Every work has its demands. The demands of working for an employer may not give satisfaction to employees, especially when such jobs are not commensurate with the pay. Meanwhile, in a bid to get employment at all costs, many applications promise to work under pressure and do anything just to meet the demands of employers.
However, in reality, after gaining employment, employees find out that meeting the demands of employers at all times may be elusive and bring dissatisfaction. We have heard a story of a lady who resigned from a banking job because of the demands from her employer that almost affected her home.
The lady eventually established her own business as a fashion designer. In a short while, she became an employer of labour, while some of her friends remained in the banking field, lamenting over the condition of service.
Having a broad knowledge of entrepreneurship and implementing its skills will go a long way in helping us, especially youths, to be gainfully employed and find satisfaction in what they know to do. It will also reduce crime and boost the economic strength of our nation.
1. Meaning of Entrepreneurship
The Merriam-Webster dictionary defines entrepreneurship as a person who starts a business and is willing to risk financial loss to make money. He/she is an innovator, a source of new ideas, goods, services, and businesses.
Having identified a business opportunity, he/she acquire and deploy the necessary resources required for its utilisation, whether it is a small or large-scale business. In a broader sense, entrepreneurship is the act of creating business or businesses of one’s own choice while building and scaling them to generate a profit.
He/she acts as manager and oversees the launch and growth of an enterprise. Most of the businesses we see today started possibly in a small scale and today, they have become employers of labour.
With the high rate of employment in Nigeria and other parts of Africa, there is a need to understand the meaning of entrepreneurship and sensitise our people on the reality of the rate of employment and the need to become businesspeople.
2. Characteristics of an Entrepreneur
The following are some characteristics that are embedded in the personality of individuals who want to be successful entrepreneurs.
Self-motivation
Entrepreneurs put in long hours of planning, praying and pursuing their dreams. A good entrepreneur should be highly energetic and self-motivated. Despite the difficulty at the beginning in some cases, they refuse to give in to the fear of failure. Strong motivation is needed to stick with business ventures. That is the knowledge of entrepreneurship.
Vision
Entrepreneurs have a vision as to what to do, how they will accomplish their objectives, and who they need to reach their goals. They also possess the ability to interpret their vision in a way that their staff can understand. Through networking opportunities, entrepreneurs can find people they want to work with for the success of the business.
Passion
While profit can be a motivation, entrepreneur tend to be more driven by passion to make a difference in their business venture. Passion helps to sustain entrepreneurs when there are traces of business failure.
Confidence
Without confidence or self-belief, entrepreneurs cannot possibly succeed. They have to be confident both in themselves and in the products or services they render to stay the course regardless of difficulties or discouragement. They also take risks with the hope that they will succeed.
Decision making
How to make decisions as quickly as possible is an important characteristic for entrepreneurs. It serves as the basis for differentiating success from failure. Entrepreneurs not only need to have good decision-making skills, but also must have the capacity to make those decisions quickly in order not to miss good opportunities.
Financial skill
Some basic money management skills are highly required by a successful entrepreneur. Financial skills are vital because mismanagement impedes business success.
Creativity
This is the ability to start a new business venture, or do the old things in new ways. Creativity is needed by every entrepreneur because it develops strong persistence when there are business threats.
Innovation
Improvement is a strategy for becoming a successful entrepreneur. As the world is developing, entrepreneurs too must continue to advance and not be left behind. As the day goes by, there may be a need for improvement and new things on what has been available in the market so that they can meet the needs of consumers.
3. Hindrances to Entrepreneurship
Even though God has endowed His people with diverse gifts and abilities to become entrepreneurs, many people are afraid to go into business for the following reasons:
Fear of failure
Some people are afraid to go into business for fear of failure despite the fact that they have prayed with strong conviction.
Lack of capital
Even though they may have prayed and are convinced to set up a business, many people are constrained because they do not have the capital.
Indecisiveness
The problem for some people is the inability to take action about the type of business they want to do.
Unwillingness to start small
Having concluded on the type of business they want to do, some people still hesitate because they do not want to start small.
