As exciting and demanding as caring for an infant is, so is venturing into a business. You read several books, attend lectures and seminars on entrepreneurship, but nothing really prepares you for the real task. You’d make several mistakes, use several experiences as templates, and be on the verge of giving up several times as well.
Entrepreneurship is an extreme sport that requires full hands on deck. While you need experience to pull through, you’d also require expertise and skills to not give up. Beyond that also, there are some other things to consider.
Consider these three things before you venture into entrepreneurship
Many businesses are bootstrapped. What this means is that entrepreneurs use their own funds to start and this is quite rampant among Nigerian entrepreneurs. Most especially entrepreneurs who do it for survival. Often, quick-solution entrepreneurs venture into businesses with little amounts of money, with the hopes of cashing out fast. However, such isn’t always the case.
Every business requires funding before and during its operations. Money is what sustains a business, and getting a business funded can be quite tasking and challenging. Other ways to be funded besides bootstrapping are grants, business loans and crowdfunding.
‘’An entrepreneur without money is like a musician without instrument.’’-Robert A.Rice Jr.
Grants are funds given with no return on investment intended; they are mostly won through competitions.
- Business loans
Business loans on the other hand, are lent to entrepreneurs with the intention of receiving interest. These type of loans are given at banks and financial institutions.
- Crowd funding
Crowd funding is a pooling of funds from several sources with a promise of a return-on-investment.
Hiring people can be quite tasking as well. Moreso, getting people who believe in the vision of a business can prove quite difficult. However, a great team scales a business faster and better. Therefore, hiring is an essential part of entrepreneurship, that if overlooked, can render a business useless.
‘’Don’t hire someone you wouldn’t work for yourself’’Mark Zuckerberg
Nowadays, there are several ways to hire good talent. While some entrepreneurs prefer hiring through people they already trust, others simply tweet a vacancy and fill it up with a random qualified person on the internet. Whichever works best for you, stick with it.
Entrepreneurship requires interest. Passionate interest. An entrepreneur who runs a business merely for money may not succeed at it, as there are several risks to take and several hurdles to cross. Ugo Nwokoro, co-founder, Swift Medis Park says, ‘’It’s better to do what you love, or you’ll eventually get bored of what pays the bills. Although getting bills paid eliminates boredom sometimes, I won’t advice it for long term.’’
In conclusion, entrepreneurship is not a walk in the park. It requires interest, commitment, and funding. Most importantly, entrepreneurship is useless without intricate planning and proper execution.
About the writer
Oluwanisola Eludoyin is a content writer and a storyteller. When she’s not writing, she’s either reading or watching a movie. See some of her other articles here.