Entrepreneurship: The Basics and How To Become One
There's a lot to say about entrepreneurship in general. But how about we start by telling you what it is and how you can become one - not like the road is easy and challenge-free. Bear in mind that this article is in the category of shorts, so we will be keeping it brief.
What is Entrepreneurship?
Entrepreneurship refers to the activity of starting and/or managing one or more business ventures. It typically involves bearing the risks and uncertainties of running the business and aiming to make a profit in the long run.
Most of what we learned about entrepreneurship is that it entails having a business, especially one you began yourself. But there's more to it now.
The term entrepreneurship surpasses merely turning an idea into a successful product or service. It also goes well beyond being the mastermind of a business, startup, or company (we'll differentiate them in a later post).
So what exactly does it entail?
Entrepreneurship - in our today's world - would probably refer to developing innovative ideas that power life-changing business solutions. Even though it is not a hard requirement, the entrepreneurship activity should also be designed to reduce risk, create high profits, and capture extensive market shares.
Did You Know?
Quick one. Did you know that the word entrepreneurship may have come from a series of translations and loanwords? Some sources say that the first of these is the Latin word "prenedere", and later, the French word "prendre".
Both words mean "to take" or something closely similar.
Entrepreneurship Tips: How To Become an Entrepreneur
Anyone who engages in entrepreneurship is an entrepreneur. Just like people who engage in nursing are nurses and people who engage in engineering are engineers. And similar to engineering, nursing, and whatever, becoming an entrepreneur is never going to be a day's job.
Having said the truth and nothing but the whole truth, we will proceed to list the six steps in becoming an entrepreneur.
Source Funds:
Funds are to entrepreneurship what rotors are to helicopters. They basically help get your business off the ground.
Build the Necessary Skills:
Necessary here depends on a lot of things. One is what type of entrepreneur you would like to become. Another is what niche or specific area of entrepreneurship you would like to focus on. There are more and more and more.
Building the necessary skills may involve reading wide, taking on roles that allow you to learn the trade, and getting some guidance from a mentor.
Identify a Unique Problem:
This is the part just before you begin unleashing your skills.
However, we must call your attention to the word "unique". The more of a common problem you want to solve, the more of a regular entrepreneur you become. And guess what? The more business competition you earn yourself.
Uniquely Solve The Problem You Identified:
After identifying a problem, you don't want to make a shabby attempt at solving it. Why not? Because your business will only be relevant until a more serious entrepreneur shows up.
Customers have the wits to tell a thorough solution from one that is half-baked. This expresses why your business solution must be original and properly thought-through.
Be The One to Start Networking:
Literally, don't wait for people to come to you. Go to them - be the one to start networking.
People in your network could turn out to be anything; from customers to sources of referrals and even business partners or investors. Work hard on creating and maintaining new connections.
Lead an Exemplary Life:
This might sound more like something for a religious topic but it isn't. An exemplary life is part and parcel of entrepreneurship, especially because the career naturally involves some form of leadership.
You want to be able to inspire, motivate, and build good conscience and character.
Did You Know?
Different sources mention different names as "The Father of Entrepreneurship", "The Person Who Coined The Term Entrepreneur", and more.
Generally, these accounts date back to between the 17th and 18th centuries.
More on The Entrepreneurship Basics
A lot of research typically goes into starting an entrepreneurship career. You need to understand the potential market, customers, and competitors. In addition, you must explore the possibility of success with your desired solution, whether it is a product or service.
Jumping into entrepreneurship without taking these measures will mean running in the blind. It is simply giving your competitors an unfair advantage over you.
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