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10 Most Common Job Interview Questions And How To Respond

Looking for a new job and applying for open positions in any company can pay off once the employer lands an interview. The next step is to prepare for interview questions and answers.

Prepare to answer the obvious and be ready for the unexpected. Prepare to showcase your experience and knowledge while giving the interviewer insight into who you really are.

The key is to keep your responses concise, positive, tangible and tailored to shine a spotlight on how you’re the right fit for their unique position.

Be honest about what you don’t know and emphasize what you do know. Speak thoughtfully about your past experiences and emphasize key strengths you have that could help them achieve their desired outcome.

Be proactive in displaying problem-solving skills when describing projects or ideas that came from your own initiative.

Intentionally accentuate examples of where you’ve gone above and beyond as this will lead them to envision how they can benefit from having you there. Think through potential obstacles that might arise in this role, then move forward by gracefully discussing how easily and effectively those can be resolved because of your strengths.

No matter what happens during the interview, remain composed and ready for any question that may be thrown at you; demonstrate confidence even if it’s not always comfortable speaking about yourself in front of someone else.

Remember: preparation is half the battle won and a clear, confident mindset is always appreciated!

Crafting expert answers to gain a job offer is very important. Since most interviews follow a standard format with the most common interview questions, any person will need to know how they would answer these questions before their interview.

Here are the 10 most common job interview questions and how to respond.

1) Could you please tell me about yourself and briefly describe your background?

Interviewers like to hear stories about you (the applicant). Make sure your story has a great start, a riveting middle, and an end that makes the interviewer root for you to win the job position.

In the story, you can talk about how your academic training and your passion for the subject or industry the company specializes in,  also try to combine with your work experience, make you a great fit for the job role.

Answer: “I come from a small city with limited opportunities. Since good schools were rare there, I started using online learning to stay up to date. That’s where I learned to code and got my computer programmer certification. After I got my first job as a front-end coder, I continued to invest time in mastering both front- and back-end languages, tools, and frameworks.”

2. What are your weaknesses?

This is one of the most popular questions interviewers can ask you. Try to handle it by minimizing your weakness and emphasizing your strengths. Stay away from your personal qualities and concentrate on professional traits only.

Answer: “I am always working on improving my communication skills to be more effective in my presentive way. I recently joined communication classes, which I find very helpful.”

3. When were you most satisfied with your job?

The interviewer wants to know what motivates you in your life. If you can relate an example of a job role or project when you were excited, the interviewer will get an idea of your preferences towards the role.

Answer: “I was very satisfied in my last job because I worked directly with the clients and their problems; that is an important part of the job for me.”

4. What interests you about this Role?

A popular strategy aims at a specific area within the organization that legitimately interests the applicant, such as its history or reputation. Researching information about the organization and role before the interview shows an applicant is highly interested in the role.

Answer: “I wanted to apply for this job role because I have wanted to work at XYZ organization for years. The recent developments that XYZ organization has added to our industry and the historically well-renowned leadership here make it a desirable opportunity. Looking at the previous projects from this organisation, I think my skills and education background would suit this role and organization well.”

5. Where Do You See Yourself in the Coming Five Years?

While you may not know where you want to be in the coming five years, avoid saying “I don’t know” when an interviewer asks this question.

Share your Professional plans or goals, Desired skills within the industry, and How this role aligns with those intentions.

Answer: “I would love to become a project leader in five years. I want to explore the skills necessary in a leadership role and gain experience working with major projects and assignments. I would love to learn more about the opportunities available in this role that would help me get education about some of those skills and responsibilities.”

6. What is your ideal work environment?

Interviewers ask this question to see if your preferences and temperament align with the organisation. It is important to answer this question honestly, but do a little research before itself to see which answer benefits the applicant most.

Answer: “I believe this environment would be an ideal work environment for my way, as I enjoy being part of a good team. I do better in groups when team members support each other or share ideas, and plans. Although I also work well individually when I need to focus on a task, I enjoy being around like-minded people  who help me in growing my skills with others.”

7. What is a major challenge you’ve faced?

The answer provided here can make an applicant appear very impressive. It is important to think of an applicable challenge and the result of reactions to the challenge before the interview to showcase skills.

Be sure the answer covers future potential, how you respond to stress, and anxiety and relevant personality attributes based on the job posting.

Answer: “In a previous role, I had a manager who recognized my strong work ethic and increased my role and responsibilities in the previous company. Eventually, however, this increased responsibility proved too much as I started to fall behind and miss task deadlines.

I told my manager about my concerns and issues. We hired another person to help with the extra tasks, which increased my productivity overall. Now, I have learned to admit when help is important sooner rather than later.”

