Entrepreneurship is akin to individual abilities and capabilities. It is all about identifying or creating opportunities, taking risks and believing in self rather being dependent. And most importantly building a sustainable and an ever growing organization.
Entrepreneurship is akin to individual abilities and capabilities. It is all about identifying or creating opportunities, taking risks and believing in self rather being dependent. And most importantly building a sustainable and an ever growing organization.
The journey for any first generation entrepreneur usually begins as self employment. From being self employed, one becomes an Entrepreneur as the business grows multifold, emerging as an organization.
It’s normal for such organizations to initially rely completely on the promoter for conduct of business, unless the promoter thinks otherwise. Entrepreneurship is built around a founding team with varied capabilities and capacities. Size and ability of the team will depend on the promoter to share, sell and build on his ideas with others. It will be natural for any budding entrepreneur to build the team from known circles - Family, Peers, Friends, Classmates...and such circles bring in their own circles...thus developing the Organization. Usually it commences with identifying personnel from like businesses or at least with functional expertise.
An Organizational Journey & Entrepreneurial journey commences together. It’s possible the Promoters sustain the success financially - from what they were and they are at a point of time. In the era of private equity investors and IPOs, monetizing an organization is not very difficult. For building a sustainable Organization, it is important to create systems and procedures, those transform into capacities and capabilities building strengths to overcome weaknesses. This necessitates in transforming Entrepreneurial characteristic into an Organizational Characteristic.
A cursory glance of Global brands, irrespective of sizes many have survived beyond promoters and their families. It is due to inherent strengths of products, services, technologies and most importantly the Organization itself, much above the promoters. For the benefit of the organization, a promoter should have a road map to let go in case of need. Due to circumstances and priorities this may include management of the organization and sometimes financial holding too. Many SME Entrepreneurs have started looking at Professionals’ involvement at certain levels to bring in a third dimension, and most often from known circles.
Creating a sustainable organization has to be looked beyond revenues and profits. For long term success good people are essential to be part of the organization for development and growth. To attract and retain people should be above Personalities - for an Organization is an ensemble of performing people and systems.