Entrepreneurship: What It Is And What It’s Not
Entrepreneurship, according to Daniel McClellan, is primarily motivated by an overwhelming need for achievement and a strong urge to build.
It’s no gainsaying how the entrepreneurship has delved so deep into our economic and social life, a core source very pertinent to our survival.
Dear Reader, as understandable as the word ‘Entrepreneurship’ is or should I say, I presume, its core concept could be quite ambiguous in some cases, mistaken or misidentified with other related words close to it but not exactly it.
Briefly, you and I would be taking a stroll down to understand the concept and fundamentals of Entrepreneurship, what it truly is and what it isn’t.
What Is Entrepreneurship?
Entrepreneurship is creating, building and scaling a business or businesses to generate a profit.
Entrepreneurship is what people do to take their career and dreams into their own hands and lead it in the direction they want. It’s about building a life on your terms.”
Who is an Entrepreneur?
An entrepreneur starts an industry, undertakes risk, bears uncertainties, and performs the managerial functions of decision-making and coordination.
An entrepreneur identifies a problem and works towards solving it. He provides products and services that solve problems and meet needs.
Entrepreneurs are not just founders. An employee of a business or company that possess and exemplify entrepreneurial behaviours is alo an employee. In this case, he is an intrapreneur.
There are also many different types of entrepreneurs which include: solo, creative, technical, hybrid, team, serial entrepreneur or social entrepreneurs, and so on.
Fundamentals of Entrepreneurship
To begin with entrepreneurs are problem solvers. They identify problems and offer viable solutions. These solutions are sold to people in the form of products and services.
If you own a business and you are not solving a problem, you can not be considered an entrepreneur.
Here are a few fundamentals you need to know and understand as an entrepreneur:
- Creating a solid business plan: Mapping out your brand and its identity would help you reach your goals faster. Having a well-detailed business plan gives your brand a well-organized structure, marketing and sales strategies and an edge over other competitors.
- Set up a realistic goal: Having foresight of what your brand would look like is very necessary as such projection would lead you into questioning and deliberating what is truly needed for your brand. Question the duration it would take to gain profit and have a realistic amount of sales and interest to manage your finances.
- Know your marketing niche: As this field is quite competitive, staying on top of your game would require you to give an outstanding and unique selling point to make your service stand out! A unique selling point and compelling services help you pull your right audience.
- Create a business model: This gives you a foresight on how sustainable your product would be and how durable it would go. A well-constructed business model doesn’t necessarily guarantee success, however, it projects, helps you experience and help you learn the failures that could affect your business .
- Create a customer-friendly atmosphere: It is one thing to acquire customers and another thing to retain customers and have them loyal to your brand. Applying human elements in dealing with your client’s needs help you understand them and make them a priority. Running a cost-friendly promo and alongside delivering value services would win you into clients’ hearts.
What Entrepreneurship is and What it isn’t.
- Entrepreneurship is not just about the act of buying and selling.
- It comprises the ability to bear risk, to be empathic, and solution-driven, and have management and marketing skills alongside the ability to convince and negotiate.
- Entrepreneurship is about finding a long-lasting solution to a problem.
- In the entrepreneurship world, making other competitors as a yardstick to measure your success would only make you lose focus.
- You need to acquire soft skills to excel as an entrepreneur.
In conclusion, dear reader, I would love to end this write up with a quote from Tim Ferriss, a popular and outstanding American entrepreneur, lifestyle guru and book writer.
“An entrepreneur isn’t someone who owns a business, it’s someone who makes things happen.” — Tim Ferriss.
If you are an aspiring entrepreneur, I say in Tim Ferris’s words, go out there and make your brand happen!