An entrepreneur is someone who starts and grows a business independently. Initially, an entrepreneur was defined by his ability to make profits and drive value for the entity. The term is being used more often in social change and is valued in both social entrepreneurship and established businesses.
So what is entrepreneurship all about? What drives individuals to become entrepreneurs fully aware of the low success ratio and the challenging odds….
When you hear somebody saying he wants to become an entrepreneur, the following reasons are usually listed:
- Tired of the routine stuff.
- Want to be rich
- Can I make a difference to the world?
- Brilliant one in a million idea waiting for the next gold rush
- We have a godfather or similar person who will give me a head start
- Reputation of the past which will get me new business
- Exceptional networking skills
If these sound true or real, it is because all of us go through this thought process in our career (at least the so-called educated ones). Entrepreneurs have a unique DNA compared to ordinary career-driven professionals, although this may vary depending on the context. We will discuss entrepreneurs within a company later. Let’s look at some interesting examples in the Indian context.
Naukri: Started by Sanjeev Bhikchandani with a founding team. Was it is his first venture? You bet it was not. He had tried other stuff with limited success, but he persisted with his ideas and especially with Naukri. The rise of the internet enabled him to ride the wave of success. Again, subsequent success has been limited (check 99acres, jeevansaathi, shiksha etc..)
Drivers: Persistence and Context.
Risks: Trying to repeat the same formula in other ventures
Bharti Airtel: First generation private telecom entrepreneur faced with huge capex costs, high calling costs and absence of pedigree. Responded aggressively to market needs and competition and created low cost models from an Indian context. Has created a world class brand with global aspirations
Drivers: First mover advantage, focused on the brand, responsive to consumer and market needs, strategic partnerships such as IBM
Risks: Losing steam on the mobile space, needs alternate growth options.
Each of these entrepreneurs has some common elements and risks. An individual profiling is not possible, but here’s what could be common:
- Pioneers in their own unique way
- Focus on building a brand
- Low intensity start-up but built scale as the idea grew
- Strong belief in their abilities
- Ability to attract and retain talent with high emphasis on systems.
Thoughts and feedback welcome as usual
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