Entrepreneurs are also known as inventors who come out with new idea to stand on the dais of business field. To mark their footsteps in this management era, The idea which an entrepreneur comes up with, should be innovative and strong enough to face the business challenge and competitions.

According to DELL’s Entrepreneur in residence, Ingrid Vandervelolt, “Entrepreneurs are barrier breakers whose optimistic view of the world combined with creative thinking, has the ability to address even the toughest of challenges including the Government’s approach to innovation”.

But before getting into entrepreneurship, an entrepreneur should know the current market needs and government policies related to his innovation or his ideas. Many come up with innovative ideas but fail to sustain in the field and directly or indirectly, they will help another entrepreneur to continue with the same idea with added innovations or ideas to the same according to the customer’s requirements and to attain success with the same product or idea or innovation.

Same happened with KODAK, the one who invented cameras for the first time, but, failed to sustain in the field and to reach young generation’s needs. But later, the same camera idea has been taken by many others and they have come out with new add-ons with new innovative ideas like Digital cameras, touch screen camera, high resolution cameras and pocket sized cameras etc. Obviously people of this era would always choose the best and they only like to use the one which is user friendly and easy to carry.

The KODAK example will tell us that entrepreneurship is not only the innovation of the new ideas, but, it also matters with facing the current competition and reaching the customer’s requirements in the current market and beat them to mark own impression themselves.

When MICROMAX came into existence, people didn’t know about the product or the company, but now, it stands as a great competition for SAMSUNG in mobile phones and also started competing with electronics like Televisions, DVD Players etc. This is what, is called a proper entrepreneurship, which is daring enough to brake the company which had created a great impression on customer from past decades.
So, Entrepreneurship, is not only coming up with new innovations, it also involves an ability to sustain in the market field for a longer period by breaking the record of a company which is already ruling the market. Entrepreneurs can come up with the same idea which is already present in market but with added innovations to it.

Written & Submitted by GIBS B-School Student.