Many dream of the wealth that is associated with becoming an entrepreneur but fail to recognize the hard truth; most businesses do not always succeed in the first year. Entrepreneurship is not something easily figured out; it takes years of understanding and acquiring more knowledge about it. Research has shown that older entrepreneurs tend to have a higher success story but that doesn’t mean only the old one succeeds, it only implies that entrepreneurship is all about how smart and wise one can be. The young ones are in a haste to make money so harsh and wrong decisions can be made but the old would be calculative in any decision they make.
Another fact that needs to be recognized is that comparing two businesses because they deal with the same services. Engaging in such an act is wrong and can easily crumble the business. Even dealing with the same goods and services does not mean both parties will have a similar growth rate or profit.
Definition of Entrepreneurship
Entrepreneurship can be defined as starting up an enterprise or business to satisfy consumers or solve their problems. It is mostly said to be a vision-meeting hustle, and in turn, the hustle pays the dues. Creativity in entrepreneurship is a driving force, and for that reason, the person needs to be smart and come up with brainstorming ideas. Nevertheless, risk-taking is important for the you to progress as an entrepreneur and establish long-lasting satisfaction for consumers.
The spirit of Entrepreneurship can be pursued forward with the help of technological advancement giving rise to eager entrepreneurs ready to go into the market and sort for their target audience. Even with the economy not being stable most entrepreneurs still find an innovative way to make things work. One of the main focuses of entrepreneurship is innovation: the reason for this is to ensure that new services and products can be created to meet the demand of the market as well as that of the people. If you want to become an entrepreneur, you must be prepared to learn, adapt, and also connect passion in the process of doing so bearing in mind that when goals are set it works well.
Process Of Entrepreneurship
a)Generating Ideas: In this process, ideas are generated in different kinds of ways. It can be by brainstorming, doing research, or asking family or friends. This step is where the idea is cooked before bringing it to the limelight. Extensive research is meant to be carried out to gather every necessary information, also the information should be accurate because that would be the foundation of the business.
b)Market Analysis: The main aim of this step is to carry out an overall check on the services and products that would be rendered. Market analysis would allow you to know what the consumers would like, dislike, or products in trend. Failure to include this step can lead to a distraught in business (misinformation and unsatisfied customers). The basic ways to understand how the market works are by; stating reasons carrying out the analysis, then going ahead to find out people that would be the target audience when that is done observe fellow business colleagues in the same business and understand how their business works. After getting this information make some more findings then go ahead to utilize every finding made. The flaws of another business can be the strength of one business.
c)Planning: Having a detailed plan after getting the analysis would help in setting goals. Failing to plan is planning to fail because the plan would serve as a navigator.
d)Funding: An entrepreneur needs capital to start up, In this step gathering of funds or resources is done. Most times they can reach out to banks for loans or solicit from family members but it is always advised that whatever capital is used for a startup should be budget-friendly in case the venture doesn’t turn out as expected any loss suffered would not affect the business.
e)Unveiling of the business: After planning, the next step that follows is the unveiling, telling people. This can be done through social media and physical gatherings. At times people contact social media managers to help handle the online presence of their business to give it the visibility needed.
f) Growth Analysis: Growth analysis involves checking for the progress level of a business or venture. It helps keep ventures in check to monitor how well the business is doing. Many do not know that this step is important, thereby neglecting it which is why most businesses do not do so well. As an entrepreneur monitoring how well the growth of the business is progressing should be a top priority and when a decline is identified, it would allow the solution to be sorted out immediately.
Key Features
People who run business ventures can easily point out the distinct attributes of entrepreneurship. Those things considered to be the structure or form, listed below are a few of them.
- Risk-taking: Taking risks notwithstanding the outcome can be helpful at times and is considered necessary. An entrepreneur has to make risky decisions to attain some goals. The risk taken can sometimes be personal or finance-related. Even without knowing the outcome just pursuing that opportunity because it was seen as a potential. It is important to know that risk-taking allows for exploring new ideas and also encourages learning new things.
- Resourceful Nature: This is the ability to make use of available opportunities to overcome problems. Entrepreneurs would sort out resources that can be used at that point in time and make use of them in a creative way that would yield positive outcomes. The opportunities can come in the form of materials or networking. One added advantage to an entrepreneur is the ability to think outside the box and be smart.
- Market Approach: This feature allows the entrepreneur to access market value. To carry this out, the selling price of the item that is the same would have to be compared with it. It is often said to be a comparable transaction with this feature you can determine tangible assets and assets that are not tangible.
- Vision: Vision in entrepreneurship is more than just a dream, it serves as the guide for the business. The purpose of embarking on the entrepreneurial journey, motivation, and inspiration are gained from here. Vision allows for a better understanding and setting goals to reach, without it the entrepreneur would end up like a sheep without its shepherd. Where the business is heading, where you want it to be all falls on vision.
