The Fundamentals Of Entrepreneurship (Vol.1)

The term Entrepreneurship from a conventional point of view has been defined as the systematic series associated with creating, launching and running an enterprise or business venture.
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Enterprises are owned and run by entrepreneurs who task themselves with offering a certain product, process, or service to the public for sale or hire. The goal of every entrepreneur is to make profit. The need to make and maximize profit acts as an incentive to the entrepreneur who seeks independence and values self-reliance.
It is globally accepted that individuals who end up become successful entrepreneurs delve into various business platforms for a range of reasons:  To control the use of their time and energy; To bring an idea to fruition which no one else supported, and to meet a certain need within an economy.
In some cases people seek to carry on a legacy. Regardless of whatever emotional or external factor may have motivated an individual to start-up a business or embrace a business path, Profit Motive plays the role of being the driving force of every entrepreneur.
I’m certain you will agree with me that in a rather realistic way, every business venture embodies the concept of a Profit Motive, because generating profit stands as the primary function of most businesses.
From a human mental perspective, Profit Motive can serve as the overlord impetus to engage in work, but Profit Motive can lose its motivational power once a person gets to a level of perceived financial security or finds an alternative endeavor the individual values more.

But why is profit so important to the Entrepreneur?

In every business venture, profit acts as a yardstick via which success can be measured. It also acts as a pointer to others investors. Prospective lenders use the profit figure to decide whether to lend, and potential entrepreneurs look at present profit levels when deciding whether to enter a certain industry or not.

Lately Entrepreneurship has been made a compulsory course in most Nigerian universities, in a bid to instill the spirit of Entrepreneurship in the hearts of the Nigerian youths, as a result of the crises rocking the country’s job sector.

Entrepreneurial forces within the country’s economy has been perceived to be thriving lately, as a result of the increase in poverty rate and lack of jobs. Leaving the Nigerian people with little or no choice at all, but to start up their own business ventures. But Entrepreneurship isn’t just a career choice for the weather-beaten Nigerian, it is also a vocation of pride and finacial success.

Consider the likes of our very own Aliko Dangote of the Dangote Chain of Companies; Mike Adenuga of Globacom Network and Ben Murray Bruce of Silverbird Group Of Companies amongst others.

These set of individuals are role models today to most potential Nigerian entrepreneurs because they are successful. But success didn’t come overnight for these glorified individuals. As a result of their achievements most Nigerians now consider entrepreneurship a goldmine. That’s not to rule out the existence of risks, as there are high risks involved in launching a start-up.

So Why become an Entrepreneur?

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Being an entrepreneur is a high-risk, high-reward position. It’s full of stressful situations, sure, but it’s also a vocation full of rewards and a sense of accomplishment. Below are just a few reasons why you should consider being an entrepreneur in 2017:

1: You are your own boss and set your own schedule: Sometimes being an entrepreneur can require one spending long hours. One the benefit is that you are in charge of deciding when you want to work and how long you want to work.

2: You are passionate and believe in what you do: Engaging in an activity you are passionate about helps bring about a sense of fulfillment. Instead of being a cog in the wheel for a giant, hierarchical corporation, you are able to see your ideas make a difference and contribute to the construction of a brand new business.

3: You earn a living doing what you love: We all know that making money is important to the entrepreneur. The best thing about being an entrepreneur is that you get to make a living doing what you love – it’s a win-win situation.

4: You choose your work place: You can work from home or from a restaurant, rent space in a creative environment or take space in a cool upcoming area – the choice is yours and it can have a big impact on productivity and the enjoyment factor.

5: You earn more: Since you are the boss, majority of the company or business venture’s profit belongs to you.

6: Your earning equals the amount of labor you put in: Unlike most salary earners who are often underpaid by their bosses, the entrepreneur earns as much as he works. There are no discrepancies.

Watch out for the volume 2 of this series where I’ll be unveiling How to Become An Entrepreneur and How To Get Business Ideas.

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