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The 7 I’s of being an Entrepreneur

It’s a typical rainy day in July; Monday morning 7 o’clock. The weather is dark and gloomy and so is the mood of the professor and the students. It is drizzling outside and you can feel the lethargy rolling off of everyone. A finance lecture is going on and nobody seems too much into it. While the professor is droning on about a topic, a student meekly asks the professor. Student: “Sir could you please shed some light on being an entrepreneur? With the students question the professor’s eyes lit up with excitement and the gloomy class also comes to life.

P: What exactly do you guys want to know?

S: Sir, what is the one quality that a student needs to have to be an entrepreneur?

P: It is impossible to state just one quality but I can say that Identification of a problem is the beginning of anyone’s entrepreneurship journey. As conveyed in the TV show, Pitchers, Entrepreneurship starts from having the passion to take a lead in solving practical life problems. When we look around us, we see a lot of problems in everything. Hardly any processes around us are perfect and most of them can be improved. It might just not be identification of a problem but also identification of a demand-supply gap. If you foresee the demand of a product increasing in the future, become a part of that industry and fill the demand supply gap.

S: sir, I feel that just identifying the problem is not enough. So what do we do next?

P: Correct! Normal people see the problems around but an entrepreneur sees massive opportunities in them. An entrepreneur has the intention to use these opportunities to make a difference or change the world or to make a huge fortune! It is the intention that makes all the difference. As Wayne Dyer has said “Our intention creates our reality”. The right intention towards a problem can open door’s to amazing opportunities.

S: Yes sir, I agree that intention is important, but even when we do a job we still require intention to solve many problems. So how is entrepreneurship different?

P: That is exactly where we entrepreneurs stand out. Even in a job, you need to have the intention to solve problems but in case you fail, the downside is visible and limited normally. On the contrary, an entrepreneur can lose a lot of time and money if his plan fails. To be an entrepreneur, you have to be extremely intrepid. You need to be a risk taker. As an entrepreneur just a plan is never enough, you also need balls to accept massive failures. As we have studied in finance, higher the risk, higher the returns; and entrepreneur’s journey is risky but the fruits are extremely sweet.

S: Many people will have ability to identify the problem or to take risks. So why is it that not everyone can be a successful entrepreneur?

P: That is because till now we haven’t even finished 20% of the job. All we have discussed is about the thought process of a person, his intentions and risk taking abilities. Now comes the tough part which is implementation of the plan. As an entrepreneur you have to always sell something, either an idea or a product. It requires convincing others that you will be filling the gap and this is never easy. It also tests various skills such as leadership, team management, hardworking etc. Along with implementation, innovation is also a must. You need to find your own way to solve the problem and that is when the world will recognize you. You need to integrate technology smartly into your work style without which achieving perfect productivity is impossible. There will be situations when you will not succeed and at such times only your madness towards your dream will keep pushing you ahead. Remember as an entrepreneur you never give up, you just learn from the mistakes you have made and innovate your implementation strategy.

S: Thank you sir. I am sure this will help everyone here who aspire to be entrepreneurs.

P: Wait guys, it doesn’t end there. To ensure longetivity and stability, improvisation is a must. There needs to be constant introspection of the work being done and ways have to be found to increase profitability and efficiency. The world around you is ruthless and you can win it over by making sure that you are not stuck at one place and you keep on improvising on your products, ideas and processes. Time can be your worst enemy. If you don’t move ahead with it, your end is certain. Kodak and Orkut are nice examples of it.

S: In the 3 years of education in this campus, it is this 20 minutes of discussion that all of us will remember throughout life.

P: I would be the happiest person if you guys have learnt from this discussion. I would want to end it by summarizing the 6 do’s of being an entrepreneur. 1. Identifying the problem. 2. Having the Intention to solve the problem. 3. Being Intrepid and taking risks. 4. Implementing the ideas in the most Innovative manner. 5. Stay Insistent and never give up when your plans are not successful. 6. Keep on Improvising your product and idea.

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