Entrepreneurship for long , has been seen in the modern versions of the city in the corporate nature and hence the valuable money minting ideas of the individuals from rural areas were met with the lack of awareness on the fund generation , logical thinking , reasoning and analysis owing to the illiteracy and the lack of computer skills . This is changing now with more number of awareness level and widespread virtual social groups. “Grampreneurs“ have started to come out of their shells to leave a imprint on the society both economically and morally . This can be seen as a promising note on the advancement of startups as it involves the balance of both rural and urban areas .
THE CHALLENGES :
The common challenges met by the Entrepreneurs globally are ,
- Paucity of funds
- Lack of research and development on the ideas
- The lack of tenacity to trial run the business idea
- The ignorance of promotional techniques
- The wide inefficiency of the government in granting funds
- The societal norms and family set up
- The lack of idea of ” Entrepreneurship “
- The Volatile market due to the global availability of product
- Non availability or Non affordability of the factors of production
- The sickening attitude of the team
- Building rapport with the market needs to balance the income and expenditure
Now apart from these common hiccups , the entrepreneurs develop a fear of facing the market due to some unanswered questions that they come across in their experience , which hinder their thought process depleting the risk taking capability with planned progress .
- Generating innovative ideas from the existing market
- Generating new ideas for creating the new market
Whenever the ideas are created for / from existing markets then it needs to pertain to the direction of multiplying the profits , to promote the product to cross the stagnant stage of lifecycle successfully with introduction of new line of products or to follow new strategy to counter the reduction in sales .
The idea in this process can lead to the start ups of many kinds that act as the link between the brand and the market predominantly middlemen business tactics and the strategies , it’s also known that middlemen are the one who are the lead generators and hence the updates of the market are pretty calculative with them .
In the second case , certain ideas can sought to create and develop new market of its own and by itself will become a brand .
Generating ideas :
This can be from
- Adopting latest scientific inventions in business to take it to next level . The entrepreneurs of this type acquire the knowledge to establish themselves
- Framing ideas based on the observation
- The market needs can pave way to the ideas which can be understood or analyzed by having close watch on the market conditions .
- The digital entrepreneurs are growing in huge globally due to the easy and quick access of the market from anywhere in the world . The virtual markets are minting money more than the traditional market set up owing to the growth in the digital usage .
- Access to the social media provides varied platform of gathering information and knowledge
How to tap the market :
The ability to create and sustain the market provides the base for building the vision of the brand which simultaneously promotes the vision of the entrepreneur . The never ending business that multiplies its product line and market to form its own empire . Now the creation of the empire doesn’t happen in overnight . It’s to be understood that the time and effort invested in business will reap the profit rather than the money invested . The market can be explored in successful ways by
- Networking at all levels
- optimum usage of the available resources
- shared usage of the factors of production if possible to reduce rates
- pricing policies according to the target market
- framing alternative plans of action
- Establishing online markets
- Easy and flexible payment services
- No compromise on the quality
- The well framed goals will lead to success path
- Empowering the consumer
- knowing the Empathy factor in marketing
- Awareness on the government support schemes
The well formed action plan are hard to be formed by the new generation entrepreneurs as they are in the entry stage of the market and they need to experience the market in reality . In this cases the trial run tests help them to analyze the reach of their product in the market .
Problems faced by Entrepreneurs and the Understanding of their capability :
The potential of the individual to face the hurdles in the market and the risk taking ability determines the success of the individual in the market in long run .
The financing of funds play a major part in initializing the ideas into reality . It is to be understood that finance is big part of business but it is not the business itself as the paper money gains value only through transactions for which business activity is essential and hence globally entrepreneurs are welcomed by the government to bring in new ideas and innovative methods to keep entertaining the ever changing markets. The financial status of the firm becomes the judgment of the firm when the figures are multiplying in assets to firm .
The entrepreneur concept has started to find strong hold in any society as the global economy is facing unexpected surge and recessions that unstabilise the economy affecting the affordability of good payment structure to the employees and hence this constantly pressurise the society to invent on new technologies to create new opportunities .
The best ways to overcome the initial fear of doing business is to start the virtual business in less investments and reaching larger audience moreover digital shopping is to become the future busy market henceforth the entrepreneurs can try to make the advancement to digital markets wherein they can establish a brand of their own making it known to people before entering the direct market .
Call to Action :
Entrepreneurs has the ability to bring in the needed economic revolution and for the betterment of society. It’s a marathon here to stand with stamina to pass on the vision of betterment for ages. The government must encourage the entrepreneurs by creating more awareness on their programs and by conducting cost free workshops and taking the mission to all corners of the nation. In turn the entrepreneurs need the ability of equipping their skills to grasp the benefits of the government and to implement it without any error so that it benefits the firm and the government in long run. The circulation of money is made at ease and more number of circular inter looped economy is created which promotes the cash flow and the period of pay back but the caution has to be taken to bring back the cash in circulation without any lagging in time or blockage which means that the cash in market has to keep circulating without stopping so that the business gets promoted and the society gets benefitted.
The business itself is the entity formed to stay for long in the market , in that scenario the fund flow determines the longevity of the business to establish the brand both in qualitative and quantitative terms . The digitalization of business can in some time give rise to the usage of virtual money as a rule of transactions in the virtual world which would bring in more consumers , a way of indirect earnings happen over here. The digital business accounts equally with the worth of the traditional set up and hence more entrepreneurs can step up brave in the digital platform as they seek a good market to capture and retain .