Entrepreneurship is the process of coming up with a business idea, developing it into a business model, starting and running the business from its initial small size until it grows. It involves taking a financial risk in starting a business and managing it with the aim of getting profit. The job of entrepreneurs is a difficult one; they are required to work extremely harder than most professionals initially until their businesses take off from the ground.
This may be a risky and tough field to dive into but the benefits are extremely rewarding when successful. Many people get the impression entrepreneurs do not really work much; they set their own work hours, sometimes work from home and are usually thrilled by the idea of being their own boss.
Not most of this is true, because the burden of the success and failure of their businesses weighs heavily on those human shoulders. Did you know that over 50% of all new start ups fail within their first 4 years? it does not matter business you decide to start, whether an Android App Development Company, Ecommerce Web Development Company or other types of business; no entrepreneur wants to end up in the statistics but about half of them do anyways. This article exposes 7 ways to make the most out of entrepreneurship, they are;
As an entrepreneur, a person gets the opportunity to meet people from all walks of live. In their entrepreneurial journey, they will meet several people from different walks of life, people with different interests and stake in the business.
Some people will play their roles and move on, some will stick around. The opportunity they get to meet and create important connections with professionals globally is a privileged one. Some of the ways Entrepreneurs create these connections are through trainings, workshops, meetings, campaigns, work and other ways.
Some of these established connections grow to become partners, employees, associates, investors, cofounders and others. When entrepreneurs take advantage of these connections they build, it could help them even in their personal pursuits.
New Experiences And Knowledge
With entrepreneurs there is usually a new training required, for a new skill or position. Entrepreneurs are always learning something new, whether it is leadership, management, financial prudency, decision making skills, negotiation skills, human resources among other important skills. Besides learning, entrepreneurship opens up room for having new experiences like meeting new people, going to new places and doing new things.
Although these are done in an official capacity, the entrepreneur’s personal life is being developed. As entrepreneurs, there are varying degrees of skills and competencies one can be exposed to in order to be successful, most people do not bother to learn most of these skills formally because they may not need it like entrepreneurs do. There is also the added advantage of having new and exciting experiences regularly, something regular employees do not often get.
Choose Your Workforce
Entrepreneurs have the opportunity of choosing the right set of people to employ. They can build their workforce based on the values that align with their organizational objectives. They can seek for particular skill sets and competencies and be able to select the right people to push their company forward.
In some countries there is high level of unemployment which makes job positions very competitive. In such situations entrepreneurs can sieve applicants for the top fewest percentages in order to hire the best the labor market has to offer. When employees do not perform up to expectations, they can easily be replaced by people who do.
The first thing to note about being an entrepreneur is the leadership role. All entrepreneurs are leaders in their capacity; they lead and control business activities by inspiring others to follow. This explains why most successful entrepreneurs are leaders in the society.
Although it is possible to become a leader and not be an entrepreneur, it is nearly impossible to be an entrepreneur and not be a leader. Some entrepreneurs dive into politics (or other forms of leadership) after their businesses become successful or when they retire.
Solving A Need
Most businesses are set up from solving the idea of solving a need in the society. Although it is not a rule for all businesses to develop this way, those that seem to solve certain needs ensure a steady demand for their products or services.
Entrepreneurs have the rare opportunity of developing a business model that solves a need in the society. It does not matter what needs a business solves, the existence of a business already solves a need for some people; these may be need for job opportunities, a need for the products and or services and so on.
Seizing Your Independence
Independence is the ability to take decisions without being instructed to by someone. Starting a business comes with certain advantages such as the ability of entrepreneurs to be independent. They do not answer to subordinates. Instead, employees answer to them. Although from the beginning of the business, there are little financial rewards but over time financial independence is achieved.
An entrepreneur can decide his working hours, when he decides to work and where he chooses to work from. The luxury of independence entrepreneurs enjoy cannot be attempted by other employees as this would be regarded as unprofessional. If an individual does not want to answer to anyone, it is best to become an entrepreneur. Other employees in an organization do not enjoy independence, no matter how high ranking they may be.
There are different ways to make impact and at different levels of influence. An impact may be felt within a certain location or even globally. Entrepreneurs are strategically placed to make impact in the society. Their business gives them the follower-ship they need to be heard whenever they speak. They also have the financial power to bring forth programs that may be impact positively on the society.
An entrepreneur driven by the need to create impact may sow into the system of his business the need to carry out policies that lead to positive impact in the society. As an entrepreneur, you have the opportunity to contribute to charity, sponsor programs, give scholarships, and speak for a good cause, among other important ways of creating impact.
Most impact can be made through solving societal social issues such as human rights violations, child abuse, and early marriage among other societal ills and most times entrepreneurs take advantage of this opportunity to make impact.
Author Bio: Guest Post By – Junaid Ali Qureshi
Junaid is a digital marketing specialist who has helped several businesses gain traffic, outperform competition and generate profitable leads. His current ventures include Progostech, Magentodevelopers.online, eLabelz, Smart Leads.ae, Progos Tech and eCig.