Entrepreneurship in Plain English

Introduction

THERE IS A CURRENT buzz about entrepreneurship; everyone seems to be talking about it. The recent advancements in technology which makes starting up a new business easier than it used to be contributed immensely to the high spate of entrepreneurs in the world now. But what is this entrepreneurship that everyone seems to be talking about?

In plain terms, entrepreneurship simply means the willingness to conceive, develop, organize and manage a business with all of its attendant risks. The most obvious example of entrepreneurship is the start of new ventures.

From the above definition, you see that entrepreneurship first has to start with an idea, this idea could be an entirely new one or an existing one that is simply improved upon. Next is the development of this idea, the organization of the idea, and finally the management of the business that this idea yields. In the definition, we saw that entrepreneurship comes with risks, and it is the entrepreneur who bears these risks.

The same way that entrepreneurship has risks, it also has benefits, especially when it is done right. And this aspect of doing it right is what we want to look at in this short guide. In truth, entrepreneurship can be scary because there is no guarantee that the idea will work, and the entrepreneur may end up losing money in the early years. However, if you read this book till the end, you will learn all about entrepreneurship and how to minimize its attendant risks. Without much ado, let started.

Chapter One: Why become an entrepreneur?

BEFORE WE GO INTO DETAILS to talk about entrepreneurship, let’s spare some time to talk about the benefits of entrepreneurship, why be an entrepreneur. Jumping this section will be like putting the cart before the horse. So, to motivate a lot of people who are still dragging their feet, let’s quickly talk about the many benefits of being an entrepreneur.

1. Entrepreneurship offers you the chance of being your own boss

Many of us don’t like working for other people, that’s a fact. Even those who do work for others don’t do it willingly. If you are among these people who like being in control of your time, then entrepreneurship is best for you. It offers you the chance to create your own business and manage it, so you don’t answer to some other person.

With entrepreneurship, you choose who you work with and the kind of work you do. You also select the number of hours you work in a day or week. With entrepreneurship, you stand a higher chance of earning more significant income than people who work for others. However, without sugarcoating things, entrepreneurship has its risks, we’ll get to see the risks later.

2. YOU ARE IN CONTROL

Entrepreneurship offers you the opportunity to be involved in the creation of a business, development, and running of the business. It can be a thing of great joy to see your idea helping someone else somewhere.

3. It offers the prestige of being in charge

For many of us, the thought of controlling many employees and having many people answer to our call is a form of prestige, and that’s what entrepreneurship bestows upon you.

4. It gives you the