Entrepreneurship is the ability as well as willingness to organize, develop and run a venture bearing in mind all the risks, costs and profits associated with it. In most cases, the most common type of entrepreneurship is starting a small business.4 People or entities venturing into such kinds of business are referred to as entrepreneurs. In most cases, entrepreneurs thrive by identifying a market gap or pain point, designing or modifying products or services to suit the market need and delivering the products to the target population of consumers. Typically, entrepreneurs are entities that occupy different occupational capacities in the society. Therefore, to be an entrepreneur, it requires one to step out of their comfort zone and venture into unchartered territories.4 If you don’t try, you will never know if your proposed product or service would ever become a rebounding success.
Not every business qualifies as entrepreneurship. As a result, it is essential to understand some of the examples that meet the mettle of entrepreneurship. In the world today, several people have ventured and come out triumphant in the field of entrepreneurship. Some of the renowned entrepreneurs include Jeff Bezos, Sam Walton, Steve Jobs, Mark Zuckerberg, Benjamin Franklin, Elon Musk, Aliko Dangote, Jack Ma, and Oprah Winfrey among many others. These individuals and more ventured into their specified fields and became uber successful. Additionally, there are four levels of entrepreneurship, which includes the scalable startup, social, large company, and small business entrepreneurship.2 All these levels of entrepreneurship require the creation of a new business idea that is unique to other ventures already present in the market.
As an entrepreneur, it is essential to have a creative approach to life. Innovation/Creativity is the first mindset of the entrepreneur. Creativity helps in identification of market niche and formulation of ideas to best solve the market problem to fit the newly found innovative cubbyhole. In conjunction with the innovation or creativity mindset is knowledge of the potential market. Hence, every entrepreneur must do a comprehensive market research. The research is pivotal in identifying the hurdles, the expected costs, the loopholes as well as the legal requirements to be met.1 The background study of the market and research is vital in aiding an entrepreneur on the model of business approach to adopt.
An “execution mentality” is the second mindset of the entrepreneur. According to research by the John Hopkins University, most entrepreneurial ventures fail to prosper due to inadequate funding or cashflow, market forces as well as poor execution. However, such evidence exists to motivate the resolute people to plan well. The execution phase is the most crucial stage of any business or venture and therefore requires adequate preparation. It is advisable to determine the source of funding, raw materials, labor, as well as the target market.2 This knowledge is very critical. In this segment, strategic business location is crucial to tap into the market and save on logistics fees. There are many obstacles bound to arise in the processes of starting up your own venture, but as an entrepreneur, it is important to persevere and stay focused to overcome them.
The third core mindset of the entrepreneur is the ability to learn. Learning is a continuous process. Irrespective of how much one has researched, after execution, it is imperative to be open to learning opportunities within the market. In most cases, reviews, as well as poll ratings help; however, it is necessary to take the initiative to learn directly from the consumers. The entrepreneur venture is an education. The entrepreneur must make concerted efforts to continue learning from the consumers of his/her product/services. Measures such as having suggestion boxes, carrying out random surveys through questionnaires, and engaging clients online,3 and through the social media will help entrepreneurs to learn areas of Strength (S), Weaknesses (W), Opportunities (O), and Threats (T), to maintain and areas of weakness to be improved.
Finally, the fourth point is that entrepreneurs must learn from the markets. They must be flexible and adapt to the changing market landscapes. All markets in the world are dynamic. Therefore, consumer trends and tastes tend to change with time. As an entrepreneur, it is advisable to provide room for business flexibility. By so doing, the venture can be able to adapt and change to reflect customer needs and accommodate new tastes and preferences. Not only does the market change but also technology does aslo.1 Therefore, a flexible entrepreneurial venture should readily embrace technological change relevant to its operations. In situations where the tests succeed, other similar enterprises are bound to rise and compete for the market segment. Flexibility plays a consequential role in challenging and adapting to competition to avoid being faced out.
- Cunningham, P., Cunningham, M., & Ekenberg, L. (2016). Factors impacting on the current level of open innovation and ICT entrepreneurship in Africa. The Electronic Journal of Information Systems in Developing Countries, 73(1), 1-23.
- Goldberg, A. I., Cohen, G., & Fiegenbaun, A. (2013). Reputation building: Small business strategies for successful venture development. Journal of Small Business Management, 41(2), 168-186.
- Guiso, L., Pistaferri, L., & Schivardi, F. (2015). Learning entrepreneurship from other entrepreneurs? National Bureau of Economic Research, No. w21775.
- Lazányi, K. (2013). What is entrepreneurship? Erenet Profile, 7(2), 15-19.