In this post today, I will answer some of the most frequently asked questions by young and potential entrepreneurs about entrepreneurship.
What is entrepreneurship?
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs .
Who is an entrepreneur?
An entrepreneur may be a male or a female who is action oriented, highly motivated individual who risk achieving goals. An important feature of being an entrepreneur is that you provide something of value to others.
The greater the need people have for your product or service the greater your rewards will be. If you work to help other people raise their standard of living and to improve their lives, you will be serving the needs of the society. This is what being an entrepreneur is about.
Below are some of the questions young entrepreneur ask and here are answers to them.
1. How do I get to start my own business?
There are lots of small businesses available within our very own locality and environment. They include;
Data vending and VTU, Running a POS business, Laundry and Dry Cleaning, Running a barbing shop etc.
The best way to get into your own business is through studying the environment in which you live by looking out for what they like to spend their money on and this can be achieved through developing new goods or services or improving on what is already available in the market.
There is no goods or service that is at its peak. Of course we are always hearing about new products, goods and services flowing into the market on a daily basis and they at least seem new to us.
A typical example is the idea behind the styles and beauty added to the home by the email@example.com where your floors and given a new look with different designs, a 3D wallpapers to increase your home beauty, production of durable and beautiful paints and also providing painters for customers just like what Chaplux Paint Co.Nig enterprise does.
2. How do I get a start-up capital to fund my business idea?
The Rich Dad group, encourages you to think possibility. Do not say I can’t get the money I need to start my business instead say “how can I get capital”?. Although virtually all business minded people have this type of money problem but the challenge should not be one that will discourage you because getting capital for your business is no longer a big deal today. Capital can be raised by borrowing money from friends, relatives, family.
Here also are means through which you can acquire grants and loans
1.Tony Elumelu Entrepreneurship Program.
2. Innovation Prize for Africa.
3. International Finance Corporation.
4. African Women’s Development Fund
5. YouWIN Connect Nigeria
6. Lagos State Entrepreneurs Trust Fund (LSETF).
7. AYEEN Financial Grants
8. Bank Of Industry (BOI)
9. GroFin Fund etc.
Don’t be scared of debt. It is part of running a business.
3. How should one discover or invent a new product?
Getting to discover or invent new product and service starts with studying and making list of needs and wants of the people within your surroundings. A comprehensive list of annoying experience of hazards encountered during a given period of time with various product or services. Other sources are:
a. Brainstorming has been discovered to be a widely used methods to generate ideas and inventions.
b. Acquired skills and experiences is also an important source of business idea. By tapping into the knowledge you acquired from working with a particular industry can also help you develop some ideas.
c. Individual interest or hobbies engaged in can serve as a source of business idea. You will do pretty well engaging into your area of interest. A guy who loves to stake games with Bet9ja can improve on his interest by setting up his own Bet9ja gaming shop.
d. The mass media today is one if not the greatest source of gaining information. A lot of successful entrepreneurs teach on a daily basis different business ideas. And the list goes on.
4. How should one manage the resources available as a business person?
As an entrepreneur, once the resources are acquired it is important that one should put them into full use and action through implementation of the business plan. One should also deal with the operational problems of the growing enterprise.
This involves implementation of a management style and structure as well as determining the key variables for success. Problem areas must be identified and carefully mentored through an implemented control system. Some entrepreneurs have difficulty managing and enlarging the venture they created, a difference between entrepreneurial and decision-making.
5. Do I need a business plan?
Yes please, no one goes into an enterprise except he has carefully planned all he needs and how to strategize. Every business existing today was built on plan either written or unwritten. The thought of starting a business is already a plan. Therefore it is necessary because it will enable you to know the size of the market segment, market plan, the production requirements.
A good business plan is not only important in developing the opportunity but also essential in determining the resources required and then managing the resulting venture and also help the entrepreneur to achieve both short term and long term business objectives.
I hope you have found answers to your questions about entrepreneurship in this post.
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