8. What Are Your Salary Expectations?

It may seem very complicated to answer this question without making it seem like the entire reason you want this role is for the salary. However, applicants should be sure they don’t sell themselves short (or ask for too much directly).

Research the market and industry norms and the sectors where you are going before the interview to determine a reasonable salary based on your job title, experience and skills, location and employer.

Answer: “I’m flexible and open to discussing salary for this role. I have significant skills and experience in this field, which I believe adds much value to my career. I understand that similar posts pay between $40,000 to $65,000, so I would anticipate the salary for this role falls on the higher end of that range due to my good background and what I believe I can bring to this company.”

9. What are your biggest strengths?

Employers ask this to see if applicants have the qualifications for the role. Applicants must mention their greatest strengths that apply to the job posting and role to ensure they are set apart from other applicants.

Answer: “I pride myself on the exceptional customer service skills I can offer. I have years of experience as a customer service specialist, and during this time, it has been important to understand and resolve customer concerns efficiently.

With customer service comes problem-solving and  decision-making skills, all of which have helped me become a better communicator and team member.”

10. What Are Your Career Goals?

The employer wants to know if you plan to stay with the organisation for a long time or if you’d leave at the first sign of trouble. As such, this question wants to determine applicants’ career paths and how the role may fit into that plan.

Applicants should keep their answers focused on the current opportunity and reiterate that this job aligns with long-term plans.

Answer: “I hope to work for an organization like this one to develop my sales skills and work with a team that strongly focuses on customer service.

Later in my career, I would love to manage a team to help them become stronger in sales marketing and learn how to take on leadership responsibilities within this field.”

Summary

Working on your resume, and perfecting your cover letter, is an important part of your job profile but landing an extensive job interview is difficult. But walking through the door is only the beginning of the interview.

You know the person across the table from you will ask some difficult interview questions which will decide whether you are getting this job or not.

If you don’t know how to respond, you might end up losing the biggest opportunities of your life. This is why it’s important for you to prepare in advance and in this article we have come up with some sample questions and answers which can help to get the job.

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12 Ways for investors to identify high-potential entrepreneurs

Investors are constantly looking for the top entrepreneurs to invest in. Finding the right people can be challenging, as it requires a deep understanding of the market and extensive research.

The best strategies involve leveraging networks, resources, and knowledge to source potential startup opportunities. Investors must carefully analyze each company’s business model, evaluate its scalability potential, and discern whether or not the venture has the staying power to succeed over time.

Successful investors also build strong relationships with entrepreneurs, so financiers and companies can both benefit from shared opportunities.

Entrepreneurs need smart investors just as much as savvy investors need innovative entrepreneurs; therefore trust is integral to these deals.

Both sides must conduct due diligence prior to investing any money into new projects so here are some strategies used by investors to procure the top entrepreneurs.

1) Have a different selling point of view

If your business has a different selling point of view, investors will get to it automatically. Whether you’ve developed a quick, low-cost, or operate only organic or sustainable products.

If you can show them demand and profit (or future profit), you should be able to convince an investor to fund your business. A track record of profitable goods and services can help you gain credibility in this area.

2) Create a pitch

Describe your products in a few words and it should always provide knowledge in an interesting way. If you and the rest of your team consistently and successfully present your pitch you will build a buzz about what you’re doing everywhere you go in future.

And if your business is a startup then not only will you find investors more straightforward, but investors may contact you before you’re ready.

3) Good team

Putting together a team of well-known professionals people in your team is an excellent method to attract investors and increase your chances of getting funded.

If you can demonstrate that they are dedicated to working for your business for at least the next several years and that the whole management team will be easy to deal with and help you to grow the business, you can also attract the investors to attract your business.

4) Corporate social responsibility & Sustainable

Today people are more into sustainable products or services. Basically having a sustainable business can help you to gain anyone’s attention. Even in the case of investors increasing their search for businesses that commit to corporate social responsibility and sustainability.

So you can demonstrate it by showing that you are taking steps to create a diverse workforce, that you are constantly trying to reduce their environmental impact and make them more sustainable, that you are helping in creating new jobs for the local economy, and that you are working to support the local community and doing charity.

5) Provide ownership in your company

Investors commit time, money, and effort to a company in the hopes of seeing a good return on their investment. You must be prepared to offer a good pitch to investors so that they will take a fair interest in your company when they are ready to finance you.

A good pitch should be interesting and grow the profits, such as after four to seven years, they see a significant return on their investment.

So here you can not only ask for financial help but you may ask for it in exchange for a share in your firm. You may also request to use your investor’s expertise, experience and time.

6) Making a list of concerns

Making a list of concerns is one way to boost your confidence and help investors invest in your firm. Consider all of the reasons why they would not want to invest in your company where things can go wrong.

