Entrepreneurship is the development of a business from the ground up, coming up with an idea and turning it into a profitable business. It entails the skills of recognizing the right opportunity, finding resources such as funding and tools, to pursue the opportunity and creating the right team to do so. People who are thinking about starting their own business must really be aware that successful entrepreneurship involves much more than having a great concept.
An entrepreneur is one who take any idea; whether a product or service, and demonstrates the skill, the will and courage to take extreme risks to do whatever it takes to turn that concept into reality. He does not only bring the product or service to the market, more importantly, he makes them visible and viable.
Entrepreneurship as a career compliment
This aspect needs clearer understandingEntrepreneurship here is seen as a compliment to your profession, academic career. Let us take for instance, a medical doctor, who engages in production of soap (hygenic soap), he may produce it by himself or teach other people to produce for him and sell it to his or her patients. By this, he is an entrepreneur producing soap and this does not affect his discipline as a medical doctor. This, to the educationists, is called double honor.
There are six (6) skills required for someone to become an entrepreneur. They are:
- ABILITY TO SEE THINGS THROUGH: Successful entrepreneurs are visionaries. They are able to see opportunities that normal people do not see. They have clear ideas about what they want to do and possess the ability to transform that vision into reality. They do not dream only. They work hard and smart to see into the future. They do not just think that they want to achieve something. Instead, they do everything they need to do in order to achieve what they want. They do not shy away from the challenges, fear and great volumes of work needed to get things done.
- SALES AND MARKETING SKILLS: Sales and marketing are the two most important skills you must have when you plan to start your own business. A business is nothing if it has no customers. As you plan your own business, you must begin to think on how to reach your target audience, that is, the people who may need your products or services. You must know what people want and listen to their needs.
- FINANCIAL KNOW-HOW: You are in business to make money (profits) , therefore, the most important skills you need to have is the ability to handle money well. This includes knowing how to stretch the limited start-up capital that you have, spending only when there is a need for it and making use of the equipment that you currently have. You also need to identify the best pricing structure for your business in order to set the best kimd of return for your products or services.
- SELF MOTIVATION SKILLS: As an entrepreneur, you do not have the luxury of bosses and bureaucracy to tell you what you need to do. Everything rests on your shoulders from your initial dream and vision.
- TIME MANAGEMENT SKILLS: The ability to plan your day and manage time is particularly important for a home business. When you wake up in the morning you must have a clear idea of the things you must do for the day. You simply have to know how to manage time and prioritize your tasks.
Adhering strictly to the tenets of Entrepreneurshipr, developing your concepts and strategies will give you an automatic ticket to succeed in whatever profitable venture you go into. You also need a favorable government policy and bit the blessings of nature to blossom in your business.