It's an exciting prospect starting a business, but it's not easy task. Saying it's very demanding is an understatement, and mind you, business does not necessarily means the selling of goods, but also services. What does owning a business (being an entrepreneur) requires? It requires discipline, motivation, patience, critical thinking and above all, capital. As a matter of fact, if you ain't disciplined, you can't be a successful entrepreneur.
Now, being an entrepreneur starts with critical thinking, environmental scanning and basic knowledge of what it entails. You just don't wake up one morning and say, "I wanna start a business," without proper plans. Before proceeding, I'd like to give an idea of what "Entrepreneurship" and "Business" means.
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WHAT IS BUSINESS? Business is a person's occupation, work or trade. It's also a commercial, industrial or professional activity. WHAT IS ENTREPRENEURSHIP? Entrepreneurship is the art or science of 'innovation' and 'risk-taking' for profit in business. You're not an entrepreneur until you start getting profits for your ideas and innovations. A person who 'innovates' and 'takes on risks' for profits in business is considered an 'entrepreneur'. He thrives for success and takes on risk by starting his own venture, service, trade, e.t.c. An entrepreneur is one who lauches and build a business. Business involves exchange of values. Never
cheat, forget about profit when starting out, build a VALUE-DRIVEN entreprise. Though business is a profit-oriented venture, don't expect much. Have you had the thought of being an entrepreneur? Here are reasons WHY YOU MUST BECOME AN ENTREPRENEUR AND OWN A BUSINESS. Mind you, no one is too young to be an entrepreneur. There are many reasons to be an entrepreneur, but I'll give you 16 reasons to be an entrepreneur: 1. Value Creation And Problem Solving: There are lot of persons out there looking for solution to certain problems. If you're capable of providing answers to those problems, why not create something that does it? If your idea and innovations can help others solve problems, start something... create something unique and value-driven. 2. Contribution To Community, Society And National Development: It'll make you an important person in the society. It's an avenue to help the less and non privileged to achieve greater things through scholarships, provision of social amenities to communities and through charity organisations. This is what the likes of Bill Gates and Warren Buffet does. 3. Personal Ownership Of Business Concern Empowers You To Do More In Life: Truth is - the more success you get, the greater your cravings for more success. Being successful is a motivation to be more successful. Seeing the daily activities of your own successful business give you an opportunity for more successful businesses. 4. Instability In The Labour Market And Job Insecurity: With the high rise of unemployment rate in most countries, you wouldn't want to be in the labour market seeking for employment. And working as an employee does not necessarily guarantee you job security. Being an entrepreneur is a guarantee for job stability 'cause you're boss. 5. Meeting The Challenges Of Family And Personal Responsibility: "Success on any major scale requires you to accept responsibility... in the final analysis, the one quality that all successful people possess is the ability to take on responsibility" - Michael Korda. Being an entrepreneur gives you the opportunity to be responsible and meet the challenges of family, whether financial responsibility or otherwise. 6. Securing Your Financial Future: Any value-driven and profit-oriented entreprise is a legacy. There'll be no chance of being broke (penniless). It'll give you this financial confidence. 7. Job Creation: There ain't much jobs in the labour market. An entrepreneur solves this problem. He creates job for job seekers. He has this mentality, "Why be an employee when you can be the employer?" It's a very important reason why you should be an entrepreneur. 8. Set Your Own Deadlines: Are you tired of being bossed around or inconvenienced ‘cause of deadlines? Become an entrepreneur. Your business, your deadlines - you're the boss. 9. Pursue Your Passion: Entrepreneurship offers you the opportunity build and invest on what you love most. 10. Get Recognised: Success attracts people. Owning your own business, having measurable finances gives you an opportunity to ccommunicate with the elites. You get to meet successful people and gain some recognitions. 11. Inspire Others: Inspiring others is not limited to giving amazing and thoughtful speeches; our activities does inspire others. You, starting a venture grants confidence for others to follow in your footsteps. That is inspiring. 12. Financial Independence: Being an entrepreneur gives you financial independence and flexibility. 13. Become An Expert: You know what they say, "practice makes you perfect." Something you do more often becomes part of you. It becomes easy and fun. Whatever area you might specialize in business, you have the opportunity to be an expert in that field. 14. Gain Entrepreneurial Experience: The failures and successes you have in entrepreneurship, the more experience you gain. 15. Get More Creative: Success makes you crave more of it. Since business requires critical thinking and developing of ideas, you need creativity. Being an entrepreneur makes more creative. You don't rest on your laurels, you just want to keep finding solutions to problems. 16. Learn New Skills: Entrepreneurship is an avenue to diversify your skills. It's an opportunity to develop more skills. Entrepreneurship/owning a business is not for the faint of heart. You'll explore the limits of your abilities. Anyone can start a thing, but very few start something that matters. Ensure your trade is a value-driven entreprise. I'll leave you with a little motivation - if you harbour the thought of starting a business; take the step, don't think it anymore. If financing is the problem, you source for it through: Personal Savings Friends, Family Co-operative Societies Loan & Overdraft Government Angencies Partnership Intermediate Marketing While starting out, it wouldn't be rosy. There'll be decline and losses at some point, just don't loose your drive. See beyond 'now'. It ain't failure, but there are some businesses which fail though. Here are resons why businesses fail and you must avoid such mistakes: Lack of training and proper preparation Inadequate market research/poor environmntal scanning Attempting to do too much with too little Being careless in use of large capital Inability to separate business from personality Lack of delayed gratification Sentiments (family and friends attachment) Selling products and not solutions (inability to balance profit drive and value creation) Unstable business environment Inadequate capital and poor management Internal fraudulent activities Wrong location Inability to move swiftly with trends and technology Excessive investment in fixed assets Over reliance on one customer Inability to manage business realities Avoid such mistakes and you just might be the name on everyone lips.
