To become an entrepreneur is to take a step from being an employee to becoming a boss. An Entrepreneur has a talent for spotting opportunities and the ability to develop these opportunities into profit making business. For the Entrepreneur to achieve his goals he must be a calculated risk taker. He must be adventurous and passionate about his dream.
Becoming your own boss gives you a taste of financial freedom, and so you can build an empire or live on rent; it all depends on your level of effort and hard work. Meanwhile no matter the kind of business an entrepreneur does, here are six things that happen when you become an Entrepreneur:
An Entrepreneur is wholly responsible for all the finance of his lifestyle and that of his organization. He no longer receives salaries as an employee so he must apply aggressive business plans to be able to raise funds needed to run his business, meet revenue target, and pay employees. He bears all the risks of his business and enjoys the gains as well as suffers the losses of his organization.
Raising the capital for business can be very daunting and challenging. In other not to go bankrupt, the Entrepreneur may adopt a commission based business model where employees will be paid a percentage of the number of sales they make. In this way, income becomes a great motivator for employees. They will have to sell in other to get paid.
A commission based job also offers employees a sense of Entrepreneurship.
Becoming an Entrepreneur makes the world your office. You can virtually work from any location particularly with telephones and computers making your work very easy. You can also attend different functions at the same time. This is one of the basic advantages of being an Entrepreneur because it gives everyone an opportunity in the market. Mothers can work from their homes while taking care of their young children.
Entrepreneurs are risk takers. Sometimes you will have to use your personal capital to grow your business. Entrepreneurs are calculative risk takers. They enjoy the excitement of a challenge, but they don’t gamble. They avoid a low-risk situation because there is a lack of challenge and avoid the high-risk situation because they want to succeed. Entrepreneurs like feasible challenges; a risk situation involves potential success and potential loss. The greater the possible loss the greater the risk involved.
When you become an Entrepreneur, you become an innovator. Doing common things in an uncommon way is a basic entrepreneurial quality. To be Successful as an Entrepreneur, you must introduce new ways methods of production and distribution. There are myriads of entrepreneurs and the market is very competitive. Buyers are in search of unique products as human wants are insatiable.
Therefore the Entrepreneur must have to be creative to outsmart competitors and optimize his chances of growth.
5. Work without surveillance
When you become your own boss, you are completely at the liberty to operate as you wish. When you work as an employee in a firm, you have rules and regulations that explain the scope of your job; In fact, in most cases, you have laws like the Employees labor laws that protect employees from working overtime. But as an entrepreneur, you are not accountable to anybody but yourself.
You choose to work all night or sleep all night; you do not need to impress your boss (because you are your boss) but your customers. Although you stand to enjoy liberty as an Entrepreneur, you have to be disciplined in other to maintain ethics in your profession. Indiscipline can lead to loss of potential customers.
6. Business directorship
As the Entrepreneur grows his business, he expands and employs workers. Therefore, no matter the size of the enterprise, the entrepreneur must be able to organize the enterprise to maximize output. The director must show good leadership qualities if he wants to see his enterprise survive and grow. As a leader, the Entrepreneur should relate properly with his subordinates or employees by motivating them and giving them the required training for better performance.
Entrepreneurs can go into any kind of business of their choice except that they have to abide by the rules and regulations of the country as it affects business. So, decide whether you want to become your own boss or want to work for someone else. There is no downside in any option.
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