Laziness
Some people are lazy. They only want to reap where they did not sow, and often give excuses for their idleness (Proverbs 26:14, Ecclesiastes 11:4).
Procrastination
Some people do not know that postponement is an enemy of progress. Instead of taking proactive action on what God is leading them to do, they delay until they completely forfeit the opportunity of setting up a business of their own.
Unwillingness to take a risk
Every business is synonymous with risk/hazard. It is important that entrepreneurs should be well guided, taking some proactive steps to mitigate risks that are capable of liquidating their business.
Impatience
Every businessman/woman should learn the art of patience if they want to stay in business. As your business starts small, it must continue to grow.
4. Overcoming the Challenges of Entrepreneurship
Although entrepreneurship is associated with different challenges as listed above, there are also some ways such challenges can be addressed.
Trust God for success.
Running a business can be interesting and at the same time frustrating. There will be times when one will almost be bankrupt, but if we trust God, He can bring about restoration. (Psalm 37: 23-24).
Do not be afraid
One cannot have a testimony without a test. In entrepreneurship, it is all about courage and sacrifice for long-term gains. You need to have confidence because God knows the desires of our hearts, including business success, and to live a prosperous life.
Apply God’s wisdom
The application of the wisdom of God in whatever kind of business one does is very important. Before you start any business, take time to learn the secrets and apply the wisdom of God as you continue.
Do not procrastinate
Having prayed with conviction to start a business, disciples of God should not drag their feet to begin something, no matter how small.
Do not be lazy
An idle hand is the devil’s workshop, they say. As hard work yields profit, so idleness leads to lack and poverty.
Be patient
Entrepreneurs should be patient. He or she should not be in a hurry to execute plans, even though we discourage unnecessary delay. If you go for a quick win, you might find yourself with a quick failure. Sometimes, it takes years to begin to enjoy the fruit of one’s business.
5. Benefits of Entrepreneurship
There are many benefits entrepreneurs enjoy.
A flexible schedule
Entrepreneurs have the opportunity to break out of the routine office work cycle and create their schedule. They start their day as they like without interference.
Freedom
Do you know that employers who have absolute control over their business tend to be less emotionally exhausted? As a business owner, there is freedom of decision-making.
Constant growth and development
Starting a business forces one to constantly improve his or her skills to prevent complacency. There is room for self-development and easy skill acquisition.
Making like-minded people
Being an entrepreneur allows you to join a group of ambitious individuals who believe in self-improvement. Entrepreneurs are disposed to a connection with mentors, fellow professionals who can assist during tough times.
Choosing who to work with
Entrepreneurs can choose the clients to work with, hire employees, and engage in partnerships without anybody’s interference.
Regular income
Unlike salary earners, entrepreneurs have regular income without waiting till the end of the month.
Self-employment
One of the reasons for promoting entrepreneurship is the opportunity to be self-employed instead of roaming the streets searching for a white-collar job.
An employer of labour
Some entrepreneurs have grown in business that they have become employers of labour.
6. Conclusion
Roadmap one
Creating business or businesses of one’s own choice, prayerfully and carefully developing and scaling them to generate profits, should be every youth’s goal, instead of roaming the streets looking for white-collar jobs that are no longer available.
Having identified the business, they should consider it wise to apply the characteristics discussed above and ask questions from experienced people before setting up a business. In all, they must put in mind that there may be times of uncertainty, disappointments and bankruptcy, and they must not be discouraged.
Roadmap two
God wants His children to be resourceful and hardworking. He also wants us to plan according to His will. When He created man, He endowed him with different gifts and talents to work/business for survival and to assist other people.
No doubt that participants have truly been educated on the concept of entrepreneurship, some hindrances, the different ways to overcome and the benefits of entrepreneurship.
Therefore, we encourage disciples of Jesus to consider the lesson and act appropriately so that they will be blessed and remain a blessing to people around them. You can become an entrepreneur instead of depending on people or looking for a white-collar job that is not available. Read more about the concept on this page.
Editors
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