How Can You Build the Right Entrepreneurial Spirit Entrepreneurs today is a respected term, they have become the innovative thinkers
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Entrepreneurship in India is inbuilt. It is instilled in the DNA of the Indians even before the word entrepreneur came into existence. India is poised to see an exponential growth and has been the seat of many successful ventures. If I had been 30 years younger I would have set up a business in India myself.
Teaching the young Indian mind is a delight. It is not just about the business, it's also the ideas that they come up with. Worldwide too, the entrepreneurial thinking has taken its shape. Entrepreneurs have become a household name. Once upon a time it was hard to be a business person. But today business is associated with big names such as Apple. These are businesses that came with a vision. It is a way of thinking and having the big picture. Entrepreneurs today is a respected term, they have become the innovative thinkers. Worldwide today innovation and innovative thinking have come from entrepreneurs who have looked outside the box. They connect the dots and have networking across the world. So the global entrepreneurship is connecting the world wide over.
To add to that woman entrepreneurs today are a phenomenon to reckon with. Mother entrepreneurs have a different approach, especially in finding out what would best suit their babies. Their thought process has made them more successful than their male counterparts. It is about the neuroscience. Women approach their concept in a collaborative way. Men are much more linear in their approach.
The Role of Technology in an Entrepreneurial Venture
The Internet of things has changed the way one approach businesses. Today you can sit anywhere and be connected with your business requirements and needs. Just the networks that come from technology are fascinating. The business ideas are caught up with technology and that's exploded. Having said that, the data analytics, machine learning, Artificial Intelligence, Virtual Learning amongst others have gone beyond our assessment of business as we had known earlier. For example, today one can collect data from almost anywhere and the algorithm can tell you the consumer pattern, their preferences, their paying capability with predictive analysis. With such Data analysis you can reach out to the customer with their almost precise preference, which you could not have done earlier. So for the entrepreneur today, technology helps them to target the right customer with the right product.
Passion & Dream – the DNA for an Entrepreneurial Success
As an academician, whether I teach undergraduate programs or post graduate programs, I ask the students what is their dream. And it is astonishing to see that many have different dreams which they have not pursued as they have been taught at a young age not to dream. Unless you are passionate about what you want you don't get to love your work. Gradually you end up living someone else's dream. It astonishes me again that people have stopped dreaming and despite being with your class friends for more than 2 years, they don't share their dreams with each other. So all you need is a passion and a will to follow you dream to become a successful entrepreneur. You may not become an entrepreneur from the word go as you may not have the risk appetite. Then wait it out. Find out a partner who believes in your dream and is willing to finance it. See Richard Branson had a dream; he was willing to take a risk to give shape to his dreams. So this man had a vision, dream and a passion. So find out that passion which is connected to your dream, follow your heart, and find what that might cost you and your will to do that.
Stay Relevant, but Push Yourself
To be a successful entrepreneur you need to stay up to date with the needs of younger generation. Have a millennial in your team who would be able to give you the pulse of the market. They have the finger on the pulse. You need to follow the social media to understand their ideas. I run my thoughts and ideas with my children who are a generation younger, to get their perspective which gives me clarity. So to stay relevant in the business you need to understand the needs of the millennial.
At the same time push yourself to make a better version of yourself than yesterday. I used to be embarrassed to be a failure. But if you don't fail you are creating a boundary and not pushing yourself enough. And when you fail you learn. Personally if I don't do that I wouldn't know where my boundaries are. You need to push yourself. These also help you learn resilience. It helps you to become humble. Definition for failure is a potential word for not becoming successful. You need to keep trying. Sometimes when you fall it is difficult to get up. You need to find out a hand to help you. And you can do the same when another fall. In today's world we are not competing with each other. The real life lesson is how we collaborate, how we give up and how you move forward together.
Give Back to the Society
Entrepreneurship is also about giving back to the society. It is the law of universe. You should share 1/10th of what you earn to the community. It comes back to you. It is the universal law. It may not be conventional thinking but it the way forward.