Topic summary Essay Example | Topics and Well Written Essays - 2500 words

Topic summary - Essay Example The guidance on entrepreneurship is not too easy to find. While there would be loads of material on the subject, it is important to remember that companies do not share the same developmental path as small entrepreneurs do. Most entrepreneurs thus learn by doing work. Sometimes this learning may come the hard way (Bhide). The entrepreneur’s mindset differs from the administrative culture of big organizations on account of strategic orientation, commitment of resources, control of resources and management structure (Bhide). One of the biggest challenges for entrepreneurs is raising funds. It takes some doing to convince the venture capitalists to fund the startup. Venture capitalists are experienced and have the prudence to separate the wheat from the chaff. Claims like ‘key employees will join us as soon as we get funded’ or ‘we are about to sign a deal with Amazon shortly’ do not cut ice with the venture capitalists. Entrepreneurs are happy with the ‘Chinese soda syndrome’ which suggests that even if one percent of the people of China, the most populous nation in the world, drink soda, the market would be huge. The investors however want to put money in a venture that has the potency to attain a top dog position (Kawasaki). For many entrepreneurs, person al savings become the most significant source of funding their startup (Ewing Marion Kauffman Foundation). A simple framework to successfully tackle big issues is to define goals, adopt the right strategy and then execute it to perfection. Entrepreneurs should set realistic goals keeping in mind the resources they have and the risk they are willing to take (Bhide). Big companies prefer to stay with what is familiar. They tend to avoid unchartered territories (Stevenson and Gumpert). This is where the opportunity lies for entrepreneurs. The mantra of success in entrepreneurship is tapping a niche market. Entrepreneurs should adopt the by-pass strategy in case they intend to compete with