Entrepreneurship is something special. Typical management theories depict Entrepreneurship as a quality that has to be in the blood - not necessarily inherited, especially when so many venture capitalists are around.
Entrepreneurship is something special. Typical management theories depict Entrepreneurship as a quality that has to be in the blood - not necessarily inherited, especially when so many venture capitalists are around.
Convention is one naturally becomes an Entrepreneur when born into such families. Qualities can differ, depending on one’s own upbringing, exposure and willingness despite blessed with the advantages of inheritance.
Grooming:
It is necessary for aspiring off-springs to be developed and moulded as entrepreneurs. To begin with is to match and map individual SWOT with that of Organizational SWOT (Strength Weakness Opportunities & Threat). This will specifically depend on business requirements and demands. It’s important for the budding entrepreneurs to understand what they know and most importantly what they do not know for growing business profitably - needing professional support. Some seek external support (meaning consultants) but it is usually recommended to engage a stake holder in the process - either as an employed professional or as professional Director.
Self Employment & Entrepreneurship
Many a times self employment is mistaken for Entrepreneurship. There is a world of difference between the two and this has to be recognised. At the most, self employed professionals can be called as Technopreneurs. Many a time, satisfaction for entrepreneurs is derived from incremental growth compared with market growth.
Entrepreneurship is progressive and compounded growth, YOY. Such growth is generally achieved by synergising entrepreneurial and intrapreneurial qualities. Owners should focus on new domains letting go Management of conventional, regular businesses to professionals. Growth comes naturally to organisations where there is good sync and alignment with Goals and abilities of both Entrepreneurs and Professionals. Size does not matter, as growth belies the size.
Intrapreneurs: The World of Entrepreneurship Belongs To
It is a proven fact that world over successful entrepreneurship is just around 7%. Majority of the successful organizations are a result of Intrapreneurs - The Professional Entrepreneurs. They are the ones who look beyond employment, owning and taking responsibilities for the Organization and its progress. There are many such examples in India.
Long term successes of such organizations are defined by fair, equitable opportunities and just rewards. ESOPS & Profit Sharing are a couple of options. Organizations need to be careful, especially when Transition between ownership generations happens. Choice is quite simple - Business First, Rest all next. Organizations and brands survive transitions only when engaged workforce at all levels remain to maintain the value momentum.
Given the dynamics and disruptions in businesses, era of intrapreneurs has already set in. It is time this is understood in true spirits. The journey of developing Professional Entrepreneurs within the Organization should have begun already.
In Triple P bottom line, People are the most important P. Leave and Let Grow.