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Entrepreneurship What is this? and How is it beneficial to doing business?
Entrepreneurship is entrepreneurship. which is expressed through the concepts and actions of the individual People who are entrepreneurs tend to have Entrepreneurial Mindset
So what does the entrepreneurial concept look like?
- High Leadership, excellent decision-making leadership
- Looking at the overall view of the business Always have a plan to deal with any risks that may arise.
- Courage to create innovation
- See opportunities for further business building
However, “people with Entrepreneurship It doesn’t always have to be a businessman, anyone can have one even without a business of their own. ” If there is such an idea, it can fix the problem. create value for the organization and become a quality person within that organization as well
Entrepreneurship example from 3 Founders at AirBnB
Nathan Blecharczyk, Brian Chesky, and Joe Gebbia, the three founders of AirBnB, are just a few examples of the existence of Entrepreneurship is built in and can be adapted to create a world-class business. They look for opportunities and develop ideas from a hospitality business model like a hotel. to change the empty space in the room to be able to make money by yourself
Traditionally, the hotel business was in the form of a hotel. or apartment But they can see open opportunities to bring empty spaces. or an empty room to live through their Platform
AirBnB currently has over 4,000,000 hosts offering accommodation within the Platform. So AirBnB can start its own hotel business. without having to invest in real estate by yourself just looking for an opportunity Use creativity and develop business to meet the needs of customers only.
Let’s look at an example of using Entrepreneurship to manage the business from these 3 founders
The beginning of business started from a different perspective.
AirBnB‘s starting point was when Brian Chesky and Joe Gebbia had a rent problem in 2007, so they split the space inside their own homes to allow others to rent out to fund their revolving costs.
After being rented Instead, they came up with an idea and persuaded Nathan Blecharczyk to develop the website. and build on it until it became an AirBnB
But the road to success Instead, it’s not as simple as the idea laid out.
Launched in 2008, AirBnB’s response wasn’t as good as expected. with the bias from investors that “Why would you allow strangers to stay in your own home?”
Until their idea caught the eye of Y Combinator founder Paul Graham, they were able to raise massive amounts of capital and become the AirBnB we know today.
Note: Y Combinator is a Startup. Accerelator that supports it to “accelerate” growth and increase business value. Best known for making Dropbox and AirBnB the success they are today.
You can see the overall view of the business. and have a risk mitigation plan As many of you know, over the past year, the COVID-19 outbreak has severely affected tourism and hospitality businesses, including AirBnB. As a result, Brian Chesky decided to adjust the service of the application to be more responsive to the situation. By providing online experiences such as traveling to Paris, watching concerts or even learning to cook through all online channels.
Making the 3rd quarter of 2020 able to return to profit After losing all year including the decision to bring AirBnB into the IPO amid the crisis said it was a risk, but Brian Chesky assessed If able to overcome this crisis will be able to grow by leaps and bounds again. As a result of this decision to IPO, AirBnB’s shares have more than doubled within the first day of launch. (It was originally priced at $68, closed on the first day of $144.71, or about $4,452) and was rated as a top-tier stock.
Investors are now estimating that by 2024, AirBnB’s valuation will overtake the world’s largest hotel operator, Marriott International. which is currently worth more than 1 trillion baht.
This is a reflection of having Entrepreneurship is inherent to Brian Chesky through choosing solutions that do not stick to the old business model. When the product cannot be monetized Instead of being overwhelmed with problems He chooses to create new products while retaining the same identity while looking at the brand’s future path at the same time.
Development guidelines Entrepreneurship in itself
1. See the opportunities that surround you.
“Opportunities are all around.” This sentence is not an exaggeration at all. Keeping an eye on your surroundings will help you spot the hidden problems and opportunities that surround you. Which people with entrepreneurial ideas most often pick up the problems they encounter. Let’s fix it and create an opportunity to continue doing business.
For example, in the case of a popular public bus hailing application like UBER.
for that foreign country On snowy days it can be very difficult to find a taxi, and Garrett Camp and Travis Kalanick have had this problem too.
That’s why they got the idea that “How good would it be if you could call a public bus with your mobile phone from anywhere?” and then use this idea to develop an application, causing UBER to be born.
From a small chance It can be seen from the problems that arise around it, thus making UBER as successful as we know it today.
2. Think Different
Not just observing, but Entrepreneurship You have to think differently from others. If everyone thought the same Business or innovation will be less likely to happen. The practice of thinking differently can be done by asking questions from people around you. Keep an eye out for what most people think. Then try to study the problem more thoroughly. and looking for hidden answers It will help train the habit of thinking differently.
For example, Nikos Scarlatos, CEO of PARKGENE, a Greek startup. who look at the problem of insufficient parking is different from others Most people when wanting to do business about parking. often build a parking lot but he looks different He saw that the parking space was full. It depends on whether you can park the car or not.
So he created PARKGENE, a parking rental application. Transforming an empty space inside a house into a parking space in a peer-to-peer format, Nikos is also developing a differentiated business with the Blockchain by generating PARKGERE tokens for people who use the app to pay for their services. which adds value both in business and in the market Cryptocurrency
3. Dare to face obstacles
Running a business always comes with obstacles. Therefore, people who want to develop Entrepreneurship When faced with obstacles, do not run away from the problem. But it should find ways to cope and solve problems in order to get past the obstacles. Facing obstacles often helps train creativity and train problem-solving skills.
For example, Steve Jobs was fired after Apple, the company he founded in 1985. He does not give up on obstacles. He founded NeXT, a state-of-the-art computer manufacturing company. The last in 1997 after Apple faced financial problems. They had to buy NeXT to bring Steve Jobs back to management.
4. Set clear goals.
Goal setting is there to explore yourself how you’ve improved. If the goal in business or life is clear. It will help boost your confidence along the way. And it is a confirmation that the path chosen is correct by setting goals that can be practiced easily. From the small things in everyday life such as setting a wake-up time or exercising, etc.
Elon Musk is inevitable if someone is an example of how to practice setting clear goals. Because this man is a man who takes his goals seriously and applies them to business. Recently, he has a goal of helping humanity until SpaceX, a business that studies space. Including the development of clean energy companies like Tesla and Solarcity that help reduce emissions. prolong the life of this world.
5. Practice decisive decision making.
Disciplinary training is at the heart of Entrepreneurship Because doing business is directly related to decision making. Most of the decisions have no second chance to make excuses. Therefore, decisiveness is the key to decision making. Because if you make a wrong decision, you must be ready to deal with it and correct it. There is no hesitation or regret for making the wrong decision. There is only going forward to fix the problem.
Take for example Ben Horowiz, an investor and author of “The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers,” a book that chronicles the difficult decision-making experiences of many businesses. including layoffs to support companies that are near bankruptcy Or choosing to sell shares in Loudcloud to help the company survive the Dot Com crisis.
In each decision of Ben Horowiz there is one interesting point. He is always ready to deal with feedback on decisions. Whether building trust with employees who are still or patrolling the sale of shares in order for the company to survive He gave insights on the skills necessary for business success: “The ability to make the best choices. In a situation where every choice is all bad.”
Summary
Entrepreneurship or the idea of an entrepreneur It is something that enhances the potential of the individual. both with and without their own business If this concept exists in business people, it will create a different business or have the ability to solve problems. But if the staff That person will become an important person in the organization.
For anyone who finds himself without the appearance of Entrepreneurship don’t be sad Because this concept is something that can be practiced. Just focus, discipline and work hard. It will be able to increase the driving force to success.
