Entrepreneurship: Your One Chance to a Big Break
The entire process of planning, initiating and running a new business could be termed entrepreneurship. Typically, it begins as a small business, such as a startup company and it can eventually turn out to be a corporation when well nurtured or planned.
An entrepreneur on the other hand can be termed as an individual who organizes or operates a business. It could be described as a person who pays a certain price for a product and resells it at an uncertain price. Simply put, an entrepreneur is a risk-taker and a “planner”.
As Richard Cantillon (1680–17340) puts it, an entrepreneur is a risk taker who deliberately allocates resources to exploit opportunities in order to maximize the financial return.
Difference between entrepreneurship and small scale business
The term “entrepreneur” is often confused with the term “small business” or used interchangeably with this term. While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial.
Entrepreneurial ventures offer an innovative product, process or service, and the entrepreneur typically aims to scale up the company by adding employees, seeking international sales, and so on, a process which is financed by venture capital and angel investments. On the other hand, small businesses are sole proprietor operations consisting solely of the owner, or they have a small number of employees, and many of these small businesses offer an existing product, process or service, and they do not aim at growth.
Successful entrepreneurs have the ability to lead a business in a positive direction by proper design thinking, to adapt to changing environments and understand their own strengths and weaknesses.
Signs that you are ready to become an entrepreneur
When you take action: Rather than spending time writing a plan at your desk, you invent as you go.
When you are scared: Those who are nervous about failing can become hyper-focused and willing to do whatever it takes to succeed
When you are resourceful: To these ones, it’s not about having enough resources but being resourceful with what they have.
When you don’t ask for permission: Rather than accept the status quo, you lookout for opportunities to improve yourself and your company.
When you are fearless: You believe that your investment of time and money will eventually pay off.
When you love a challenge: When confronted with problems, you rise to the occasion rather than bulking out.
When you recover quickly: It’s a popular saying that entrepreneurs fail fast and recover quickly by not wallowing in regrets and self-pity
When you listen: You are open to ideas that aren’t yours
Attributes of great entrepreneurs
- Effective with people
- Reduce complex data into something manageable and actionable
- Willing to work the long hours
- Ability to find backdoors
- Take what you do seriously
- Plan everything
- Becoming a shameless self-promoter
- Get to know your customers
- Invest in yourself
Limitations of becoming an entrepreneur
- Lack of funding
- Lacking the necessary business skills
- Bad business decisions
- An economic crisis or
- Due to lack of market demand.
Benefits of becoming an entrepreneur
- You set your own schedule
- You believe in what you do
- You are the boss
- You get to see your work change and improve lives
- You become a business leader
- No dress code for you
- You choose who represents your brand
- No more frantically checking the time
If any or every part of this article speaks about you, please look/think no further because you could just be the next Mark Zuckerberg of Facebook, Evan Spiegel of Snapchat, Travis Kalanick of Uber and of course Bill Gates of Microsoft. While funding is an essential part of setting up a business, it should never be the reason why you don’t execute that million idea of yours because in the end the benefits always outweigh the challenges.
As the saying goes the journey of a thousand miles begins with a first step a decision. You must determine to do all it takes and never give up until you succeed. According to Richard Smith Ph.D, the best time to plant a tree was 20 years ago. The second best time is now.
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