Entrepreneurship is the art of developing and managing a business venture in order to gain profit by taking several risks in the corporate world.
When we think entrepreneurship in this modern day all we see in our heads are $$$$$$$ signs, the numbers in accounts blowing up, finally getting the respect we think we deserve, meeting important people and stamping our name on the sands of time.
One of the things we might not consider is the blood, sweat and sacrifice that has to be laid down for any business to stand solidly. We see major world entrepreneurs win big time but we don’t know that they often have as many losses as wins. Beyond the expensive suits and cars, are people who take huge risks the average joe will not dare to try.
I have seen firsthand the risk taking involved in entrepreneurship and I know for a fact that entrepreneurship has both good and bad sides. In the wake of this there is an entrepreneurship fever going on in the twenty-first century, people are quitting their jobs to start businesses of their own.
Here is a quick guideline to see if you are cut-out for entrepreneurship.
You like to be in charge.
To effectively run a business, you need to possess leadership qualities; the leadership style you choose to run your company or organization by is up to you and your personality type. If you usually shy away from being in charge, then entrepreneurship might not just be for you.
You like risk taking.
Risk taking is a huge part of being an entrepreneur, most successful entrepreneurs started out being just people with great ideas but what distinguishes entrepreneurs is the ability to take risks. They take well calculated risk, and even if it doesn’t work out, they go back to their drawing boards to figure out what went wrong. Risk taking involves stepping out in faith, doing things even if you are afraid that they might not work out.
You have a good attitude towards failure.
Entrepreneurs are bold and confident in their decision making; they take responsibility for their actions. Even if a decision cost them huge financial lose, they still push forward.
You might have heard of entrepreneurs who have lost a lot due to the crash in the price of their stocks or changes in trade regulations that benefited them before, entrepreneurs understand that business even well planned ones can change over time, according to trends, emerging pop culture, technology etc.
You understand people.
It is very crucial for an entrepreneur to be good at recognizing people, their behaviors and likely potential as regards the organization they work in, an entrepreneur should be able to connect with possible customers, employees and influencers.
These will help them in knowing the best fit for different positions in his or her organization; understand what kinds of product and services customers will want from their organization. Although some of these can be outsourced to third parties, it is good as an entrepreneur to have an idea human behavior.
You are prudent with money.
A good entrepreneur knows how to manage funds whether limited or in abundance, without proper management of funds the business will go down fast.
As an entrepreneur especially if your company is still in its start-up stages, you need to know when to call it pay day or when to reinvest profits in the business.
You are disciplined and exercise self-control.
Focus is essential for every entrepreneur; discipline and self-control are needed to maintain that focus. Entrepreneurship takes extra work at least for the early stages of building your business.
You will need to go extra miles to grow a business, and even when the business is fully developed, to maintain a steady growth pattern, you will need to put in the hours into ensuring that your business does not decline.
Are there any risks you have taken as an entrepreneur, please share with us in the comment box below.
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