What is Entrepreneurship

What is Entrepreneurship ?

Young lady working diligently

What is entrepreneurship ?

I have been hearing this term a lot on youtube lately and it has me wondering what exactly entrepreneurship is? One of the most frequently used words among youtubers is entrepreneur/entrepreneurship. They apparently fall in that category so I did a bit of research to get a full understanding. Entrepreneurship is the process of designing, launching and running a new business with the goal of generating a profit. The individuals who create these businesses are called entrepreneurs. Entrepreneurs usually emerge in a time of need to solve an existing problem.  A simple example of this is a man who opens a phone repair shop because he sees that people have nowhere to go and repair their broken phones. Let’s take a deeper dive into this topic together.

Who is an entrepreneur ?

An Entrepreneur is the individual who takes on the risk of starting a new business venture. This person is usually seen as an inventor, innovator, a source for new ideas. I don’t think this outdated definition fully captures the today entrepreneur. In today’s world if you can find a way to add value and market it for yourself you’re considered an entrepreneur. The man who created a shopify store, the girl who just registered on upwork as a freelancer, they are both entrepreneurs. The times when you needed millions of dollars just to start a business is long gone. Today it’s easier than ever to start a business.

Why do people become entrepreneurs?

People are driven by their desires. I think there are a few reasons why someone would want to become an entrepreneur. These main reasons are: to be their own boss, have more control over their finances and lastly they aspire to make a difference. 

To be your own boss gives you the freedom to do what you want to do, this independence is the real goal. A lot of people have dreams that are outside the field of work they are currently in but they let fear hold them back. 

It costs money to live, eat and have fun, most people would love to make more money but aren’t willing to take the risk and start their own business. Yet starting a business gives you the greatest potential to earn money. In a regular job your income is limited based on the amount of hours you can work, with a business your income can grow exponentially. Today it doesn’t cost a great deal of money to start a business like in the past, side hustles are especially on the rise. You can have a website created in less than a day and start marketing a product or service freely on social media. 

The world is filled with all sorts of problems, some people take the duty upon themself to create a solution for these with a product or service. I think they take the risk to do this because they have a desire to help mankind grow and improve.  

Strategies to become an entrepreneur

Have you been thinking about starting your own business, then I believe you can. It’s easier today than any other time in history, just note it will take hard work and time to grow. I like to think of it as a seed that you plant, water and care for then after a year or few you can enjoy the fruits of the tree. Here are a few ways you can get started.

Look around in your life and see if there are any problems that you face. Identify a few, more than likely other persons are facing them too. Brainstorm and try to come up with different ways to solve them. Pick the best solution, create a product or service then sell it for a profit.

Other ideas are:

  • Start an online store (shopify)
  • Become a freelancer and work on your own time. (upwork, fiver)
  • Become a vlogger or blogger
  • Affiliate marketing 
  • Airbnb a spare room
  • Teaching courses online
  • Write a book or E-book

5 Tips for new entrepreneurs

Have a business plan – Creating a business plan is a great start. Clearly define your goal, skills weaknesses, what you plan to offer and how it’s different from what’s currently available. This is the part where you dream big for your business and also plan for obstacles that might get in your way.

Start as soon as possible – I think you should pick a start date and stick to it. Yes planning is important but people often plan and plan and never actually start the business. Everything doesn’t have to be perfect for you to start, start small with what you have, fail fast and get better. 

Find a mentor – Having someone to guide you makes the journey a lot easier. Imagine trying to find a single hair product in a huge shopping mall that you’ve never been to before, now imagine going there with a friend who goes there regularly, It would make a huge difference. Try to find someone who has done what you are trying to do, it could be a friend, acquaintance or maybe a trusted online youtuber or blog.

Don’t eat your profits – I know it’s tempting to spend the money when your business finally starts to make money but try not to. Your business is still in the infancy phase and needs all the support it can get. I encourage you to reinvest your earnings until your business can stand on its own two feet.  

Never stop learning – Just like a child learning from its parent so does a businesses growth potential depend on your knowledge and growth. Now that you’re a business owner never stop learning, it’s important to improve your skills. You can use an online e-learning platform like skillshare. You can develop skills such as project management, Social media marketing, business finance and motivational speaking.   

Quotes from successful entrepreneurs

Walt Disney : “All your dreams can come true, if you have the courage to pursue them.”

Walt Disney was an American motion picture and television producer and showman, famous as a pioneer of cartoon films, including Mickey Mouse, and as the creator of the amusement parks Disneyland and Disney World.

Thomas Edison: “I have not failed. I’ve just found 10,000 ways that won’t work.”

Thomas Alva Edison was an American inventor and businessman who has been described as America’s greatest inventor. He developed many devices in fields such as electric power generation, mass communication, sound recording, and motion pictures.

Warren Buffett: ”Someone is sitting in the shade today because someone planted a tree a long time ago.”

Warren Edward Buffett is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway.

Winston Churchill: “Success is not final; failure is not fatal: it is the courage to continue that counts.”

Winston Churchill was a British military leader and statesman. Twice named prime minister of Great Britain, he helped to defeat Nazi Germany in World War II.

Richard Branson: “Business opportunities are like buses, there ‘s always another one coming.”

Sir Richard Charles Nicholas Branson is an English business magnate, investor, author and former philanthropist. He founded the Virgin Group in the 1970s, which controls more than 400 companies in various fields.c

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Welcome new entrepreneurs

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What is Entrepreneurship

Matthew McFarlane

"I'm an enthusiastic blog writer who loves exploring the world of entrepreneurship. I enjoy breaking down complex business ideas into easy-to-understand articles, helping aspiring and experienced entrepreneurs find their way. My goal is to inspire creativity, share practical advice, and connect with fellow business enthusiasts."

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