.
6) Lalita Gupte, Joint MD, ICICI Bank.
7) Renu Karnad, ED, HDFC.
8) Kalpana Morparia, Deputy MD, ICICI Bank.
9) Rama Biya Purkar, Strategic Marketing Consultant & Non-ED, Infosys.
1) The women entrepreneur development is important for accelerating industrialization in India.
2) If we can really bring out a balanced society with equal opportunities to both men and women
3) Boys needed to be made aware that household and child-rearing responsibilities need to be equally shared between a husband and wife.
4) The government has been pampering organize labor and, by and large, neglecting the unorganized sectors.
5) Dynamic frame work of regulations so that the vast majority of our women workers get justice and social security.
6) to avoid sexual harassment policies should be clearly stated and implemented
7) Every family owned business need to an equal chance to their daughters.
(Eg.) “Mukherjee & Sons” and
“Pastronjee & Sons” but also
“Mukherjee & Daughters” and
“Pastronjee & Daughters”
The government must lead the way and corporate NGO’s and educational institutions should join in to support and work for change. Real change will come when our women are treated on par with men and given equal opportunities. Indian will be able to harness its women power and emerge as a respected nation.
1) Entrepreneurship development in India- by Sami Uiddin.
2) Business Today
3) Management Research
Central to being an entrepreneur is the question of what truly is an entrepreneur and what makes one.
If you asked business experts some decades ago, the very thing that makes an entrepreneurs would be given on a capsule-like definition. This person must be a male, an only child in the family, should atleast be35 to 45 years old at the time of venturing into the business, must have a masters degree in business courses, must be a Protestant, a son of a poor family and must have worked in his childhood days.
They're right, entrepreneurs truly must be developed and raised in certain environments that would elicit responses applicable for becoming a risk taker, an organizer and a team builder. Add some touches of good character and faith in himself, his people and his Overseer, the person is sure to go up the ladder of businesses. And never forget, he must have some good streak of luck and fortune that would push him to brave the risks.
Now, if you do not fit in this stereotypical representation, should you get worried? Of course you must not. Hardly any of these are true factors to becoming an effective entrepreneur.
Nonetheless, recent research and keen observations in the lives of successful entrepreneurs indicate that they seem to have some common denominators that make them successful. If you are worried that you lack any of them then you can make ways in acquiring some of those factors and get the advantage of many things.
Though arguments may present various contradictions to the indicators, the fact is, we never can actually give exact measurements on what would work and what would not. Well, other people choose to focus more on the qualities that the entrepreneur don't have and those that do not apply. Others find links from those that are commonly present in many and those that are exceptionally effective for most. On whatever grounds we delve, there should always be some hints that we can gather.
The common denominators
Handworkers- people in entrepreneurship are almost always the hard workers unless they stand up and work some things out, they can never become entrepreneurs. Not only should they be prepared on what lays their grounds in staring their own business, they must also have the good training prior to staring their company. It his is critical since no lazy oafs can become tycoons overnight.
Motivators- entrepreneurs are normally characterized by their ability to build team spirit and to become effective organizers. Thus, they have to have the power to motivate both his team and himself. They must carry motivation to achieve which is almost similar to believing and hoping for something better. This fall to be one of the most common quality entrepreneurs have. They never aim for the third rank nor the second. Their place, they believe is the first.
Leadership- staring a business entail the risk of falling to uncertainties and failures. Going through all these require much of leadership skills. The group can't go anywhere without a good leader to tap them when they fall.
The lack to fill
Excessive risk taker- though entrepreneurship demands that one should be willing to take risks, overestimating one's potentials in taking risks can prove to be very destructive. Optimism is good but overly positive people die early in the world of starting businesses.
Compulsive gambling- gambling is part of entrepreneurship but most people know that risk taking must be based on good decisions and not on impulses, chances of succeeding must be equated to the chances of failures. Thus conscious decisions are vital with every roll of the dice.
The things that don't matter
Biological factors- this group includes age, sex, marital status, and education level are all irrelevant factors in making it through the entrepreneurial world. They may provide some good contributions to things yet they don't normally dictate where the ball would fall. Often, we see obscure people winning the game. Obscure, meaning they are not among the stereotypical. School drop outs like most of the successful men and women in the world normally stand on toe (or even above) most businessmen who have doctorate's and master's degrees.