Then, go over the list and find responses or answers to the concerns and be prepared for any inquiries and circumstances that will allow you to reply effectively at the moment.

Also, your confidence and preparation to implement your plan will make them more likely to invest in your company.

7) Building your network

The investors will want to see that you have a network of people surrounded by you who can help you achieve your goals & aim.

They want to know that you are building relationships with other entrepreneurs in the market, and they are looking for people who can give advice, guide or even just offer moral support when things get tough.

8) The decision-making process

When investors make a decision whether to invest in your venture, they want to know how you will use their money. It’s an essential part of the decision-making process that they use and they want to see that you have a clear vision for your future goals of the company and know how your business will grow over time.

This means that if your business is new, be prepared to give them a solid proof plan for what you’re going to do with their money and how long it will take before making a profit.

9) Target the right investors

The right investor will not only offer you capital but also add tangible value to the business as it continues to grow. You want an investor who can strengthen the product, leverage their network of professional relationships, and partner with you throughout the business and remember, not all investors will be the same.

So the type of investor you target will massive depend on where your company is in its maturity and how much equity and control you are willing to give up in exchange.

10) Offer Stocks with Dividends

Investing option that might convince a reluctant partner is to provide a stock offering that isn’t limited to just your company equity, which only offers a value if the company eventually sells. An alternative is to provide investors with a stock that pays dividends, so investors are enticed by immediate cash flow returns.

Offering some amount of returns instead of a long-term ROI could make investing in you a much more attractive option. But for this to work, you need to have a clearly structured compensation strategy.

11) Have a clear marketing plan

Whether you are starting your business or need to right startup investor funding to get to the next level, investors want to see your marketing plan demonstrating how you will know your audience and how to reach them.

Investors may want to know about the software you use daily prepare to have an email platform, social media scheduling program, website performance software like Google Analytics, SEO software, and a CRM.

12) Ask for advice

Instead of calling investors and requesting them to invest in your business, consider asking to pick their brains first. Calls or emails asking investors to consider your startup normally come off desperate.

Prefer to seek advice from investors that you admire.

By strategically reaching out to an investor for their advice first, you may be able to build a relationship with them that will result in a greater willingness to invest in your business later on.

Summary

If you’re an entrepreneur, pitching to investors feels like a difficult task. You only have a limited time to make a first impression and convince them that you’re worth their funding.  We have got you here some strategies used by investors to procure the top entrepreneurs.

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8 Amazing Strategies to Handle Layoff

Have you ever been laid off? It’s a difficult and unsettling experience, especially in this uncertain economy. Losing a job can be disheartening and overwhelming.

Layoffs affect millions of people every year and the numbers are on the rise with the pandemic we are living in. Unemployment may be daunting in the short term, but it can also offer new opportunities to advance your career and build something new.

The current economic crisis has been hitting hard on businesses and employees alike. No matter how secure your job may have seemed before, it’s important to know that no one is completely exempt from being laid off. It’s important that you are aware of coping techniques which will alleviate the stress on you during this difficult period, which vary depending on the kind of layoff you experience.

Unemployment and layoff rise during a Recession. A recession is a slowdown in economic activity, labour is a key economic input, technological disruption, and capital. When a recession begins and companies look for ways to manage slowing demand for the goods and services they sell, many may resort to laying off workers to cut costs of the company.

Whatever the reason, layoffs are always the most difficult stage of a company’s life, whether they were caused by management or employees. A layoff is an unfortunate occurrence, but sometimes necessary in order to run a business efficiently and effectively. It’s unpleasant, jarring and completely upsetting not only for the employees, but also for the company as a whole.

Though having to deal with a layoff can seem extremely daunting, with the right strategies and attitude, people can turn their greatest misfortune into a new opportunity for themselves.

Here are some amazing strategies to help you handle layoff more effectively and get back up again.

1) Keep calm

When layoffs hit, the immediate reaction of those left behind is often panic and anxiety. Overcome this panic and anxiety situation you can have a plan for what you’d do if you Try to be calm and understand the situation and how you will manage.

For example, the layoff will affect your career and lifestyle, so you need to know how you will cut the household budget and where you could find alternate health insurance. Try evaluating your skills and investigating other jobs in and out of your field.

2) Don’t try to keep grief and frustration

Keeping grief, frustration and depression is a lack of response either in emotion or action which can create trouble. First, you find it hard to engage but that is not a sign of weakness to outlet your feelings.

 If you don’t let it out, you won’t get better. Try to surround yourself with positive, supportive people. Office gossip with excessively negative colleagues is unproductive and will only make you feel worse so it’s better to speak out and clear things in the workplace before leaving the job.

