The Giant Called Entrepreneurship Well Defined: Look around you! You see your mobile phones with which you read this content; and other beautiful things that have helped in making our lives most comfortable.
Did they fall from the sky? Were they created by God? No answers these questions. God only set the stage for us to come in and play our roles. Therefore, every innovation you see today was born out of the creative imaginations of men backed up by calculated actions to actualize them. That is entrepreneurship!
What is Entrepreneurship?
Few weeks ago, I attended an African Leadership International Conference 2020 and was caught unawares by the definition of Entrepreneurship made by a seasoned public speaker. In his words, “Entrepreneurship is a process which involves discovering purpose, developing a passion, turning this passion into products and services, and creating a business model and marketing strategy through which these products and services can be sold to solve a problem and make profits”. So, Entrepreneurship, like the construction of a building, is in a sequence of events that must follow orderly. If not, it develops a shaky foundation and will soon come crashing down.
Entrepreneurship is the bedrock of innovation. It is born out of the willful desire to solve an existing problem in the society. It first starts with identifying the problem and then, working on the business strategy (including resources) to solve this problem and maintain the growth of the enterprise.
Possible Entrepreneurial Careers:
One might really understand what Entrepreneurship is all about, but may still be confused at the field he is good at and should establish. Therefore, under this column, I will point out the different fields one can discover his potentials in and establish himself, using the human parts:
- MOUTH: Public speaking, Teaching, Pastoring.
HANDS: Tie-dying, Barbing, Tailoring, Car washing, Writing, Photography.
LEGS: Home deliveries, Hawking.
Things you must know about Entrepreneurship:
- IT STARTS SMALL: Every Entrepreneurial business begins little. It might take a while before it finally becomes a hit but that does not mean it will not. It only needs time. This aspect is usually earmarked by series of failures and doubts from people at the beginning. But, what should keep you on the track is your focus on the goal. Whenever there is any urge to quit, always remember that Thomas Edison failed at 1000 attempts before he developed the electric bulb we enjoy today, and Colonel Harland Sanders was rejected 1008 times before he finally set up the second largest restaurant chain in the world – Kentucky Fried Chicken (KFC). So start from where you are and with what you have right now!
- IT AIMS AT MAKING PROFITS: Aside from the desire to solve problems, every entrepreneur wishes to make profits. This engineers him to work out results. However, you cannot make profits if you cannot create values. The proof of your passion is in the value of your market. Before you step into an entrepreneurial career, always remember that most people walk into supermarkets to buy value, not brand.
- IT IS A TEAM WORK: Show me a successful entrepreneurial set up and I will show you a working team behind its success.
Yes, the idea might start with one man but it will take a unified team to bring about the actualization of the idea. Unless one wants to be a sole proprietor, he should never venture into an entrepreneurial career alone, else he will fail.
- IT NEEDS A SUSTAINED GROWTH: The economic market is ever competitive and for any entrepreneur to have an edge and not let his business become extinct, he must sustain the growth of his business through viable and effective business tactics like Rebranding, Diversification of business, Maintaining the quality of the business and so on. For instance, you must maintain the quality of your products for a long time, to the extent people refer your brand name to other products in the same field, e.g In Nigeria, Close up is referred to other toothpaste brands, Indomie is referred to other noodles brands.
- ITS WORKING ENVIRONMENT MATTERS: For any entrepreneurial business to thrive, it must be in a good environment. You cannot set up a business in an environment saddled with bad infrastructure, bad government policies, social mediocrity, cultural and religious misconceptions, and yet expect it to boom. Therefore, you must make a critical analysis of the environment you want to set up your business. This is the preliminary and one of the most important steps you must take.
- IT REQUIRES MENTORSHIP: For any business enterprise to reap joys and bounds, it must require the tutelage of a business mentor who have been successful over the years in that particular field. A popular saying has it that, “Nobody is an island”, and that should apply here. Therefore, an entrepreneur should get himself a mentor before venturing into any career, so as to help him make decisions from or during the preliminary stage to the stable stage.
Indeed, Entrepreneurship has done a lot of good in our society today. It is all about creating new things or developing existing things to better the lives of mankind. Entrepreneurship, with the aid of innovation, is a giant that has lifted our society from a primitive era to a technologically advanced era.
My message to you, my readers, is that you stop dreaming and start working. When you want to start an entrepreneurial career, see yourself as a problem solver that wants to make a difference. That mindset will help you to overlook any seeming obstacle on your way.
You’d always tell your friends that you will hand your business to your children before you die. The question is, which business?
Therefore, stop procrastinating and start doing. John Mason quipped, “There are three set of people in the world – people who change, people who never change and people who make the change”. So, which category are you? But I advise you fall in the last category.