The Role of Resilience in Entrepreneurship: Lessons from Successful Founders
Entrepreneur
The person who runs his Business Company or firm and takes the core responsibility solely for its financial issues is known as an entrepreneur. There are many types of entrepreneurship an employee is a person who works under a company and gets a fixed amount of salary for it. Entrepreneur makes their own social enterprise company’s decision and handles all the matters of the firm whereas employee only has to follow their orders.
Resilience in entrepreneurship
Have you ever considered why an employee secretly wishes to be a businessman? It is a whole process of how their minds shift from one side to another when they notice the difference between the positions and a comfort level between each position urges them to seek the position of leaders. Yes, leaders as employees are often considered followers of their CEOs. Resilience in entrepreneurship is that everyone you will come across will have their point of view and their own success story. You are the writer of your own story as a young entrepreneur people are often seen taking help when a problem occurs while entrepreneurs are the people who always find a solution to the problem and make decisions in the best interest of their firm.
Nature of work
Entrepreneurial skills are your key to reaching success and becoming a master of your own decisions. One of the charms of entrepreneurship is that you are the sole of your business and master of your dreams. One does not have to follow the rules set by anyone else as you are the one who plans strategies and brings in entrepreneurial business ideas. However, if you look at different natures of work you will find out how blessed you are considered. Here we have pointed out some of the key differences between entrepreneurs and employees.
Employees work while entrepreneurs monitor
In any company employees are the people who are responsible for getting all the work done. But it is the duty of entrepreneur they do it in an organized way they have to monitor them listen to their needs and ensure that a positive and productive environment is created.
Employees are hesitant to take risks while entrepreneurs take them everyday
Business runs and achieve success by taking risks people who dare to take risks become leaders and people who don’t dare to take risk have to follow the orders of their leaders those people are known as employees.
Knowledge of entrepreneur and employee
Employees of a company always have a detailed knowledge about their field it is beneficial for them to have a detailed knowledge as it helps them to make a good name in the market. Entrepreneurs on the other side don’t have detailed knowledge they only know a general aspect of things.
Employees get salary while entrepreneur gets revenues
Employees are always given the amount they have committed at the time of joining or at the amount they have signed the contract whereas employees will get the revenues of what their firm is generating which are not fixed they can be more or less at times.
Love for holidays
Everyone enjoys a day off but the love for holidays is not the same for entrepreneurs and employees. Employees enjoy the holiday as they get a day off but entrepreneurs love these holidays because for them it’s just another day when they can work without any distractions. Entrepreneurs like to be productive.
Security and steadiness
Employees always appreciate employment that is steady while an entrepreneur’s life is always at risk. They also make compromises with employees to build a firm organization.
Rule game for entrepreneur and employee
Employees are the people who always follow the rules but entrepreneurs are the people who always break their own rules and change the game which then becomes a new rule and then employees have to maintain the order of the firm by following those rules.
Decisions and responsibilities
Employees are the ones who make some decisions and sometimes follow decisions. Entrepreneurs have the core responsibility to make good bad decisions and what impact they will make on their organization.
Executors and planners
Employees are the ones who execute all the tasks and make sure that all the work that is headed to them is done accurately while entrepreneurs are the ones who take care of every task and matter of the company.
Financial education
We don’t have aby subject as personal finance in our studies in the classroom which results in many young people having no clue about how they should manage their money, how to apply for credit, and how to save themselves from loans.
Things to embrace for the successful entrepreneur
To make yourself clear about these things and to guide you on how to manage the entrepreneurial process here are some tips that will help you get started in managing your financial activities, building resilience, and may help you to be an innovative entrepreneur.
- Learn to control yourself
If you have been lucky enough to learn the skill as a kid it is good but if not it is good for you to learn it as soon as possible as it will help you in managing your finances. It is not a problem for you to fulfill your wishes and desires by getting credit from someone but it is where you have to practice self-control as you don’t know when the drop of debt becomes an ocean. You will not like to purchase basic grains from a loan. It is the time when you realize the value of self-control in your life.
- Educate yourself
You are in charge of your financial future and explore how to maintain personal finance. Once you have that awareness don’t get yourself off track. Even if your surroundings force you to spend money on trips, concerts or events don’t let them drag you off.
- Make a budget
Records, budgets, and savings everything is associated with money. The most simple law of money is to love it will all your heart and soul so it loves you back the same way. It is very important to recognize the value of money and where to spend it wisely. Decide when you have to save it. One should always keep an account of his spending and track a record of money because it is your hard-earned money and it’s going to either end or grow more which is up to you.
- Start an emergency fund
Start spending less and pay yourself first when you manage your financial activities this practice will always save you from facing troubles. You should make an emergency fund and start to keep your money in it at the end of every month.
- Save for losses
Your youth days won’t last ever. You should always invest in some company-sponsored programs which are a great option if incase you face any sudden loss. One should always set goals in his life and start saving money as time doesn’t always go in your favor you need to have some money saved with you so that you are not taking loans for your sudden expenses. One should always save something for a rainy day a phrase we have been listening to from our childhood. Yes, it is very important for a person to save for his family, for himself after retirement, and for his kid’s education.
- Monitor your taxes
When you join a firm and salary is offered to you always calculate the amount of money you will get after the deduction of taxes. After you have checked the amount you will get in your hand make sure that this amount is enough for your financial needs or not.
- Start investing wisely
When you start earning and have saved a good amount of money you should start to look for options for investing your money. There are many companies whose share prices increase every day and sometimes they fall too. But if one is investing in a stable company on a long-term basis investment the decrease of 1 or 0.5 rupee will not bother you. But if you want to buy and sell on the same day you will be bothered. So before making a decision, you should think wisely about what nature of investment you want to adopt.
- Guard your health
Your health should be your number one priority because God forbid if u face some health issue you will have to meet its expenses so the best way to reduce healthcare expenses is to maintain good health and for good health, you have to adopt a healthy lifestyle. A good diet, exercise, and routine checkups will help you maintain good health.
Conclusion
Every field has its joy and comfort but drawbacks too. Similarly, there are many differences in the functions of social entrepreneurs and other professions. Nothing in life comes easy you don’t have to romanticize the idea of entrepreneurship you must keep on exploring new entrepreneurship business ideas. In this article I have given you some tips if you try to abide with them you will surely get the results.
