Entrepreneurship

Lately there has been much hype by many parties on the subject of entrepreneurship. Discussions have been rife from political parties on one end of the spectrum and the mass media on the other end. Entrepreneurs are interviewed almost on daily basis via variety of channels available to the public at large and definitely the target market. There is no doubt that the level of awareness has increased many times fold among budding entrepreneurs and those contemplating taking this path as a career option.

Nevertheless, in the midst of all the harbinger, it is sad that the element of failing in entrepreneuship has largely been ignored in any of the presentations and representations in the media, exhibitions and mass communications made to the prospects. Let us not be fooled into believing that the career path leading into entrepreneuship is that rosy and is within grasp just listening to "success" stories especially those highlighting "personalities" who have obtained kick-start advantage in their careers. Often those projected in the media merely stress hardwork, determination, perseverance and faith to ensure success but conveniently leave out the element of having the right "mix" or the recipe.

There are various models of businesses one can choose from; franchise, direct selling to limited companies or even hybrids of sorts. No matter which one chooses, the critical factor is competition which many fail to evaluate, understand, and capitalise on to their advantage. Getting into business today and in the future is not a game for those who are complacent. Up to 90% of entrepreneurs fail within 2 years of their start up regardless of the business model they choose because of unpreparedness to face the troughs in the business cycle. They often land up owing the banks or institutions that has provided the financial capital.

There are multiple platforms made available by the government and private sector, especially to the younger generation, to venture into businesses but one must be critical in the decision making before setting foot into the arena. Merely following the tide can be detrimental not only financially, but also to the morale. Many have burnt their fingers at an early age and it may take years to recover.

Entrepreneurship is about sustainability and growth. Frustration of early business plateau with little profits or even losses in the primary stages have led many to abandon their businesses as they lack determination and loose steam. More than often the lame excuse is always about "unfair" competition in the market. Well, that's the reality of our open-market system and with globalisation the business terrain is only heading to steeper and more challenging environment. Entry levels into the market especially for the small and medium enterprises have been raised to levels not experienced by our past generations. Business concepts have morphed over time and ever revolving. Consumer demands and expectations are on the rise with knowledge explosions happening all round us. Information is at finger tips moving at lightning speed and consumerism is taking foot firmly in all aspects.

So, are the new enthusiatic entrepreneurs ready to face this? The various trainings and academic acquirement within and out of universities or colleges are often the crawling stage of infancy. Experiential training and learning may teach you the standing and walking phases but unfortunately many trainers and training centers do not run you through the full 9-yards. And in essence, that is when the real on-the-field challenge kicks in. That is when a coach is needed to guide an entrepreneur when and how to attack, retreat, defend or rest. Only excellent mentor and mantee can survive the ruggedness in business. In todays' business climate, entrepreneurship is analogue to painting a picasso on an empty canvas. It is tough!

It is critical for training providers and institutions alike engaged with entrepreneuship aspirants be factual, realistic and do not stop short of realising them the intricacies and steep competition they face in the real world. We as a nation grossly lack such trainers and coaches. It is indeed disheartening to know that the vast majority of providers merely engage in generic business trainings and not niche training. Quantity has supercede quality and as such the foundation and footing of many budding entrepreneurs fail to withstand difficult periods.

Though fear of failure should not everwhelmingly be discouraging, an entrepreneur must take a calculated risk to minimize the probability. It is critical to weigh and evaluate the many facets in the business dwelling with great detail within the niche; which indeed is a daunting and demanding phase. Surely there are many other issues which will catapult towards an entrepreneur, but if one had forseen most of the core matter; hardships, dents and difficulties can be dampenned or cushioned.

And to all new and aspiring entrepreneurs out there, please ensure you not only get the right training center but also the right and appropriate trainer, coach, mentor and one who is currently active in that particular area of expertise. As the saying goes knowing the recipe itself is insufficient. Its how you cook it!