Emerging Entrepreneur Trends

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

In his book authored by Patel (1995) titled ‘The Seven Business Crises’ addressed business planning, management and growth issues of entrepreneurial organisations. The author took a consultative approach and expressed that entrepreneur’s attitude and psychology is important for growth as most of the problems are rooted within the venture rather than outside and recommended a carefully crafted strategic growth plan with high degree of entrepreneurial intensity to create a niche. He also advocated that taking outside help in the planning process may lead better results.

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

This paper demonstrates the process of how an individual can become an entrepreneur and experience wealth of his or her own as a business owner. It addition to explaining the guidelines of what a person must do to achieve the goals set forth for the business it will also discuss the impact and relevance of (GAAP) Generally Accepted Accounting Principles and (IFRS) International Financial Reporting Standards, accounting methods and how the GAAP and IFRS Convergence of the business.

As we step into the new decade, we asked a spectrum of entrepreneurs, bankers, VCs and marketing consultants on how they think India can improve its entrepreneurship quotient. Here is a blue print for developing the country’s entrepreneurial ecosystem and pave way for a brave new world

India is one of the leading countries in entrepreneurial spirit and family run businesses. It is apparent from the fact that almost 80% of Indian businesses are either entrepreneur driven or family-owned-and-managed. Predominantly

Alan (2016) Nations built on innovation, entrepreneurship, and production are able to dominate the world economy. However, risk taking has traditionally been discouraged in developing nations. The uncertainty and financial insecurity associated with entrepreneurial activities are the greatest barriers that budding entrepreneurs need to overcome in order to transition into successful entrepreneurs. This challenge needs substantial effort and steady support from society. Easy access to information, mentorship, and a network of venture capitalists and angel investors also play critical roles in promoting entrepreneurial activities. Research-inspired entrepreneurial initiatives are expected to play a key role in facilitating India’s economic growth in the coming years.

The entrepreneur is the pioneer, the managers the applier of existing best practices. The entrepreneur engages in strategic activity, the managers need to focus on tactical or operational activity. The entrepreneur formulates a strategy, the manager implements that strategy. Business success will depend on the continuing renewal and application of the entrepreneurial spirits. Business success depends on the application and an efficient management team. The attrition rate of any new business is extremely high. In the US, the supporter of the entrepreneurial spirit, numerous new enterprises will fail each year. However in a long-term historical perspective, business success is short-lived. Only a handful of the largest companies with break

Entrepreneurship can be found in any size organization, such as small, medium or large businesses. No matter what the size, these entities determine the economic state of a country.

Entrepreneurship is more about ideation and innovation not about the idea. Ideation is all about creative thinking. Creativity is all about connecting things, Steve jobs says Creativity is about connecting things, once we wanted to do something we learn it from others experiences and we implement their experiences and modify it and implement it. Entrepreneurs always look for the opportunity, but opportunity isn’t served on the plate. Opportunity emerges at the nexus of individual aspirations with economic and social conditions perceived as favorable to create a new product or service, either in an existing market or a new one. There are typical sources of

It is a well recognized factor that entrepreneurship and entrepreneurs are important drivers of economic growth, because they encourage employment , innovation and improve the GDP of the country. “Entrepreneurship” became the buzzword in India only in the early part of the new century. Traditionally Indian have a very strong culture of security in income, barring a few communities like Marwaris, Punjabis, Parsis and Sindhis most other communities prefer to have secure jobs and are risk averse. Most of the entrepreneurial ventures were from these communities. This has changed considerable of late and one hears of several success stories were the entrepreneurs are self-made

After facing a long time political pressure government of India was relieved in 1947. Since that time India had been noticed a continuous change in the entrepreneurial history of the India. Due to the freedom, entrepreneurs gained substantial confidence and self-belief and pursued towards the fulfillment of their entrepreneurial desires with a new energy. The people expectations from the government were at altitude for the betterment of their life, including the entrepreneurs who were expecting necessary infrastructure facility for the development of the country’s economy as a whole. The regional development and need of employment stipulated the path for the establishment of new ventures in the country.

Students who are working towards a business administration degree may be considering opening their own business. WAIT a minute; in school students don’t learn how to start a business. Students learn skills in: Math, Statistics, Accounting, English, Economics, and more. Even though they don’t necessary learn how to start a new business, students gain knowledge on necessary skills that they may need to operate a business. When a person opens a business it usually means he/she is an entrepreneur. An entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. Sometimes this financial risk can be good or bad. “Unfortunately 8 out of 10 people who start a business crash and burn within 18 months, this means that about 80% of start-ups fail” (Wagner, 2013). Although starting a business very risky, expensive and can take a long time to develop, but in the end starting a business is definitely worth it. This paper is meant to help those entrepreneurs who are unsure about the process and options they may have access to, in order to start that business and take on the risk. In the following paragraphs this paper will go over ways to start a business starting with (a) developing a business plan, (b) building a website, (c) capital, (d) financial (e) establishing customers and maintaining profits.

In a country like India starting an entrepreneurship is not an easy task. There are many factors which influence the initial stage of the start up. When someone starts a new enterprise or tries to get into entrepreneurship they face many problems like finance, land permissions, environmental clearance, foreign investment proposals, family support, team, marketing strategy, legal aspect, resource allocation, censorship, accurate advice and information, fear of failure.

Let’s have a look to some of Indian young entrepreneurs, students and officers who has created wonderful path for them and achieved outstanding success. May be you haven’t heard their name or achievement.