Two Interrelated Dimensions of Entrepreneurship

 

Build A Right Perspective

The two interrelated dimensions of entrepreneurship are the purpose and the problem being solved.

The description of both these dimensions add to the entrepreneurial fuel. An important condition is to build a strong sense of  self awareness to know and accept reality. Integrity is a big subject and the basic trait that defines leadership quotient. It is so subtle that objectivity regarding its awareness assumes critical importance. Understanding integrity and knowing that it is being practiced the right way can pose challenges leading to dilemmas caused by illusions. That is the reason things still go wrong when everything seems to be going fine. To build a right perspective it is important to develop principle based approach and practice. 

Preparing For Entrepreneurship?

Critical Activities Before Final Launch

Preparation for transitioning from job to entrepreneurship starts with an honest attempt aimed at understanding the basic differences between the two worlds of doing business and a job. After careful evaluation if the decision is still to don the entrepreneurial hat. It is important that  certain critical activities, not necessarily in the same chronology, must be undertaken before taking the first step towards entrepreneurship. 

These activities are:

1. Developing Right Entrepreneurial Mindset: The main challenge is getting ready for entrepreneurship. This starting point concerns with developing the right entrepreneurial mindset before taking the plunge.
2. Identifying a calling that resonates with worthwhile purpose : This is somewhat the simplest and yet the most difficult step in entrepreneurship. Identifying the basic reason for being in business defines the level of passion that would provide the drive for building the business in the face of potential  challenges.
3. Defining a product or service: That satisfies a need for which a set of users is willing to pay a price. Here it is important that the size of the market is big enough to ensure economic viability.
4. Preparing business model canvas: This is the detailed project report spelling out important components of business such as 
• Product/Service cost
• Market size estimation
• Pricing 
• Profitability
• Break even point
• Quantum of finance required, its source and cost 
• Competition if any and strategy for addressing it
• Team building 
• Organization development
• Business model that is considered as the best approach for taking the product/service to the market
• Technology
• Infrastructure , its maintenance and cost
• Market feedback, customer satisfaction and product/service development
• Technology
5. Getting Funded: Preparing the Pitch Dec detaining the business plan in terms of expected growth trajectory and future projections. Making presentations to prospective investors for obtaining funding for the venture. 
6. Carrying out a pilot project: Before going full steam it is prudent to check the waters for ascertaining critical parameters before going on a large scale mode. This is done to minimize the risks and learning costs , for ensuring smoother run with the final launch of the final large scale project.