How To Become An Entrepreneur

 WHO IS AN ENTREPRENEUR

 

An entrepreneur has been definedas, "a person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk; running a small business with all the risk and reward of any given business process".
Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their perception (i.e., a bias towards finding new possibilities and seeing unmet market needs) and a pro-risk-taking attitude that makes them more likely to exploit the opportunity. An entrepreneur may be in control of a commercial undertaking, directing the factors of production – the human, financial and material resources – that are required to exploit a business opportunity.

To some people, it is a sermon. There are however, a group of people reading this that are trying to decide if they should make the leap into entrepreneurship.

Entrepreneurship isn’t for everyone, but if you do have the bug to experience freedom and still generate income, entrepreneurship can lead to an amazing life. You get to set your own schedule, you get to call the shots and answer to yourself.

Each of us spends 40-plus hours of our week in some form of work. That time could be spent doing something you love or doing something that makes you miserable and affects all other areas of your life. Here are five reasons why you should consider spending those hours on something that’s yours.

WHAT IS ENTREPRENEURSHIP 

Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small business, offering a product, process or service for sale or hire. The people who create these businesses are called entrepreneurs.
Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit".

 While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to "lack of funding, bad business decisions, an economic crisis – or a combination of all of these" or due to lack of market demand. In the 2000s, the definition of "entrepreneurship" expanded to explain how and why some individuals (or teams) id and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.
Recent advances stress the fundamentally uncertain nature of the entrepreneurial process, because although opportunities exist their existence cannot be discovered or identified prior to their actualization into profits.
What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by entrepreneurs lacking the necessary business skills, financial or social capital.

 REASON WHY YOU SHOULD BE AN ENTREPRENEUR 

1. The opportunity to control your destiny.

When you work a 9-to-5 you’re at the mercy of your boss and the company you work for. They can decide to hire or fire you, they decide how you spend your eight hours every day and what happens in those eight hours affects you beyond that time.
You have little control and in exchange, they give you a paycheck. The problem is today’s economy. Gone are the days of working at a company for years and retiring with a pension. These days entrepreneurship is the new pension plan. Your income is too important to leave in the hands of someone else.

2. Freedom to spend your time doing what’s important to you.

Life is short and time is the one thing we’ll never get back. This makes time one of your most valuable resources and you should treat it accordingly. Entrepreneurship gives you the ability to balance your time.
If you have family or other life circumstances come up, you can decide to forgo any work for that day. You don’t have that kind of flexibility at a job. Your work should fit into your life, not the other way around. The life part has to come first.

3. Unlimited earning possibilities.

At a job, your earning potential is set by the job or a contract a union negotiated. You can get raises and promotions, but those are the exception, not the rule. Your earning potential is capped no matter how long you stay at that job.
To be fair, you could earn nothing at your business, but those who jump into entrepreneurship are self-motivated to build a profitable business. Entrepreneurs aren’t happy with the status quo and continue to grow their business and income. The beauty of entrepreneurship is that there are no gatekeepers to keep your income regulated.

4. Location independence.

The beauty of having your own business is the ability to create something that supports you no matter where you are in the world. There are more than 2.5 billion people online daily, which means you could have an unlimited customer base and build a location-independent, online business.
No longer do you have to be tied down to any one location. You can have freedom to be where you want. This is great because different environments can foster innovation and creativity. Last year I got to travel to 12 countries all over the world and still made money. You just can’t beat that.

5. The chance to leave a lasting legacy.

When you build your dream business it can carry on to your kids and their kids. What starts as a quest for freedom can end as something that’s in your family for generations. A company like Ford has been passed down through the generations and continues to impact lives.
If your business is started out of something your passionate about, that passion will impact lives for years and generations. You can leave your children something you’re proud of.