3) Low self-esteem or confidence

When you lack self-esteem or confidence, you may avoid social situations, try new things in your career. Avoiding challenging and difficult situations might make you feel safe in the short term. You should find a sense of value and purpose in your profession rather than in your company.

Place your self-esteem in your own hands and try to solve it on your own and not your organisation’s hand.

4) Empower yourself

Layoffs can affect you, but you should empower yourself and develop transferable skills. Proactively developing your professional skills is always a wise decision, whether you take a community-education course or find alternative income opportunities. It’s not disloyal to look after yourself, you can take decisions and take charge of your destiny.

5) Manage your stress

Practice your best stress-management techniques and try to keep your life in balance. Avoid watching the news, disturbing movies or disturbing content. If they put you in a bad mood.

Try to do exercise or make a new routine to keep yourself busy and avoid isolating yourself. Help yourself cope with stress and connect with your friends, family or mentor whom you trust.

6) Maintain a good perspective

When you  feel stressed due to layoff it is easy to get everything out of perspective. Minor things can become major positives. When you get something out of perspective you fail to judge its real importance in comparison with everything else.

When you are feeling stressed your perspective changes you tend to focus totally on what is not going well. Set yourself back from the situation and consider what is going well, what you have achieved and how much you have progressed. This will help you to maintain a good perspective.

7. Embrace the Change

Recognize that layoffs are part of the business cycle and can lead to new opportunities. Reflect on what you have learned from the situation and make a plan moving forward. Also, use this time for self-care, personal development, and creating a long term vision for growth.

8. Develop a budget

Layoffs often mean less money coming in, so it is essential to develop a budget that will help you manage your finances. Separate your needs and wants. Allocate money to necessary expenses first (i.e. rent, utilities, groceries).

Summary

Layoff, also called redundancy, is the temporary suspension or permanent termination of employment of employees for business reasons, such as when certain positions are no longer necessary or when a business slow-down occurs.

Originally the term layoff referred exclusively to a temporary interruption in work, as when business work cyclically falls off. The term, however, usually means the permanent elimination of a position, requiring the addition of “temporary” to specify the original meaning.

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The Mindset Factors: Why it Matters

 

How much time goes into thinking before you act? Are you always looking at the bigger picture or focusing on the immediate situation? This video will explain the difference between the two mindsets and how they impact our daily lives.

The way we approach problems is influenced by our personal values and beliefs. Some habits are formed from early childhood and some come later in life. Both influence us in ways large and small. For example, someone who feels confident in their ability to solve problems will take action sooner, whereas someone who avoids conflict might procrastinate until things get out of hand.

People often don’t realize the effect they have on themselves and others. They fail to see the ripple effect of their actions. As a result, they miss opportunities to live life fully.

Mindset matters because it affects the quality of the decision-making you make in your life. You can have both a mindset and a positive mindset and a negative mindset, you’re more able to make decisions that are in your best interest. On the other hand, if you have a negative mindset, you’re more likely to make decisions that are not in your best interest.

Your mindset plays an important role in how you cope with life’s challenges. When a kid has a growth mindset tends to have a hunger for learning and a desire to work hard and discover new things. This often translates into academic growth and achievement.

As adults, these same things are more possible to persevere in the face of setbacks. Adults with a growth mindset view it as an opportunity to learn and grow.

Mindset: what is it and why does it matter?

Your mindset is a set of beliefs that are built and a reaction to how you make sense of the world and yourself. It influences how you think, feel, and behave in any situation you face in your life. It means that what you believe about yourself impacts your success or failure in life. Your mindset plays an important role in determining achievement and success.

Mindsets can influence how people behave in different situations in life. For example, as people encounter different situations, their minds can trigger a specific mindset reaction that then directly impacts their behaviour in that specific situation.

And why your mindset matters, is because processing ultimately shapes our emotional experience. A great way to instill an opportunity mindset is to seek out those who are pursuing the opportunity, refusing to become the victims of any situation.

Investing in these five mindsets will enhance your business and your personal life

1. Self-trust mindset

To take any decision in your life. You have to be able to trust yourself and believe in your capabilities of dealing with the situation. You have to be confident to banish any negative voices in your head. Don’t give up on the good things you believe in and most importantly, don’t give up on yourself.

2. Goal-setting mindset

Knowing what you want in life and willing to reach it are two different things. When you are clear with your goals, they motivate you. Remember, if it doesn’t challenge you, it won’t pressure you to achieve it. Set high goals and don’t stop until you reach them.

3. Patient mindset

There’s a thin line between moving forward and waiting still. The most successful people do all they can to move forward, but they also have the patience to wait and watch and get successful. Sometimes in life and career, you have to wait for the right thing.

