All You Need To Know About Business Entrepreneurship
Introduction
Entrepreneurship, in general terms, involves the ability to make several sacrifices for the growth of a business. It includes risk-taking, which gives a reward in return, provided the entrepreneur has a good business strategy.
As an entrepreneur, you have to be creative, determined, and definite. However, this article focuses on business entrepreneurship and how you can start one.
Table of Contents
- What is entrepreneurship?
- Who is a business entrepreneur?
- How to start business entrepreneurship.
- Conclusion
What is Entrepreneurship?
Entrepreneurship is the practice of starting and developing a business in order to satisfy people’s needs. It is also the act of solving people’s problems through the idea of an entrepreneur. For instance, research has shown that John Pemberton of Coca Cola, invented the drink to calm people’s nerves through its refreshing taste.
This shows that the “why” is more profitable than the “what” in the production process.
Entrepreneurship has been one of the major contributors to the world’s economy. In other words, the idea of entrepreneurs has been one of the solutions to people’s needs. It is one of the four factors of production.
One of the qualities an entrepreneur possess is idea he has and the ability to exhibit and develop such idea that people can gain.
Who is a business entrepreneur?
A business entrepreneur is a person who uses his idea to satisfy people’s needs by rendering products and services, irrespective of the risk involved. They know how to manage, not only their products and services but the people that enhance their business growth.
Most business entrepreneurs think of how to expand their businesses around the globe. However, they do not mind starting small. The little they have can satisfy their customers’ needs.
They are great investors and, in most cases, inventors. They think like,
“If this can help me, it can help others as well.”
Therefore, they launch their ideas to the world through visible actions, rather than conceal it.
Importantly, a business entrepreneur carefully considers the other factors of production to launch his goods and services to people. That is, land, labor, and capital are included in the process of production.
How to start business entrepreneurship
Starting business entrepreneurship is not all about having money or other capital. You have to take your time to consider how to start. Even if you have the capital or not, you need to go through some processes before you actually start.
The following points expound on seven steps you need to take to start business entrepreneurship.
Have a good idea
It is great to have an idea, but, it is better to have a good idea. A good idea must be firm and realistic. For instance, thinking that you can make a lot of money at the start of your business is not really a good idea. It is rather unrealistic.
You must know that when you are just starting a business, people will get to know you gradually, not instantly. As a result, the profit will come gradually as well.
A lot of businesses fail because the entrepreneurs involved want to make quick money. Therefore, they refuse to make good business plans and later run into bankruptcy.
Also, it is good to gather trusted people who you can share your idea with and brainstorm together. Remember two heads are better than one. Someone else might give you a better way of exhibiting your idea.
Believe you can do it
When you share your idea with people, not everyone will agree with it. Criticism will definitely arise. Still, you must remain optimistic to push through beyond the distractions around you.
Believing you can do it is the process of being firm about exhibiting your idea. If you have taken your time to analyze the outcome and you think it is good, then, stick to it.
The whole impression you give is to make your dream come through, rather than burying it.
Learn from other business entrepreneurs
You have to explore the biography or autobiography of other business entrepreneurs in order to learn from them. By reading or listening to their stories, you will learn about their successes and failures. As a matter of fact, most successful business entrepreneurs have once failed at one point or the other.
For instance, according to his biography, Colonel Sanders of KFC was rejected severally before starting his own restaurant.
Hence, “no’s” shouldn’t set you back, rather, your passion must keep you moving.
You can also go extra mile by conducting interview with them. By doing that, you will be able to talk with them one on one and learn from their experiences.
Observe the market
The market is like a chameleon. That is, it changes with time. You can’t just start a business without looking into how the market will receive it.
Aside from carrying out the business, you need several methodologies to stimulate the business, which includes observing the market. By observing your market, you will know the right people to sell your products and services to. Specifically, you will know the right way to answer the market.
Therefore, it is essential to make research about your market and carefully observe it. Most business entrepreneurs keep upgrading their products and services because the market is always competitive. You must be proactive enough to meet the demands of the present market.
Have a business plan
Your business plan must include the goal of your business and how you intend to achieve the goals. They have the ability to produce possible questions you need to answer.
A good business plan will help you to face and overcome the risk involved in entrepreneurship.
Furthermore, study the SMART analysis and apply it to your business plan. So many people think they can carry out other people’s business because it is successful. The question is; can you handle it as they do or more than they do?
If you have a solution to that question, then you are good to go. More importantly, before you start a business, you should ask yourself questions like;
“Why do I want to go into this business?”
“How can this business satisfy people’s needs?”
It is not necessary to start big. Growth is gradual. There is no one who starts walking on the day they are born.
Be smart enough to think about the “why and how” rather than what you just want to gain.
Be prepared to take risk
Risk comes with successes and failures and you have to be prepared to learn from both.
Starting the business is actually one of the risks involved in entrepreneurship because success is not certain. However, your passion for the business must keep driving your certainty beyond all obstacles. Always give it a try in order to learn more.
For instance, Steve Jobs of Apple product said, “If you don’t love it, you will give up.”
Another way to take risks is to invest. Investment is very important when starting a business because most times, it comes with a good recompense. As earlier stated, most business entrepreneurs are good investors. Thus, there are three key things you can invest in while starting a business entrepreneurship and they include;
Time: Time is no man’s friend but can be precious depending on the way you manage it. Take your time to plan your idea. You can make mistakes but you must learn from the mistakes. You must manage your time wisely.
Finance: There is a difference between spending your money and wasting your money. Get products and try them on people and tell them to help you advertise them. By doing so, you are spending money but not wasting it.
You can waste your money if you engage in a business you have no idea about.
Yes, money is part of it! However, don’t be too concerned about making the money for a start. Rather, render the service to people and encourage them to tell other people. Sooner or later, you will get the reward.
Energy: Investing your energy into your business tells how diligent you are. Your energy is dependent on your determination. How determined are you in pursuing the business?
In a nutshell, the risk you take will come with a reward if it is well calculated. That is, take risks carefully.
Seek professionalism
It is good to seek knowledge. Don’t think that you are okay in your present position. No matter the idea you have, you still need better ideas to become a better business entrepreneur.
One of the ways to achieve this is by pursuing professionalism.
Make sure that you take advanced courses that will give you more knowledge about your business. Also, occasionally attend conferences, workshops, and seminars that other entrepreneurs organize.
In addition, study books that have been written by professional business tycoons in order to improve your business idea.
Conclusion
Business entrepreneurship can be very lucrative if the principles are understood and put into practice. It is not wise to start what you cannot finish. Likewise, it is not wise to engage in a business you are not passionate about.
The beauty of business entrepreneurship is in the zeal that drives an entrepreneur towards achieving a worthy business.
