Entrepreneurship is defined as the process of coming up with a business idea, drafting the idea and implementing it into a real business. It starts as a small business, but it then grows as time goes on. An entrepreneur is a person who manages and organizes an enterprise. Entrepreneurship might sound like a simple thing, but it is hard to be an entrepreneur. Becoming an entrepreneur is challenging and most people often give up in the middle of the process. Some of the challenges facing an entrepreneur are:
• Lack of enough funds to start the business
• Bad business decisions
• Economic crisis
• Lack of market demand
Becoming an entrepreneur is taking risks with the aim of making a profit. This means there are possibilities that the entrepreneur might end up losing all the money from the business or gaining a lot of profit from the business too. This is one reason most people fear being entrepreneurs.
Some of the big companies in the world for example Microsoft started as small entrepreneurship business. Most people fear starting their own business because of the risks involved and they will do anything possible to talk them out of the idea of being an entrepreneur. Whether we like it or not, entrepreneurship is the largest source of employment in the world today. The moment you start your small business, and it grows to the extent that you can’t work on it alone, you employ another person providing an employment opportunity.
For you to be a successful entrepreneur you have to:
1. Learn from other people’s mistakes. Study the businesses that have ended up failing and get to know the reason why they have failed. This might be your best lesson ever because you get an idea of what to avoid when you start your own business. This significantly increases your chances of success.
2. Be certain that entrepreneurship is what you want. Entrepreneurship requires a lot of hard work. If you have any doubts, you had better stop and tried something else otherwise; you will end up failing.
3. Get a mentor. Getting advice from successful entrepreneurs is another key thing to the success of your business. Read books and network with people who have done it in the entrepreneurship field. This way, you will get to know the challenges they face and get advice on what to avoid. Most people see a successful business but they have no idea the kind of challenges a person has been through and what they did to overcome those challenges.
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