The dogmas of Entrepreneurship: Part I

Do you want to become an entrepreneur? Focus on three skills    
Benjamin Lyngdoh 

Email – benjamin21in@yahoo.co.in 

A saying which is parroted by many is that ‘one should look towards becoming an entrepreneur and practice entrepreneurship’. This is because with the passage of time and added with the government’s inability to provide employment opportunities, entrepreneurship is largely viewed as the only solution to the problem of unemployment. Although the saying is correct, the approach to it in terms of understanding the inherent nature of entrepreneurship is false. In truth, entrepreneurship is not a last resort to employment. It is not just an option for someone who is unable to find a job. Rather, it is one of the formal means of employment at par with others such as a government posting or a semi-government job or a corporate job, etc. Becoming an entrepreneur is a full-fledged career option for the youth. It is an option from the very start and again, definitely not a last resort. This option is feasible for those who possess acumen for doing business and earn a livelihood through it.  

A question that is commonly asked is ‘how can I become an entrepreneur?’ Many do find entrepreneurship a pretty difficult and scary prospect. In actuality, this is not so. If we take things step-by-step it is found that becoming an entrepreneur is not difficult provided we know where and how to start. At the start, just three skills are required. Each of them is supplementary to another and must be practiced in tandem. The skills are as follows –  

1. Conceptual skill – It refers to the capability to understand the business environment and the opportunities available. Here, one needs to be able to analyse the market and identify the scope for starting a business. There is also a need to analyse and evaluate profitability of the opportunity available. It is about moving around and doing market research to understand the local business situation. In addition, a reading from print and electronic documents will give bright ideas with regards to identifying the best business opportunities. Further, it involves sitting over a cup of coffee and assessing if the idea of entrepreneurship as generated is feasible (can exist in the long-term) and profitable.      

2. Human skill – Although all businesses make use of technology, the second important skill is human in nature. It refers to the capability to deal with people. All entrepreneurs have to deal with people. It requires a skill which is extremely critical. This is because humans are complex and each is different from another. An entrepreneur must have the skill to fulfil the needs and wants of all consumers with whom he/she comes in contact with. The entrepreneur is required to be polite, have mannerism, good etiquette, be a good conservationist, a good story teller, etc. Some might say that they are not good at dealing with others and lack social skills. In truth, human skill can be developed over time as a person grows.    

3. Technical skill – Without technical skill no entrepreneur can become successful. It refers to a specific skill set in possession of an entrepreneur through which he/she can produce certain goods and/or provide a specialised service. A technical skill can be the ability to design a webpage, program a game, do graphics and special effects, cook, design the interior or exterior of a house, fix a car, paint, etc. The list is never-ending. The point to be noted is that technical skill is the last piece of the puzzle which would lead to becoming an entrepreneur. Without technical skill, an entrepreneur cannot sustain in the long-term no matter how good his/her conceptual and human skill are.   

Let us look at an example to understand better. John has the technical skill in preparing food. To be more specific he is good at continental cuisine. He has the desire to become an entrepreneur. In the process, John applies his conceptual skill whereby he tries to understand the business environment in his locality. He tries to find out if any continental food outlet is there or not. Through his market research he finds that there is no continental food outlet in his locality and nearby areas. Good! John can open up such an enterprise. Then John looks at his human skill. His human skill is favourable and he is able to get along with people nicely. So, John has all the three skills to become an entrepreneur. 

Now, are you similar to John? Analyse yourself in terms of the three skills!