THE CONCEPT OF ENTREPRENEURSHIP
Entrepreneurship is the practice of creating or starting a new business. It refers to the process of starting a new enterprise that works to create a product or service for the benefit of people and the devotion of the necessary time and effort to bear all the financial risks, difficulties and challenges for an objective purpose that brings profit. It could be in a small- or large-scale form.
This act of profiteering from solving societal challenges differentiates entrepreneurship from philanthropy, which is usually engaged by non-profit organizations. Today, entrepreneurship has come to encompass the act of changing the world by solving large-scale problems. With the introduction of the internet, entrepreneurship now can effect positive social change by developing a service or product that benefits individuals and addresses societal concerns through new ideas without necessarily having a sedentary location like offices or even personal stores. Social media platforms like WhatsApp, Facebook, Instagram, twitter, and all have made it easy to either sell or buy a product or service.
ENTREPRENEURIAL SKILLS
Successive entrepreneurs, according to Harvard Business School, do not all share the same personality traits. The capacity to correctly identify an issue and then design a product or service that addresses it is required, according to most business sources.
In theory, this implies a bottom-up strategy, where the problem must be identified before applying the necessary skills. Most entrepreneurs who have these skills find a way to employ them. For example, Onyeka Akumah of Farm Crowdy is a skilled infotech professional who identified an opportunity to apply his IT abilities to crowd funding for various agricultural value chains. Similarly, Rotimi Williams, a journalist, became the CEO of Nigeria’s second-largest rice farm.
This achievement demands imagination and a lot of curiosity. In fact, great entrepreneurs are lifelong learners who are willing to unlearn and share ideas. For this, it is often necessary to create a social and professional climate that encourages networking. In a world full of ideas, an entrepreneur must be able to quickly recognize those with potential and move them through systematic experimentation to assess their value.
GROWING YOUR BUSINESS AS AN ENTREPRENEUR
The following steps can be used by an entrepreneur or would-be entrepreneur to start and grow a business.
1. Select the Appropriate Personnel: Before anyone can consider their business’s growth trajectory, they must consider having the right workforce to assist them in accomplishing their goals. With dedicated employees committed to the success of your business, you’ll be better equipped for continued growth. Additionally, delegating tasks to concentrate on critical work frees up your time and energy, enabling you to perform at your best and foster a collaborative work environment.
2. Concentrate on Existing Revenue Sources: Rather than pursuing new customers, BillReilly, a Wisconsin-based auto repair entrepreneur, suggested concentrating on existing revenue sources. This can be accomplished by instituting a referral or customer loyalty program or by experimenting with marketing strategies that are based on prior purchasing behaviors to encourage repeat business. This focus on your established market is critical if you are seeking funding. 3. Be Adaptable: One characteristic that many successful startups share is the ability to pivot quickly in response to market changes. The ability to adapt to changes in technology and innovation in today’s world without deviating from the original course of the business is critical for survival.