How To Venture Into Entrepreneurship And Take Risks

Looking closely at the definition of entrepreneurship  we can come with three entrepreneurial activity;

Innovation – Entrepreneurship basically means offering a new product or service , applying a new technique or technology , opening a new market  or developing a new form of organization for the purpose of producing or enhancing product.
Running a business -  The foundation of a business involves combining resources to produce product and services.  Entrepreneurship means setting up a business to get profit.

Risk taking – What be mean by risk is that the outcome of the entrepreneurial venture can’t be known. Therefore , entrepreneurs work under certain degree of uncertainty and they can’t know the outcome of the many decisions they make.

 

Ø  To make income entrepreneurs need to turn ideas into product. What is a product? A product is something that you can sell to satisfy a need.

Some good questions to ask yourself before your start a business;

Ø  How do I come up with a business idea?

Ø  Should I start a business from scratch , buy on a existing business or invest in a franchise?

Ø  What steps are involved in developing a business plan?

Ø  How can I increase my likelihood to succeed in my business?

Why start a business

The most common reason why people start business are;

Ø  To be your own boss.

Ø  To accommodate a desired lifestyle.

Ø  To achieve financial independence.

Ø  To enjoy creative freedom.

Ø  To use your skills and knowledge.

Starting a small business

A small business is one that is independently owned and operated , exert little influence in its industry. Apart from contribution to our general economic well being , small business also contribute to growth and vitality in various areas of economic and socioeconomic growth. In particular these businesses do the following

Ø  Create job opportunities.

Ø  Create innovation.

In addition to these two they compliment the economy of large