4. Courageous mindset

Doing anything in life requires courage, but fear always has a way of showing up in your mind. Courage does not mean being unafraid of problems; having courage and showing courage means facing your fears. Courage is like having the strength to face challenges.

5. Learning mindset

Just because you are struggling to achieve something, that doesn’t mean you’re not learning. Every failure has something to teach you, and everything you learn helps you to grow.

Factors influence your mindset

1. Personality

Your Personality traits show up through your mindsets. Our mindsets influence everything in our lives! And our thinking determines our mindsets. Our mindset can come from many influences, both inside ourselves and outside forces. One of those inside influences can be a person’s general personality.

2. Your Surroundings environment

Where and whom you surround yourself with can also affect your mindset. Surrounding yourself with positive people can give you a positive mindset. And if you are surrounded by negative people it can affect your growth in life as well. To keep your mindset positive you can even use tools to help you to stay happy in life such as bullet journals and other Journaling tools.

3. Family & Friends

Family and Friends can affect your mindset, strongly in both ways negatively and positively. We often have to work extra hard when it comes to family and trying to stop negative thought processes to keep our mindset focused and where it’s required to be.

The most significant way to overcome negativity about family & friends is Forgiveness. Forgiveness is not easy, it is often a journey, and usually takes time but you have to learn how to forgive which can save your relationship with them.

4. Arguments

Arguments certainly negatively affect your mindset. Arguments can affect the way we react to our next action which also affects the outcome of each step, failure, or success. You can overcome mindset changes due to arguments.

5. Jealousy

It is very easy, especially in business, to feel the perceived competition and jealousy. We tend to compare ourselves to others, basic human nature. It’s one thing to do competitive research and yet another to try to feel positive. We each have gifts and talents to offer others and achieve success.

Benefits of having a growth career mindset

  1. You view obstacles and challenges in work tasks and responsibilities and/or the workplace as an opportunity for learning, new skills, becoming more adaptable, developing your ability to operate in other job roles, etc.
  2. A career growth mindset helps you to put effort into developing yourself and will help you to be successful in the long term.
  3. You understand that feedback provides you with valuable insights and targeted areas for ongoing learning and development in your career.
  4. You get to understand that people who are doing what you’d love to be doing are not competitors but rather those best placed to help you achieve your goals – as such, you see others who are successful in their careers.
  5. It gives you basic ideas that can be nurtured and are adaptable, and a dedication to becoming wiser, more talented, and better in all aspects are the building blocks of a growth mindset.
  6. According to Dweck’s research, people with a ‘growth mindset’ believe that their most basic abilities can be developed via hard work and devotion.

Learning is facilitated by a growth mindset

A growth mindset makes you open to learning new skills and helps you to find that you can gain new skills if you are interested in learning new things. You will strive to accomplish the goals that you set for yourself in life.

A growth mindset is when individuals believe their talents and abilities can be grown. They think they can do this by learning skills through learning practice, and effort and gaining more knowledge about that talent or ability.

In the growth mindset, you will collaborate, share information, get feedback, and admit errors. A growth mindset promotes risk-taking without worrying about failure because mistakes represent a chance to learn.

Success is determined by your mindset

Mindset is the engine that controls our actions, habits, patterns and the things we do daily. Of course, those daily habits are what create the outcomes in our life in the long term. People with a growth mindset believe that you can develop your talents, skills and abilities with hard work and effort.

 The following mindset determines what leads to success:

  • Although they understand that everyone has to start somewhere, they believe that what matters is what you do with what you have. This mentality leads to success:

  • Feeling enthusiastic about learning and growing.

  • Accepting challenges and learning from them. They consider obstacles to improvement opportunities.

  • Considering failure is part of their journey to success.

  • Learning from constructive criticism and being inspired by other people’s success journeys.

How does your mindset affect your behaviour

Our complete belief system is formed from a lifetime of experiences and memories. These influences on our actions every single day in our unconscious mind plays an important role in shaping our behaviour and attitude, because it may contain feelings and hidden memories.

Your brain triggers a mindset that offers a thought, belief, feeling, or attitude. This mindset influences how you will engage at the moment presented. Simply put, your behaviour is directly influenced by the mindset you adopt in each moment.

Summary

Choosing to be positive is important and having a good attitude will determine a lot about your life. If you set your mind to positivity it gives you great success.  Start building your new mindset today.

Think of the thoughts that will help you move toward your goals. Having a motivation mindset is intrinsically connected and it can affect everything in business such as work habits, results, engagement, and culture.

