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How to Develop Entrepreneurship Ability and Skills
|How to Develop Entrepreneurship Ability and Skills by prosper: 6:00 am On December 19, 2018|
Note that the best way to get good ideas is to have lots of them. Do you have good ideas? What are they? Successful entrepreneurs know it is important to get creative ideas and thoughts. To get into this practice, keep an idea journal.
Try doing the following:
Remember business is anything you do genuinely to make a profit and improve society and yourself.
Types of Business: Big and Small Businesses
When we discuss business, it goes beyond mere buying and selling. It embraces profit-making ventures.
There are four types of business and they are:
The public often thinks of business only in terms of “big business” such as Manufacturing Companies, Banks, and factories; shipping companies etc. A big business might be defined as having more than 100 employees and selling more than N1 million worth of products or services every year. If we go by that definition, most of the word’s business can be said to be small businesses. A man or woman who sales some goods and services around the neighborhood is an example of a small business. The principles involved in running a large company and a a small one are basically the same. Most big businesses e.g. Dangote, Emzor pharmaceutical etc in this country started as a small entrepreneurial ventures. Emzor is a lady pharmacist. She grew to this height because she is an entrepreneur. Would you want to be one? Think about it. After her university education, she went into the pharmaceutical business. It was a small business venture then. Today she is into a big business. Some of her mates who were waiting for the government to employ them are definitely not be where she is today. That is the advantage of being an entrepreneur.
Business must make a profit to stay in business:
All those in private sectors with the aim of making profits are into business. No matter how big or small it is, they must make a profit to stay “in business”. We explained what profit is earlier. Many business ventures do lose money after start-up because they have had to spend money to start operations, and on advertising to attract customers. If at the end the business continues without profit, it is bound to fold up. Note this: when starting a business, it’s realistic to expect to lose money for at least the first three months. It can often take long for a business to start selling enough to earn a profit. So do not be in a hurry to make a profit when you start one.
Closing a business is nothing to be ashamed of. Most successful entrepreneurs open and close more than one business in their careers. If your venture is not making a profit after have set it up, it could be a signal that you are in the wrong business. Closing it might be the smartest decision to take. An entrepreneur might change business many times over years in response to changing competition and consumer needs.
Profit means adding value
If your business is making a profit, it means you are improving and doing something right. Profit is a business is a sign that the entrepreneur has added value to the scarce and limited resources s/he is using. When we talk about resources it means something of value that can be used to produce something else or satisfy a need. Oil is a resource because it used for cooking. Plank is a resource, because it can be used to build a house or a table, chair or bed. All resources are usually limited.
For instance, my mother Angelina took these resources; beans, oil, pepper, leave, seasoning and labor and turned them into cooked moi moi. People liked it and were willing to pay her more for the cooked Moi Moi than it cost her to buy the ingredients. In order words, she earned a profit. The profit was a sign to show that she was doing something right. Angelina added value to the resources by using them to create something that people were willing to buy. For instance, if she added too much salt and no seasoning, people will not buy it and she will lose. This shows that the entrepreneur did not use the resources well and has not added value
What do you do to be successful in business:
Ever body entering into business no matter the type must have to answer these questions. Where a group of people creates a business through making these decision, it is called an economy.
Advantages of Being an Entrepreneur
An entrepreneur works for the following rewards:
What interests you most?
What do you love to do?
What would you love to be in future?
Have you started or are you waiting?
Waiting for whom?
It helps you to be rich, influential and famous, it gives you control over your business. Things that have advantages equally have disadvantages.
Disadvantages of Entrepreneurship
Entrepreneurs often put more time into launching their own business than many people put into their jobs. While establishing a business, an entrepreneur might also invest a lot of money in the business. He might not be able to buy new clothes or a fancy car, or go on vacation. Other disadvantages are:
An entrepreneur is always interested in making investments. They look out to identify those areas they can invest their money.
Investment: to invest means to put time, energy or money into a project or business. This is done with the hope of getting back more than you put in when you started. When you start a business, you are giving time, energy and money in the business for it to grow. You do this because you believe that sometimes your business will earn more than the value of the time, energy and money you put into it. This kind of analysis is calculating return on investment. When you invest 20,000 in a business and at the end of the year you get 50,000. Your return on investment is 30,000. That means you made a profit. You can reinvest the money in your business or invest it in something new. Your goals guide your investment.
Goal Setting: a goal is what you would wish to accomplish in the future. For instance, your goal might be to be a lawyer. This means that you have a place you are going, bearing in mind why you want to go there and what you want to achieve. Another example is: your deciding to go to college is an example of a goal. You might not know how you are going to reach a goal to pay your school fees. That does not matter. What matters is that you choose your goals carefully and then focus whatever you are doing on achieving it. To achieve your goal, you must invest time, money, and energy in order to achieve it. Can you write a goal now? Do so. What is your goal? What would you like to accomplish this week, this month, this year, or during your lifetime? If you write out your goal, you have to program your energy and your brain to work on them. Once you have established a goal; that is the beginning of your success in life. You can take small steps every day to achieving it. Goal setting can help you reach any objective you wish. People who have no goal in life misuse their time and energy and end up regretting in life. As soon as you set a goal, plan all your activities towards that. Would you want to be a world figure? Read about those who have been one. Try those things they did that made them what they are and try to improve on them. You have to monitor and evaluate yourself to be sure what you are doing. If you are really getting near it or moving in the proper direction to achieve it then move on. If not change your strategy to get to it.
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