Who is an Entrepreneur?

There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of filling a gap in simplifying the lives of people, with a view of making profits. it is the ability to grasp the opportunity beyond resources controlled. It can give you the freedom to make your own decisions at the same time you should be ready and accountable for failure in case things go sideways. An entrepreneur must be passionate and committed in converting the idea into a reality with the aim of making a profitable business. Many people have the desire to own their business, but without passion and commitment it cannot be achieved.

Creating a new business especially in our market can be very challenging considering not be able to easily get the resources needed to make a product or creating a small shop.

We are very limited here since not many factories exist in help you in many aspects, for example if your idea is making a product, you might face the challenge with packing, you will be forced to choose from several options and not more. I know many friends who simply gave up on their idea because of the limited availability of resources. When I founded Rishn which is a man grooming product company, I couldn’t get my hands of glass bottles, I either had to give up or import it outside with high cost which eventually increase the price per unit, and I had the risk of not finding potential customers who willing to buy it. These risks and challenges define the idea of entrepreneurship, and how you will be able to manage all that with less damage and at the same time there is no guarantee that the business will be profitable.

While managing all that you need to be very optimistic and stay positive especially at the early stage of creating your business. Businesses trying to survive the current economic crisis need to pursue competitive advantages and empower them. Competitive advantage results from matching core competencies to the opportunities. There are also questions that you need to ask yourself to determine if you are ready to take the next step. Are you able to think of new ideas? Can you imagine new ways of solving problems? Entrepreneurs should think creatively. If you have ideas learn how take advantage of new opportunities. Be your own boss also means that you are responsible for making difficult decisions.