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To Do Or Not To Do? Says a 23 Year old Entrepreneur

Siddharth Sharma, a 23- year old Delhi based exporter, gives you the lowdown, plain and simple, on what it takes to break out on your own…

Firstly, to become an entrepreneur, there are no pre-defined skills. The most important characteristic in a person though should be to take any amount of responsibility that comes in the journey. You, as a person should just have the passion to become one, come what may. This means that a person should feel from inside that they can become the top most leader, and are ready to take responsibility, weather it is of the product (includes development, marketing, production), finance (includes calculations of all profit and losses, calculation of opportunity costs and many more), and the responsibility of the people involved, weather they are the top managers or the lowest bottom level workers. This passion provided taken and practiced in a positive way, will develop the facilitating skills that are needed to become a successful entrepreneur. These skills can be jotted down to give a brief idea:
a) Visionary.
b) Alert.
c) Healthy.
d) Patient.
e) Deep sense of value of money and work.
f) To handle human behaviour and to respect human effort.
g) Good accounting skills.
h) A good Planner, Organizer.

Pros:
Entrepreneurship is very deeply related with inner satisfaction, combined with the technical know how of management. A person cannot become an entrepreneur if he or she is satisfied with a good salary package and is living a good Monday to Friday work life, while having a blast on the weekend. To become an entrepreneur, and a successful one, one should be more aware of the cons, rather than the pros of this position. Following could be the pros:
a) Contribution to society (of course the business should be done ethically),
b) A sense of creation,
c) Self development
d) Profit – Money is a very important resource.

Cons:
The cons are as important as only these can play a big role in making a person decide if he or she wants to become an entrepreneur. What are the possible cons you ask? Well, losses, increasing responsibilities by the day, fear, the risks posed by internal (operations problem) as well as external factors (political, demand, environmental). Also, your personal life may get affected in the short term. And since everything can happen right from production to final purchase by the client, and the after sale, work never gets over, you pretty much have a 24-hour-365-days work schedule.

All cons are immaterial though; they are however important risks that need to be covered with good planning and effective implementation.

How to go about it:
1. Firstly, a product – be it tangible or an intangible product should be clear.

2. A project should be written down, including the various steps required to form a chain starting from product development to final sale, and after sale service.

3. Money – The most important factor: All calculations should be known, including all costs, and then a final sale price to earn a profit. The initial investment can be taken on loan from a good bank, or part of it can be a person’s savings, but the profit should always be more than the interest of the investment, else you will be running into a loss. You should also be ready to however, incur a loss initially in any new project, as it takes time to achieve a certain level of establishment.

4. Finally, running your own business is a continuous process. It requires a lot of patience, but a clear vision. Every day is a new experience, and each should be recorded in a person’s mind to help in future situations.

Read other articles on Entrepreneurship by Rashmi Bansal

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