Entrepreneurs are an instrumental part in nation building.

Question:

Entrepreneurs are an instrumental part in nation building.” Considering the fact, identify the characteristics an entrepreneur should possess to focus on its journey towards starting its own startup? Also, find out what competencies has been visible in Ms. Falguni Nayar, Founder and CEO of Nykaa Ltd.

Solution:

There are a lot of people who want to start their own business and wonder if they’re good at it. Here are some of the traits that entrepreneurs have in common. This isn’t saying that people need all these things, or that without them, they can’t be good. It all comes down to hard work and a little luck in the end.

Concept:

Here are some of the best things about being an entrepreneur should work on:

1) Self Confidence:

Entrepreneurs spend their time and money on a project because they think they can make something better than what the market has to offer. The road to their goals may not be clearly marked, but those who keep going are the ones who get there.

Falguni (Founder and CEO of Nykaa Ltd.) had faith in her business idea, so she and her family used their money to start the business. She thought it was important to build up her company’s momentum before she looked for money from outside sources. Investors were called in to help Nykaa grow. After five rounds of funding, Nykaa became the world’s most valuable startup company.

2) Creativity:

Give birth to a new thing with the help of creativity For, if people don’t have any creativity, they can’t come up with new ideas. Not every idea will be a winner. But the experience gained is worth a lot. A person can come up with new ways to solve problems when they are creative.

2) Being a professional:

Professionalism is a quality that all good business owners need to have. In order for an organization to have a good culture, the way an entrepreneur acts and behaves with their employees and customers is very important.

Also, reliability and discipline go hand in hand with being professional. Self-discipline helps an entrepreneur reach their goals, stay on track, and be an example for everyone else. This means that if business owner is reliable, people will trust on them, and this trust in the entrepreneur is what keeps people in the company motivated and willing to put their best into their work. Professionalism is one of the most important traits of a business owner.

3) Taking chances:

An entrepreneur needs to be able to take risks. Without the desire to look into the unknown, one can’t find something new. This might be the only thing that makes a difference. Risk-taking is a lot of different things. Entrepreneurs have a unique way of dealing with risks. People who are good entrepreneurs are always willing to put their time and money into a project. It’s just that they always have a plan B for every risk they take.

A good entrepreneur always has a “trump card.” To go into the unknown, one must be given one. Also, it’s important to think about how much risk there is in taking the job. If a good entrepreneur didn’t know what could happen, he or she wouldn’t risk it all.

4) Passion:

Work should make happy. So, when people are at work, they enjoy what they’re doing and stay very excited about it. Passion drives them to try to do better, which makes them want to do better.

5) Planning:

Perhaps this is the most important step in running a show. It’s planning ahead of time to figure out how to play the whole game. Everything that business owner has to work with is taken into account.

6) Knowledge:

Knowledge is the only way to be a winner. An entrepreneur should know everything there is to know about his field or business. If business owner has knowledge, they can solve problems and deal with crises.

It allows him to keep up with the changes and changes in the market that he is in, so he can stay up to date. An entrepreneur should stay up to date on new trends in the market, new technology, or even new ads.

7) An open mind toward education, people, and even failure:

An entrepreneur must be able to accept things that don’t go their way. The true understanding of which situation or event can be a good thing is important. To be able to see these opportunities, Entrepreneur need to be open-minded.

An entrepreneur should be willing to work hard. To deal with his defeats and his victories, he should have a positive attitude and be humble about them, Anyone who is good at business will know not to be angry when they lose. An entrepreneur who is good at business learns from this setback and works even harder on the next goal that comes up next.

Entrepreneurs who are good at what they do know that they can learn from everything and everyone around them. People can use the information they get to plan.

8) Finally, the customer is critical:

Business is all about the customer. A good entrepreneur will know this, and they will always keep this in mind: It’s important how entrepreneur start getting the attention of a customer in the first place. This can be done with a lot of different things, like marketing and advertising.

The product or service that is being made by an organization needs to meet the needs of the people who will buy it or use it. Also, making a business more personal for customers will help them buy more things from it.

Conclusion:

Entrepreneurship doesn’t have to be a huge success for everyone. In addition to having a great idea, a business needs to be able to last, which is where having a business education can help. All of these traits of an entrepreneur can be taught to someone.