Tag: #entrepreneurship

What is “SETU” initiative by GoI.

In a bid to connect Indian startups with the US-based investors, SETU programme (Supporting Entrepreneurs in Transformation and Upskilling) has been launched by Union Minister Piyush Goyal.  SETU will act as a bridge between American and Indian companies. The start-up will help entrepreneurs in upskilling, transforming and leveraging the success stories of the Indian diaspora in the US.

SETU will be a Techno-Financial, Incubation and Facilitation Programme to support all aspects of start up businesses, and other self-employment activities, particularly in technology-driven areas. It aims to create around 100,000 jobs through start-ups.

The initiative would connect startups in India to US-based investors and startup ecosystem leaders with mentorship and assistance in various areas including funding, market access and commercialisation.

SETU is designed to break geographical barriers between mentors based in the US who are willing to invest in entrepreneurship and sunrise startups in India. The interaction will be supported through the mentorship portal under the Startup India initiative MAARG, or the Mentorship, Advisory, Assistance, Resilience, and Growth programme, which is a single-stop solution finder for startups in India.

The portal has been developed with the idea to be made accessible from every corner of the country to connect with a mentor. A mentor will offer human intelligence in guiding the startups.

Entrepreneurship Development

Entrepreneurship is the ability to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. Entrepreneurship is basically the act of creating a business or businesses while building and scaling it to generate a profit. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back.
Entrepreneurship development is a process of developing certain skills in an individual which are required to make him/her a successful entrepreneur. The success of an entrepreneur can be judged by success of his project or business. Finding a way to sell oneself before anyone believes in one or ones business, being able to explain and prove why their product or service is worth the price or investment, knowing when something is valuable, even if no one else does etc. are some of the features a successful entrepreneur possess.
Big successful companies like Microsoft, Google, Apple etc. have all attained the status they have now because of their respective entrepreneurs. Success of such start-ups not only benefits the people associated with it but also the economy as a whole. It slowly changes the world. Off course not every start up is a massive hit, some might be pretty mediocre and some might even do more losses than gains but nevertheless in the contemporary world, the need and urge for entrepreneurship development has drastically increased.
There are certain characteristics which are observed in entrepreneurs who write big success stories. These characteristics are a prerequisite for becoming a successful entrepreneur. The first and foremost skill is creativity. It means thinking out of the box. Coming up with new ideas, being open to new methodologies, creating something new etc. are some examples of being creative. Creativity gives birth to Originality. Risk taking is another characteristic of a successful entrepreneur. Without the will to explore the unknown, one cannot discover something unique. Risk-taking involves a lot of things. Using unorthodox methods is also a risk. Investing in ideas, nobody else believes in but you is a risk too. Good entrepreneurs are always ready to invest their time and money. But, they always have a backup for every risk they take.
Planning is another characteristic and probably the most important one. They say “If you fail to plan, you plan to fail.” Planning is strategizing the whole thing ahead of time. It basically sums up all the resources at hand and enables one to come up with a structure and a thought process for how to reach ones goal. It involves how to make optimum use of these resources. Facing a situation or a crisis with a plan is always better. It provides guidelines with minimum to no damage incurred to a business.
Other characteristics include passion for the work or business one choose to do, professionalism in the way the work is done, knowledge of the field of work or business, social skills including relationship building. An entrepreneur must be open minded towards learning, people and even failures.

https://www.jbcnschool.edu.in/blog/characteristics-of-an-entrepreneur/

https://www.entrepreneur.com/article/250564

ENTREPRENEURSHIP

“Entrepreneurship is an activity that entails putting one’s own resources at risk in order to start a business or produce something with a commercial purpose.”
The act of starting a firm in order to make a profit is the basic definition of entrepreneurship. In today’s society, however, entrepreneurship has expanded to include the act of changing the world by solving large-scale problems. With the introduction of the internet, entrepreneurship now has the ability to effect social change by developing a service or product that has a good influence on individuals and addresses societal concerns with innovative solutions.
Entrepreneurship including land, labour, natural resources, and capital can yield a profit in economics. The entrepreneurial mindset is characterized by exploration and risk-taking, and it is an essential component of a country’s ability to compete in an ever-changing and increasingly competitive global marketplace.

What is an entrepreneur?

An entrepreneur is a person who starts a new firm, taking on the most of the risks and reaping the majority of the benefits. The entrepreneur is often thought of as a creator of new ideas, products, services, and business or methods. The entrepreneurs on this list hail from all over the world (from the United States to Europe to Asia) and operate in a wide range of fields (HR, digital, health, finance, entertainment, art, design, and so on), but they all have one thing in common: a passion for what they do.
Small or home-based businesses to global corporations are all types of businesses. An entrepreneur’s earnings are made through a combination of land, natural resources, labour, and capital, according to economic theory. In a word, an entrepreneur is someone who has the desire and determination to start a new business and is willing to take on all of the risks that come with it.

Characteristics of Entrepreneurship:

1.Self-motivation: One of the most important attributes of entrepreneurs is their ability to motivate themselves. Even if you don’t have an immediate source of revenue, you must stick to your plan and keep moving forward.

2.Job Creation: Entrepreneurship leads to the creation of jobs. It offers an entry-level role, which allows unskilled workers to gain experience and training.
3.Increased Standard of Living: Entrepreneurship helps to raise a person’s standard of living by raising his or her income. The term “standard of living” refers to a growth in a household’s consumption of various products and services through time.
4.Risk Bearing: The essence of entrepreneurship is the willingness to take risks, without which one cannot thrive. It occurs as a result of the development and implementation of new concepts. Because such ideas are sometimes speculative, the outcome may or may not be favourable and immediate.
5.Encourages research and development: Before introducing a new product or service, it must be thoroughly investigated and tested. As a result, entrepreneurship helps universities and research institutes to support research and development. This encourages economic growth, research, and development.
6.Be enthusiastic about your work: At the end of the day, successful entrepreneurs are driven by their passion. They are passionate about their product, service, or mission. When you’re feeling down, passion will help you discover inspiration and propel you forward. To keep going forward with your self-employment ideas, you’ll need passion.