FAQ’s on Mindset:

Must read article:

– 12 Benefits of Wellness Activities in the Workplace

– Stress-Management Techniques Used By Entrepreneurs

– How To Motivate Staff To Increase Their Productivity




The Internet Is A Powerful Tool For Entrepreneurs To Grow And Start Businesses




A Complete Guide To Entrepreneurship

Being an entrepreneur requires courage and commitment. Whether you choose to start your own business or join someone else’s, starting a company takes a big leap of faith. And without proper guidance, you might not get far.

Entrepreneurial success depends on both your business plan and your personal attitude towards the challenges of life. This guide provides detailed information on the steps required to launch your business. If you’re looking for inspiration, read about the stories behind successful entrepreneurs. They provide great examples of how to overcome obstacles and stay focused during tough times.

Entrepreneurship requires grit, determination, commitment and risk taking. Some entrepreneurs fail miserably and some succeed beyond their wildest dreams. If you are serious about becoming an entrepreneur, read this complete guide on entrepreneurship and become an entrepreneur today.

Entrepreneurship is the ability and readiness to develop, organize and run a venture, along with any of its uncertainties in order to make a profit. In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit for society.

Entrepreneurial is defined by discovery and risk-taking and the capacity to succeed in an ever-changing and more competitive market. Entrepreneurship refers to an individual or a small group of partners who strike out to create a new business.

Are you ready to get started? Read on to discover how to turn your dream into a reality.

What is entrepreneurship?

Entrepreneurship is the act of creating a business while bearing all the risks with the hope of making a profit for a single person. The more modern entrepreneurship definition is also about transforming the world by solving big problems like bringing about social change or creating an innovative product or service that challenges the status of how we live our lives daily.

Entrepreneurship is what people do to take their career into their hands and lead it in the direction they want and become what they want. It’s about building a life on your terms and conditions. No bosses. No restricting schedules. And no one is holding you back or focusing on completing any target.

Importance of entrepreneurship

  • Entrepreneurs create opportunities: Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs risk employing themselves as they grow their businesses, which eventually creates new opportunities for others.

  • Innovation: Technologies in today’s society have come from businesses. Technological advances come from a need to solve problems, create efficiencies, or improve society.

  • Create change in society: Entrepreneurs aim to make the world better with their products, ideas, or businesses. So naturally, some of their ideas will make a change in society.

  • Entrepreneurs give back to society: Entrepreneurs do business, make more money, and thus pay more taxes, which helps fund social services. Entrepreneurs are some of the biggest donors to charities and nonprofits for various causes.

  • Create National income: Entrepreneurship generates new wealth in an economy through business. New ideas and improved products or services from entrepreneurs allow for the growth of new markets and new wealth.

Who is an entrepreneur?

An entrepreneur is a person who starts a business to make a profit. An entrepreneur can be a person who has a home business idea and sets up their first online store, or a freelancer just starting. The reason why they’re considered entrepreneurs can be a bad idea is that where you start isn’t necessarily where you’ll end up becoming successful.

Entrepreneurs see possibilities and solutions whereas the average person sees only annoyances and problems. An entrepreneur who can help more people recognize the value they can contribute to the world.

Why is studying entrepreneurship important?

There are several reasons why studying entrepreneurship can benefit your personal development and future career. 

1) Expand Your Entrepreneurial Toolbox

The biggest benefit of studying entrepreneurship is to expand and enhance your knowledge, strategy, discipline, experience and other things that you aren’t just born with. Studying entrepreneurship can help you develop new ways to solve problems and gain insights on ways to guide you through the path to success.

2) Continue Learning

Entrepreneurship keeps you on your knowledge spark light. You are forced to continue learning and innovating and its drives you to learn. This continuous learning is not just within one specific area you focus on, but entrepreneurship allows you to learn about all the different divisions within your company and most importantly, learn about yourself.

3) Ability to Recognize Opportunity

One significant benefit of studying entrepreneurship is the gained ability to recognize an opportunity. You will be able to determine your and your company’s worth through analysis of their strategies, practices, etc.

4) Solve your daily-life problems

Entrepreneurship can help them develop real-world skills to lead extraordinary lives in this time-paced and fast-changing world and help individuals become independent and their creativity into creating something of their own in this competitive world. Entrepreneurship mainly helps solve daily-life problems with the help of innovative products and services provided.

Entrepreneurs: What Are Their Characteristics & Typical Behaviors?

1) Social

The idea of an entrepreneur starting his own business might imply a person who prefers to work alone; however, research indicates that entrepreneurs are often social people, according to research done by Stanford University. Starting a business requires contacting people to generate funds, purchasing materials from suppliers, hiring new employees and developing social networks.

2) Motivation

Entrepreneurs are self-motivated and they must have the ability to motivate others, even in times of stress and potential failure. An entrepreneur must have passion for his idea and a strong desire to get success. They must be goal-oriented, able to set goals and encourage their team to constantly strive to meet them.

