WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is a concept in the corporate world that entails the development and management of a business venture and taking of risks for the sake of making profits. In a concise form, entrepreneurship is simply running a business.
The role entrepreneurship has played in the economy of different countries around the globe is significant. It has influenced the evolution of the dynamic global marketplace, making it a very important field in every country.
There are millions of entrepreneurs in the world, and all of them have one particular similar trait – they have a passion for working for themselves and by themselves.
Related Article: Top 30 Influencers and Thought Leaders to Follow in Order to Succeed
People often perceive entrepreneurs to be innovators, and this is as a result of the fact that entrepreneurs are usually innovative and interested in coming up with new ideas.
The road to entrepreneurship is usually not a smooth one. Dead ends, roadblocks, and detours are often found on the road, which makes entrepreneurship a journey for strong and unremitting persons.
Most successful entrepreneurs from different parts of the world share the same success story of experiencing sleepless nights, fruitless planning, wasted funding, and lots of other challenges.
Irrefutably, entrepreneurship is quite challenging, and this fact fuels fear in the hearts of many, making them never to consider becoming entrepreneurs. In spite of the challenges, thousands of entrepreneurs, who are determined and have good vision, are made every year.
HOW TO BECOME AN ENTREPRENEUR?
In case you are also determined to become an entrepreneur, you may still be uncertain of how to start. Some steps are indispensable in the journey of becoming an entrepreneur, while some steps may be skipped, depending on the business industry.
However, below are general steps for becoming an entrepreneur, regardless of your business industry:
1. CHOOSE A BUSINESS IDEA THAT IS RIGHT FOR YOU
Entrepreneurship is a vast field, which means you may fail in one area and excel in another. For this reason, the first and one of the most important steps is to find the right business for yourself.
Although a very lucrative business is a good one to venture into, you should understand that passion/drive is more important. Entrepreneurs that strive greatly during challenges are the ones that care about their businesses, and this is what passion is all about.
2. DECIDE IF YOU NEED EDUCATION
Having a school degree is not one of the prerequisites of becoming an entrepreneur, but education helps a lot in some industries. Asking yourself if you have adequate knowledge to run the business you are about to venture into is the way to handle this step.
Aside from getting yourself educated in business areas such as marketing, sales, accounting, and finance, you should also pay attention to mastering some public speaking skills. After all, at some point, you will be selling your idea to your customers, and potential investors, being an effective public speaker can come in handy then.
3. PLAN YOUR BUSINESS
The most appropriate way to start a business is to develop a business plan. This business plan should lay out your objectives and the strategies you intend to employ to achieve the objectives. This step is profoundly paramount, especially if you need to get investors on board.
Having a business plan is also a smart way to gauge the degree to which your business can become a successful one.
4. FIND YOUR TARGET AUDIENCE
One fact you should agree with is that your business is most likely not for everyone. Factors like age, culture, race, income, and gender would help you identify your target audience.
Knowing your target audience helps to properly situate your business location, apply marketing strategies, and advertise your business to the right people.
Networking helps in so many fields, and in entrepreneurship, its benefit is quite tremendous. With networking, an entrepreneur can meet potential investors, customers, and other people that may possess skills needed to grow your business.
6. MARKET YOUR BUSINESS
Certainly, your products are needed by lots of people in the world, but these people won’t patronize you until they know your products. It becomes your duty to strategize on how to create awareness for your products/services.
You should identify what makes your product/business unique and promulgate it to the world. Marketing is essential before, during, and after you establish your business. You should never stop creating awareness. For more details on branding, and the benefits it can bring to your business, check out our other post.
WHAT IS KNOWN AS ENTREPRENEURIAL MINDSET/ATTITUDE?
Entrepreneurship is an important life skill, which is never too late or too early to start acquiring. It requires that one adapts to a particular mindset and learn some fundamentals.
An entrepreneurial mindset is one of the traits of entrepreneurs all around the world – it drives one to become an entrepreneur and stay optimistic even during the greatest challenges.
