In our society today, there are a lot of questions to be answered, a lot of problems to be solved and a lot of challenges to overcome.
Thus, an entrepreneur identify this void and fill it. An entrepreneur is someone who figures out a particular problems to be solved, questions to be answered or challenges to overcome and provide solutions to it.
An entrepreneur can be profit-driven or non-profit driven, but most entrepreneurs are profit driven.
WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is a process of starting, organizing, managing and assuming the responsibility for a business. In entrepreneurship, innovation and special skills are necessary for efficiency.
POWERS OF AN ENTREPRENEUR
One of the powers of an entrepreneur is the ability to observe because ideas often come from problems in daily life, from all genders, ages and ethnic groups. Likewise an entrepreneur must have the understanding of business operations, the confidence and capability to turn ideas into a business.
An entrepreneur is a;
-Job creator
-Wealth creator
-Creative problem solver
Also, he is someone who improves the economy as well as provide products and services.
CHARACTERISTICS OF AN ENTREPRENEUR
An entrepreneur must have the following characteristics;
- Proactivity
- Confidence
- Communication
- Passion
- Continuous innovation
- Interpersonal relationship
- Flexibility
- Risk takers
- Curiosity
- Goal setting
- Hardworking
In order to be an entrepreneur, the individual must possess entrepreneurial skills. These include:
- Research
- Leadership and management skills
- Relationship skills
Research helps you to improve on the value that you are delivering. One of the important aspect of entrepreneurship is "VALUE PROPOSITION". Value is delivered to your customers when you do something for them which is "better", "cheaper", "faster", and "different".
Value is created by:
- creating a new or improved product, process or services.
- staying ahead of competition through constant improvement and innovation.
In value proposition, the following are very important; - idea
- identifying a market (target)
- continuous recreation of value by listening to your customers for feedback on your products or services delivery to improve your product and services in order to gain your customers' interests.
SOURCES OF FINANCE
Entrepreneur could gets funds:
- from family and friends
- through grants
- loans from banks
- through venture capital
There are several opportunities and risks in entrepreneurship, the ability to recognize a risk and take calculated risks defines a good entrepreneur.
NOTE: it's very important to know that risk taking isn't a crime but endeavor to take calculated risk only.
Become an entrepreneur today and make a difference in your niche, community, state or country by improving the economy, creating jobs and wealth, as well as a become a critical problem solver.
Here are the guidelines
- Figure out a problem, challenge or question to be answered.
- Provide a solution through innovation (idea)
- Identify your market target
- Value proposition
- Analyze your business model and you are good to go.
I will be writing more on entrepreneurship and business model in my next post. Watch out!
Thanks for reading.......
