Who is turning in order to become an entrepreneur and where they are launching their businesses may however surprise anybody .
When one hears the words startup founder, it’s thus likely that the image that comes to mind is that of a young man who lives in a lavish apartment , favors casual wear and hasn’t finished college.
Chasing the deadlines, crunching the numbers and also pushing innovation are thus '"just another day at the work" for the startup owners. But, what do they however do for themselves?
They thus have a lot on their plates . One however knows that 80 to 90 percent of the startups fail in the growth stage.
Given all this pressure and the constant workload,startup owners are however left with no time for themselves. And that's thus a shame because little do these entrepreneurs however know that following the tried-and-tested habits which are however described below -- the ones thta the successful owners follow all the time -- can however boost their productivity like never before.
The purpose of this article is to make the reader aware of some of the facts that would change as to how does one thing about opportunity and entrepreneurship . Further, the article tells about the three things which form the real heart of entrepreneurship .
Entrepreneurial opportunity thus emerges at the nexus of the individual aspirations with the economic and social conditions which are perceived as favourable in order to create a new product or service, however either in an existing market or either a new one
Some of the facts given below would help one to change their thinking about opportunity and entrepreneurship .
Fact No 1 : The Startup activity is thus on the rise but the rate has however declined.
Fact No 2 : People are also choosing entrepreneurship for the opportunity, not for necessity.
Fact No 3 ; There has been presence of more boomer entrepreneurs than the millennials.
Fact No 4 : The entrepreneurs are the college graduates, not the dropouts.
Fact No 5 : Female entrepreneurs have however made gains, but there is also still a long way to go.
However , the real heart of entrepreneurship lies in three things which probably are :
1. the ability in order to identify or either recognize an opportunity,
2. the ability in order to review or assess the opportunity, and last but not least,
3. the ability in order to successfully execute and realize the opportunity.
While these kinds of tasks result in being straightforward on the paper, the skills which one needs for each one are thus very different, and it is also difficult in order to be good at all of them. For the purpose of being a successful entrepreneur, one is required to excel at all three, and that too all at the same time.
Let’s study each of them separately
.
1. Opportunity Recognition
The people who thus typically excel at the opportunity recognition are considered as the right-brain creative type people. These people are however clever and also look at the same situations that everyone else does, but they however envision something different. They also see new angles, new possibilities, and new ways in order to do things. Scientists, especially those who are in the heavily analytical fields, thus often struggle with this phase. Being a scientist, we however strive for the reproducibility and also have the mindset that if A + B = C today, then A + B = C tomorrow. People who excel at the opportunity recognition however often look at a situation in a different ways and say, what if tomorrow, A + B = D? Then what would happen ? Opportunity recognizers however truly result in think outside the box, stretch the limits, and are combinatorial in non-traditional ways.
While the opportunity recognition phase is however crucial when one is beginning a new enterprise, it is also important in order to seek new opportunities throughout the entire lifetime of any enterprise. In order to stay ahead and also on top of the market, companies thus must constantly recognize the opportunity as they however continue in order to grow and evolve.
2. Opportunity Assessment
The opportunity review phase is where the scientists generally stand out in the entrepreneurship process. The opportunity review is however when the analytical assessment of the opportunity that was however recognized occurs. During this stage, an entrepreneur must also assess the potential strategies and the business models as well as also conduct market and economic analyses in order to establish an answer to the question which is Can I bring this idea to the market in an economically successful way?
Thus , Just like opportunity recognition, the opportunity assessment process however never actually ends in a business. A plan is also necessary, for sure, but an entrepreneur must thus be nimble in the face of the market changes and the forces. Perhaps the most difficult challenge of a start-up company or either a budding scientist is thus to make the correct decision between staying the course with the plan and then also determining when it is the most beneficial in order to detour from the plan based on the reactionary forces. As an entrepreneur, this is thus the largest struggle.
3. Opportunity Realization
The opportunity realization is thus what is called as the “Get it Done” phase. During this phase, it is also time in order to take advantage of the situation and then execute all of the great ideas and the projections are however ascertained from the two prior phases. This phase is thus tough and unpredictable. It is however a combination of doing the things by the book and thus also dealing with the inimitable people and also unique situations.
In theory, it is said that everything that makes a good scientist should also make a good entrepreneur. Thus , just like delivering any kind of paper, patent or any scientific discovery, being an entrepreneur also means having several ideas, exploring the most “sticky” ones, and then finally implementing the winning initiative with the full force.
Maintaining an equilibrium between entrepreneur and opportunity and the three main aspects of entrepreneurship , the ability in order to identify or either recognize an opportunity,
the ability in order to review or assess the opportunity, and last but not least,
the ability in order to successfully execute and realize the opportunity , the founders of LegalRaasta a startup which provides legal services have resulted in providing more than 100 + services. One doesn’t even have to go out , as it provides online services .
Choosing LegalRaasta is beneficial as:
1. It has , 30+ offices in India
2. It has 10+ years experience
3. It helps to save your time
4. There is a cash back guarantee
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.