The question that strikes many at this point is – what exactly is an entrepreneurial mindset/attitude? If you usually get that intense feeling to do a particular thing that is bigger, more significant, and utterly yours, then that’s most likely the spirit of entrepreneurship communicating to you.
4 Different Phases of Developing an Entrepreneurial Mindset
Being passionate and having the potent drive to start something and build it big is the first phase of the entrepreneurial mindset, and the remaining phases have to do with harnessing your entrepreneurial mindset.
The greatest killer of an entrepreneurial mindset is doubt. Therefore, getting rid of doubt and fear gives you an upper edge to build and adapt to an entrepreneurial mindset.
The second phase of an entrepreneurial mindset is learning to master one’s inner game. This phase has to do with nourishing and honing your entrepreneurial spirit. You need to be in control of your thoughts and feelings so that you can make good decisions. Note that one poor decision may make or break a business.
The third phase of an entrepreneurial mindset has to do with the fact that entrepreneurs must be confident and resilient. An entrepreneurial mindset is not entirely built if you are not resilient or if you feel incapable of running your business.
Having an Entrepreneurial mindset means being optimistic, rejecting discouragement, and striving even during the most challenging times.
Lastly (fourth phase of an entrepreneurial mindset), the entrepreneurial mindset comes from accepting accountability for actions taken and the results they produce. Entrepreneurs understand that they are responsible for anything their businesses face at any period of time.
Coming up with an idea is the first phase of becoming an entrepreneur. However, this has become elusive to some people, upon their great desire to become an entrepreneur.
These people often go about in search of advises on entrepreneurial ideas. However, the objective truth is that there are a lot of entrepreneurial ideas, and the right one for you depends on you.
Your forte, knowledge, and experience all compound to determine the right entrepreneurial idea for you. Few of the many entrepreneurial ideas that exist are listed below:
- PERSONAL TRAINING: This idea is best for people with significant expertise in fitness and the ability to help other people train to be fit and healthy.
- PROPERTY MANAGEMENT: There are many properties with unavailable owners that need to be managed. You can become a property manager if you have the time and experience to do the management properly.
- FASHION DESIGNING: If you have learned to tailor and are good with designing fashion items, then fashion designing may be the best entrepreneurial idea for you.
- CATERING: There are people out there with exceptional culinary skills who are still cogitating on an idea that could make them entrepreneurs. If cooking is your forte, then why don’t you just start a catering business immediately?
- MOVING COMPANY: Do you have a truck, moving equipment, and workforce? If you answered yes to that, then you should work on getting the necessary permits and insurance, and start a moving company.
- CLEANING COMPANY: If you are the type of person that dislikes filth and always never lazy to ensure things are cleaned up, then perhaps owning a cleaning company can make you that successful entrepreneur you have always dreamt of.
- PHOTOGRAPHY/VIDEOGRAPHY: You might already own a camera, perhaps given to you as a birthday gift. You might be making use of the camera to take great shots of your friends for fun and free. You might also be good at the editing aspect when done with your photography. What else do you need to be sure that photography business is a good idea for you? Learning one or two new things can also make you an excellent videographer.
- ONLINE MARKETING: Do you have a knack for telling great stories and love researching and learning new things? Then, why don’t you put those skills to use by becoming an online ‘preneur’ (online entrepreneur)? Writing blogs, or making educational videos on youtube, or even recording helpful podcasts. There are several things to learn about becoming an online marketer, but I am sure you could give it a try.
QUOTES OF FAMOUS ENTREPRENEURS
“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”
– Jeff Bezos (founder of Amazon, and currently the richest man in the World)
“You don’t learn to walk by following rules. You learn by doing and falling over.”
– Richard Branson (founder of Virgin Group)
“It’s not about ideas. It’s about making ideas happen.”
– Scott Belsky (co-founder of Behance)
“In the end, a vision without the ability to execute it is probably a hallucination.”
– Steve Case (co-founder of AOL)
“If you’re passionate about something and you work hard, then I think you will be successful.”
