5 Essential Components for Aspiring Entrepreneurs

Embracing these 5 essential components is crucial for aspiring entrepreneurs as they embark on their journey into the world of business.

BECOMING AN ENTREPRENEUR

Entrepreneurship refers to the concept of developing and managing a business venture.

This is done in order to gain profit by taking several practical business risks in the corporate world.

Simply put, entrepreneurship is the willingness to start and own a business.

Owning your own business gives you a sense of freedom and empowerment.

As an entrepreneur, you create the job, hire or employ yourself, pay yourself and can also fire yourself.

People don’t wake up one morning and just become entrepreneurs.

There must be certain things to have in place first before even thinking of becoming one and succeeding as one.

To succeed as an entrepreneur, these are the things you need to have in place:

5 MUST-HAVE IF YOU WANT TO BECOME AN ENTREPRENEUR

• A GOOD IDEA

An idea is an imagined picture, mental thought that seeks to solve a problem. Ideas are God-given seeds to man to fulfil a purpose.

When ideas are birthed, they possess the potential of creating wealth, fame and honour.

You can get an idea by thinking, reading, travelling, interacting and consulting.

Anyone can become a  successful entrepreneur when they birth and nurture a great idea.

• TALENTS

Talents are inborn, Special abilities possessed by everyone, making one unique, extraordinary and able to do something differently.

They are innate abilities that come naturally to an individual and abilities that have resulted from learning and development.

Talents are God’s resources deposited in man to solve life’s problems.

When your talent is capable of solving a problem and you make good use of it, you are on your way to becoming a successful entrepreneur.

• SKILLS

Skill is developed expertise or learned ability that enables one to perform a task or a job and solve life’s problems. Most skills are acquired through training outside the formal school system.

When you learn and develop a very good skill that you could make a great income from, then you are also on your way to becoming a great entrepreneur.

• CAPITAL

When you have the 3 above in place, the next thing you obviously need is capital to put things into action.

Many feel you must have a very big capital before you can become a successful entrepreneur but well that’s not true.

Sometimes you just need the bare minimum to get started. You must not have a whooping sum to start your business. It is okay to start small.

As a starter, you can raise business capital from Personal savings, earnings/gifts or grants, sell an ill item or personal property, soft loans etc.

• PATIENCE

One of the major virtues that set a successful business owner apart from the rest is patience. Like I said no one wake up as an entrepreneur.

After having all four above in place. All you need is patience. You can’t become an entrepreneur if you aren’t patient. By being patient, we can work progressively toward our goals.

People know and respect those who strive consistently to reach their goal, regardless if the goal requires a year or even decades to be accomplished.

CONCLUSION

Good Ideas, talents and skills coupled with capital and patience are powerful business seeds.

An illiterate with good ideas, talents or skills, with the knowledge to transform them to resourceful opportunities can become richer than a graduate that does not pay attention to ideas, talents and skills development.

If your certificate is taken from you today, what else can you do?

This is a very crucial question people fail to ask themselves. Relying on your certificate alone can be very dangerous and obviously not advisable, especially in this 21st century.

Your certificate is surely not enough. Always have a backup plan. In fact, your certificate could end up acting as that backup plan and not even your main plan oftentimes.

Entrepreneurship is not easy but you can do it provided you get the necessary knowledge and tools coupled with a good idea, skills or talents or better still all three.

Always remember, You can do anything you set your mind to do.

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