Entrepreneurs take risks while the managers are risk averse. Entrepreneurs lead while the managers execute, entrepreneurs inspire while managers administrate, entrepreneurs believe in innovation while managers believe in execution, if managers see problems the entrepreneurs see the opportunities. Entrepreneurs are revolutionaries while managers are evolutionaries. Entrepreneurs are business focused while the managers are systems focused. Entrepreneurs enjoy the thrill of uncertainty and risk while the managers like to be certain and safe. Entrepreneurs are employers while managers are employees. Entrepreneurs are creators while managers are only generators.
Managers live in the present where as the entrepreneurs always stay ahead of time and think of future. The managers just execute the stipulated and given tasks and the entrepreneurs know the implications and complications involved and the fall out of executing such tasks. The managers often look for survival where as the entrepreneurs always look for success. The ability to look at big picture is the core philosophy of the entrepreneurs and the managers mostly focus on small and narrow picture.
Imagination is the key to entrepreneurship while knowledge is the key to management. Peter F Drucker rightly said, “A manager is responsible for the application and performance of knowledge”. When the managers work hard and climb the ladder of organization, the entrepreneurs work smart and place the ladder on the right side of the wall. It is the entrepreneurs who envision ‘where to go’. On the other hand, it is the managers who come out with possible and feasible plans for entrepreneurs by telling ‘how to go’. To put it succinctly the entrepreneurs are visionaries and managers are missionaries. By telling ‘how to go’. To put it succinctly the leaders are visionaries and managers are missionaries.
ESSENTIAL INGREDIENTS FOR ENTREPRENEURIAL SUCCESS:
“Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.” – Donald Trump, real estate and entertainment mogul
Be passionate in what you are doing. Do what you love to do rather than loving what you do. Most of the entrepreneurs do not start their ventures to make more money. They start because they have fire in their bellies and they are achievement oriented. They want to create history and they want to leave their mark behind.
Find out the existing gaps in the business, products and services and try to focus on those areas. And ensure that the idea is unique and has longevity. Having niche areas will help to keep you apart from the crowd. And also there is higher possibility of success as there is a need for it and the marketing would become easier.
Don’t be a copy cat. And don’t get into the rat race. Never follow the crowd. Always be different and stand distinguished from crowd. Follow the road less traveled and become a trailblazer.
Cash is king. Always keep sufficient capital ready to avoid default in payments and losing good will. Reinvest the capital for further growth and expansion. Or else try to diversify with your reinvestments out of your earnings. Don’t just spend money lavishly just because you began earning. Don’t go for fancy cars or become a spendthrift. Keep cash ready and if surplus is there invest in other related or unrelated diversifications.
If possible try to work in the similar area for sometime so as to understand the practical problems. It will help to have better experience in the same field for some time and also it will help in having better contacts with customers, suppliers and other officials.
Don’t get dejected by failures as each failure is a lesson and in fact a boon in disguise. Many inventions are the result of repeated failures. Perseverance is the key. Once faced with failures the next task is to find out where you went wrong and take remedial action immediately and proceed further.
Learn to live with uncertainty and learn to change fast as per the changing times. In this complex and technology world there is an element of uncertainty everywhere. Always be prepared for challenges and have the mindset for uncertainty.
Always try to look at low cost alternatives without compromising the quality of products or services. This helps in offering the products or services at a cheaper rate than that of your competitors and enhances your business volumes and returns.
Always think fast and act fast as it helps in checkmating your competitors. This is a technology dominated world. Innovate regularly and think out of the box to find out the ways and means to stay ahead of your competition.
Be ready to work round the clock. Becoming an entrepreneur is not a time bound job as it involves constant attention round the clock and wholehearted involvement to face challenges in both internal and external business environment.
Encouraging the entrepreneurs is essential for the development of the industry and the overall prosperity of the country. Only when entrepreneurship is encouraged then there will be more generation of employment, more opportunities, more production and ultimately having better standard of living.
Research reveals that many of the entrepreneurs are self-made excluding the few who are blessed to take the charge of entrepreneurs by their parents. The majority of the successful entrepreneurs are the first generation and a few successful entrepreneurs are second generation which proves beyond doubt that entrepreneurs are made rather born. Over and above entrepreneurship is a skill rather a talent. Talents are innate while skills are cultivated by way of observation, education, experience and training. Therefore we can comfortably conclude that entrepreneurs are not born but made.
Corporate Trainer in Leadership.