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Is Entrepreneurship for Everyone?

September 22, 2010

Is entrepreneurship for everyone? The answer to this question is both yes and no. Sure, anyone can be an entrepreneur. But then there are certain important prerequisites that one should be able to fulfill, so as to ensure that your journey into entrepreneurship culminates into a success.

So, what are these prerequisites?

  • Risk-taking ability : First and foremost, you should be mentally prepared to take risks. When you start a new venture, there is no guarantee of success. Initial plans can take longer to fructify than expected. And not every venture succeeds. Thus, if your mind is focused on getting a definite monthly income under all circumstances, then entrepreneurship is perhaps not for you.
  • Initial finances: A new venture, whether big or small, will demand investment of capital. You will need to invest money for setting up plant and machinery, office and computers, meeting the initial expenses, etc. till the venture reaches a break even. Also, during this period, you need to be sure that if you have a family or  other personal financial commitments, they are adequately provided for. While there are possibilities of a bank loan or equity-based funding options, you will need access to some capital to get you off the ground.

  • Passion: However good your planning, however brilliant your idea, however sound your business plan, you will come across tons and tons of challenges in getting the venture off the ground and making it successful. One is able to navigate these challenges and overcome these humps, only if one has a lot of passion. One really needs to believe in oneself and have a strong sense of conviction about their plans.

Be sure to meet these prerequisites. They will assist in your journey on the road to entrepreneurship.

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