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A Modern Entrepreneur: How to become one – So, who then is an Entrepreneur? To tell you, an entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. And, the process of setting up a business is known as entrepreneurship. As a matter of fact, the entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

This post addresses entrepreneurial issues like what the entrepreneur does, how he works and what he becomes. Therefore, this post is for every would-be entrepreneur. It’s also good for existing entrepreneurs who wants to know more about what is expected from him/her. So, follow me to discuss what an entrepreneur is.

And, What Is an Entrepreneur?

What does he/she do? An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. If you got this, then lets see what he/she does economically.

As a matter of fact, Entrepreneurs play a key role in any economy. They employ the skills and initiative necessary to anticipate needs and bring good new ideas to market. Therefrom, entrepreneurship that becomes successful in taking the risks of creating a startup is rewarded with profits, fame, and continued growth opportunities. While, entrepreneurship that fails results in losses and less prevalence in the markets for those involved.

In Summary: A Modern Entrepreneur: How to become one

From what we have discussed above so far, get these facts into you.

  • A person who undertakes the risk of starting a new business venture is called an entrepreneur.
  • An entrepreneur creates a firm to realize their idea, known as entrepreneurship,
  • He aggregates capital and labor in order to produce goods or services for profit.
  • Entrepreneurship is highly risky but also can be highly rewarding,
  • He serves to generate economic wealth, growth, and innovation.
  • Ensuring funding is key for entrepreneurs: Financing resources include CBN, NIRSAL MFB, BOI laons etc.
  • The way entrepreneurs file and pay taxes will depend on how the business is set up in terms of structure eg. sole proprietor, partnership, Limited liability company.

A lot is summarized above. But let’s see how entrepreneurship works.

How Entrepreneurship Works

Entrepreneurship is one of the resources economists categorize as integral to production. Even though there are argument as to whether it’s part of labor or not. The other three factors of production being land/natural resources, labor, and capital are distinctly on their own. But it’s this entrepreneur that combines the three of these to manufacture goods or provide services. In summary, the entrepreneur create a business plan, hire labor, acquire resources and financing. And in addition provide leadership and management for the business.

Major challenges:

As is enumerated above, Entrepreneurs commonly face many obstacles when building their companies. However, in all, the three that many of them cite as the most challenging are these:

  • Overcoming bureaucracy
  • Hiring talent
  • Obtaining financing

One Entrepreneur but varieties of definition: A Modern Entrepreneur: How to become one

As a matter of fact, Economists have never had a consistent definition of “entrepreneur” or “entrepreneurship”. However, the word “entrepreneur” comes from the French verb entreprendre, meaning “to undertake”. Though the concept of an entrepreneur existed and was known for centuries, the classical and neoclassical economists left entrepreneurs out of their formal models: They assumed that perfect information would be known to fully rational actors, leaving no room for risk-taking or discovery. It wasn’t until the middle of the 20th century that economists seriously attempted to incorporate entrepreneurship into their models.

How to Become an Entrepreneur: A Modern Entrepreneur: How to become one

It’s likely you are still wondering how to become an entrepreneur. If you are one of such, then listen to the following story.

  • After retiring her professional dancing shoes, Judi Sheppard Missett became an entrepreneur by teaching a dance class to civilians in order to earn some extra cash. But she soon learned that women who came to her studio were less interested in learning precise steps than they were in losing weight and toning up. Sheppard Missett then trained instructors to teach her routines to the masses, and Jazzercise was born. A franchise deal followed. Today, the company has more than 8,300 locations worldwide.
  • Following an ice cream making correspondence course, two entrepreneurs, Jerry Greenfield and Ben Cohen paired $8,000 in savings with a $4,000 loan, leased a Burlington, Vt., gas station, and purchased equipment to create uniquely flavored ice cream for the local market. Today, Ben & Jerry’s hauls in millions in annual revenue.

