Entrepreneurship: Advantages and how to become one

Biz Start-up

February 14, 2021

Entrepreneurship: Advantages and how to become one

Entrepreneurship: Advantages and how to become one – This is what you must know if you must become a 21^st century entrepreneur. Do you know that entrepreneurship is not just starting a company, but finding a solution to many of our pains. On the other hand, much of contemporary anguish is related to work or money. But entrepreneurship; you have the possibility to make your dream come true; earn a living doing what you like.

What we are saying here is; whatever your hobby is, believe me, it’s possible to turn it into a business. Or, you can be more pragmatic and continue to separate leisure and your personal preferences from the professional universe and still undertake.

Contents

1 The Required passion:
2 Business Sense on Entrepreneurship: Advantages and how to become one

The Required passion:

But everything is easier when there is a passion behind it. Aalthough it is not enough. So, it’s very important to develop an entrepreneurial mindset and personal characteristics that drive the enterprise. And, of course, knowledge. Empiricism and trial and error have their value, but formal learning is a great shortcut and saves the entrepreneur a lot of headaches.

Nigeria can today boast of several millions of small and medium scale enterprises Yet, despite the expressive number, certainly, many demands from consumers in your neighborhood, city, state and country are poorly met or are not met at all. Is this not true? So, how about taking this opportunity and entering the world of entrepreneurship?

Throughout this article, we will explain everything you need to know to qualify and succeed as an entrepreneur.

These are the topics we’ll cover today:

What is entrepreneurship?
How to be an entrepreneur?
What makes some persons run their own business?
Types of entrepreneurs
What do you need to know before you undertake?

What is entrepreneurship?

Can you call this, entrepreneurship education?

The term entrepreneurship can be broad, as well as opportunities to undertake. Entrepreneurship is the ability and willingness to conceive, develop and manage a business in order to make a profit.

Of course, we can open the concept and bring other definitions.

Instead of profit, we can say that the entrepreneur’s goal is to create value, generate a positive impact – which may or may not result in profit.

Whoever creates a nonprofit institution, for example, is not doing it too?

Entrepreneurship: Advantages and how to become one

In this article, however, we will restrict ourselves to talk about entrepreneurship related to business start-ups with commercial purposes. Creation and management, because entrepreneurship can also manifest itself in an organization that is already created. Hence, when a consolidated company ventures to explore a new area or develops an innovative product, it is undertaking.

Whatever the case, we are talking about seeing opportunities and investing time and resources (material, financial and human) to exploit them. These opportunities usually correspond to a problem or a need that the population – or a part of it – has.

How to be an entrepreneur?

Can you call this entrepreneurship executive meeting?

Because, it’s important that the entrepreneur has an analytical basis before proposing a solution. So, entrepreneurship starts with the idea of a product or service that offers the solution to the problems and needs we mentioned above.

The first step in being an entrepreneur, therefore, is to have the acumen to perceive these opportunities. But then, this is not a mere intuition.

It has an important role, of course, but it is possible to start from rationality, analyzing facts. There is more and more diverse data and information to support the creation of a new businesses.

Several paths can be chosen, for example:

Meet a pent-up demand in a given location
Develop a new product or service, creating a new audience
Differentiate and draw attention by improving a product or service that already exists and is known.

What else can you do? Think and think fast!

Either way, watching an opportunity and thinking about the solution is just the beginning.

Leave the field of Idea for Entrepreneurship: Advantages and how to become one

Furthermore, nobody undertakes unless they leave the field of ideas. Entrepreneurship implies taking risks. Putting planning into practice. And developing a company.

The most appropriate way to leaving the field of business idea is to get registered with the corporate affairs of Nigeria. (CAC). This way the formalization of the business within the legal rules is done.

What makes someone run their own business?

Many factors can motivate people to undertake – from personal issues to a lack of jobs or the need to increase income. Which one is driving you now?

At the end of 2017, a survey carried out by Mind Miners at the request of PayPal surprised to reveal that 66% of Brazilians who wished to open their business aspired for more freedom and autonomy.

However, this situation changed in the face of external forces such as the political and economic crisis, which impacted the national economy, causing high unemployment and insecurity about the future.

