Entrepreneurship Is Built Around A Vision And Foresight: Are You Nurturing It?
In a world full of unlimited opportunities, we have witnessed few ones, daring to plunge upon and build on their ideas into successful ones. These are the new age entrepreneurs, their start-ups ready to spike and harp upon in the toughest conditions, ready to establish their identity in a world of business. In turbulence they see unlimited opportunities, whereas the public sees chaos as described in the book “VUCA in Start-ups”. They craft a balance between the new order demand, nurturing with their supplies and creating an innovation pandemonium. How about you? Do you have a vision to start upon a journey and unravel the mystery of ideas, flipping from its cocoon?
Being a vigilante in a world, which is embroiled in a cocoon of volatile, uncertain, complex and ambiguous (VUCA) conditions, the biggest challenge is in nurturing the new order idea and build castles, complementing owns capabilities, while capitalising upon the resources and capabilities one can muster. It is an age of turbulence and only brave hearts can spear, tactically and strategically. These are new order entrepreneurs, with an open mindset, deepened foresight with a penetrating mind. Let us revisit how these individuals emerge as compelling entities towards creating successful enterprise.
The entrepreneurial enterprises are created, nurtured and made viable by following six sequential stages:
i. Idea Generation:
Entrepreneurial initiative starts from the stage that is often known as idea generation. For some entrepreneurs, getting new ideas is natural, but for some it is very difficult. The new idea generation is a process which happens spontaneously. It is a skill and not an innate ability. This skill can be learned, and nurtured, and can be upgraded throughout life. This “learning” is in roots of creativity and innovation. We learn from the idea generation stage in Snapdeal that no idea is good or bad; they all need a fair trial.
ii. Entrepreneurial initiative:
After generating ideas, the next important stage in any enterprise is the entrepreneurial initiative, which is an ability to turn ideas into business activities. It includes the ability to plan and manage projects to achieve objectives, but also be creative, innovative, and a risk taker. The goal of this initiative is to get involved in innovative thoughts, be open to new ideas, to get interdisciplinary collaborations and have a continual entrepreneurial mind-set development. For Housing.com, the entrepreneurial initiative was to convert the idea into digital rental brokerage in the city of Mumbai for middle and upper-middle-class migrants.
iii. Entrepreneurial journey:
When one thinks of the entrepreneurial journey, it is often understood as activity that an optimistic person takes and decides to change the surroundings by first changing the existing realities. This change of status-quo is admirable. This entrepreneurial enterprise learnt at an early stage that business must be lean with low cost. In Quikr entrepreneurial journey, there was always a clear purpose with no deviation. The journey was backed by sound technical and management background of the founders.
iv. Business model:
The dummy of the plan is required to be pitched to would be investors. It is the business model, which explains to everyone on the entrepreneurial intentions. It talks about the value creation an entrepreneur and his enterprise intend to do. People do appreciate the business model only when they see it but like an art, cannot accurately describe it. Every enterprise should decide its fundamental approach in going to market and must be clear as to how it will create real value for customers, employees and other stakeholders? The business model typically includes details about target customers, the market, SWOT of the organization, essential elements of the product, and how it will be sold. The most feasible and fastest way to capture and communicate these elements within a company and outside is the business model. The Zomato’s business model was built around the plan to encash early mover advantage. The model intended to provide multiple choices to customers which were likely to provide Zomato an opportunity for growth.
v. Strategy:
The budding entrepreneurs must have a business plan that illustrates strategy. This cements the business feasibility. In this connection, few interesting questions are:
1. How is your enterprise different and unique and why will its services/goods attract customers?
2. How the competitors are different then your start-up?
3. What are the driving factors that prefer the type of business over another? In simple terms why should one customer do a business with your start-up?
Zomato is famous enterprise in the business of food supply at the doorstep. Their strategy was on two principles. The first, be relevant in the market and the second, adopt the inorganic growth. Being different was good strategy for Paytm. Their strategy was for growth, primarily converting challenges into opportunities.
vi. Execution:
The act of executing something refers to the manner, styles and results of performance. In entrepreneurial ventures, ideas, business model and strategies need to be executed meticulously so that a profitable start-up is launched. The ideas are worth nothing unless executed. They are just a multiplier. Execution is worth of millions. Successful enterprises understand the importance of this equation at an early stage. Many entrepreneurial enterprises would benefit from a mixed approach that combines execution with entrepreneurship. The successful entrepreneurs in enterprises, innovate, take risks, and solve problems as they arise. An entrepreneurial execution is focused on a culture based on learning and experimentation. Quikr, while executing ensured focus on quality, they did not lose concentration on internet market and kept on generating revenue through value added services. They kept on reducing complexity through simple operational procedures with focus on ease of customers and sellers.
These veritable stories of select entrepreneurs and their start-ups, addresses the fundamental question ‘if entrepreneurs drive their vision in establishing a business venture?’ One thing is very clear that the examples of the six stages of select enterprises indicate that they followed and nurtured a vision whether they were successful or not. The valid question is: do you have one solid conjecture? If not initiate it right now. This is the right time to experiment with an idea, solving a problem and harnessing it to an economic activity. India is the hottest Start-up nation and let us be a part of this organisational Medley. Do you have this foresight?
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