Entrepreneur

Who is a Startup Founder/Member?

• A startup is a company that is formed out of an idea by an individual or a group of individuals. This company doesn’t have employees or in many cases a good capital turnover. It is quintessentially an entrepreneurial venture that aims to gather people, employees, capital and other recruiters so that it becomes a legitimate company.

• A company manager who does not have a significant share is more of an employee than an entrepreneur. Sometimes entrepreneurs give up control of most of their companies for investors. Ownership, great reward and risk are seen as part of the entrepreneurial profile.

• Entrepreneurship is the process of starting (or improving) a business. Entrepreneurs track many aspects of business management. If you want to be like successful people, entrepreneurship can be a good solution for you.

What do Startup Members Do?

• The primary function of startup members is to gather funding for their venture. The funding is mostly done through investors so the first step of startup founders is to approach investors who trust your ventures.

• Once that is done, a startup should have members that are developers and people associated with commerce who can build a pool for the company to grow in. Once this is done, only then can a Startup company look to launch its venture and finally cross the break-even point economically and earn profit .

• An entrepreneur is a person who starts a business to make a profit. An entrepreneur can open the first online store from the side or freelance. But, the importance of an entrepreneur means much more than a proprietor or employer.

• The entrepreneur takes a technological risk. Especially when technical or scientific research is required to manufacture the product. To be successful as an entrepreneur, you must be a strong leader. Every entrepreneur bears the financial risk and often uses personal resources to grow his business.

• Entrepreneurs practise effective communication in their company and with external partners and investors. This establishes and develops the company and ensures its survival. The entrepreneur needs communication that connects his employees, external companies and clients. Entrepreneurs are charismatic leaders who communicate their team's vision and help build a strong team.

• Changing the world: many entrepreneurs are trying to improve the world. Some entrepreneurs use their activities to raise capital, for noble purposes. For social entrepreneurs, building an empire means creating a better world for everyone.

• From Elon Musk to Steve Jobs, entrepreneurs imagine the world differently. The definition rarely speaks of the huge impact that entrepreneurs have on the world. Entrepreneurs see opportunities and solutions when the average citizen sees only anger and problems. Understanding who they are can help more people appreciate the value they bring to the world.

• Entrepreneurs contribute to national income: entrepreneurship creates new prosperity in the economy. New ideas, improved commodities enable the creation of new markets and new prosperity. Also, higher levels of employment and income contribute to national income.

Who can become an entrepreneur?

• For being an entrepreneur, there is no per se need of formal education because you are your own boss. However, since most entrepreneurial ventures do have an application that requires technical and practical knowledge, proper education is a must.

• It is people who have a relevant and thorough study in a discipline who come up with ideas for a product and hence form a startup. Having that education also provides a strong backbone to your product. For example, an engineer comes up with an idea about an ethical hacking app.

• One can start an entrepreneurial venture at any time of their careers, people range from being high school students to retired individuals.

What are the skills required?

Apple, Microsoft, Amazon, Netflix were all startup companies at some point in their lives. Their CEOs had a certain quality which made the companies so big. Some of the qualities if you are a part of a startup that is required of you are:-

• Innovation

• Creativity

• Crisis Management

• Excellent communication skills

• A passionate belief in your product

• Passion

• Hard Work

Your ability to trust and believe in yourself shows your trust. If you rely on your own skills, you will become a little more uncertain as an entrepreneur. If you feel insecure, remember how much experience and knowledge you have. Most entrepreneurs start their business with someone else after years of experience.

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How much do Startup Founders earn in India?

Truth be told, a startup venture isn’t immediately profitable ever. So chances are the one may have to wait for years to finally earn their paycheck from their venture. To determine the pay is very dicey because it depends from startup to startup and investor to investor .

An entrepreneur organizes, manages and assumes the risk of a company or enterprise. If the market value by their combination of resources is greater than the value these resources can generate in another combination, the trader makes a profit. An entrepreneur uses these resources and earns by increasing the value of those resources. A dynamic, growing economy depends on the efficiency of the process through which new ideas are discovered, implemented and identified.

As an entrepreneur, you increase your business by taking calculated risks. The higher the risk, the higher the potential growth, but also the potential minus. Richard Branson generates millions of dollars because they have mastered the risk calculation. You must take into account the risks you take to get a return.

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Where to study?

Top Colleges offering entrepreneur course

• Entrepreneurship Development Institute Of India

• School of Business, University of Petroleum and Energy Studies, Dehradun

• Amity Business School

• S. P. Jain Institute of Management and Research

• Symbiosis Institute of Business Management, Pune

• FLAME University

Some Popular Start-up Founders in India are

• Divyank & Bhavin Turakhia, Founder: Media.net, Directi

• Vijay Shekhar Sharma, Founder: Paytm

• Nithin Kamath and Family, Founder: Zerodha

• Dhiraj Rajaram; Founder: Mu Sigma

• Sachin Bansal & Binny Bansal, Co-Founders: Flipkart

• Bhavish Agarwal, Founder: Ola cab

• Bjyu Raveendran, Founder: Byju’s

• Ritesh Agarwal, Founder: Oyo Rooms

Interesting Facts

Ritesh Agarwal who is the founder and CEO of OYO Rooms is a drop out of the college.