Thus, as pointed out by the Global Entrepreneurship Monitor (GEM) survey, in 2019 the country reached the 23.3% initial entrepreneurship rate mark, with 38.7% of people between 18 and 64 years investing in their own enterprise.

Entrepreneurship: Advantages and how to become one

The study also showed that, for almost 90% of entrepreneurs, job scarcity was one of the reasons for starting their own business.

Making a difference in the world was the second most cited reason (about 50%), followed by building wealth or earning income (just over a third) and continuing a family tradition (25% of responses).

This trend is expected to consolidate in the 2020 survey. After all, because of the Covid-19 pandemic, many people were left without a job and decided to start entrepreneurship to pay for the trivial expenses and the support of the family.

As a result, experts estimate that a quarter of the adult population is working in their own company, with necessity as the main reason. This is a scenario applicable to Nigeria since the COVID-19 Pandemic. And, I know that you must find a reason on this story to develop entrepreneurship sense.

What are the characteristics of an entrepreneur?

People are different and, therefore, we find successful entrepreneurs of the most diverse profiles (in the next topic, we will talk more about them). But it is desirable that the future entrepreneur has certain personal qualities that can make the whole process much easier.

It all starts with discipline and dedication, undeniably fundamental characteristics.

Here is the alert: if you want to undertake because you think that today you work too much, think better.

It is clear that, in the future, after the company has succeeded and is organized, it is possible to significantly reduce the workload of work hours.

However, at the beginning of the contract, however, it will take a lot of gas to launch the business, obtain a return on investment, profit and grow. The difference is that you will have a chance to spend all those hours working on something you really love.

Business Sense on Entrepreneurship: Advantages and how to become one

Continuing to talk about the characteristics of a good entrepreneur, the aforementioned insight is desirable. In fact, lets look into a lot of what I call business sense here.

One is, being connected, attentive, being perceptive and having the sensitivity to perceive meanings hidden in nuances and details, whether in numbers or in people’s behavior.

Furthermore, the desire to learn is another very important quality. In fact, before that, the conscience and humility of knowing that there is always something to learn – not only in courses, but in everyday experiences and with people of any position and age is important.

In addition, knowing how to deal with people is essential for anyone who wants to have partners, employees, partners and customers. This is quite a challenge, as it requires a lot of emotional intelligence, professionalism (not to confuse the staff with the professional), empathy and non-violent communication. Last, but not least, is the desire to serve.

In conclusion, having selfish and arrogant behavior is a very common failure trait among entrepreneurs. Always remember that in order to make money, you need to offer something that meets the needs of consumers. Always think about them.

Types of Entrepreneurship: Advantages and how to become one

Can we call this, happy professional entrepreneur?

It is important that an entrepreneur never fails to develop his skills. The cool thing about entrepreneurship is that anyone can start a business and prosper with it. And this is true even if it does not have the characteristics mentioned above, since all of them can be developed. Are you ready to cultivate one now?

In fact, this is the way the business world brings together the most diverse profiles; because there are endless possibilities for areas to be explored. But we can define some aspects to classify the entrepreneur in a generic profile, as we will show below.

It is normal for the person to lean more to one side than to the other, but keep in mind that the ideal is always to find a balance between the two possibilities.

Bold or conservative?

The daring entrepreneur is one who is more willing to face risks, unlike the conservative, who does not like to take chances.

While the first can, just like Icarus, fly very close to the sun and burn its wings, the second sins precisely because he never tried anything new.

Lonely or sociable?

There are people who prefer to work alone, and others who like to mobilize large numbers of people. The need for socialization depends a lot on the work area, but it is good not to isolate yourself, as well as not to force interactions.

Executes or coordinates?

A manager who shows his collaborators that he is capable of executing and not just ordering gets many points.

But he cannot immerse himself in practical work and forget to coordinate projects and think about the company’s strategy.

Kind or tough?

Kindness is positive, but it cannot become a tendency to take things personally – or contribute to employees having this understanding.

The boss, who is tougher in his personal treatment, runs the serious risk of passing the line and discouraging his employees.

Summarizing:

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Entrepreneurship: Advantages and how to become one