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Is entrepreneurship really profitable in the 21st century?

Meta description-There is a need for entrepreneurship development programs in order to gain profit in entrepreneurship and achieve growth in entrepreneurship by doing the right things.

What is entrepreneurship?

I am not going to go by the bookish definitions of entrepreneurship.It can be simply defined as the process of starting something on your own like starting your business like JVR which is a HR tech startup started by three friends.These three friends took on this challenge to become successful entrepreneurs by starting their venture where 8,50,000 jobs in india are posted daily and the filtering of blue and white collar applicants as well as jobs is done by using ML techniques.There main aim was to bridge the gap between academics and the corporate world by posting job vacancies on their job portal website.

            So what did they do? They have started their own venture and they have taken the challenge to become successful entrepreneurs in the future.

Why do people go for entrepreneurship?

The main reasons are :

  • To attain flexibility because of the improper work life balance.
  • To have self control and complete freedom rather than being controlled by someone in a job.
  • Faster growth 
  • To attain a better work life balance
  • To earn more money,because some jobs in mumbai , jobs in bangalore  and jobs in metro cities won’t give you that much money to live a comfortable life because of the expenses and standard of living in these cities.
  • Every person  and every entity in this world is dependent on some or the other form of business like businesses are dependent on other businesses. People are dependent on such businesses to earn their livelihood and even countries collecting taxes from these businesses is itself a business done to get  the required amount of revenue to run the country.
  • And if your startup grows into a million dollar company then there is also a possibility to earn a huge amount of money which is not possible by doing jobs.
  • And as you have seen because of the pandemic caused by coronavirus people have started their own ventures because they have lost jobs from their  respective companies. 

Should a person focus on  entrepreneurship?

The answer depends on various factors like your family background , entrepreneurial mindset , financial pressure ,support from your family ,interests ,final motives in your life, risk taking ability and ability of never giving up in tough situations will make him a perfect person for entrepreneurship.

          The most important thing that one should remember while diving in this field of entrepreneurship is “Success is not final,failure is not fatal , it is the ability  to continue that counts.”

           As you have seen, successful entrepreneurs like Anil Ambani ,The CEO of cafe coffee day , have failed to capitalize on their success in the longer duration even the CEO of cafe coffee day committed suicide because of extensive failure in his entrepreneurship life.

Is entrepreneurship really profitable?

As a coin has two sides the  answer to the above questions also has two sides.

It depends on factors like:

Uniqueness of your business idea:

If you are able to develop a unique idea and are able to solve the problems faced by people by combining the experts in the various fields and managing your resources effectively and have a clear idea of developing it into a feasible business solution then entrepreneurship can be profitable like facebook ,google.There will also be no competition for your product or service.

Having a crystal clear plan ,deep knowledge and great marketing skills:

If you have a crystal clear plan about the implementation , development and marketing of your product or service then your venture can attain success.

Your end goal in life

If the end goal in life is to earn money and live a millionaire life or you’re happy with your IT job this can determine the failure or success of your startup because of the mindset.

Management of  expenses and available resources :

Most of the startups run on bank loans ,venture capitalist or angel investors.So they are comfortable for the first 5 years but when they are not able to generate the required profits to handle at least 40 to 50 people in a company their startup fails  in 90% of the cases.And also they have to manage expenses like electricity, petrol , rent etc.

So you can decide whether entrepreneurship is really profitable in the 21st century?

Author bio-Shantanu Godbole is working as a digital marketing intern at job vacancy result.JVR a research based cutting edge HR tech  platform uses ML techniques to filter white and blue collar applicants as well as the jobs and here 8,50,000 jobs are posted daily.

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