What is Entrepreneurship
Entrepreneurship is when people take their career, dreams, and visions into their hands and lead it in the direction of their own choice. Although many believe that entrepreneurship is a solo journey where you make your own rules and start and run a business on your own, this is not entirely true! Here is why. Even if you decide to start your own side hustle, you will still need to build relationships and connections to be able to move from stage to stage in growing your business. This will involve mentorships, partnerships, and a team.
What is an entrepreneur?
Is anyone who has a side hustle that they can ultimately then create a full-time, sustainable business. When you start developing your business you may have little resources to get you by and no reputation to help you succeed in your venture so having self-discipline is very essential. An entrepreneur should be someone with a vision, very analytical and a systematic thinker. Entrepreneurs are what we call smart risk-takers because starting a business is a risk on its own. Entrepreneurs know how to manage the risks involved, know when to take a chance and not when to.
Now we look at some of the reasons people open up businesses.
- To create jobs: Entrepreneurs take on the risk to employ themselves. Their ambition to continue their business' growth eventually leads to the creation of new jobs. This then helps lower unemployment rates.
- Change: Most entrepreneurs believe in changing the world, thus creating new products that can solve a crucial problem, taking up the challenge of exploring new areas Because of such efforts, the world has witnessed some world-changing products, ideas, and businesses that have improved the way of life.
- Disrupting traditional organograms and company hierarchies: entrepreneurship is an attractive venture for entrepreneurs because it offers them the option to succeed on their terms. Authoritative structures that are still common in many organisations can be very restrictive to creative minds, so some end up going independently to pursue “creative independence”.
- Flexibility: Most popular around those who need flexible hours. Students can also take advantage of this flexibility if they wish to venture into entrepreneurship. In instances were class schedules can be restrictive and not work hand in hand with standard office hours, the student can still attend classes and make time for their hustle. With entrepreneurship, you get to work when you can at your own pace.
Entrepreneurship gives you the option of not being tied down to one specific location. As an entrepreneur, you might not want to work from the same place every single day, as it might get boring. So, if you’re looking for the freedom to work from anywhere in the world, the entrepreneur lifestyle could be the one for you.
- Ambition: Those who love reaching difficult goals often become entrepreneurs. This is often the case for those in jobs where there is no room to grow your earnings to the point you would like them to be. Another ambitious goal can be making a higher impact. Organisations often focus on many product areas to spread risk, but someone may just want to make a huge impact in one specific dot in that product space
- Passion: Many entrepreneurs leave jobs where there is good money to be able to follow their passion.
So now you know what entrepreneurship and the different motivators people have that then push them to open or start a business.
Thanx to the new digital era you don't have to own a physical structure to own a business. Now you can open an online store, where people can see your products and purchase them online and all you have to do is deliver, that is if it is not an online product.
It does not matter how old you are anymore, or where you are, in many cases it no longer requires a large amount of capital. Many times, when we think of entrepreneurship, we think of complicated ventures. One can start with simple things to learn the skills required by an entrepreneur or to raise capital for what they would actually want to dedicate their life to. If say you are a student, you might start with growing tomatoes or even cabbages in your home garden and sell them to your neighbors, just until you get the recognition you need. You could then grow your market and possibly end up supplying local shops.
So, when are you starting your side hustle?