Poddar Group of Institutions
Poddar Group of Institutions

How to become a successful entrepreneur?

Who is an entrepreneur?

An entrepreneur is a person who comes up with an innovative business idea, sets up the business, and bears all the profit and losses which come with the venture. The process of setting up the business is called entrepreneurship. Entrepreneurs play a vital role in the economy as they bring different innovative business ideas and opportunities into the industry. MBA is not an essential degree for any startup. But an MBA graduate can distinctively use their knowledge and skills for advancing their innovative business plan. Poddar College is the best college for MBA in Jaipur which imparts quality education and skill development with an excellent infrastructure.

From deciding to be an entrepreneur to becoming an entrepreneur, is a very lengthy and tiring process. Starting a business venture is a tough task, only one who is desperate and skilled enough to be an entrepreneur can successfully become an entrepreneur. In a nutshell, there is no right or wrong for starting a business, just a general idea of the process.

  • The unique idea: The most important and the first process is picking a possibly in-demand and unique business idea.
  • Learn everything about it: From business terms to researching in-depth about your business idea, this should be your next and mandatory step.
  • Make a plan: Develop a business plan and source funding.
  • Recruitment: Hire talented and skilled people who can develop, implement, test, and maintain your company's products.
  • Develop strategies: Devise strategies to attract and retain potential customers.
  • Expansion of business: Once your venture successfully starts running, try to expand your business by launching new products and expanding your business area in the market.

All the above steps are vital for the success of a new business. An MBA degree from the Best college for MBA in Jaipur or any other management degree can help entrepreneurs succeed in every step.

Types of Entrepreneurship

If you have decided to be an entrepreneur and run a business, you must know the type of entrepreneurship.

  • Small business entrepreneurship: A small business entrepreneurship is a minute-level venture with no intention to divide into chains. Grocery stores or restaurants or retail stores launched by a founder with no outside investors can be called small business entrepreneurship.
  • Scalable startup: These startups start on a minor level intending to nurture and grow eventually.
  • Large company: When a new business division emerges from an existing well-placed company
  • Social Entrepreneurship: Social entrepreneurship mainly aims to profit and serve humankind and doesn't tend to make a profit. Their main aim remains to be helping the world around them.

Some of the characteristics of a successful entrepreneur are flexibility, versatility, resilience, smartness, and focus. An entrepreneur should also be money savvy. MBA may or may not be a very important part of your entrepreneurship journey but your willpower is. Work hard and smart and create value for your business and brush up on financial skills.

If you run on an idea to be your boss, entrepreneurship is the right track for you. Study MBA from one of the leading MBA colleges in Rajasthan, and develop skills to grow your business and succeed in your career.