5 Basic things every entrepreneur should know

Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Permit me to say it is the capacity and willingness to change, and someone who makes that change is an entrepreneur. An entrepreneur needs to understand five basic yet important things; “myself, time, plan, capital and network”.

  • Myself

Questions like; “what is my passion?”, “can i be committed and dedicated to this?”, am I rigid or flexible?”, “can I take up a challenge?”, “what does the future holds?”. If you can’t answer these questions correctly and satisfactorily, don’t venture into this line of work just go into another.

  • Plan

Change requires lot of planning. Like the saying, “failure to plan is planning to fail”. So you want a successful business?, plan, plan, plan, and plan. It’s important you learn to plan your time and money.

  • Time

Now that you are sure you have the qualities of an entrepreneur, do you have the time?. The time to wait patiently for; acquiring your capital, product development,getting customers, making profits and any other thing. Trust me this can be frustrating, but patience will let you sit back and wait, you will end up learning from it and be sure to manage others so your project stays on track. Think of your time as your commodity and your actions as investments.

  • Capital

Being an entrepreneur requires loads and loads of capital, usually 10-20% beyond one’s estimates, because you use money to get money in business.

  • Network

Getting to know the right people through networking. In the meantime, you’ll build a network of relationships to support you in future endeavors, especially when times are lean. Nothing great was ever built alone. And remember, you can’t know everybody. So, the little you can, build a relationship with for that rainy day.

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