Entrepreneurship is starting a new business or organization, and it involves taking certain risks in hopes of reward. Traditionally entrepreneurs developed new businesses by creating a model and organizing resources to achieve the goals stated in the business model. A good entrepreneur will first take a self-assessment to understand both their strengths and their weaknesses. Those who succeed are able to identify their weaknesses and take steps to correct them. This is a challenge and requires a person who can work through stress and trials to reach a desired end. In the midst of adversity, learning how others have persevered and achieved success provides inspiration and insight.
In Indonesia, the government is working to help new young entrepreneurs succeed in business. They have developed a series of public lectures given by successful business entrepreneurs from Indonesia and other nations. The lectures provide inspiration as the speakers share their journeys and give helpful tips to developing a sustainable business. One individual who has endured the challenges of entrepreneurship and is willing to share his success stories is Sukanto Tanoto. Tanoto has a business empire that employs over 50,000 people internationally. His manufacturing operations extend throughout the world with operations located in Brazil, China and Indonesia. Learning from the successes and failures of people who have built successful businesses helps young entrepreneurs to navigate the stages of building their own business.
There are three stages identified in growing a business from infancy to full maturity. In infancy, the entrepreneur must be willing to take a calculated risk. The person starting a new business must be willing to face the possibility of failure and mistakes and be able to learn from them. However, the young entrepreneur should never enter a business enterprise before doing his or her homework. In addition to an honest assessment of the person’s own strength and weaknesses, he or she needs to analyze the market they desire to enter. Failure to know the market sets a person up for mistakes and potentially failure. Once the homework is done and the business is launched, the stage of project execution starts. It is key to have an effective business plan and the right people in place. During this stage, people need to respond quickly and accurately to challenges that come. In the final stage, the company reaches maturity and has an established set of systems and procedures to sustain the business.
Any new entrepreneur faces challenges and risks in starting up a business. They need to understand their own strengths and weaknesses and conduct a thorough analysis of the market. Even with homework and a solid business plan, the entrepreneur faces an uphill battle. It is helpful to learn from those who have gone ahead. People who have already navigated the trials and challenges involved in starting a new business can provide inspiration and insight. The nation of Indonesia has recognized this and taken steps to bring successful businessmen and new young visionaries together.
Article Submitted by Community Writer.