ENTREPRENEURSHIP is defined as the creation or extraction of economic value. Therefore, an individual who creates or invests in a business is an entrepreneur. Entrepreneurs have the potential to change the world as they take calculated risks, making the whole thing innovative and creative. Advancements made by human society at large has been largely because of the enterprising skills of the entrepreneurs who went out, put in time, effort and energy into pushing ideas forward.
Being entrepreneurship-oriented is essential in terms of not settling for less and setting newer goals beyond the scope of one’s current career path. With unlimited access to information, anyone with a bit of drive and focus can learn the skills to successfully start their own ventures and be an entrepreneur.
With the global lockdown, due to the pandemic, entrepreneurs were prosperous because they had already secured a parallel income stream by optimising their skillset while maintaining a job that required them to work standard hours. The investment in small businesses protected them from harsh layoffs that the pandemic forced down many a throat. Now that we are aware of how quickly can our lives be put on hold due to unforeseen circumstances, it is significant to learn and get serious about entrepreneurship to future-proof oneself during the next crisis, be it global or local.
Presently, much success is found in the digital world, ranging from cryptocurrency to social media. The wide spread of the tech industry has allowed just about everyone to find a place and create a niche. To own a business, however, one must create some space in the industry of choice. It is with this mindset that an entrepreneur can succeed.
A key to a successful venture is to keep yourself updated. Do not waste time in building a business plan for months on end. The market is a lucrative environment that evolves every second. A plan conceptualised six months ago may not be relevant anymore. It is vital to test your idea within weeks so that even if your first attempt does not work out, you can try out another strategy to achieve the same goal.
While being an entrepreneur allows you to enjoy the rewards, it does not come without risks. Another element that is crucial is time and a fall-back option. It can take years to generate a profit. It is wise to have a backup plan in case your venture does not immediately take off, so that you can keep your project afloat.
As prepared as one can be, there are always surprises. It may not be possible to avoid hardships altogether, but you can always be cautious and anticipate what is coming your way. This will help you be ready when it matters.
However, the beauty of entre-preneurship lies in the fact that you get to be your own boss. If this is your motivation in life, the ability to make your own choices will outweigh the struggles that come along at the start of your journey.
Published in Dawn, May 16th, 2022