– Pierre Omidyar (founder of eBay)
“It is always the start that requires the greatest effort.”
– James Cash Penney (founder of J.C. Penny)
“Don’t worry about failure; you only have to be right once.”
Drew Houston (co-founder of Dropbox)
“What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.”
– Dave Thomas (founder of Wendy’s)
THOUGHT LEADERSHIP AND ENTREPRENEURSHIP
The goal of every person about to embark on the entrepreneurship journey is to become a successful entrepreneur. Many are unaware that becoming successful in entrepreneurship is not the final stop in the journey. After becoming a successful entrepreneur, one of the onward phases is to become a thought leader. Who exactly is a thought leader?
A thought leader is a well-informed leader in opinions and the go-to person in a specialized field. Just as a thought leader is referred to as an individual, it could be used to refer to a particular company itself.
A thought leader is a trusted source whose views on his/her field’s subject are influential and authoritative. Entrepreneurs usually are on the mission to work their way to becoming thought leaders, for thought leaders are known to be the most successful and rewarded entrepreneurs.
One of the reasons why entrepreneurs should aim at becoming thought leaders is because thought leadership moves one from commodity to expert. Awareness and visibility are essential in the growth of a business. Thought leadership brings both, which makes people trust your company and believe you are an expert.
Another reason why thought leadership is important to entrepreneurs is that it bonds a company to its team. To create an intensely cohesive workplace, an entrepreneur should lead with empathy and develop a nexus amongst all members of the company.
Thought leadership allows your team members to also see you as an expert, which inspires bonding. With good bonding, there is great teamwork and company growth.
Entrepreneurs that do not only care about tasks at hand but also care about leaving a legacy, love the idea of thought leadership. With thought leadership, a company can easily create and leave a positive impact on the world.
Thought leadership entails promulgating missions and messages to considerable amounts of people in the world, which could positively influence many of them. If you love to be an entrepreneur who is not only after making profits but also being an inspiration, then thought leadership should top your priority.
Are you interested in learning more about thought leadership? Read this article next, and find more on the topic.
THE NEED FOR ENTREPRENEURS IN THE 21st CENTURY, AND THE RISE OF THE MILLENIALS
Since time immemorial, entrepreneurship has been the backbone of every economy in the world that is flourishing. In the 21st century, its significance has become conspicuously higher.
Entrepreneurship spurs economic growth, adds to national income, creates social change, influences community growth, and supports governmental projects. All these are much desired by every country, hence adding to the great need for entrepreneurs in the 21st century.
If you have heard that entrepreneurship is not for young one, then you have probably heard the greatest myth about entrepreneurship.
If you are able to read this right now, then it is never too early or too late for you to become an entrepreneur. As a matter of fact, millennials are probably the best entrepreneurial generation ever.
Older generations may be quick to judge that millennials are lazy and mischievous, but this is untrue. Millennials rather have a good quality of being driven by passion. They usually have personal happiness, which has a positive impact on their productivity and works output.
Millennials also enjoy letting their passion guide the decisions they make. One of the essential traits of successful entrepreneurs is that they are passionate about the business they do. For this reason, it is reasonable to conclude that millennials will make great entrepreneurs, and more millennial entrepreneurs should be made yearly.
REFERENCES & FURTHER READING
Prachi Juneja. What is Entrepreneurship, and who is an Entrepreneur? https://www.managementstudyguide.com/what-is-entrepreneurship.htm . Accessed 03/08/2019.
Paula Fernandes. Entrepreneurship Defined: What It Means to Be an Entrepreneur. https://www.businessnewsdaily.com/7275-entrepreneurship-defined.html. Accessed on 03/08/2019.
Nicole Martins Ferreira. What is Entrepreneurship? Entrepreneur Definition and Meaning. https://www.oberlo.com/blog/what-is-entrepreneurship. Accessed on 03/08/2019.
Michigan State University. The Entrepreneurial Mindset. https://entrepreneurship.msu.edu/the-entrepreneurial-mindset/. Accessed on 03/08/2019.