Actually, there is no widely accepted definition of entrepreneurship. Most times, entrepreneurs tend to define entrepreneurship based on their experience in business over the years. There is a popular quote by Myles Munroe which says, “When purpose is unknown, abuse is inevitable.” In the same vein, an aspiring entrepreneur who cannot boldly answer the question, ‘what is entrepreneurship?’ may not last in the business world.
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The study of entrepreneurship dates back to the works of Richard Cantillon and Adam Smith in the late 17th and early 18th century. Nevertheless, entrepreneurship did not pick up until the late 19th and 20th centuries. Today, the term ‘entrepreneurship’ has spread like wild fire and everyone wants to be an entrepreneur. However, not everyone understand the concept.
In this regard, we have compiled different definitions of entrepreneurship and the steps to take before becoming an entrepreneur.
1. Entrepreneurship Means Transforming The World
Generally speaking, entrepreneurship is the ability to create a business idea, develop it and manage the risks in order to make profit. On the other hand, more than starting a business, entrepreneurship is about transforming the world by solving people’s problems.
For instance, you can come up with a product that enhances the economy, put an end to natural disasters or improve lives generally. That way, you are making life easy for yourself and the world at large. So, in a nutshell, entrepreneurship makes life worth living.
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2. Entrepreneurship Means Charting A New Course
At ReDahlia, we say, entrepreneurship is a lonely journey; let us help you get through it. Of a truth, entrepreneurship is about taking risks, setting up plans, working long hours, and taking decisions that can either make or mar your business. And, in the midst of that, you are expected to keep moving and never give up.
3. Entrepreneurship Is Taking Your Dreams In Your Hand
Entrepreneurship is also about building your dreams and career on your own terms. You are accountable to yourself, you dictate your own time, no boss and no salary restriction. Interestingly, this is the aspect many aspiring entrepreneurs love the most. But, beyond the feelings of excitement, entrepreneurship requires staying committed to your business goals every day.
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4. Entrepreneurship Is The Pursuit Of Opportunities
Opportunities can be pioneering a good product, creating a new business model or targeting a new market for a particular product. So, entrepreneurship is the process by which either an individual or team identifies an opportunity and go the extra mile to deploy it.
Steps To Take Before Venturing Into Entrepreneurship
1. Learn to Self Motivate
If you don’t know how to motivate yourself and get yourself fired up, business isn’t for you. Because, in the world of business, you are alone. So, you have to learn how to stay motivated and keep your team motivated as well.
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2. Practice Selling
Your business is not going to work if you don’t know how to sell. So, before you take the decision of becoming an entrepreneur, you must know how to sell. If you are currently an employee, take on sales target others are running away from and ensure you hit it. In selling, there’s no playing safe. By practicing, you will be able to hone your selling skill.
3. Learn How To Save Money
At every point in business, you will need money. So, save as much as you can. Besides, if you lack the ability to save, you may find it difficult to scale in business.
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4. Work Under An Entrepreneur
Working closely with a CEO will give you a better idea of how entrepreneurs think and how they make decisions. Shadow their attitude to work, their relationship with customers and the likes. Importantly, ensure you work with a true entrepreneur. To recognise one, read our articles on who is an entrepreneur and qualities of an entrepreneur.
Preferably, you should work with a start up company that is striving but is taking every necessary steps to scale. Because, that’s the best company to learn from.
5. Network And Build Relationships
Build contacts and connections with as many people as possible because, you never know who will introduce you to your big break. So, while preparing to start your business, value every one around you and network with people in your chosen industry.
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6. Work For Long Hours A Week
If you are working 9hours a day as an employee, be ready to work up to 20hours a day as an entrepreneur. So, practice working overtime and see if you have what it takes to survive in the business world. As a matter of fact, if you slack as an entrepreneur, you will be surprised at how someone else will come and take your market share away from you.
7. Learn How To Research
In business, you must know every trend in your industry and the world around you. Also, you need to know how to constantly give something new to your customers. And, this can only be achieved with proper and consistent research.
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8. Start Building An Audience
Entrepreneurship has a lot to do with people. So, make good use of your social media handles. Build followers on Instagram, Facebook, Twitter, Snapchat and the likes. With that, you have the first set of people to pitch your business to.
9. Find A Problem You Want To Solve
A lot of businesses fail because, they sell products people don’t need. So, ensure whatever service or product you are offering meets the needs of your target market.