Question

How will entrepreneurial spirit, innovation, and leadership be exhibited and sustained within your business venture? What would you imagine as your exit strategy for this business venture? What key elements need to be in place for this to happen?

Answer 1

Entrepreneurial spirit is a mindset and attitude to do something different with innovation and change. Its a mindset towards continuous change and improvement. An entrepreneur has risk taking qualities, out of the box thinker and a game changer. Entrepreneurship is all about seeing a bigger picture like a leader, a true leader finds an opportunity even in the dark sand. Talking about my venture, I started an online shop - women online store from my home, my store is all about women fashions and accessories. Before opening my online store I was into regular office job, one day while I was moving in the market area I saw huge population of women surrounding the shops and non of the the shop was without a customer,so I decided why not open an online store which could serve the women from countryside to buy fancy and latest fashion products while sitting at their home. It took me two days to decide what is my goal ? After coming to a decision, finally I decided that I will go ahead with this online venture, so I planned according taking 10-15 days, I contacted wholesalers and buyers, online web development companies etc. After this I finally realised that my entrepreneurial spirit is on high and its the right time to take action. I took a risk and left my job, adapt to the change that online store is the need of this era, saw a futuristic growth. For this project I hired three interns basically all are undergrad students and appointed them as partners with combined growth so that their motivation and morale remains high. Because being a leader does not means your organisations growth but growth and development of your employees and peers, its better to be a leader than to be a boss. Setting up an online store in this era is a common scenario until and unless you exhibit something different from others for eg: your product and services are different from others and full innovation, so I decided to give free dress altering service to my customers through online channel because in rural and countryside areas its difficult to find a tailor, so I my idea was a hit but for this I had to tie up with a nearby local tailoring shop and we both agreed to work towards mutual benefit. This idea or innovation rocked the market and my web store was a hit and I made a principal of working with sincerity and loyalty for my customer because “customer is king”. My business has earned a good reputation among the people, quality and better delivery are the key USP’s of my venture. My exit strategy would be like,I will make business a cash cow, I am currently stable, already secured a market space with a steady and growing revenue system, paying the investors and share holders, I will find a good horse a good and sincere person to look after my venture to run with customer service and trust,after leaving the company I would like to explore new venture try up the new mind game look for new ideas to start something new, while keeping the ownership and enjoying annuity, I will also keep an eye on my cow as it needs a constant and healthy feeding. For everything to be stable and growing you need to care about some basic principles like customer loyalty, quality and service delivery, right product development, proper logistic system, employee training and development, centralized approach, technological advancement, these basic ingredient have helped achieve greater heights and also in developing a healthy online Eco-system.