In this article, we also talk about the meaning of entrepreneur, entrepreneurship and its purpose. In summary, the word entrepreneur is derived from a French word meaning to take a risk. These risks culminate in the creation of something beautiful – a business born out of an idea.
What is a startup: This article answers the most common questions about a startup. Key questions we cover are – what is a startup, definition and difference with a small business? We also talk about the terms entrepreneur, founder and entrepreneurship. Most times, people tend to use the words startup and small business interchangeably. In this article, we will distinguish between the meaning of startup and small business. It also helps us understand how we can setup ourselves for a startup if that’s your desire as an entrepreneur.
Types of entrepreneurs: Entrepreneurs come in all shapes and sizes. In this article, we talk about the 4 types of entrepreneurs and the differences between them. The underlying definition for all entrepreneurs is the ability to take risks. Depending on the types of risks, and potential outcomes, we can define the type of entrepreneur and their business. The main reason to separate these types of entrepreneurs is that it helps you attract the right type if investors, accelerators etc.
History: World entrepreneurs day was first coined in 2009. It is a fairly new trend, but perhaps given how young and dynamic entrepreneurship has become in India – this is only fitting for a new history. If you recall, not too long ago, Jan 16 was coined as National Startup Day. The first official celebration of World Entrepreneurs Day was 21 Aug 2010. I wasn’t able to find a specific reason as to why this day is selected for the recognition.
The first step to any startup is to start with an idea. Once you have an idea, the immediate strategy is to think about its reach and potential. This is one of the biggest differences between a small business approach vs startup. In a small business approach, you can immediate start with the problem/solution without having to think too much about scalability and expansion. These occur organically.
Building a business is no easy feat. Most articles talk about dedication and perseverance, but building a business needs your passion. The most important point to start a business is to answer the question – Why. The journey will test your motivation and purpose for starting a business. Making money is never a good reason to start a business because statistics will show you that you’re better off working for a company since >90% of startups will fail. Now, let’s try and answer this question:
When embarking on the journey of entrepreneurship, one of the crucial steps before entering the market is to create a well-thought-out business plan. A business plan serves multiple purposes, providing a roadmap for success while demonstrating your preparedness and adaptability to potential investors. Here, we will explore the primary purpose of writing a business plan … Read more
It can be very useful for an entrepreneur to use Porter’s Five Forces analysis. It gives a good understanding of the competitive environment in which you are operating and identifies areas of focus. By analyzing each of the five forces, you as an entrepreneur can gain insights into the strength of your position in the market and the level of competition you face. It helps you make better strategic decisions and position your business for long-term success.
Entrepreneur Quotes: This article is a collection of 25 beautiful quotes for entrepreneurs. As a business founder, the number of challenges only increases with time. It is only natural to find ourselves wanting motivation. Some of these quotes give us a direct dose of inspiration. Some other quotes make us pause and rethink our approach. Ultimately, entrepreneurship is a long, hard journey. It needs a consistent drive for us to keep moving forward. This collection talks about various themes such as passion, perseverance, motivation, risk-taking etc.
Starting a new business as an entrepreneur is an exciting time – mixed with nerve-wracking stress that will test your resolve. With so much happening, it can be easy to focus only on the day-to-day running of your organization. Still, there are numerous legal points that you need to understand to remain on the right side of the law as your start-up grows.