Although the “self-made man” (or woman) has always been a popular figure in American society, entrepreneurship has gotten greatly romanticized in the last few decades. In the 21st century, the example of Internet companies like Alphabet, fka Google (GOOG), and Facebook (FB), both of which have made their founders wildly wealthy, have made people enamored with the idea of becoming entrepreneurs.

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As a matter of fact, unlike traditional professions, where there is often a defined path to follow, the road to entrepreneurship is mystifying to most people. This is because, what works for one entrepreneur might not work for the next and vice versa. However, , there are seven general steps that most, if not all, successful entrepreneurs have followed. Read on now.

Steps for Successful Entrepreneurship: A Modern Entrepreneur: How to become one

From research, here are the steps which nearly every successful entrepreneur took to succeed.

Ensure Financial Stability:

This first step is not a strict requirement. However, it’s definitely recommended. Many entrepreneurs have built successful businesses while being less than financially flush. For example, think of Facebook founder Mark Zuckerberg as a college student. So, starting out with an adequate cash supply and ensuring ongoing funding can only help an aspiring entrepreneur. Increasing their personal runway and giving them more time to work on building a successful business, rather than worrying about making quick money is the issue

Build a Diverse Skill Set

Once you can afford it, it is important to build a diverse set of skills and then apply those skills in the real world. The beauty of step two is that it can be done concurrently with step one.

Building a skill set can be achieved through learning and trying new tasks in real-world settings. For example, if you have a background in finance, you can move into a sales role at your existing company to learn the soft skills necessary to be successful. Once a diverse skill set is built, it gives you a toolkit that you can rely on when you are faced with the inevitability of tough situations.

As a matter of fact, it is not true that majoring in entrepreneurship is necessary to start a business. People that have built healthy businesses have majored in many different subjects and doing so can open your eyes to a different way of thinking that can help you in establishing your business.

Consume Content Across Multiple Channels

Furthermore, as much important as building a diverse skill set is, the need to consume a diverse array of content is equally so. This content can be in the form of podcasts, books, articles, or lectures. The important thing is that the content, no matter the channel, should be varied in what it covers. As an aspiring entrepreneur you should always familiarize yourself with the world around you so you can look at industries with a fresh perspective, giving you the ability to build a business around a specific sector.

Identify a Problem to Solve

The ideas is that consuming several content across multiple channels will enable you to identify various problems to solve. One business adage dictates that a company’s product or service needs to solve a specific pain point. This may be either for another business or for a consumer group. Through the identification of a problem, you are able to build a business around solving that problem.

Solve A Problem

Successful startups solve a specific pain point for other companies or for the public. This is known as “adding value within the problem.” Only through adding value to a specific problem or pain point does an entrepreneur become successful. In summary, every business, product or services must solve problem before it sales.

Network Wildly:

This is important. This is because most entrepreneurs can’t do it alone. The business world is a cutthroat environment. In fact, getting any help you can will always help reduce the time it takes to achieve a successful business. Therefore, networking is critical for new entrepreneur. So, meeting the right people that can introduce you to contacts in your industry, such as the right suppliers, financiers, and even mentors can be the difference between success and failure.

Attending conferences, seminars, professional meeting will help. In fact, emailing and calling people in your industry, speaking to your cousin’s friend’s brother who is in a similar business, will help you get out into the world and discover people that can guide you. With these, you will get your foot in the door with the right people, so that conducting a business becomes a lot easier.

Lead by Example:

Every entrepreneur needs to be a leader within his/her company. Simply doing the day-to-day requirements will not lead to success. As a leader you need to work hard, motivate, and inspire your employees to reach their best potential. These are the things that will lead to the success of your company.

Look at some of the CEOs of great and most successful companies. They all have great leaders traits. Check Apple and Steve Jobs, Bill Gates and Microsoft, Bob Iger and Disney, and so on. Can you study these people and read their books to see how to be a great leader? By their traits you can become the leader that your employees can follow by the example you set.

A Modern Entrepreneur: How to become one

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