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To succeed as an entrepreneur, the most important quality needed is passion. If someone has passion and courage, they can find all the resources necessary for success. Traditional perceptions about successful entrepreneurship include:
1. Being linked to special family background.
2. It not being possible without or with limited amount of finance.
3. Prosperity is guaranteed only through good government job or working abroad and not through entrepreneurship.
The first most important point here, is that one must differentiate between traditional business and entrepreneurship. Business is undertaking any activity to earn profit, for example, setting up a clothing store and earning profit through selling clothes.
But if one takes the same business online and sells clothes through the internet, they are providing the option for customers to choose and purchase clothes while sitting at home – it then becomes entrepreneurship. Entrepreneurship is innovative work. One takes a risk by establishing an entrepreneurship, as there is no existence of a particular idea on the market before, and you never know that people will like it or not.
Let’s talk about finance now. There are many examples in today’s world who became successful entrepreneurs despite financial problems. Smith is one of those examples, having established FedEx, a global courier delivery service.
Another example is Bezos, the founder and CEO of online company Amazon.com, the largest retailer on the Internet. He was also the Time Magazine’s Person of the Year in 1999 and became one of the wealthiest people in the world.
Does the mind accept the fact that the profitability of a factory on some square meters, can be more than the profitability of a trade that covers thousands of acres? Or the production success of some individuals can be more than that of thousands of labor?
The simple reasoning behind this is that the former, offer innovation, while the latter, keep to the traditional track. The founder and Executive Director of Facebook is a great example of bringing innovation to the market and reaching the peak of success. Similar is the case with the founders of Instagram, WhatsApp, and many other social media outlets. They were only small groups of people who, on the basis of their innovative ideas, succeeded.
Schultz is the chairman and chief executive of Starbucks, the world’s largest coffee chain, which has over 20,000 stores in 61 countries. Now think about it: an old man with zero finance and a single recipe. If, after retirement he had taken another job, would anyone know him? The answer is a simple no.
By the aforementioned examples, a clear connection can be derived between being wealthy and popular, and innovative thinking. One should be able to bring an idea or product in the market that is unknown to the others and can be enlisted in the market changing products list.
Pakistan is no exception to this rule. Many Pakistani youngsters have been fortunate in establishing many a successful entrepreneurship. Shaukat Raza Mirza wrote a book “From Exxon to Engro”, which chronicles and documents his endeavors as he orchestrated the first employee buyout in Pakistan’s corporate history. This employee buyout was unique in many ways and was an unprecedented concept for many of the stakeholders in Pakistan.
Shaukat Mirza not only managed to handle it well, but brought all the stakeholders on board and created a success story – Engro. Today, Engro is one of the largest business entities of Pakistan, and it was all possible because of his visionary leadership. He did not start a business on his own like many other entrepreneurs, but his work in creating Engro from Exxon is nothing short of what the field of enterprise is about.
Musadaq Zulqarnain, C.E.O. of Interloop, founded the hosiery manufacturing company which is now completely vertically integrated. Interloop also carries out its operations in Bangladesh because of increasing demand from the buyers pointing to the riskiness in Pakistan. The company is exports its products to clients like Macy’s.
In my view, importance of finance is secondary for successful entrepreneurship. Finance, human resources, skills and education can be used as tools, but they are not primary. The main base is passion, for if there is no passion for success, the mentioned tools cannot serve to bring success.
What is the reason that a finance company or a bank provides loans to, or develops partnership with entrepreneurs – though they have all the resources to undertake a plan? They foresee their plan’s feasibility, and that their investment will be doubled or tripled within a limited span of time. Knowing that their profits will be shared with entrepreneurs if they make partnership with them, why do they not opt for implementing the plans themselves instead of going into partnerships with entrepreneurs?
The reason is that despite availability of all resources to undertake a plan, finance companies and banks do not have the passion necessary for implementation of a certain project.
Therefore, they create partnerships with the entrepreneurs that have the required level of drive and determination.
Passion, desire, and hope develop in people without cultivation. They are the flames essential for success. In my view, it is impossible to inculcate these emotions in another person.