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6th International webinar on Global Entrepreneurship & Business Management Summit, will be organized around the theme “Bounce back after COVID-19 crisis ”
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Start-up is defined as a newly emerged business to satisfy the market needs. The percentage of risk for this is very high. It mainly revolves around the creative ideas, thoughts, discovering new products, new services etc. Then committing the right team to improve the idea to work is the key step of a start-up. The successful journey of the team on the main idea and working collectively also plays a key role in the success of the start-up. Then comes the main thing called financial support. In the US alone a large number of campus entrepreneurship programmes are offered in universities, based on this about 27 million people are running their own business in the US topping the Global Entrepreneurship Index. Now a day's financial support for a start-up had become very easy by the esteemed support of the banks, financial institutions etc. Then the correct market timing to release the product also plays a vital role in the success of the new company. Validating the results to attract additional resources via investments, Revenue shares etc. increases the scope of the company.
Behaving like being an Entrepreneur itself is the biggest behavior of a successful Entrepreneur. These entrepreneurial behaviors differentiate common people from them. Starting with the zeal of becoming an entrepreneur, Awareness of the situations they are facing, Creativity, risk management, Timing, at most focusing skills, Future visions, Building the networks, what not every little behavior leads the way to success. Upon all these self-belief and motivation keep the person and the committed team alive. Listing out the behaviors of the successful people might be a ridiculous thing; it will be like trying to fit an elephant into a small box. So we cannot list out the Entrepreneurial behaviors but can give a brief idea of them. As all the routes do not lead to the destinations all the listed behaviors do not lead to success there may be many things out of the line.
According to a research it is stated 1/3 of all the entrepreneurs in the world are women. It might be just a small number but the outcome is different. Women entrepreneurs are tending to generate high economic growth rate. They often face gender-based barriers like marital status, cultural practices, inherent laws etc. Still, they stand up for what they want to be. This also strengthens Women empowerment and well-being of the society. The main drawback of the women entrepreneurs is an Entrepreneurial mindset; most of the women prefer to have salaried jobs, steady working hours and paid leaves. But most of them attest that is not true because of flexible working hours, salaries and more comfortable in the field of Entrepreneurship but the time they take for the benefits if more. Another drawback is the lack of practical experience, as the no of entrepreneurs is less in women it will be difficult for them to look up and take the one as an example. In spite of all these, so many associations and industries are encouraging women to pursue their dreams of having their own business. Hope this will be continued in the future also.
Most of the people have dreamed of starting their own business, but many people see only the cons of starting a business. But if they see clearly it will be an ocean of opportunities to pursue it. In spite of the success, we dream, hurdles always greet us first; many people rebuff the opportunity there. But overtaking the hurdles leads to success. This growth of entrepreneurship leads to the economic growth of the country. Expandability, New thinking, Digitalisation also plays the main role in the growth of the company. Competitiveness increases the firm of performing together. Building up of competitiveness increases the chances of growth in a company. Better Infrastructure, Legal systems, Markets will encourage more people to start a business. With the increasing number of businesses, the competitiveness between them also becomes high. Health Competitiveness leads to the growth of oneself and growth of the country. Social challenges, Sustainability, Active and health Aging, Innovation also helps in the growth of the entrepreneurship.
Did we ever think from where these innovative ideas come from...? They come from nothing or from severe brainstorming. Some industries grow very fastly while some will lack behind. But among all of these only some industries are considered innovative. Every field like Automotive, Technology, Pharmaceutical, and Biotechnology are innovative in their own way, trying to invent new technologies in their fields. The highest innovative percentage is seen in the Information technology that is of 30%. Next the telecommunications and automotive occupy the second position of 13%. Apart from these, the greatest innovation was seen in food, Beverage and tobacco industries. Innovative thinking increases the emerging of the new companies and them directly increasing the job Opportunities for the people, increasing creativity, and improving the quality of life of people everywhere. Innovative industries are doing a better job meeting people's needs and pushing the boundaries of innovation than more established competitors in other parts of the world.
Some of the lists of innovative industries are:
- Research AND Development
- Financial Technology
- New Product Development
- Intellectual Property
Entrepreneurial companies face main issues like a high-risk investment. In return to that risk, they will also face high returns also. The two main sources for the accumulation of the capital are the Banks and the Venture Capitalist. Banks will monitor less effectively and they face the capitals demands from their own investors. Venture capitalist monitor high effectively and face a high cost of capitals. But the disadvantage of a venture capitalist is they charge a large number of returns of at least 30-40% per year whereas this is very less in banks. The capital amounts provided by the banks or the venture capitalist changes based on the type of ventures.
But this venture capitalist does not finance in the early stages of the business. The early stages of the business include funding from friends, family, seed stage financing, angel investors etc. The basic difference between the venture and the seed stage financing are as follows:
Seed Stage Funding
They start with the companies which are matured
They start funding at the seed stage of the company
They usually fund millions and ten million at a time
Their funding will be of thousand USD to One million
After all, the basic motto of the funding companies is to encourage the new talent to direct them to the future successful entrepreneurs
The time gap between sharing your idea of starting a business should be spent over studying the concepts of the business and marketing helps us to analyze whether our idea is innovative? the area to start the businesses, time when to apply for the funding, when moving into new markets etc. Second thing thinking of how your idea will be helpful to the customers. The major study should be done on the type of customers who get attracted to the idea. Basically, there are 3 types of customers. They are purchasers(Those influences the purchases), End-users<span style="\"font-size:" 13.5pt;\"=""> (Who usually interacts with you and use the product). This study directs the growth of your business. Later you need to concentrate on the competitors in the field. This study gives a clear idea of how you would tailor your growth when competing with each group. The last point to be noted is the Collaborators who support your idea but aren’t paid or rewarded for that. So making these studies will be helpful for the growth of your idea into a business.
How much we try to nullify it the gender gap especially in the entrepreneurship is increasing day by day. According to a recent survey the men are said to be showing the highest growth rate when compared to the women. Let us see some examples proving it.
It is said that 90% of the women-owned business is said to be underperforming when compared to men. This is due to the women weakness in handling the situations and challenges, due to the men superiority and normativity. Focused on women empowerment and social inclusion it is said that its development is now seen to make good economic sense. Guiding and helping the opposite gender simultaneously help the growth of the economy cordially.
Start-up communities are the local group of people who support the starting of a new business on their own. These communities allow rapid flow of resources, support the increase in the social capital, learning about the start-up, Job opportunities etc. Some of the communities also add on venture capitalist, mentors, and instructors to the community to guide them further into the future. Developing these kinds of communities stimulate talent and entrepreneurship in an innovative way.
Half of the people who meant to be academic Entrepreneurs are Scientist, Graduates, and Students of the Universities etc. They tend to start a business based on their studies, research works etc. They tend to convert the results of their studies to money. These academic entrepreneurs are funded by the universities, to do this kind of innovative stuff. After the successful completion of the business projects, the universities will be the partners of the particular business also. This academic Entrepreneurship is a boon to the academicians who want to pursue their dream of being an entrepreneur. Even though it looks like a foot in two worlds but the ultimate result of being an Academic entrepreneur will be great.