There are a number of people who have decided to risk resources into starting new ventures and businesses of which some turned out successful and others too very unsuccessful. Findings show that for ten people who might go into starting their own individual ventures, 1 or 2 out of the 10 might be successful and this tells of how the journey of entrepreneurship can be. Nonetheless, scholars in Economics and other related fields say that entrepreneurship is the way to build sustainable economies for countries where the livelihood or living standard of the respective citizens can be improved.
Worldwide unemployment keeps raising fears especially among the youth and developing countries dread this issue the most. The reason is that developing countries might not have the capacity in terms of technology to improve productivity especially in production that can positively impact their GDP and in turn affect the economy.
The experienced folks in entrepreneurship keep advising the youthful age bracket, one's especially about the wonderful prospects and achievements that lie in creating ones own business and it is absolutely the truth to embrace.
Follow through with this blog and get to catch some of these insights to confidently take responsible initiatives for economic growth.
ENTREPRENEURSHIP
What is it?
The word is a term that describes the act or initiative of starting a venture with the aim of providing goods and services that solve the problems of people and in turn generate some profit. Entrepreneurs on the other hand are people who risk time, resources and other things to engage in a business venture.
In a nutshell, the initiative to start a small sewing shop, sell provisions, engage in carpentry, masonry and many more others is a form of entrepreneurship. It is through these ventures that people get employed and the entrepreneurs being the ones creating jobs for others.
It will be useless to define and share great insight into this topic without letting you know how to actually take steps into becoming an entrepreneur. Try reading the few tips shared below to become one.
Becoming an entrepreneur...
NOTE// These tips shared are in no particular order and not necessarily guaranteed tips from a professional in a field like this.
➲ Identify a problem
Every individual, society or even country has its own peculiar challenges of which they are on the look out for the person to help them solve those challenges. Anyone with the desire to create a business must be observant to identify problems wherever he or she is since someone will pay you for a problem you have helped him or her solved. For instance, observing that plastics are unable to decay which pollutes the environment, a young man decided to make biodegradable plastics which can decay and add to the nutrient level of the soil as well as dissolve in water. The issue of plastics is a very big one and any initiative at addressing it has the potential for a great business.
➲ Suggest solutions
Identification of a problem is just the beginning of the bigger steps and one of them is the solution. Thorough research into the problem statement will be a guide to what really the solution has to be and in what form. To reach net zero goals, TESLA is producing electric automobiles that do not release any gas to pollute the environment. Anyone who is suggesting possible solutions to a problem must also consider the sustainability of the solution and one internationally approved tool should be the SDGs.
➲ Propose or make a product
Having done all these, a target market should have been established and a suitable product has to be made to now address the problem. A product in this case can also take the form of a service like the mobile money services being offered by telecommunication networks which is helping a lot of people because of the convenience it brings. It isn't enough to find out a problem and suggest a viable solution, but a product that helps solves the problem is the next step to take. Find out some successful products in the market and find out their unique value propositions.
The value a product renders to users is what sustain it in the market and keeps it selling without the business encountering losses or even a collapse.
➲ Start the business
This is where much experience is gained because the entrepreneur interacts with the markets and now all assumptions will now to tested to see if they really portray what they are. This is not to underestimate the preceding stages but every step of this journey is very crucial is the establishment of a business.
The Need For Entrepreneurship
It creates job opportunities
Addresses societal challenges
Small and medium enterprises employ from about 1-10 people and sometimes beyond whilst innovation-driven businesses can employ about thousands or people and imagine individuals confidently establishing businesses like these. The issue of insufficient job opportunities can be a thing of the past and the reason why firms with funds can support those who are trying but lack the needed financial support.
Tertiary institutions are pushing the agenda of making graduates have the ability to create their own businesses and as a graduate, you have to take advantage of all these avenues. In as much as the opportunities and support for entrepreneurs is being pushed, the individuals must be willing and avail themselves to bring on board their wonderful ideas to positively impact society and beyond.
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