IT Technical Entrepreneur
What is an entrepreneur?
One who accomplishes and assumes the risk of a business scheme is called entrepreneur. He is a person who has tenure over a new enterprise or scheme and assumes full liability for the intrinsic risks and the outcome.
If you have an idea for a business, can gather the assets to create the business, are able to risk the money and time to start it, and then administer or oversee it -
You are an entrepreneur!
Entrepreneurship versus Small Business
Many people use the term “entrepreneur” and “small business owner” identically. While they may have much in common, there are momentous differences between the entrepreneurial scheme and the small business. Entrepreneurial schemes differ from small businesses in these ways:
- Amount of wealth creation - rather than simply generating an income stream that replaces conventional employment, a successful entrepreneurial scheme creates extensive wealth, typically in access of several million dollars of profit.
- Speed of wealth creation - while a triumphant small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is speedy; for example, within 5 years.
- Risk - the risk of an entrepreneurial scheme must be high; otherwise, with the inducements of sure profits many entrepreneurs would be pursuing the idea and the chance no longer would exist.
- Innovation - entrepreneurship often involves extensive innovation beyond what a small business might reveal. This innovation gives the scheme the competitive advantage that results in wealth creation. The innovation may be in the product or service itself, or in the business processes used to deliver it.
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The root cause of small business success or failure is not due to a lack of knowledge or capital; it is due to a poor fit between the owner and the chosen venture. The successful entrepreneur always enjoys a good relationship with the business.
How can anyone become an entrepreneur?
An entrepreneur can be anyone from anywhere who is any age. It is not an issue where you hail from, how much money or education you have or anything like that. What matters is that you have a good practicable idea for a business and the drive to see that business bounce to life. There are only two ways to attain a "good fit" between an entrepreneur and a business. The first is pure luck (which is most often the case). The second comes from deliberately exploring who we are and how we might bond to the world of self-employment.
What makes a successful entrepreneur?
Before anyone becomes an entrepreneur, he would have some requisite abilities to become a good entrepreneur. An entrepreneur is required to make decisions frequently, often quickly, under pressure, and autonomously.
An entrepreneur, every so often, it could mean working 12-hour workdays, six or seven days a week. It means the physical and emotional endurance is required to run a business.
An entrepreneur can develop his business though careful and better planning. Careful organization of finances, inventory, schedules, and fabrication can help evade many pitfalls.
Ultimate Solutions - A Product of Technical Entrepreneur:
We now discuss a technical entrepreneur Sammar Iqbal. He is the owner of the company, Ultimate Solutions. This is a software developing company.
After graduation in computer Science, Sammar Iqbal wanted to start a company. First he became a sole proprietor. This means that he formed the company single handedly. The company was supposed to do only web development projects. After working on a few projects he shares this idea with some of his fellows.
His fellows encourage his ideas and they started working together. He purposed the name of the company, “Ultimate Solutions”. First He started the company in a small room with three or four computers and dealing with small local projects. He also kept searching small projects on internet. After three or four months they enlarged their company to more then 20 people and gained the popularity in local IT market. They also encouraged the student in their company as internees.
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Then they decided to register their company with the National Software Export Board. He contacted an advocate for this purpose. The advocate helped them in registering their company. He registered their company as Ultimate Solutions Private Limited.
After registration Sammar started working on great deal of internet projects and advertised his company throughout the country. People from other cities contacted him for their projects.
To attract more and more customers, he started his company to expand to other cities. He opened the branches where he got good response.
In the mean while, he also faced a lot of problems with developing this business. The first and the most mind blowing problem was the availability of funds for setting a new company. The expense list for a new company includes a number of very expensive bullets in it, for example: building, equipments, power backups, etc.
Arranging funds for all these essential needs was an up hill task to climb. But this courageous individual overcome this problem with the help of his friends and family members in the beginning and after a proper settlement, he applied for loans in different banks, from where he fortunately got good response.
To arrange a proper office for the company was a difficult task because the offices in commercial areas were very costly and were out of the budget that was available to Sammar at that time. So, he decided to make the settlement in a room of his home. Here he was well supported by his family. The courageous man and his company survived there early days just in a fan and in the light of one 100Watt bulb. But the hard work continued until the company became a well established Software Development and Consultancy Company.