3) Creativity

Entrepreneurs are naturally creative and are constantly coming up with new ideas. This is a never-ending process; once the business is set up. An entrepreneur studies consumer reaction, conducts market research and works to improve and keep creating new products that he/ she will offer to stay successful.

4) Dealing with failure

Entrepreneurs must be willing to take risks and deal with failure when it happens. If he/ she fails, rather than giving up he should evaluate his / her actions, and determine where to make improvements.

How can you become an Entrepreneur?

Startups are about passion, vision, and perseverance. If you want to be a successful entrepreneur then you must learn how to work smarter and harder. To gain more knowledge about startups and entrepreneurship, start reading books from entrepreneurs such as Steve Jobs, Elon Musk, Peter Thiel, Larry Page, Mark Cuban, Reid Hoffman, and others.

Also, find mentors who are willing to help you gain skills, experience, and insights that they learned while starting their businesses. Finally, build networks with other entrepreneurs and do things like attending local networking events, volunteering for non-profit organizations, joining professional associations, talking to potential customers, and participating in hackathons.

Follow these tips to start your business venture 

1. Identify the right business for you:

Explore the industry which you want to get in. Be willing to look at different facets of yourself (your personality, social styles, age) and listen to your inner voice.  Question yourself “What gives me energy even when I’m tired?”

Look at work you have done for others in the past and think about how you can offer them your services or products. Start with some market research, and if you choose to do this, make sure that you become a student and gain knowledge first before you spend any money. There are many entrepreneurship courses you can seek out, or you can even do it with an MBA program.

2. Business planning :

Most people skip the planning process in excitement,  planning will help you get to the knowledge about the market. A business plan will help you gain clarity, focus, and confidence about your business. Planning can be done in simple steps you write down your goals, strategies, and action steps, and your business model becomes successful.

3. Know your target audience:

Before you start doing business, find out what audience will buy your products or services. This is the most important thing. You can do industry research that will help you to analyse your target audience.

4. Build a network:

You need to build a network of supporters, advisors, partners, and vendors. You can build a network locally, nationally, or through social networks. Join networks such as your local commerce events or other relevant business administration groups. When attending networking events, ask others what they do and think about how you can help them or take their experience as a lesson.

5. Marketing:

Use the most effective online tools (Twitter, Facebook, YouTube, LinkedIn) available to broadcast your business. Using social networks is essential but don’t underestimate the power of other methods such as word-of-mouth marketing, website and internet marketing tools, public relations, blog posts, columns and articles, speeches, emails, and newsletters.

What are the types of entrepreneurs?

Entrepreneurship is the process of developing, innovating and running a business, there are many different types of entrepreneurship. People have varying aspirations and visions for the kind of businesses they want to create. Everyone operates their business based on their personality, skills, ideas and characteristics.

Entrepreneurship types: nine types

Here are the different types of entrepreneurship:

  1. Small business entrepreneurship

  2. Large company entrepreneurship

  3. Scalable startup entrepreneurship

  4. Social entrepreneurship

  5. Innovative entrepreneurship

  6. Imitator entrepreneurship

  7. Researcher entrepreneurship

  8. Buyer entrepreneurship

1) Small business entrepreneurship

A majority of businesses are small businesses in India. People interested in small business entrepreneurship are most likely to make a profit that supports their family and wishes to have a stable lifestyle. They don’t have large-scale profit or venture capital funding. Small business entrepreneurship is often when an individual owns and runs their own business. They typically employ local employees and family members.

2) Large company entrepreneurship

Large company entrepreneurship is for an advanced professional who knows how to sustain innovation and build a brand. They are part of a large team of C-level executives. Large companies often create new services and products based on consumer preferences to complete market demand. Small business entrepreneurship can turn into large company entrepreneurship if their small business gets successful in a certain period. For example companies such as Google, Microsoft and Disney.

3) Scalable startup entrepreneurship

Scalable startups come up with the things which are missing in the market and create solutions for them. Many of these types of businesses started in Silicon Valley and are technology-focused. They seek rapid expansion and big brings profit returns. Examples are Facebook, Instagram, Ola and Uber.

4) Social entrepreneurship

A social entrepreneur who wants to solve social problems with their products and services the main goal is to make the world a better place. They don’t work to make big profits, these kinds of entrepreneurs tend to start nonprofits or companies that dedicate themselves to working toward a good society.

5) Innovative entrepreneurship

Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions and ideas into business ventures. They aim to change the way people live for a better lifestyle. They create different ways to make their products and services stand out from other things on the market.