- Proactiveness: The ability to forge ahead and utilize opportunities that would be beneficial to the business venture avoiding circumstances that are happening. Take for example an online business store that recently expanded thereby having an increased workload, hires more hands to ease off stress for workers and also ensure customers get the best services. This feature helps maintain the reputation of an entrepreneur and allows for the growth of the business.
- Curiosity: This is a driving force for every entrepreneur because it gives room for improvement. Curiosity is a mindset that allows an people to explore new opportunities, not just opportunities but ones that have potential. Entrepreneurs would get the ability to try out new things by doing so which gives rise to innovation. Thinking outside the box as an entrepreneur is necessary so that competitors cannot be able to predict the your selling point.
- Innovation: Innovation can be defined as the trait that allows an entrepreneur to evolve. It is said to be generating new ideas, services, or products which would in turn be developed into creative results. The new approach that would lead to problem-solving is the main core of this feature.
- Accountability: This feature is important to entrepreneurs because it allows room for improvement and better services rendered. Accountability can be defined as the act of owning up to decisions or actions made no matter the outcome be it good or bad. An entrepreneur who is accountable would not push blame to other people in order to avert consequences but instead own up to it. In business, accountability also stretches to employees, not just the employers. The core of accountability is integrity.
- Adaptability: Adaptability allows entrepreneurs to be like chameleons( animals that easily adjust to their surroundings). Having the ability to notice trending products or services and switching to them with ease is called Adaptability. This feature ensures that the entrepreneur will be able to meet with demand of consumers, stay in trend, and also be above competitors. Its core is the ability to accept change and in turn, re-strategize with that change.
- Customer focus: The needs of customers come first, because the money they pay for services rendered or goods bought is what in turn makes profit for the entrepreneur. A good entrepreneur would want to satisfy the customers for continuous patronage. If a customer shows dissatisfaction returning to patronize would not be granted, situations like writing bad reviews can come into place. Aside from profit, another important concern of an entrepreneur is how to keep customers happy. Once a business starts exhibiting bad customer service you will notice the depreciation of the business, not only that in the long run that business can close down. Every entrepreneur is advised to build a good relationship with the customers.
Types of Entrepreneurship
Entrepreneurship is helping evolve the world starting from ideas crafted into innovative results, but then knowing that entrepreneurship can also be in different types would help the entrepreneur do more. The various types of entrepreneurship are;
1. Large Company Entrepreneurship
As the name implies it involves big companies, not just big companies but already established ones. This type of entrepreneurship involves creating products or services using resources of already set up large businesses. It is important to know that no new business will be created in this aspect. Instead, the business that was started initially would be used by doing so; it can help manage the level of risk that would be experienced. This type of company can also be called corporate entrepreneurship.
2. Small Business Entrepreneurship
Small business entrepreneurship deals with owning small-scale businesses. Those businesses that are started with little capital or resources, and not because they are small then their ability to make a profit would be overlooked. The business thrives as well as other business ventures. These types of business can adapt easily to changes in the market without suffering great loss, unlike the others. One fact about this type of entrepreneurship is that ownership is mostly family or by an individual. It can come in the form of cafes, typing centers, and provision stores, etc. The major challenge the small business faces is not just capital-wise wise but the majority of people still prefer this type.
3. Social Entrepreneurship
Social entrepreneurship is done by individuals or organizations whose purpose is to tackle poverty, help the education sector, and also for profit. It is defined as the type of entrepreneurship in which creating and implementing solutions based on cultural, social, and environmental problems by using creative strategies. Entrepreneurs who do this type depend on capital from donations, government-awarded grants to fund it. The target here is the community at large by assessing their needs, what they lack, or what is essential to them. This can be achieved by a survey or a workshop. The impact of this entrepreneurship must align with the priorities of the people.
4. Scalable startup Entrepreneurship
This type of entrepreneurship focuses on growth. The type of growth expected here is meant to be fast. Scalable startup entrepreneurship deals with businesses that can yield fast growth using different techniques or innovative strategies to achieve it and when doing so the cost rate must not be too high. The risk associated with this type of entrepreneurship is considered to be high due to the demand rate of an instant result. The strategy used in this type of entrepreneurship is making use of insights gained from the market activity. Also, maintaining a good customer relationship can contribute to fast growth. An example of a scalable startup is an online clothing store. The main purpose is to grow fast as time goes by and as the brand becomes bigger it is expanded into a physical store where walk-ins are allowed. It is important to know that this entrepreneurship thrives on the ability of the individual to adapt easily.
Conclusion
Most people see entrepreneurship as a chance to create a career pathway given the increase in rate of unemployment rates, but entrepreneurship success lies in its idea. Regardless, the pathway can be rewarding and entrepreneurship would forever remain a tool for transformation in society. Having support from mentors and digital tools helps entrepreneurship thrive. As an entrepreneur, bear in mind that the journey would be scary but preparing your mind to face that fear would give you an upper hand.
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