Abhay Gupta, Founder & CEO – Luxury Connect & Luxury Connect Business School.
The word entrepreneur
originates from the French word, entreprendre,
which means "to undertake." In
a business context, it means to start a
business. The Merriam-Webster Dictionary presents the definition of an
entrepreneur as one who organizes, manages, and assumes the risks of a
business or enterprise.
What is entrepreneurship?
A business model in which you create your own
business entity and perhaps hire a few people is entrepreneurship. Over and
above all, entrepreneurship is a mindset which makes you think beyond the
normal. A craving, a desire and a ambition to break past the set norm and create
a unique identity for oneself and his enterprise. Entrepreneurship is also a process of new
venture creation.
Who is an entrepreneur?
•
Someone who
wants to self employed and also generates employment for others is an
entrepreneur. Someone who wants to be his own boss is an entrepreneur. Someone
with a vision, a passion for his product or service and a deep determination to
succeed against all odds is a entrepreneur. So we can summarise that
- ‘ An entrepreneur is someone who organises, manages and assumes the risk
of a business entity, enterprise and or identity in either goods or services
sector’.
- ‘Entrepreneurs are people that notice opportunities
and take the initiative to mobilize resources to make new goods and services.’
- "one
who undertakes innovations, finance and business acumen in an effort to
transform innovations into economic goods".
What are the typical qualities of an entrepreneur?
- A tendency to break away from the regular and be different.
- Spot the needs / problems / challenges and convert them into opportunities for success by being solution oriented.
- A determined mindset to innovate, create value and be continuously growth oriented.
- A Original thinker.
- A Risk taker.
- Takes responsibility for own actions
- Feels competent, confident and capable
- Sets high goals and enjoys working toward them even with high personal sacrifices
What is Luxury?
Luxury is a often misused term in today’s
world ! Almost everyone and everything claims to be ‘Luxury’. So what really is the meaning of ‘Luxury’ ??
If one tries to Google the word luxury, one
is thrown up with innumerable meanings in a split second ! This only means that
‘Luxury is relative & subjective’ –
meaning ‘to each his own’.
In the words of the famous Coco Channel, ‘Luxury
begins where necessity ends’.
We can thus summarise that luxury is much beyond need – it is a desire
that fuels our emotional appeal. Something which defines our social status to others besides just
providing us material comfort, great
quality, unquestionable functional benefits and makes us feel a part of a
social set normally called ‘The Elite’.
So what then is Luxury Entrepreneurship?
Someone who has a burning desire to create a
business venture or a product or a service which services this sector directly
or indirectly is a luxury entrepreneur. A individual with a uncanny eye for
detail and excellent customer service can be a successful luxury entrepreneur.
What are the sectors one could explore within
the Luxury domain?
Unfortunately, most people link and restrict
luxury to fashion and ramp shows due to the glamour attached. There is no doubt
that fashion is a essential part of luxury and is in every way the fulcrum
point, but luxury extends way beyond fashion, giving a entrepreneur options to
choose from areas like jewellery, watches, fitness & wellness, beauty and
skin care, real estate, home and
interior, aviation, yachting, automobiles to also travel, tourism, hospitality
and events etc. Luxury is a complete lifestyle and defines the usage pattern of
the affluent class.
If one is a fashion designer, or has a
inclination to be beautician, traditional jeweller, boutique owner, travel
service provider or event a wedding planner, it is possible for him to position
himself in this niche space.
What are the Growth opportunities in the
Luxury sector?
Luxury in India has been growing continuously
at a pace of 20 – 25 % PA for past several years. Currently at about 18.5 b
USD, it is expected to touch 50 b USD by 2020 and 180 b by 2025. (as quoted by
Amitabh Kant in February 2016). The ‘make in India’ movement is expected to
fuel the domestic design industry towards this sector. Recent success of young
Indian designers is a case in example of this rising phenomena.
How is Luxury Entrepreneurship different and
how can one become one?
In the luxury space, the depth of the vision,
the originality of the creative designer, the brand building process, the
marketing & communication as well as the customer service orientation is
completely of a different level. The aura of the brand, the magic around the
intangibles, the romance & mystics behind the product which is accentuated
by the impeccable service play the key role.
Let us say that the basics remain the same, but the treatment is entirely different.
The best way of course is to undertake a
short course on ‘Luxury Entrepreneurship’ to clear up ones concept and
knowledge of this sector and study in depth the nuances involved in handling
such a business
Then on, if one is a creative person he can
begin on his own. If one is a moneyed person, he can have his idea developed by
a creative team. Alternately, there is a plethora of national &
international luxury brands across sectors that are keen to reach out to the
Indian luxury consumer and the fast growing market here. One is open to explore
franchise opportunities with them.
