Question

What are the steps you should take to prepare yourself for entrepreneurship?

Answer 1

'Entrepreneurship' is a gradual process in which an entrepreneur identifies his business ideas plan and goals and takes all such steps or actions which are necessary for accomplishing them.An Entrepreneur is a person who does all these things.He uses all the factors of production i.e. the land,labour,capital in an effective and efficient manner to maximize their output and minimize their cost.For being a succesful entrepreneur,the word 'Management' plays a very very crucial role,so one needs to understand properly the principles of management,its implications.Its a very dynamic process which requires broader understanding of economic factors and the skills to use them for the maximum benefit.The very first step involved in the process of e-ship is the identification of proper business idea and goals that we want to achieve.The next is drawing a roadmap to sucess keeping in mind the all pros and cons,steps involved in management,principles of management etc.After this we go somewhat in detail to strive for achieving our goal.We need to understand the past,present and the future business environment in somewhat depth and take actions accordingly.This includes all the direct and indirect factors that can influence the success or failure of our business.They may include the economic,social,political,technological etc. environments.After deciding the line of our business operations,we determine our source of finance and the amount of capital required.We need to estimate the degree of risk involved in the process.Taking all these steps cautiously,we will further conduct the business management process i.e.Planning,organising,staffing,directing and controling.These 4 steps are integral to the process of management and the success and failure of any business depends upon how the entrepreneur understands them and uses them efficiently.