Thursday, July 30, 2009

Entrepreneurship Cell - An introduction

"When you reach an obstacle, turn it into an opportunity. You can overcome and be a winner, or you can allow it to overcome you and be a loser. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure."

- Mary Kay Ash, founder of Mary Kay Cosmetics .

"An entrepreneur tends to bite off a little more than he can chew hoping he'll quickly learn how to chew it.

- Roy Ash, co-founder of Litton Industries.

“Don't sit down and wait for the opportunities to come. Get up and make them!"

- Madam C.J. Walker, America's first black female millionaire.

We at SIIB are formally inaugurating the entrepreneurship cell on 31st July, 2009.

What does entrepreneurship cell stand for and what are our aims and objectives ? Let’s start from the very basics. Who is an entrepreneur?

Cambridge dictionary defines it as “someone who starts their own business, especially when this involves risks.”

So, why should someone venture into something which by definition includes ‘risk’ as an integral part of it? The question is very aptly answered by one very successful entrepreneur, Steve Jobs. He says, “Your time is limited, so don’t waste it living someone else’s life. Don’t let the noise of other’s opinions drown out your own inner voice. Have the courage to follow your heart and intuition. They somehow already know what you truly want to become. ”

Why Entrepreneurship?

Ensuring that you are the architect of your prosperity and your achievement is ultimately the responsibility of one person and one person only - you. In other words you are the master of your true self. Running a business may be hard work, but that’s certainly not what you are rewarded for. Often at times, burning the midnight oil is simply the bare minimum requisite for entering into business. You earn your returns by working smart, quality of your ideas. While working a regular job isolates you from the risk of no return on bad ideas, it virtually nullifies the incredible return on good ones.

It’s an amazing feeling to start with nothing and end up with something absolutely amazing.

It’s hard to be born rich or inherit the family farm, but business unlocks a path to real wealth potential. But that’s only a small part of the whole story. The main thing is satisfaction.

Entrepreneurship and Economy

The role of entrepreneurship and an entrepreneurial culture in economic and social development has often been underestimated. Over the years, however, it has become increasingly apparent that entrepreneurship does indeed contribute to economic development.

Transforming ideas into economic opportunities is the crux of entrepreneurship. History shows that economic progress has been significantly advanced by pragmatists who are entrepreneurial and innovative, and are able to exploit opportunities and willing to take risks.

Entrepreneurs create solutions that fly in the face of established knowledge, and they always challenge status quo. They are risk-takers who pursue opportunities that others may fail to recognize or may even view as problems or threats. Whatever the definition of entrepreneurship, it is closely associated with change, creativity, knowledge, innovation and flexibility-factors that are apparently becoming important factors of competitiveness in a globalized world economy. Thus, fostering entrepreneurship means promoting the competitiveness of businesses.

Private sector development and entrepreneurship development are essential ingredients for achieving the Millennium Development Goal of reducing poverty. While sound macroeconomic policies and providing market access are crucial, emerging markets need to nurture and develop entrepreneurs who are able to take advantage of opportunities created by globalization.

For many developing countries, private sector development has been a powerful engine of economic growth and wealth creation, crucial for improving the quality, number and variety of employment opportunities for the poor.

Economically, entrepreneurship invigorates markets. The formation of new business leads to job creation and has a multiplying effect on the economy.

Socially, entrepreneurship empowers citizens, spurs innovation and changes mindsets. These changes have the potential to integrate developing countries into the global economy.

Entrepreneurship in SIIB

We in SIIB want to develop lateral/horizontal thinking and encourage other youth to explore entrepreneurship and self-employment through the recognition and development of their inventive, critical thinking and problem-solving skills. To facilitate out of the box thinking and developing that skill is to recognize a genuine opportunity when you come across one. This will enable us to be life-long partners in building and supporting the environment of entrepreneurship in the community.

Entrepreneurship means lot of hard work, it means relentless optimism and fighting for one’s own belief. Winston Churchill once said,’ Success is walking from failure to failure without any loss of enthusiasm.’

We, in entrepreneur cell of SIIB would strive for such a commitment and belief and uphold the spirit of entrepreneurship in its truest sense.

“The critical ingredient is getting off the beaten path and doing something. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”

-Nolan Bushnell, founder of Atari & Chuck E. Cheese’s

Krishanu Mukherjee (09-11)

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