An Information Technology company cannot have an existence without computers. Computer is the very basic equipment that is needed for a software development company. And it's not just about having computers; it's about having very good computers. Because in software development, a company mostly to produce software that have different hardware and software requirements. This needs that the company itself must have the latest computers at its disposal to test the under developing software in all kinds of hardware and software environments. And to have the latest computers, a handsome budget is needed. In the beginning, Sammar arranged some average machines for the company due to low budget. But when he was granted loans from banks, he purchased the latest computers for Ultimate Solutions.
A part from having computers for the company, there are a lot of other equipments that are also needed to support the software development process. These include the printers, scanners, power backups, etc. To get this equipment a good budget is needed at the company's disposal. But a newly developing company cannot have a huge budget. So this was also a big problem for the man trying to find his way in the IT industry. He contacted his friends and asked them for a helping hand. His friends came up with devoting their own personal equipment for the new born company. He got the equipment for the power backup at lease from a leasing firm. And when the business settled well, he purchased the equipment he was leasing from the firm.
Managing proper schedules is also difficult for a new comer. Working as IT professional needs proper scheduling of tasks and time. Delivering projects on time need proper scheduling and planning. Schedule slipping is one of the biggest problems in the IT industry and well experienced software engineers work day and night to get off this problem. This skill of management comes with the passage of time but for a novice, it hard to get with it properly.
Starting a new business as an entrepreneur is not an easy task at all. Different problems rise at each new step. Facing these problems people often lose their courage. This is the main cause of the failure of any entrepreneur business. Sammar didn't let his moral and courage down in any circumstances. He started with high ambition and rose up in the IT industry as a brilliant and intelligent entrepreneur.
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Reasons for the success of Ultimate Solutions
An entrepreneur business is a hard concept to get success because the person has to face a lot of problems. These can be regarding resources, business settlement, etc. Sammar also faced these issues but he kept himself steady. The two key factors for the success of his business are:
1. Hard work:
This is the most basic and the most important factor for the success of any type of business. Getting a new business to groom is not a child's play. It needs a lot of hard work and proper devotion. One has to work 24 hours a day and 7 days a week to get the business strengthen its roots. Sammar is a very devoted person and has to stamina to work for long periods of time with the same energetic spirit.
A man cannot be “Jack of all trades”, and in the IT industry, there is a new challenge every rising day. This gives an entrepreneur a very tough time to survive. Sammar kept himself on the toes for very new challenge that he encountered. He performed a through research before going for any new project. Kept his knowledge updated and integrated. The trends and technology in the IT industry changes very rapidly. Keeping up to date knowledge is very difficult to achieve. Mastering every new technology demands a lot of effort, time and resources.
For this, he even had to work the whole days and nights, but he kept himself fresh for it. And in the end, rose as a successful entrepreneur.
2. Market Research:
The second most important factor that played a key role in the success of Sammar's entrepreneur work is his deep and detailed market research. He studied the trends of the IT market and tried to adopt those trends. He spent hours of effort on this research and presented the best possible solution available at the time. As an example, he learned that the organizations using computers in their businesses are facing a lot of problems due to viruses. He started a research campaign in his organization for the prevention and removal of viruses.
In this way, he got the attention of the people using or willing to use the computer technology in their businesses. A also came up with some other useful ideas like this one to make his place stronger. In the starting days of his organization, he kept his pricings low as compared to the other organizations working in the same technical domain. This was also due to his through market research that enabled him to build proper pricing charts.
He developed some very useful marketing strategies to support his business. He met some of the professional marketers and discussed his ideas with them. All of them appreciated his thoughts. He used his personal links to build his further business relations with different people working in different fields. He used these links to get projects in the beginning until he got his own repute settled.
The overall conclusion of this context is that to get an entrepreneur business successful, one has to put his extreme effort in it. Market research is the most key factor that ensures the success of a business. It enables you to learn about the present trends being followed in the market. It also enables you to decide your target customers and to build proper advertising strategies to focus the target market. And in any type of business, hard work is the driving factor.
A new business is never without risks and hardships. Starting the business with courage and keeping the moral high in any type of conditions either good or bad ensures the success. Arranging the initial funding, building, equipments, etc. is the most discouraging problem that an entrepreneur has to tackle. If he overcomes this predicament, he surely is a successful businessman. In the beginning problems seem to be very big. But with the passage of time, the business settles properly, and the problems seem to be getting smaller.