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What is Entrepreneurship

The word ‘entrepreneur’ comes from the French verb ‘entreprendre’ meaning ‘to undertake’. Entrepreneurs create new business ideas, taking on the risks involved and enjoying the rewards of the process. Although, entrepreneurs are often innovators who come up with new businesses or solutions to new issues, the idea of entrepreneurship is a long standing one and there are many Best Practices that can be applied to all a whole range of issues that are involved with launching a new company or idea.

Key points of entrepreneurship

Decide from the get-go what you hope to achieve. There is a difference between becoming your own boss as a freelancer or independent consultant, opening a small business, and launching a start-up that will become worth billions. Learn what an entrepreneur does in each case and decide which one suits your aims.

Leadership skills will ultimately be key, most likely regardless of what your venture entails. If your business is successful, you will be in charge of directing other people and keeping them in line with your vision, which means making sure you can be a clear and encouraging leader. However, don’t be afraid to let your vision change and develop over time – it may be the case that your idea changes direction and this is not necessarily a bad thing.

How to become an entrepreneur?

Firstly, you need to have an idea that you want to make into reality. Begin to think about what you will to make your idea tangible. Is it a company that needs founding? What are you looking to do or sell? Will you need to be manufacturing a product and what means will you need for this? Once you have an outline of your plan you can begin to think about your strategy.

Here are some helpful tips to help you launch your new venture:

1.Don’t take ‘no’ for answer.

• Be confident in your idea and the success you envisage, but don’t be too forceful. You need to convince your audience or investors of the merit of the initiative you are launching which means you need to know your idea inside and out and to be able to sell this concept to others.

2.Learn from the best.

• There are many successful entrepreneurs out there who have dealt with the same issues you have been facing. Look at their advice and learn from it – they have vital experience which can only help you.

3.Don’t be afraid to fail and learn from this.

• Not every venture you launch will be an overnight success. The most important part of entrepreneurship is accepting the obstacles that stand in your way and learning from your mistakes or defeats. This experience can only help you learn and improve in the long run even though it may be disheartening at the time. Don’t give up on your ideas and dreams.

4.Nurture business relationships.

• Having a strong and supportive network can only work in your favour. Pick out relationships which you could see being useful and make sure you keep those strong, but don’t neglect all other relationships. You never know who might be useful and willing to help you down the line.

• Companies will more likely than not prefer to work with people they like and trust so you be nurture relationships with like-minded people within your industry. It is generally far more easy to secure work from repeat customers than having to consistently invest time and money into new customers and relationships.

5.Trust your gut.

• We all have instincts, especially when it comes to a business idea that is fully our own. Using financial models and planning is always necessary for planning the fundamentals of a venture, but if your gut is telling to consider a certain path, listen to it! The real world of business is never black and white and you need to listen to yourself when it comes to making certain decisions.

Want to learn more about Entrepreneurship?

What is Entrepreneurship?

Entrepreneur Handbook

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