World Youth Skill Day 2022

Entrepreneurship: Empowering the Youth of Today

Amarabati Bhattacharyya
Amarabati Bhattacharyya
Posted on 06 Jul 2022
16:35 PM
Entrepreneurship is the most sought-after career in today’s time

Entrepreneurship is the most sought-after career in today’s time iStock

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Summary
Entrepreneurship is an all-encompassing skill that pushes you to achieve your business dreams and unlock success on your own terms
It provides the opportunity to transform these ideas into a sustainable reality

The concept of entrepreneurship can be simply defined as starting out on your own in order to generate profit. As opposed to the traditional idea of running a business, entrepreneurship involves withstanding the risks of ideating, conceptualizing, strategizing, finally executing and ultimately sustaining the business solely on your own or with the assistance of two to three people. Grounded in novelty and innovation, an entrepreneur is someone who can “start up” a new business venture and churn out profits from a single idea. Entrepreneurs are often synonymised as innovators – agents of change who introduce new ideas by replacing existing ideas. Entrepreneurship is an all-encompassing skill that pushes you to achieve your business dreams and unlock success on your own terms.

Must-Have Skills For An Entrepreneur

Entrepreneurship, at large, signifies starting small. Thus, the most pivotal entrepreneurial skill to have is courage. The first step toward starting out on a new venture comes from a courageous zeal within the entrepreneur. Having a solid vision, being instinctive as well as experimental, possessing the strongest leadership qualities and an abundance of perseverance in the face of adversity.

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Here is the list of must-have skills for a budding entrepreneur to develop and master gradually with time.

  • Management

Multitasking, assigning duties, and reaching important company choices are all examples of business management talents. Because they have a solid grasp of each function, entrepreneurs with this skill set can supervise and manage the activities of several departments.

  • Finance Knowledge

Entrepreneurs must be able to manage resources, appraise investments, and have basic financial knowledge. They may avoid overpaying and utilise resources more effectively by developing financial skills.

  • Communication

Effective communication with clients, team members, and other stakeholders is a skill that every entrepreneur must possess. Entrepreneurs need to have outstanding listening skills in addition to good communication abilities to comprehend and convey project requirements as well as have the highest takeaway from project meetings.

  • Time-Management

Being productive and having an organised workspace are both benefits of good time management. Entrepreneurs with organisational and time management skills know how to prioritise their duties and stop putting things off.

  • Risk-taking

One of the most important entrepreneur skills to master is the capacity to take calculated, smart risks. They are aware that taking a risk presents an opportunity to gain new skills and advance a company.

  • Leadership

It takes exceptional leadership qualities to inspire colleagues, empower employees, and lead from the front. Entrepreneurs with strong leadership abilities engage their staff, manage operations, and allocate duties in order to achieve the company's objectives.

Benefits of Being An Entrepreneur in Today’s Time

With the advent of fast-paced technology, digitization, and social media – start-ups are flourishing in 2022. Some of the biggest business ventures in India today are, in fact, startups. Take for instance companies such as Urban Company, PayTM, Razorpay, UpGrad, Byju’s and many more, which started incredibly small with a maximum of three founders and currently define the finance, wellness, instant delivery, fast food, ed-tech, and automobile rental industries.

Check out some of the benefits of becoming an entrepreneur in today’s time:

  • Immensely Flexible Schedule

Entrepreneurship facilitates the opportunity to break out from a set routine and create your own customised timetable.

  • Profit-Making

When you start your own business with a solid strategy for execution and the correct business idea, you'll probably stand to make a lot more money.

  • A Sense of Freedom

The ability to choose their customers, staff members, and business alliances is a privilege for entrepreneurs. You have complete influence over your workplace's culture and the people you work with.

  • Improvement in Standard of Living

Whatever the demands or aspirations of the customer, an entrepreneur strives nonetheless to produce products and services to satisfy those needs. Hence, entrepreneurs fulfill niche demands and improve the standard of living.

  • Constant Growth & Development

Growing constantly is essential to entrepreneurship. As your company grows or the market changes, you must be able to adapt. The regular learning and application of fresh ideas into your firm keeps you from becoming complacent and promotes continuous professional development.

Therefore, harbouring the desire for entrepreneurship and polishing that desire to develop it into a tangible skill is extremely beneficial to today’s youth. For the youth bubbling with new ideas, entrepreneurship provides the opportunity to transform these ideas into a sustainable reality.

To celebrate World Youth Skills Day, The Telegraph Edugraph brings Skillfest 2022 to enable and empower young students. The contest is open to students in standard VIII-XII. The last day to submit entries is 13th July 2022.

Click on the link to apply: Skillfest 2022

Last updated on 07 Jul 2022
11:06 AM
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