Entrepreneurship is the act of creating a new business or an organization for its own profit or for social service. Often, it tends to be in the form of a small business at the very outset. The person who creates this type of business or an organization is known as an entrepreneur. Entrepreneurship is the career goal or dream of an entrepreneur which they are striving to achieve. It is a significant fact these definitions do not reveal. An entrepreneur is the one who prefers to work solely on their own where they have minimum restrictions over working under a superior. There are occasions where it functions as a part-time business. However, it can end up being a large business organization. Generally, an ordinary person is limited to seeing mistakes and problems while an entrepreneur will envision countless possibilities and solutions.
People become entrepreneurs for different reasons. The main reason behind this is that they do not like to have a boss since they continually seek places where they can freely work. Moreover, some people start their own business because they want a change in their lifestyle. Working in a company tends to be monotonous at times and it might actually get boring after a while. Even if they move to another job, the story will be the same if that is not what they are passionate about. Therefore, if they want a change in their lifestyle, starting their own business will be the best solution for them. However, there is a high risk when you are starting a new business. A lot of entrepreneurs are risk-takers. They love risks. Both being too educated and being not too educated can be the reasons that motivate you to start your own business. If you are well educated, you know the facts and you have many ideas along with diverse perspectives. Thus, you have enough potential to start your own business. On the other hand, securing a good job with a good salary will be quite difficult for a person who is not well-educated. Such a person can gradually become an entrepreneur given that they are ready to challenge themselves. Moreover, people who get fired from their jobs can also become entrepreneurs eventually.
Most people have dreamt about their own companies at some stage in their lives, but the sad fact is that the majority of them just give up on that idea without even trying. The biggest fear for them is whether it will result in success or a waste of money. Thereby, they become afraid to invest money since most of the time, it is their lifetime saving. Furthermore, some of them are worried about the age factor. Age doesn’t matter at all when it comes to entrepreneurship. It doesn’t matter even if you are old because you have plenty of experience to put into action. If you are a young person, you have novel ideas to deal with. Moreover, the younger generation is more familiar with new technologies and the world of digital, compared to the older generation. Besides, a lot of people might be thinking about starting their own business while they are working for another company. In this case, they will be experiencing conflicting thoughts about leaving the company or not and whether it is the right time to leave. The best time to leave a company can be stated as to when the pain of staying is much worse than the pain of leaving. Another fact is, many people are worried about the capital they have in their hands, before starting their own business. If you have good capital to start a business, it is a plus point for the initiation phase of your business. However, it does not mean that you will definitely succeed. You can still start a business on a small scale, maybe with a bank loan, if you are struggling with insufficient funds. Nevertheless, in this situation, you are desperate to earn money, and that effort itself is an excellent motivation for your work and future developments.
Considering all these facts, I believe, the best thing is to try running a business, without thinking too much and on a large scale. Just do whatever you want to do, starting from a very small scale. Yet, you should have a better plan in your mind for developing the business. There are many advantages of starting a small business. Obviously, you need a small amount of money compared to large-scale businesses and you will have minor risks and stress to deal with. It is good to have low risk and low stress when starting a business. Besides, the bigger the business growth, the bigger the risk and stress. The best thing about starting a small business is that you get the capability to measure yourself. You can have a broader insight about your success and at the same time, you will be able to decide whether entrepreneurship is for you or not. If you feel comfortable running your business, then you can proudly say to yourself, “I am an entrepreneur”.
After building up your own business, it is of vital importance to be consistent in executing it properly if you are aiming to become a successful entrepreneur. Give priority to managing the company work properly whereby at the end of the day, you can start saving money out of your profits in favour of the company’s future. As stated earlier, you should have a plan in mind with regards to expanding a small company. Money should not be considered as a burden. If you can manage properly, you will definitely save money. Such money and bank loans will ultimately expand your company to a higher level. Then on one fine day, you would not be just another mere entrepreneur but a successful and versatile entrepreneur.
Exposition Magazine Issue 16
MIT Level 2
Department of Industrial Management
University of Kelaniya