WHAT IS BUSINESS? Business is a person's occupation, work or trade. It's also a commercial, industrial or professional activity. WHAT IS ENTREPRENEURSHIP? Entrepreneurship is the art or science of 'innovation' and 'risk-taking' for profit in business. You're not an entrepreneur until you start getting profits for your ideas and innovations. A person who 'innovates' and 'takes on risks' for profits in business is considered an 'entrepreneur'. He thrives for success and takes on risk by starting his own venture, service, trade, e.t.c. An entrepreneur is one who lauches and build a business. Business involves exchange of values. Never
cheat, forget about profit when starting out, build a VALUE-DRIVEN entreprise. Though business is a profit-oriented venture, don't expect much. Have you had the thought of being an entrepreneur? Here are reasons WHY YOU MUST BECOME AN ENTREPRENEUR AND OWN A BUSINESS. Mind you, no one is too young to be an entrepreneur. There are many reasons to be an entrepreneur, but I'll give you 16 reasons to be an entrepreneur: 1. Value Creation And Problem Solving: There are lot of persons out there looking for solution to certain problems. If you're capable of providing answers to those problems, why not create something that does it? If your idea and innovations can help others solve problems, start something... create something unique and value-driven. 2. Contribution To Community, Society And National Development: It'll make you an important person in the society. It's an avenue to help the less and non privileged to achieve greater things through scholarships, provision of social amenities to communities and through charity organisations. This is what the likes of Bill Gates and Warren Buffet does. 3. Personal Ownership Of Business Concern Empowers You To Do More In Life: Truth is - the more success you get, the greater your cravings for more success. Being successful is a motivation to be more successful. Seeing the daily activities of your own successful business give you an opportunity for more successful businesses. 4. Instability In The Labour Market And Job Insecurity: With the high rise of unemployment rate in most countries, you wouldn't want to be in the labour market seeking for employment. And working as an employee does not necessarily guarantee you job security. Being an entrepreneur is a guarantee for job stability 'cause you're boss. 5. Meeting The Challenges Of Family And Personal Responsibility: "Success on any major scale requires you to accept responsibility... in the final analysis, the one quality that all successful people possess is the ability to take on responsibility" - Michael Korda. Being an entrepreneur gives you the opportunity to be responsible and meet the challenges of family, whether financial responsibility or otherwise. 6. Securing Your Financial Future: Any value-driven and profit-oriented entreprise is a legacy. There'll be no chance of being broke (penniless). It'll give you this financial confidence. 7. Job Creation: There ain't much jobs in the labour market. An entrepreneur solves this problem. He creates job for job seekers. He has this mentality, "Why be an employee when you can be the employer?" It's a very important reason why you should be an entrepreneur. 8. Set Your Own Deadlines: Are you tired of being bossed around or inconvenienced ‘cause of deadlines? Become an entrepreneur. Your business, your deadlines - you're the boss. 9. Pursue Your Passion: Entrepreneurship offers you the opportunity build and invest on what you love most. 10. Get Recognised: Success attracts people. Owning your own business, having measurable finances gives you an opportunity to ccommunicate with the elites. You get to meet successful people and gain some recognitions. 11. Inspire Others: Inspiring others is not limited to giving amazing and thoughtful speeches; our activities does inspire others. You, starting a venture grants confidence for others to follow in your footsteps. That is inspiring. 12. Financial Independence: Being an entrepreneur gives you financial independence and flexibility. 13. Become An Expert: You know what they say, "practice makes you perfect." Something you do more often becomes part of you. It becomes easy and fun. Whatever area you might specialize in business, you have the opportunity to be an expert in that field. 14. Gain Entrepreneurial Experience: The failures and successes you have in entrepreneurship, the more experience you gain. 15. Get More Creative: Success makes you crave more of it. Since business requires critical thinking and developing of ideas, you need creativity. Being an entrepreneur makes more creative. You don't rest on your laurels, you just want to keep finding solutions to problems. 16. Learn New Skills: Entrepreneurship is an avenue to diversify your skills. It's an opportunity to develop more skills. Entrepreneurship/owning a business is not for the faint of heart. You'll explore the limits of your abilities. Anyone can start a thing, but very few start something that matters. Ensure your trade is a value-driven entreprise. I'll leave you with a little motivation - if you harbour the thought of starting a business; take the step, don't think it anymore. If financing is the problem, you source for it through: Personal Savings Friends, Family Co-operative Societies Loan & Overdraft Government Angencies Partnership Intermediate Marketing While starting out, it wouldn't be rosy. There'll be decline and losses at some point, just don't loose your drive. See beyond 'now'. It ain't failure, but there are some businesses which fail though. Here are resons why businesses fail and you must avoid such mistakes: Lack of training and proper preparation Inadequate market research/poor environmntal scanning Attempting to do too much with too little Being careless in use of large capital Inability to separate business from personality Lack of delayed gratification Sentiments (family and friends attachment) Selling products and not solutions (inability to balance profit drive and value creation) Unstable business environment Inadequate capital and poor management Internal fraudulent activities Wrong location Inability to move swiftly with trends and technology Excessive investment in fixed assets Over reliance on one customer Inability to manage business realities Avoid such mistakes and you just might be the name on everyone lips.
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