Demystifying Entrepreneurship

demystifying entrepreneurship

Entrepreneurship is a higher order level of doing business that has far-reaching socio-economic impact. World economies stand firm or fail due to the availability of strong entrepreneurial forces or lack thereof within their stratus. Supportive government policies are an ingredient to successful entrepreneurship endeavours. Though the word entrepreneurship is no longer any new word in the world of business, there is still confusion as to what entrepreneurship really entails and who an entrepreneur actually is. People have been calling themselves entrepreneurs when in actual fact they are just ordinary business persons. One would then wonder what an entrepreneur really is. I will go back to the origin of the word and develop a discussion from there for it to be clear. If you can’t clearly define it, you cannot perform well at it. This is the reason why most of the so-called African Entrepreneurs fail to actually hit the mark. I have seen tuck shop owners labelling themselves entrepreneurs. One runs a corner shop on the road side, they are entrepreneurs? Entrepreneurship is far from running and owning an enterprise. Origin of the word entrepreneur The term entrepreneur is thought to have been coined by John-Baptiste Say from a French word Entreprendre which is usually translated as, undertaker or adventurer. Central to the early entrepreneurship discussions are three thinkers Joseph Schumpeter, Frank Knight, and Israel Kirzner. The three came up with their own views of an entrepreneur, Joseph Schumpeter had the view of an entrepreneur being responsible for coming up with new products and
services in search of profit. Knight took an entrepreneur as someone who bears the risk of doing business while Knight took entre rene hip as a process that leads to discovery.
Definition of an entrepreneur Suffice to say, an entrepreneur is an innovative person who focuses on identifying market opportunities (challenges and innovatively and uniquely comes up with new ways of solving these through investing in some form of business bearing all the risks therein in anticipation of a profit. Entrepreneurship defined Entrepreneurship is a process of uniquely and innovatively configuring resources in the form of a business venture in response to market opportunities bearing all the risks associated with such a business in anticipation of a profit. The DLRRP of entrepreneurship Entrepreneurship then is the process of designing, launching and running a new business bearing any of its risks, with the view of making the profit.
Designing
Entrepreneurs are great thinkers. Starting a new business is not for cheap mind. We all know how architects come up with a clear drawing of your house in 3D format. A clear mental picture of the business you want to start is important. Inculcate uniqueness in
your design for entrepreneurs are known for originality and innovation.
Launching
Once you are clear about what you want to do, the next step is to launch the idea into an enterprise. A lot of people ask me this question, “Coach, I have a brilliant idea. How can I start?” The best answer is, “Just get started.” You will not get started until you actually start. Quite a number talk about capital as their major crutch to starting a new business. Sir Richard Charles Nicholas Branson, a
British business magnate, investor, author and philanthropist, argued against the issue of lack of capital as a hindrance. Those that are lazy to start their own businesses are usually keen to blame lack of capital.
Running
Launching an enterprise is one thing, running it is a totally different step laden with its own intricacies. Running a business entails having every subsystem well-greased and in motion. Every part of it can be on a difference stanza but drawing from the same hymn and ultimately the song should come out clear. Business is a composite with a number of departments performing different but interrelated functions which must be well understood and managed. We had companies such as Afro Foods and others, who failed the running test though they had successfully launched.
Risk
Every entrepreneurship venture has its own risks. Business entails investing money in an enterprise in anticipation of a profit. The economic landscape is never static and, each spin comes with its own issues that you need to manage. Take the current Covid- 19 pandemic for instance, most companies lost value and made unexpected losses. There a number of business risks that one should expect once you decide to venture into entrepreneurship. You need to face and manage the risk for you to enjoy the profits. No risk, no gain.
Profit
Entrepreneurship entails the realisation of profit as the end game. You invest your money in a risky venture in order to realise profit at the end. Profit is a reward for doing things right.


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