6) Imitator entrepreneurship

Imitators are entrepreneurs who use others’ business ideas as inspiration but work to improve them and try to bring good and advanced products. They are willing to think of new ideas and work hard, but still, they start their venture by copying others. People who are imitators have a lot of self-confidence and determination for their businesses. They can learn from others’ mistakes when making their product or service.

7) Researcher entrepreneurship

Researchers take their time when starting their startups. They want to research as much as possible before offering a product or service. They believe in preparation and information and tend to rely on facts, data and logic will give a higher chance of being successful. Business plans are important to them to minimize chances of failure.

8) Buyer entrepreneurship

A buyer is a type of entrepreneur who uses their wealth to acquire well-established business ventures. Then, they make any required management changes or structural changes they feel are necessary. Their goal is to grow the businesses they acquire and expand their profits. This kind of entrepreneurship is less risky.

Famous entrepreneurs across the world & What you can take away from them

1) Hiten Shah, co-founder of KISSmetrics

Hiten has launched many failed products in this entrepreneurial journey. He states his biggest failure was spending $1 million of his own money on a web hosting company that never even launched. Hiten says, “I and my partner was so perfectionists that we built the best thing we could without even understanding what our customers cared about.”

Take away: Accept that failure is good, but accepting and learning from your failures is important.

2) Dr Barry Nalebuff, founder of Honest Tea

He started his business when he saw a gap in the beverage market. So teamed up with a former student to launch a new venture and the company’s popularity took off when he was at a yoga retreat and spotted Oprah Winfrey. He offered her a sample and Honest Tea subsequently featured it in her magazine.

Takeaway: Keep your eyes open for business opportunities.

3) Jack Nickell, founder of Threadless

a community website that votes for designs uploaded by artists, launched the company due to his passion. Threadless was a side project for him for four years during his college courses before it became his full-time job.

Jack says: “You can’t predict the results of what you make, what it’s going to turn into. Threadless was never supposed to be what it is today, it was just about making things and putting myself out there. ”

Takeaway:  Do what you love,  Pursue your hobbies. You don’t always need to have a plan just as long as you enjoy the process.

4) Lawrence Joseph Ellison co-founder of Oracle Corporation

He had a clear vision and that’s the reason Oracle is still one of the leading software ventures that were started way back in 1977. Today his company does 40+ billion dollars in annual sales and has a market cap of over 164 billion dollars.

Takeaway: Have a clear vision. A successful entrepreneur is always thinking about the future, not just the present.

5) Ritesh Agarwal is the founder of Oyo Rooms

Ritesh started India’s largest hospitality company that mostly offers budget-friendly accommodation.

Take away: Find the right mentor. He from Oyo Rooms had been shortlisted for “The Thiel Fellowship” he was amongst the top 5% of the candidates that applied and in the 2-year program wherein fellows receive $100,000 and mentorship.

5 Things that separate a Winner from a Loser?

1. Winners focus on solutions.

Losers focus on problems

2. Winners own their mistakes and learn from them.

Losers blame others and make excuses.

3. Winners plan and schedule their day.

Losers fail to plan or schedule anything.

4. Winners constantly expand the boundaries of their comfort zone.

Losers stay within their comfort zone.

5. Winners set goals.

Losers fear goal setting.

Must-Read Books for Entrepreneurs

1) How To Win Friends And Influence People

This book will teach you all the do’s and don’ts of social life, but it will also teach you how to be a better entrepreneur. Additionally, the book teaches you how to overcome competition or win over someone who is closed-minded or is simply not interested in what you have to say.

2) The Psychology of Selling by Brian Tracy :

This book gives you valuable information and strategies about how to make more sales by focusing on one thing and the basics of selling and jumping right over to get results, but in order to get results, you need to know the basics.

3) Who Moved My Cheese by Spencer Johnson:

This book will teach entrepreneurs about themselves and the choices they make in life. It will teach you how to become flexible with your decisions and give you confidence towards your dreams and goals.

4) “Strategize to Win’’ book by Carla Harris

This book teaches you to contemplate a career change, which makes it invaluable for new entrepreneurs. You will learn how to get the opportunities you want by defining your goals and what you offer, building relationships, and making changes as necessary in your life.

5) Zero to One by Peter Thiel with Blake Masters

The books which reflect on technological advancement in the current world. The book will teach how technology startups are now moving towards improving old technology instead of creating completely new technology.

Summary 

Entrepreneurship is what people do to take their careers into their hands and do what they want to pursue. The entrepreneurial mindset is a person’s attitude to building a new business.

It means having an open mind and questioning everything in the hopes of creating something unique and innovative for the economy. This article will learn everything about entrepreneurship.

FAQ’s on Entrepreneurship:

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