Agnel Entrepreneurship Development Institute

Agnel Technical Education Complex

Verna Goa

FAQ

  1. Who can be an entrepreneur?

    Entrepreneurship is not a matter of heritage. It is entirely a manifestation of such potentialities that any individual born in any community or class can have. As such any person having a certain set of  behavioural traits and mental aptitude in him or her can become an entrepreneur. Besides, there is no need for such a person to be groomed from the very childhood for becoming an entrepreneur. Even if one has worked in different lines, he or she can be groomed and developed as an entrepreneur through counselling and motivational measures. Thus it has been well established that entrepreneurs need not necessarily be born , they can also be created .
     

  2. How can I tell if I've got what it takes to be an entrepreneur?

    There are some common qualities shared by individuals, that give them an advantage in working on their own. Some of these traits are:
    • You have big dreams and the drive to achieve them
    • You're a self-starter. No one has to tell you to get things going.
    • You don't get intimidated easily.
    • You enjoy competition.
    • You're comfortable taking advice from others.
    • You're adaptable to changing conditions.
    • You have a good understanding of your strengths and weaknesses.
    • You have will-power and self-discipline.
    • You're able to assess risk and make business decisions quickly.
    • You don't see mistakes as failure.
    One can undergo competencies test at any of the entrepreneurship development institutes to check the entrepreneurial competencies.
     

  3.  What are the most important things would-be entrepreneurs need to do before they venture into self-employment ?
    • Do your homework.
      Be sure you've researched your product or service idea, tested it through an informal focus group, and that a market for it exists.
    • Have a plan.
      While enthusiasm will carry you far, don't expect it to take the place of sound business practices. There are many programmes conducted to educate and take the entrepreneurs step by step through the process.
    • Moonlight first.
      Have the best of both worlds by trying your idea in your spare time while still working at your regular job. This allows you to test your business idea safely, while you still have an income.
    • Strategize the transition.Think through all of the personal and professional support services you depend on. Have back-up plans etc. lined up.
     

  4. What are the biggest challenges to starting a business?
    • Having to wear all of the hats yourself -- from head of sales and marketing to accountant and peon -- whether or not they are the areas you're strongest in.
    • Having to learn everything FAST-- another reason why preparation is so important.
    • Cash flow. As seasoned entrepreneurs know, being busy doesn't guarantee that there's money coming in. And you may have to purchase necessary supplies and equipment for a project up front, often before clients have paid you anything at all.
    • Time management. With everything vying for your attention at once, it's hard for solo entrepreneurs to know what to do first, let alone ever have the time to get caught up. Entrepreneurs become experts at prioritizing and pacing, understanding that just because something is urgent doesn't mean it's important. Which leads us into the next item.
    • Maintaining balance. With all of the demands of the business, it's easy for entrepreneurs to lose sight of what motivated them go into business in the first place. Protect your personal time like you protect your business time. Make sure you take adequate time out for resting and recharging. Remember, you are your business' most valuable asset. Protect it.
     

  5. How do you determine what kind of business is best for you?

    Anyone who wants to succeed by setting up a business can do so -- if they discover the business that matches their unique interests and abilities,and if they find an  appropriate market. How does that happen? Most simply, by asking yourself some questions -- and answering them honestly.
    Here's a fun exercise that's helped hundreds of people launch their solo businesses. Find a quiet spot and jot down the ideas that come in response to these questions:
    • What awards or achievements have you received in your life that gave you special pleasure? Try to remember what it was that brought you that recognition and how you felt receiving it.
    • What are the things you do that others compliment you on?
    • Think back to some of your most recent pleasurable experiences. What common key ingredients were in them?
    • If money didn't matter, how would you create your life?
      As you do this exercise, take time to fully answer each question. It's also important to write your answers down on paper. We all think we remember ideas, but they escape so easily. When you write something down, it takes on a different attitude -it becomes more concrete, more possible. The process of writing often brings a clarity to your thoughts, because you need to express in words what this fuzzy idea is all about.
      You can also undertake a course in Business Opportunity Guidance where the trainer will take you through the process of identifying various business opportunities.
       

  6. What are the biggest mistakes new business owners make?
    • Not doing market research.
      Just because you have a great idea doesn't mean you have a business. The Hollywood belief that "If you build it, they will come" does not apply here. Taking a business idea to an informal focus group of friends and colleagues is a good start. You could also discuss with mentors or undertake a course
    • Thinking that business plans are only for the big guys.
      It's a sad fact that many new business owners don't see this obvious relationship between planning and success. They think they can "wing it" and make their plans as they go along. Some feel that a business plan would limit their creativity or spontaneity, or that their business isn't large enough or complex enough to warrant a plan. Every business can benefit from a business plan, no matter what size it is. The process of making a plan organizes your thinking and helps you sort out your priorities.
    • Thinking you can do it all by yourself.
      Working solo is not working alone. Success depends on developing and using a network of colleagues, friends, mentors and professionals that can provide advice, assistance and direction in tough times.
    • Thinking that success will come quickly or easily.
      There are a lot of myths bound up with the concept of starting a business. Success takes long hours, strategic planning, and a commitment to the work involved. The rewards are great, but the effort is, too.
       

  7. How much start-up capital does a typical small business need?

    The amount of money needed to launch a  venture is as varied as the businesses entrepreneurs launch. First, determine how much you'll need by doing your business plan and speaking with your financial advisors. Armed with this information, you can then make an informed choice to either raise the necessary funds, or scale back your plans to match your current financial situation.
    Surveys show that many self-employed business people start their business with s. 5 lacs or less -- sometimes much less. For many small service businesses, this amount is enough to establish the business, create some marketing materials, and invest in inventory.
    The Government has got very attractive schemes of financial assistance for new entrepreneurs which can be availed if the entrepreneur fulfills the criteria of the scheme.
     

  8. Who can guide me in setting up an enterprise?
     
    The ideal method of setting up an enterprise is to locate and contact an entrepreneurship development institute within your locality. Professional trainers or counsellors from these institutes will guide the potential entrepreneur in setting up the enterprise. Some institutes like Agnel Entrepreneurship Development Institute provide handholding support right from identification to the launching of the project. On can also visit the office of the industries department of the state government for guidance or take the guidance from a well established entrepreneur.