Entrepreneurship: How to Start Your Business

What is Entrepreneurship? Entrepreneurship is the act of creating a business while making a profit. Entrepreneurship has a different definition to every business person, its meaning is what entrepreneurship means to them and their business. As a business owner my definition of entrepreneurship is providing a service or product with affordable prices to help others in need of this service or product, while also making a profit to keep building the business. The definitions are many but entrepreneurship is a big part in the economy in the world. It can improve standards of living, create wealth, and it can help boost national income and tax revenue. There are many kinds of businesses that one can create for example a small business, home base business, online business, inventors, Serial entrepreneurs, and lifestyle entrepreneurs. All these businesses have one goal is to offer a service or product that will help someone or in some way in the world.

Entrepreneurs lets us look at why entrepreneurship is important in society because they create jobs, create change, give to society, and add to national income. Some of the reasons why people choose to become entrepreneurs are many for example to change the world, they want to strive to make the world a better place. Some use their business as a way to raise capital quickly to help in noble causes. They want to be their own boss; without a boss they would be free and not held back from creating something that they want to create with no restrictions and succeed in their own terms with freedom. Flexible hours, for example having flexible hours can help people with children that are trying to raise them and want to be with them more time. People with disabilities can enjoy entrepreneurship as it allows them to work when they’re able to. It also has to do with a person’s personality and their will of succeeding.
There are many different steps one can take to become and entrepreneur depending on the kind of business one is building, some of the basic steps for example are:

1. Choose a business or trade that one is interested in. You must be able to meet up with the financial requirements of the business you intend to start. You must have enough time to monitor the progress of your business. No business will grow if you don’t invest the time on it. Time is the best resource one can ever invest on the business to grow.
2. Map out your business plan. This plan will help in guiding you through your path to success. Also hiring a professional to help with that if you have enough resources can help a lot. These plans can be a simple table showing the resources, time, and monetary demand needed to start the business
3. Set your goals for the year every year or every quarter of the year or even every month. Goals will help you monitor progress and alert you on the areas you need to improve on. If you don’t set a standard for measuring your progress it will be harder to succeed in your business
4. Be ambitious which means to have a strong desire to success. This is one of the most important attributes a business person must possess. But also, you cannot take the ambition to the extreme because it can become dangerous for the business to succeed. Realizing realistic goals because growth takes place bit by bit
5. Ensure proper management of your funds. No matter the amount of money you invest into the business not ensuring it is judiciously spent may still amount to zero. Always make sure you get the best alternative at the best price possible. No business will succeed if the funds are not properly managed
6. Avoid Complacency. They say complacency is the enemy of success. It is possible that when you start to reach some certain level of success, the urge to take your legs of the pedal and chill out awhile sets in. Some approaches that one can use to tackle complacency are by thinking of ways to improve your skills and new ways to render your services better. Also create a healthy competition for your business by thinking of ways that you can either reach or beat the level of other business that offers the same service that you do. Last but not least
7. Always treat your customers with respect because they put money in your pocket. By listening to their complaints, they have lets them know that you appreciate them. You can learn from your customers by listening and this can improve the services you render to them. Customers will keep coming back to your business if they feel like that you care about them and make them feel welcomed.

There is many advantages and disadvantages of becoming an entrepreneur. Some of these are work hours, decisions, and earnings. Work hours advantages is that being the boss you can decide when you want to work. You can take vacation or sick days whenever you want. The disadvantage is that in order to succeed many entrepreneurs tend to work even more hours than the average employee to get their business off the ground. Making your own Decisions advantages is that you always make the call on how your business runs and how you want the company to proceed. Every decision can be run by you because you are the boss. The disadvantages are that the stress level of making all the decisions can be overwhelming especially when you are starting the business. The decisions you make can either help or affect the company’s future. The stress can become a stain in you work and personal life. Earnings advantages is that you can make as much money you want as long as your business is prospering. You will no longer feel being underpaid working for someone else specially if your business is very successful. The disadvantage is that when first starting up you may not make any money. The lack of pay early on may be too long for many entrepreneurs to last until their company starts to turn a profit. Depending on the success of your business you can always have that worry if you will have enough for your next paycheck.

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Conclusion

Becoming an entrepreneur always has its risks but at the end it can be so worth it. I myself as an entrepreneur took that risk two years ago to start a residential garage doors and commercial doors business with my husband. At the beginning of starting our business there was many challenges but with ambition and perseverance we have slowly grown our business. There is still along round ahead of us but this has always been our dream that we are not willing to give up on. This essay about entrepreneurship actually helped me gain more knowledge about what being an entrepreneur is really about. But the thing I have always have liked about having a business is that you have the advantage to help others and your community.

References

• https://www.entrepreneur.com/article/273859
• https://www.impactbnd.com/blog/how-does-your-personality-affect-your-success-as-a-business-owner-or-leader
• https://www.evancarmichael.com/library/michael-e-gerber/Mary-Ellen-Franklin-The-Evolution-of-an-Accidental-Lifestyle-Entrepreneur-Mary-Ellen-Franklin-Speaks-Out-on-Small-Business–Life-Barriers-and-Taking-the-Best-Risks_7410.
• https://www.thebalancesmb.com/what-is-entrepreneurship-1794332
• https://www.investopedia.com/terms/e/entrepreneur.asp