Entrepreneurship, a Profession of Choice for Generation Y
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Generation Y, a generation that does everything on their own, a generation who lives by their own condition and a generation that is smarter than any other generation. Studies say that most millennials prefer entrepreneurship as a profession or at least a good position in any startup. As we know, millennials are those born in the mid-90s or early 2000s. To become a successful entrepreneur one need to have traits like creativity, social skills, ability to take a risk and face the hardships and most importantly leadership quality. It is important to develop entrepreneurial skills if you intend to develop a business.
No matter how you define the word entrepreneur, becoming one is not at all easy. An entrepreneur is the one who never follows the crowd, the one who has the ability to take forward his own idea and to bear its pros and cons. However, there is no common definition for such a deep word. But certainly, there are few common traits which all entrepreneurs are seemed to have. Here are some:
• Interpretational Skill
• Personal Characteristics
• Creative, Innovative and Critical Thinking Skills
∙ Correct Interpersonal Skill
A successful entrepreneur closely works with so many categories of people, be it the team, customers, investors, suppliers, brokers, etc. So, it is important to build a great relationship to get your work done in the right way. We agree some people are born with this quality, but fortunately, the skills can be developed and improved by working on it too. Here is some of the interpersonal skill:
⮚ Leadership and Motivation:
Leadership and motivation are a must make others follow your instructions and deliver your vision. Also, you must know how to delegate your work. A successful entrepreneur depends on others to get beyond a very early stage in business.
⮚ Communication Skills:
One needs to communicate well to deliver his/her vision so that investors could trust that. You need to sell your idea to consumers, clients as well as team members.
The ability to listen and understand is as important as the ability to communicate. Every successful person is a good listener so that he can understand others view too.
⮚ Personal Relations:
Being emotionally intelligent is key to maintaining a healthy atmosphere at your workplace. The more you’re emotionally intelligent you are, the better your personal relations would be. And to improve this intelligence, try to observe people’s reaction when you say or do something.
Negotiation is all a business works on. One should know where to negotiate and where to be stiff. The negotiation should always be respectful and beneficial to all the parties. That’s how a successful entrepreneur is.
Your personal characteristics, values, and beliefs set almost everything in your business. Here are some points which can be counted as personal characteristics:
Optimism is an asset, not only to your business but to your life as well. It will always help you in surviving by your hard times. An optimist is always ready for taking risk and challenges.
A clear vision can always look into a bigger picture and aspects of the business. Trust me; it can help you in being more creative in your work. A clear vision can inspire many people to work with him/her.
Taking initiatives or initiating is a very important aspect of an entrepreneur’s view. It can help in problem-solving and business improvement projects.
Decision making when facts are uncertain and bearing the consequences are also very important for an entrepreneur in making.
∙Creative, innovative and critical thinking skills:
An entrepreneur always needs to come up with creative and innovative ideas. The ideas that are different from a mediocre. These skills include:
⮚ Problem Solving:
An optimist is a person with a creative thing. A the problem-solving approach will always be a requirement rather than worrying about it.
⮚ Recognizing Opportunities:
Recognizing the perfect opportunity is a must to run a successful business. In an entrepreneur’s career opportunity knocks every now and then, but it takes special skills to grab that opportunity.
Practical skills are most important when it comes to produce goods and service effectively and run a company. Some of the practical skills are:
⮚ Planning and Organizing and Goal Setting:
Firstly setting a goal, then planning and organizing workforce for it, it is a must to reach a point which an entrepreneur always dream for.
⮚ Decision Making:
Decision making is something on which an entrepreneur’s business depends upon. Recognizing the opportunity, planning, risk-taking are all parts of decision making. After all, the right decision can take to the right place.
The good news is that ‘you are a born entrepreneur’ are just words. Entrepreneur skills are something which can be easily achieved by working on it. The millennials are people who never want to follow the typical paths, they rather believe in creating their own paths. So, entrepreneurship is a profession of choice for Generation Y.