What is Entrepreneurship? 8 benefits and amazing facts.
Being a businessman does not mean that you are doing entrepreneurship. If they were the same, then nobody would ever use the complicated word ‘entrepreneur’. If you search ‘entrepreneur’ on Google, you will come up with the definition that he is a person who sets up a business, taking up all the risks especially financial, in the hope of profit. The word entrepreneur is a French word that means “to undertake”. But, most successful entrepreneurs would disagree with this.
According to an economist, Joseph Alois Schumpeter:
“Entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievements or success”
Similarly, Peter Drucker, known as the father of Modern Management, says:
“The entrepreneur is the person who always searches for the change, responds to the change and exploits it as an opportunity”
Entrepreneurship:
Here are the eight Ps of entrepreneurship. Every entrepreneur has at least one of those Ps. But the true and most successful entrepreneur is formed by the union of most or even better all of the traits explained below.
1. Passion.
Passion is the key to inspiration, motivation, hard work, energy. It seems to be a trigger for every entrepreneur. Passion is what fuels the moving mountain’s attitude and belief that anything can be done. The phenomenon of being passionate about something is quite easy.
If you are passionate about anything, you can do anything and try your best to pass all the obstacles in your way, to achieve the goal. You want to do your work with more passion if you love it. Otherwise, it is just a boring job for the sake of money. You should always do the thing that instigates your passion because it will help you to be successful in the long run.
Carmine Gallo writes in his book “Talk Like Ted” that passion is the key to mastering the skill. He says that he had observed a great number of successful people including speakers, presenters, businessmen, etc. and by analyzing their behaviors, he claims that the only thing that is common among all of them is being passionate. He uses a phrase that pretty much sums up the whole debate of being passionate and most of the successful entrepreneurs know it. He says:
“What makes their heart sing”
2. Perception
The history of Bata is the perfect example to explain this characteristic. Bata shops are found all over Africa, including the remote areas. By the end of the 19th century, Africa was about to open a new market.
Many shoe manufacturing companies sent their representatives to Africa to see if there was any chance to launch their business in the emerging market. Most of them went back and claim that there is no chance to avail of this opportunity because nobody in Africa wears shoes plus there is no market for shoes there.
Meanwhile, the Bata sales team reported enthusiastically, “Nobody in Africa wears shoes so there is a great opportunity for our shoes to flourish in their market”. The market conditions were the same for everyone but the main difference was of perception. In this case, this is the perception of opportunity.
So, it is understood that true entrepreneurs always see the opportunities while others either do not or cannot see it.
3. Potential.
Research has shown that the brain capacity of an average person is more than the usage of the brain. If you look at the lives of successful entrepreneurs, you will see that they have sacrificed their sleep, their social life, other useless activities to invest in their potentials.
They come in direct contact with successful people. They skip the part of their life that they waste on scrolling the newsfeeds of various social media applications. They feed their brains with quality content. They seem very curious about new things.
Our brains can be trained to have more potential. This training starts with your home growing and teaching.
According to the study done by Rauch Foundation, 85% of your brain develops by the age of 5. Therefore, your early life’s environment has a great impact on your life. So, all you had to do is to raise your children as an entrepreneur or have an entrepreneurial mindset who will use their potentials in their life, whenever they need it.
4. People.
While you are talking about the people in various companies, you must have to quote Zig Ziglar.
He says:
“You do not build a business. You build people, and those people build the business”
It is known that every business depends on the people. It is now based on people making good or bad decisions. Let me give you an example to clarify the point. It all depends on the manager if he had made the lousy decision to approve the ugly billboard designs.
It all depends on the salesman that he negotiated so well that the sales broke its previous records. Similarly, it all depends on the customer care person who had changed your perception of their brand. In short, every single decision in your life is based on people. The success of any company or brand depends on people.
Every entrepreneur, who wants to be successful in his career, needs a team that supports his vision and help him to turn his dreams into reality. It is now up to the entrepreneur to search for the right people, to explain his vision, to attract the talent, to invest in building and sustaining their skills, their behavior, and their energies.
5. Persistent Learning.
You had learned from your childhood that you can have cars, houses, and wealth in your life but one day it can all be gone. The only thing that no one can take from you is your knowledge- knowledge of anything. If you can acquire new knowledge faster, then you will always be able to create new sources and build new things in your life.
Persistent learning means learning anytime, anywhere from everyone. The successful entrepreneurs are the ones who try to observe and absorb valuable information and knowledge from wherever they get. The world is ever-changing and in this modern and faster world, the skill of learning fast is a must for every entrepreneur.
6. Permanent Change.
Everybody wants change but nobody wants to change. You have heard this phrase in your life hundreds of times. It is true because it is the nature of human beings to resist change. But you have to change your mindset and train yourself to accept and adapt to the change.
The faster you will able to accept it, the better it becomes. Successful entrepreneurs welcome the change with open arms. In other words, they are flexible. They can change and adapt very quickly. To accept the change is one of the most powerful skills in the world and most people do not have it.
As Charles Darwin says:
“It is neither the strongest of the species that survives nor the most intelligent that survives. It is the one that is most adaptable to change”
Similarly,
Micheal Jackson says:
“I am starting with the man in the mirror and asking him to change his way”
So, if you want to make a great impact on the world and make it a better place, then take a look at yourself and make the change.
7. Perseverance.
Imagine! You are going to your desired travel destination. You have planned everything already. But out of nowhere, a huge rock comes in your way. Now, what do you do? There are various possibilities. If you have some good friends then you might call them to help you out in this situation.
If you do not have any strong friends, then you might consider climbing the rock. But then there is another problem. You do not know how to climb. So, you go back, take the climbing lessons and then again come back with the skill to climb the rock and continue your journey. The same is the case in business.
The ‘rock’ represents the obstacles that you face. It might be any financial problem or some marketing issue or any other thing. The ‘strong friends’ represent the contacts, people, or any other network that can help you to deal with your situation.
The ‘climbing lesson’ seems to be the skill that you either do not know at that time or you do not want to know but then you had to learn it as it is the only solution to pass the hurdles in your way of achieving the goal.
Keep in mind, nothing in life comes easy. You have to do a lot of struggle to achieve something. If you want to go after your mission, or passion, or any dream, it will not be easy.
You have to pass so many rocks on your way, some of them will be light as a feather, but some of them will be too heavy to move. But it is understood if you do not face any rocks in your way, then you might not be on the right path.
8. Proactiveness.
The most important trait of successful entrepreneurs is their pro-activeness. You see that most of the people around you what they are asked to do. Moreover, they do not do it immediately and wait for the deadlines of the task to meet. Even sometimes, the tasks remain undelivered.
People want themselves to be micro-managed and delegated. The entrepreneurs who know how to lead initiate- always see the bigger picture and foresee the circumstances. They are proactive rather than reactive. They do not want to be defended rather they love to play offensive. And this is the only thing that makes them hard to replace.
You should try to adopt these traits as they will help you to be successful in every stage of your life. Furthermore, it is not difficult to follow your passion and make contact with strong and good people. So, step forward and move into the world of entrepreneurs!
