PAINS AND GAINS OF ENTREPRENEURSHIP

 

THE PAINS AND GAINS OF ENTREPRENEURSHIP

 

Entrepreneurship has been defined in so many ways by different people; however, I like this definition by Schmpeter;

He said,

“Entrepreneurship is based on purposeful and systematic innovation.”

 

There are three major stages in Entrepreneurship and each stage has its own struggles, the three stages are:

·         THE IDEA

·         THE IMPLEMENTATION

·         THE GROWTH

 

THE IDEA

This can also be referred to as the inception. At this stage, it’s all just in your head more like a wish, when you write this idea down, it stops being a wish and turns into a goal.

 

Tony Robbins said that,

Setting goals is the first step in turning the invisible into the visible.”

One major problem facing this stage is;

·         Developing the idea

How do you transform this idea or concept into a working business? It’s in developing this idea that we find ourselves in the next stage:

 

THE IMPLEMENTATION

Making these ideas into workable business plans requires hard work.

 

Thomas Edison would say that,

“Opportunity is missed by most people because it is dressed in overalls and looks like work”

This is a very profound statement.

In this stage, you will need to answer the what, the why and the how.

·         What are you building

·         Why are you building and

·         How do you intend to grow?

Any business that has plans to succeed must answer these questions.

The implementation stage can also be called the trial and error stage, you try different things until one works.

 

Vince Lombardi explained that,

The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we applied the best of ourselves to the task at hand.”

 

When these questions have been answered, then you proceed to the next stage;

 

CONTINUITY

This stage is very dependent on the first two stages, if you made it through the first two then you are already on the path to success.

 

However,

It’s easy to start a thing, it’s easier to stop.

The hard part of every idea; concept or story is staying the course.

This stage would reflect if your answers in the second stage were right.

The what, the why and the how would largely determine if your business has the tendency to succeed or fail.

 

OTHER PROBLEMS FACING ENTREPRENEURS AND ENTREPRENEURSHIP:

Lack of funds

Lack of funds and

Have I mentioned Lack of funds?

 

Adequate funding is a major challenge; entrepreneurs and entrepreneurships are almost always in need of funds.

 

WHY YOU SHOULD SUPPORT ENTREPRENEURS

Entrepreneurs have been defined a lot as people looking to make profit through their ideas,

But,

If given the opportunity, I would define them this way,

Entrepreneurs are individuals and groups adding value to the society by making a difference using purposeful and systematic innovations.

This might be a better definition, what do you think?

 

In as much as entrepreneurship is about making profit, we cannot turn a blind eye to the systems being introduced by entrepreneurs.

 

In this part of the world, the reason most people can feed and take care of themselves is because of entrepreneurs.

 

These businesses are continually providing job opportunities for thousands of persons.

 

They are adding value.

 

They are making a difference.

 

I wish I were bold enough to say that, “they are succeeding where our government has failed”.

How can you show your support to entrepreneurs?

There are two very important ways you can show your support to entrepreneurs:

1.       Fund their ideas or

2.       Show them where they can get funds for their ideas.

 

ENTERPRENEURSHIP SUCCESS/ GAINS

As an entrepreneur one thing you will realize is, in as much as making profit is a large part of succeeding, the first time you feel fulfilled is not when money starts flowing in because if we are being true to ourselves, cash flow does not come immediately.

Success is seen in the ‘little’ things, one of the first times success is seen in a business is at the very beginning when developing your idea. The thought that something so big could be conceived in your little head is one of the first things that gives you joy.

Another place, you feel fulfilled is when you watch that ‘little’ project grow into something bigger that you expected.

 

Robert Collier said that,

“Success is the sum of small efforts repeated day in and day out”,

 

These words are true.

Watching your hard work pay off is success.

As I have repeated over and again, entrepreneurship is hard work but as the saying goes, “no pain, no gain”,

 

However,

 

The gain far outweighs the pain. When hard work begins to pay off, you will be glad you stayed the course.