The world is thriving on technology, innovation, and day-to-day inventions that are upgrading the standard of living with each passing day. And like every success story, there are a few things that have made this possible – all working behind the scenes. From the industrial revolution to developing sustainable-development goals, there has been one office that has shouldered the responsibility of bringing about this ‘global’ change: The Office of Entrepreneurship. Let us unravel what entrepreneurship really is, what an entrepreneur does, and more importantly, how they are becoming the cornerstones of the global-tech village we live in today.
Who is an Entrepreneur?
As identified by most dictionaries and sources:
“An Entrepreneur is an individual who sees an opportunity (for business) – the needs and wants of people – and then identifies a marketplace. They begin to exploit this opportunity by coming up with innovative ideas. With great risk, they venture forth into an unknown area in hopes of realizing their idea.”
Entrepreneurs take risks when investing money, time, and resources. In prospect of making huge returns and profits, they look forward to every opportunity they get to close to realizing their dream. This also means taking initiative, responsibility, stress, and working more than anyone else on the team. Mostly, entrepreneurs start as solo or a group of close friends who want to realize the same idea. They work as a team, in mutual cooperation and collaboration. But one thing is for sure, there are entrepreneurs behind every business, the bigger ones often have a number of partners or shareholders who have a stake in the company, and assets and investments are made in due time.
What does an entrepreneur do? Top 9 responsibilities of an entrepreneur
From developing, designing, producing, marketing, and eventually, selling their idea, entrepreneurs are involved in virtually everything. The goal is the same – profit. Here is the list of the top 9 responsibilities of an entrepreneur:
1. Leading business activities
Entrepreneurs & Leaders both have a clear vision and the ability to influence others, not necessarily by authority, but more so due to their charisma and innovativeness. These both have expert communication skills, and the most successful entrepreneurs often sell stories instead of ideas – see Elon Musk, for instance. More people follow him on Twitter than they follow his company, Tesla.
The traditional role of any entrepreneur is to lead the business he started. There are always new needs emerging – some out of necessity, a few out of leisure and pleasure-seeking – but the point is, there will always be needs and wants that businesses will need to satisfy. If one does not, someone else will. This has been the reason why businesses develop as societies progress.
Hence, good entrepreneurs are good leaders first. They have this group command, and without pulling ranks, they get others to share the common vision and follow them. Entrepreneurs are experts at conflict resolution and decision-making. They are understanding and caring towards their employees as they are fully aware that this matters! They commit themselves to their vision and work towards achieving it in a fashion that is rewarding for everyone. Oftentimes, they can be overly gritty and conscientious as they have learned their lessons after great ordeals and pitfalls.
2. Allocation and delegation of work
Allocating work to employees seems easy, but delegating your work requires good-decision making. This is because delegation means assigning some of your own work, and that means the work of the entrepreneur in question. Hence, entrepreneurs are apt in delegation and just know whom to trust and whom to delegate.
3. Predicting business dynamics
The business environment is always dynamic – Covid-19 made us realize that. Hence, it is here that entrepreneurs need to make swift decisions in order to keep up with the pace. It is just like shifting from in-person classroom teaching to online modes via Skype, Zoom, MS Teams, and Google Meet. AI-based algorithms come in handy here as they are able to ease the data analysis and make a prediction seem more plausible.
4. Creating needs & wants
All entrepreneurs do this: they address existing needs and create new ones. This is a continuous process that never ends.
5. Identifying new markets and/or niche
There are times when an existing market becomes saturated and/ or there is already a lot of competition. One of the prime roles of an entrepreneur is to seek new markets or create products tailored to a specific niche not already addressed.
6. Maintaining diversity, equity, & equality at offices
These three things often go hand-in-hand. Equality leads to diversity and equity ensures people are paid according to what they do. Entrepreneurs ensure this is the case.
7. Constantly improving the standard of living
As stated earlier at the start, entrepreneurs try to improve the standard of living, every time! It is true they do this for profit (and some do for social welfare), but in return, they ensure their products and services fulfill the day-to-day requirements and ease the job of the masses.
8. Taking risks in new ventures
This is one of the most important roles of an entrepreneur: Taking Risks! These people are constant risk takers and do not get tired of doing so – of course, that is how the business keeps going.
9. Creating a socially diverse & sustainable business environment
Being socially diverse and inclusive of every talent, regardless of race, caste, color, creed, etc., not only helps to increase the solution space to problems but enhances the office culture and atmosphere. Customers of such businesses remember them not by the product they provide, but via the employee empowerment and culture practiced inside the offices. Hence, drawn in by this, businesses see increased customer volume and employee satisfaction peaks when they see their hard work materializing.
Sustainability Goals ensure that the existing business works in order to maintain the resources for the coming generations. This often includes producing eco-friendly products, reducing the carbon footprint, and basing products on organic origins.
Who can become an Entrepreneur?
Honestly? Everyone. Yes, you heard it right. Anyone and everyone can become an entrepreneur, especially in today’s era – the ‘Digi-era’. This career does not require any specific education, nor any prerequisite training (though it is always advisable to get acquainted with business or a related field – it always helps!).
Even high-school students and teenagers have started their own businesses – some in the fashion industry, others in the tech. From Cory Nieves having his famous hot chocolate business to the Bercaw Sisters making millions with ‘bath-bombs’, the world is seeing the youth in the business sector more than ever.
The point of all this is that inspiration can strike anywhere – you just need the growth mindset and the ability to take risks, that’s all!
Want some business ideas? Read the post on Top 10 Business Ideas For Students here on Fajar Mag for a greater insight! For Teenagers, this post on 20 Small Business Ideas for Teens will sure help, a lot!
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