Entrepreneurship for engineers-III

Process of becoming an Entrepreneur

Till now I have explained the basic meaning of entrepreneurship and the reasons why an engineer should also try and become an entrepreneur. So, now the process of becoming an entrepreneur is discussed.

Now once you have decided that now you want to become an entrepreneur then next step is first to think about the business that you want to start. This is definitely a challenging task because today you think of any new business you will find that someone else is already doing it. But definitely this is not impossible. If you do not have an idea of a completely unique field then try and think of a field that is not much explored. You can also merge two business ideas to create a new one. Once you have thought of a plan then you are ready to start.

Further steps are arranging the capital. This is the toughest part. Next you need to find the right people who can team up with you to grow the business. Next is the time to act that is to apply the plans you have made and see their result. If the result is positive then you are good to go otherwise you need to reconsider your plans. So, formally we can divide the whole process into three different stages which are:

1. Birth: This stage basically involves fighting for existence and survival.

Steps involved in this stage are establishing the company, finding customers and getting the money.

2. Breakthrough: It involves coping with growth and takeoff.

Components of this stage are growing the company’s finances and making profit.

3. Maturity: Maturity means to manage the success, to enjoy the fruit of your hard work.

At the same time it consists of investing wisely, staying flexible and continuously refining your strategy.

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