ENTERPRENEURSHIP: THE DECISION TO VENTURE INTO BUSINESS
Entrepreneurship is THE ABILITY AND READINESS to develop, organize and run a business enterprise,
along with any of its uncertainties in order to make a profit. The most prominent ex- ample of entrepreneurship is the starting of new businesses.
The entrepreneurial process can be bro- ken down into five phases: idea generation, opportunity evaluation, planning, company formation/launch and management and growth.
In today's discussion, we intend to ex- amine the starting point, the decision to become an entrepreneur. There are reasons people decide to become entrepreneurs. And there are many reasons why certain individuals ought to become entrepreneurs. Entrepreneurship is not just about starting a business, but also about being accountable for your own success. I observe that there are people who wrongfully attempt to become entrepreneurs while at the same time, there are others who are scared to take the risk. This is a case of having square pegs in round holes and versa-versa. In essence, it is an early warning that not everybody is suited to be an entrepreneur. Yes, I do not subscribe to reckless motivational optimism. We will discover the intricacies as we proceed in examining the processes involved in entrepreneurship.
An entrepreneur is someone who puts
his or her own capital at risk to create some- thing new. The word “entrepreneur”, derived from the French word entreprendre, means to undertake or take on a business venture. Entrepreneurs are those people who have the initiative to start a new business or take over an existing one with the aim of turning it to a profit.
In this article, we will explore the four most common reasons why people become entrepreneurs.
Pursue Own Ideas and Passions
Passion is the driving force behind every successful entrepreneur and it reflects in the products and services they offer. The reason they become entrepreneurs in the first place is to own their passions and pursue them relentlessly. That is how the Alibaba and Ant Group founder got started and amassed a huge fortune. Read about the secret of the success of Jack Ma the founder of Alibaba Group of China.
Passionate entrepreneurs find ways to actualize and monetize their passion, vision and drive in a way that provides fulfillment and contentment.
According to Gallop, 80% of people who work in their dream job say they are con- tent in their life. Studies show that these people were not born with a predisposition to be happy and successful in life, but they pursued their passions and worked hard to achieve it.
Pursuit of Independence
One of the best reasons to become an entrepreneur is the freedom it allows in terms of time management. You can set your own hours and work where you want to work. It also means having no boss telling you what to do every hour of the day. Entrepreneurs need to deal with more responsibility because they are running their own business. But they also have greater autonomy over how they spend their time.
There is certainly a downside to this freedom. It becomes complicated to find the right balance between your personal and professional lives because of the thine line that separates them. Entrepreneurs work on an average of eleven hours or more per day while the average working person only works eight hours per day plus ample leave opportunities. This shows that entrepreneurship can have a big impact on your life and how much free time you have to spend with your loved ones or just chill out at home after a long day at work. That's when entrepreneurship becomes a job rather than a lifestyle choice.
Venture for Higher Risk Returns
“Entrepreneurs must make decisions and live with the consequences.” (Peter Drucker)
This idea is the foundation of every entrepreneur's lifestyle. It is what keeps them going when they face difficult decisions or fear getting into risky ventures. Entrepreneurship is not just about making money, it’s about making good decisions that will allow you to generate more revenue in the future.
While decision-making is one of the reasons that push people to become entrepreneurs, this freedom often comes at a price. Entrepreneurs have to deal with all the stress that comes with it. They also need to consider how they will be able to support themselves financially if their company fails. It is common for first-time entrepreneurs to be unsure of what the right decision is. But if they do not take a risk, there will be no profit. The entrepreneur has total responsibility over the decision that they make but if the decision turns out well, then it can
also reap benefits for society or customers.
Pursuit of life purpose, goals and Vision
There is a misconception that all entrepreneurs are driven by greed and the pursuit of wealth. However, entrepreneurship is
an attractive career option to many people because it promises a higher purpose and a sense of self-worth. For example, if you are passionate about children growth and development, then starting an educational enterprise that could help children one way or another would advance your life's purpose.
One of the main reasons people become entrepreneurs is the motivation to do some- thing they love and not just focus on making as much money as possible. In today's world, any idea can be turned into a successful business. Entrepreneurship is not only about starting a new business or making an invention. It's about taking the skills you al- ready have and using them to create some- thing that will improve your life and that of others.
Conclusion
Our generation offers more opportunities for success than at any previous time in human history. Entrepreneurship is not just a way of life. It's a mindset that can be ad- opted if one has the capability and is willing to take risks and seize the day.
Entrepreneurship should be looked at as a solution to the world’s challenges with creating employment for others. Those who are willing to put in the hard work need to take the first step – make a decision.
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