The state of entrepreneurship today

Steve Jobs

Photo: Matt Yohe

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma - which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary”

The above are legendary words by one of the most successful entrepreneurs in this century i.e. Steve Jobs, the founder of Apple Inc.

Had he not dared to step out of the common stigma of fear of failure, we would have missed out on perhaps the world’s best quality brand. Entrepreneurship is something that has become more of a household name today.

The key to making a successful business is to get over the fear of failure as Jobs said and also having that one idea no one has yet brought out into the market. Today Entrepreneurs enjoy tons of freedom and benefits compared to the time when people like Steve Jobs and Bill Gates made it big.

But at the same time they do face hurdles. The line of success is often drawn parallel to that of failure and what makes either overlap each other are the decisions you make at times of emergency.

Let us examine the opportunities and challenges today’s entrepreneurs have to encounter in their quest for success.

We'll begin with the challenges:

It is virtually impossible for any modern-day business to survive as even traditional businesses are embracing technological innovations

Raising capital

By far the biggest hurdle to any business, raising a solid capital is something that most entrepreneurs fail to achieve. No man is an island and there definitely needs to be help in the form of infrastructure and manpower and both do not come cheap today.

Dealing with sales

Today choices are unlimited and there is no reason for you to believe that if you set up shop, people are going to come over there voluntarily and conduct business with you. You need to step out to them if you expect returns.

Converting marketing into sales

Unless you have a clear-cut marketing strategy, it is impossible to tide above competition and get that unique selling factor for your product or service.

Role of technology

Without having an eye on technology, it is virtually impossible for any modern-day business to survive as even traditional businesses are embracing technological innovations. 

But on the brighter side, today’s ultra-connected entrepreneurs have their own advantages as well, namely:

Connectivity

Staying connected to people with similar entrepreneurship minds is quite easy today as all you need to do is to sign up on a professional network like LinkedIn and the rest is easy.

Skills to present

Today entrepreneurs have quality executive presentation skills to present their idea before potential investors and thereby garner enough financial resources for their business to get off the floor.

Support

Today you find millions of Government and Private MNC established start-up incubators that serve to help budding entrepreneurs realise their business dreams and almost all requirements in term of capital, technology, resources, etc are made available to them in the most suitable plan.  

Innovation

As said before, technology is a curse as well as a blessing. For those who utilize it to the maximum, it is by far their best resource to handle their business with ease.

So as you see, the world is now a mixed bag of opportunities and challenges before the eyes of an entrepreneur. Whatever risks and challenges he faces, the solutions are only a whisker away. It really depends on making the right decision at the right time. 

 

 

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