What Is Entrepreneurship? The Qualities and Skills That Define an Entrepreneur

What is Entrepreneurship

 

What is Entrepreneurship?

You have no idea what you are capable of until you try.

A true entrepreneur lives by these words and never gives up trying. Not even when he or she fails 9,000 times. The individual gets up for his 9,001 attempt and that’s what makes him a successful entrepreneur – a doer and not just a dreamer.

Entrepreneurship is the process of starting a business or your brand from scratch, usually with little to no help, with the overarching goal to make a profit. The sole aim of an entrepreneur is to deliver an innovative or enhanced version of a product or service with better customer service.

To be called an entrepreneur is a goal in itself wherein you are on the path to achieve the objective that you are sent out to do. In most cases, people who try and fail to do so are called “hopeful business owners” or even as blunt as “failed entrepreneurs”.

However, becoming an entrepreneur is not something that happens overnight, as many have come to know. Sadly, investing their all does not always play out the way that they initially intended, whether it be from lack of support, funding, or losing the passion for it along the way.

 

Passion is a true driver for every entrepreneur

Having something that you are incredibly passionate about makes it easier for you to want to put your time and effort into.

You’ve probably heard the phrase, “If you love your job, you’ll never have to work a day in your life.” This phrase absolutely applies to this case, because if you are going to create a business or brand yourself, shouldn’t it be something that you at least have an interest in?

If you have something that you are passionate about, it wouldn’t feel like a chore to wake up every day and make something out of it.

 

Think Outside the Box

The biggest difference in an average person and an entrepreneur is that an average person can see problems in the world and just find a way to work around it without giving it much thought. An entrepreneur, on the other hand, sees these problems or nuisances as a way to get creative and to make life better and easier for others.

Even if you don’t know what you want to do to start, thinking openly and creatively. It will definitely create opportunities that you may not have thought of before.

 

Always Have a Goal

To become a successful entrepreneur, you must have your end goal defined. No goal is big or small, it can be anything. It can be as big as solving a problem that a large enough number of people are facing today (for instance, plastic usage) or as trivial as locating your earphones (we all know how difficult they are to find!)

Whether it’s to make someone’s life just a little bit easier or to help solve a worldwide problem, having a defined end goal will make it easier to reach your final destination; your goal. Perhaps the goal may be of enormous size, or too far out to be achieved in a short amount of time. But nothing stops you from splitting these goals into pieces and setting small milestones that will guide you towards your ultimate goal. Instead of taking one giant step, take small steps, easier to manage and fulfill, because when you look back you’ll realize that you had made half the work towards the large goal of your dreams, as they say, slowly but surely.

 

Don’t Procrastinate. Get Started

No, you don’t have thousand years to live. And even less when it comes to evaluating the feasibility of your product and the idea. In this ever changing world of technology, you never know when your idea may become obsolete or common. Therefore, hustle. Change your procrastination into productivity. There is never a right time. The time is NOW!

There are many ways in which you can start out your own venture, some of which include:

  • Inventing a product (a solution to every day or rare problems)
  • Home-based entrepreneurs (think of tax preparers or freelancers who work from home)
  • Online entrepreneurs (e-commerce, affiliate marketing, fiat or cryptocurrency investments, social media marketing, etc.)

There are many more out there, but these are by far the most common in today’s age. These are all great ways to have a small business without having to quit your 9 to 5 job for the meantime.

 

Have a Financial Plan

Unfortunately, what seems to be the biggest downfall for many small businesses and start-ups is funding and finance. Nearly every start-up fails because of financial constraints. Therefore, efficient cash flow management is integral for the start-up’s long term health.

Yes, optimism can help you overcome great heights but when it comes to handling finances, it’s always good to prepare for the worst. We strongly advise reserving emergency cash flow for when things go south. Moreover, don’t quit your job just yet. Test your idea, be sure of its effectiveness and only when you are confident, it’s time to let go of your job.

Pro tip: At all times, you should always have 6-9 months of savings locked away for emergencies. Trust those who been there, you will need it sooner than later. It’s always good to be prepared.

 

Be unique. Stand out from others.

One of the biggest steps to become an entrepreneur is knowing how to differentiate yourself from the rest of the market.

One must take the time, do the research, and know what makes them “the brand” that makes everyone want to buy them. Remember, when you design a project, don’t design it for the crowd, design it for yourself and the crowd will love it. That’s the secret behind top corporation’s quintessential success.

Before you start working on your project, you must know the answers to –

  • How does your product/service serve the customer?
  • Why should a customer buy this? Which problem does it solve?
  • What are its significant features?
  • How is it different from similar items on the market right now?

It is extremely important to know just how you stand in comparison with your competitors, as well as the edge that you have against your competitors.

 

Entrepreneurs – Be the Game Changer

All in all, entrepreneurship takes a lot of time, energy, money, and passion.

People don’t just become serious entrepreneurs because they want to take a break from their current jobs. People become serious entrepreneurs in order to make something of their idea or passion instead of relying on security from a full-time job.

Entrepreneurship is about balance and budgeting, as well as putting your time towards something that you care about. It is more than just going to a job every day and working for someone else and their passion. As they say “life is too short to be working for someone else’s dream”

Regardless of your start-up becoming a huge success or failure, there are still experiences to be gained, lessons to be learned and miles to go. “Failures” are not failures, they are simple lessons to be learned for the future, quitters though, are failures. So, stop daydreaming and start hustling.

 

 

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