Taking on full responsibilities and financial risks in setting up a business in the hope of making profit is the sole concept of entrepreneurship. The activities associated with being an entrepreneur comes with extreme hard work and sacrifice, since there are no exact way to keep a business afloat. Most times entrepreneurs just go with the flow, using any means possibility to achieve a desired goal. An unlikely choice which the majority of a population dismiss due to “fear of the unknown”. Preferably, the masses push towards securing a job to be paid salaries and higher wages as they spend more time in a work place, despite their unsatisfactory performance and unutilized potentials.
Working for an organisation is a great way to start in the professional world, as it exposes an individual to executive knowledge, further training, working relationships and social networking. Keeping your daytime job and building your business in your spare time is also an option that should be considered if possible. Setting up new business opportunities to encourage entrepreneurship on a grand scale is highly profitable, not only to business owners, but to the society at large. However, not everyone is built to become an entrepreneur, even if the choice is more attainable than getting a dream job.
Since it is more feasible, regardless of the new-entry stage and starting requirements, most people move with urgent haste into being an entrepreneur without knowing the immeasurable demand, necessary fundamentals, customer retention skills and the benefits of good working relationships. As a consequence, they lack fairness, team spirit, planning, honesty and classification needed for the company to strive.
For one to be prepared to take on the journey of entrepreneurship, he or she should be prepared for one or more of these; assembling a practicable and sustainable business plan, marketing network, financial liability scheme and, product appearance and valuation. Then, effective team players, offering a particular class of service, finding niche markets, identifying abilities, carefully orchestrated tactics, reachable opportunities, effective customer relationships, continuous participation in trainings and social gatherings, and sourcing of guides are to be considered. A guide should be either a mentor, coach, consultant or role model and never shy away from “help”, either from public or private individuals, since most of your processes are highly uncertain, especially when you are a new comer, a beginner with baby steps.
For success to be achieved, one must be aware of his strengths and weaknesses. However, there are elements which can frustrate a business from prospering. Timing, geographical location, laws, regulations, culture, population, demographics, migration. labour force, and life expectancy are major factors that can affect a business from yielding its fullest potential. The amount of money you can make in your life can be stunted by the environment one resides in. Country of residence or birth. Therefore, a businessman or woman must have a in-depth understanding of the business category, performing a thorough sweep on the factors that affects a career pursuit in a particular country. What will easily work in America might terribly fail in Nigeria, due to these hostile pointers.
Whether legal or illegal, opportunity or misfortune, status or occasion, making money is a process even though there are so many ways to become prosperous. A great many of people are yet to understand the basis and most certain way to build an empire. To determine the level of success you are expected to have in any business determines your passion coupled with the magnitude of other elements. We hear of consistency, persistent, focus, zeal, proficiency and passion are the qualities needed to grow a business, but what about the techniques, knowledge, expertise, influence, series of stages and procedures that are unarguable required to attain a level of success.
Now success to you might mean something different from another person, yet the whole idea is to be able to withstand unfavourable outcomes, yet sustaining a particular standard of living. Have you noticed that people who become extremely rich had no intentions of acquiring a lot of wealth. Fortune found its way to their doorsteps, smiled on them when they only wanted a basic solution, pay a debt or feed themselves. What I would normally say to anyone who seeks my advice is “run and never get tired”, “start and never stop”, but “don’t start if you are not prepared”. Let me explain further on what I just said.
Sometimes it takes a person to fail in numerous businesses before he or she seals a deal. One thing you should and must know is that this individual did not fail completely, he acquired knowledge- understanding procedures, productive working relationships, handling complex operations, ability to choose preferable line of actions and acquisition of superior skills. He therefore, learnt particular methods for approaching and accomplishing something even if the venture did not end as expected. This business founder may have not yet gotten to his peak, however he is now very well informed, making less mistakes and using the qualities needed to grow a new business, coupled with his strengths while sourcing out his weaknesses.
An entrepreneurial culture commences another line of profession or invests into a new company after previous business ended in an unfavourable manner. An entrepreneurial spirit thrives on meeting the next challenge. This is what I meant by “start and never stop”.
So what then is the fastest way to grow a business? I would say the “linear way” is the most conceivable means. What is the linear way? The linear way is the straight course of action. Having an intense sense of responsibility, effectiveness, sense of control and making use of the options that are already placed in a society for a person to succeed. If the public is unaware of your product or services, how will they demand for it.
What are these societal money making machines?. Well, they are marketing, advertisement, investments, awareness and any kind of potential backing- capable forerunners positioned to push a business forward, allowing it to act in accordance with expected returns. These mechanisms can be well deliberated on through news channels and applications particularly focusing on market movements. This means, an entrepreneur can be certain of when to buy properties, companies, money and shares, especially when the demands are low and supply is high.
The “linear way” is also the ability to project into the future before tying down financial gains. A business owner has to place future money-raising structures in other to provide immediate assistance when the business falls into crises or is expected to expand. He is supposed to hedged for coming times, protecting oneself from future financial loss and possessing the capacity to enlarge the company when necessary. Will you still make mistakes? Yes of-course! However, it is what you do with them that matters. Going forward, you would have acquired emotional maturity and strength of character to push boarders, further than you have ever done before.
Categories: Economic development, Socio-Economic
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