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The Entrepreneur : Starting your own Business

Entrepreneur is a visionary who recognises the potential of a business idea and proceeds with the intention of making his vision a reality. Starting your business and making a success of it is by no means a simple task. The qualities in the entrepreneur decide the fate of the business entity.

An entrepreneur must be a visionary who has a profitable business idea that can be capitalised in the highly competitive world. His pragmatic nature must be supported with strong convictions on his ability to succeed in the venture. Great idea is only a start. To be triumphant in the business, continuous perseverance to overcome the obstacles is inevitable. Ashok Kheny’s dream for a modern India got entangled in the political bureaucracy of the state. His proposal to improve the Bangalore- Mysore highway has to meet many hardships before it could be completed. Only his continued persistence and principles can make it a certainty. It was Jamshed Tata's determination to fructify his dream during the pre-independence period that made TISCO a reality and a leader in the steel industry in India.

The dream requires capital to fabricate the product. The capital requirement varies with the business idea, the type of business entity, the process involved and other factors. If the entrepreneur plans to seek the help of a venture capitalist, he should have a strong business idea, the recognition and understanding of the strengths and weakness of the competitors and the potential market, estimate cost to company, time required to break even, the business and marketing strategy to be followed, and other aspects that can control the path to success. The required capital amount must be well estimated taking into account the cost of setting up the business and operating expenses including the marketing and legal expenses.

A good team is the backbone to any business. Identification of the team that can ensure team work is essential to make any venture profitable. The mind of the entrepreneur must be always on the look out for opportunities that can be exploited. The entrepreneur must be cunning, tenacious and tough when it comes to matters of business. He should also be capable of sweet talk and outwit the competitor. Aditya Mittal’s brain child, the Arcelor acquisition, was the outcome of a long battle. It is said that Arcelor CEO, Guy Dolle’s defence was broken by the sheer perseverance and cunningness of Aditya Mittal.

Setting up the business is the first step to be taken by the entrepreneur. Once set, his mind should be constantly on the alert to ensure the launch of his product at the right time. The further movements must be planned to break even the cost within the estimated time span. This requires hard work and a well thought out plan to guarantee success. Aditya Mittal, the President and Chief Financial Officer of the world’s largest steel firm after the Arcelor acquisition, mission to create a promised $5.3 billion in revenue gains from the new company in spite of the competition from China is dependent highly on his skills.

In India, setting up of a business amidst red tapism and corruption requires a tenacious mindset to triumph. National Entrepreneurship Network, founded in 2002, aims to provide the necessary guidance and support to the upcoming entrepreneurs to set up businesses in India.

Vision, mission and perseverance are therefore inevitable to become a prosperous entrepreneur.

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