ALL ABOUT ENTREPRENEURSHIP

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Out of all business systems in the world, I think the “entrepreneurship” system is the best of all. Entrepreneurship is just the process of making money by starting or running business especially when this involves taking financial risks.

Entrepreneurship is the best system of business.

Entrepreneurship is simply the process of identifying and

Starting a business venture; sourcing and organizing the

Required resources and taking both the risks rewards

Association with the venture.

Entrepreneurship may result in new organizations or revitalize mature organization in response to a perceived business opportunity. A new business started by an entrepreneur is referred to as a start up company. Entrepreneurship within a large organization is called Intra-preneurship.

Entrepreneurship is a one-person business whereby a person is in charge of his business alone and all the risks associated with the business. Also, an entrepreneur combines all other factors of production; (labour, land and capital). Entrepreneurship does not involve the payment of salary instead you work and have your own pay yourself.

A good entrepreneur must make enquiry before an Entrepreneurship business is a started the entrepreneur has to first identify the type of business he is working on and be focused on that particular business.

Secondly, he must be able to investigate here by making researches on the business he wish to start and you can also go to someone who knows about the business to give you a piece of advice about it.

Thirdly, you must know the location and all about the raw materials you need for the business for example, if you need gold you can go to Osun State where you will find it in large quantities.

Lastly, after establishing your business you must advertise it in all means either by newspapers, magazines, audio (in form of radio), audio visual (in form of television) etc.

An entrepreneur decides on what to produce, how to produce and for whom to produce. He also bears the financial risks. Entrepreneur may be the manager or owner of the business. The functions of an entrepreneur in large organizations are performed by the paid manager. Also, the reward is profit.

A good entrepreneur must be ready to compete with other entrepreneurs in any means. Entrepreneurs have some specific function which needs to be observed which are: An entrepreneur must decide on what to produce, how to produce and for whom to produce. An entrepreneur decides on the available quality and quantity.

An entrepreneur is also responsible for taking the risks of the business. An entrepreneur does his business alone and has his own profit alone. An entrepreneur can decide any day he wish and time to work.

Entrepreneurs also have features like being having the responsibility of bearing the financial risks. Also an entrepreneur spends the profit for himself or with his family because he doesn’t have any worker that is working for him.

There are some factors affecting the Entrepreneurship business system, which are: Distance from the source of raw materials; the distance of the raw material to your industry matters a lot because if the source of a particular raw material is far from the industry, it will be very difficult for you to transport it for the cycling.

Secondly, the power supply; if the power supply is not stable, there are some machines that does not allow interrupted power; they technically switched off themselves hereby causing unfinished or uncompleted production. If there is stability of power, the production will be maximum because there is efficient power supply which makes him manufacture finished products.

Thirdly, the Economical growth; if there is economical growth development; people will demand for more goods, there will be great income for the entrepreneur.

Fourthly, a suitable environment; if there is a suitable environment for the entrepreneurs that deals with agriculture and have a very poor soil nutrients piece of land, there will be low and sometimes bad production.

Fifthly, Good road Transportation system; if there is good transportation system, goods will be transported easily from one place to another, but if there is bad road transportation system, it causes so many disasters like accident, in terms of accident, bad road transportation system or unfinished poor road transportation and the vehicle enters into a pot hole there can be a very serious accident hereby causing loss of lives.

It also causes waste of time because if a buyer need goods in hurry and there are lots of pot holes which causes disarray of that particular lane of the road hereby causing hold up and if there is hold up, goods are slowed down and the buyer feels disappointed and cease buying from the particular company and to that company it is a loss.

Climatic factors: If it is during the rainy season some roads become bad and slippery hereby causing slow down and also if is a windy season, the wind carries the dust into their and push it into the entrepreneurs eyes herby obstructing his view and making him drive anyhow which leads to accident. The best weather of that type of business system is the sunny season.

Lastly, The buyer’s comment; some entrepreneurs don’t consider the buyers comments. They try to do their own way which can lead to massive loss of that particular company for example if the buyer complains about the inflation in price or reduction of the product and the entrepreneur insisted on manufacturing it like that thinking having greater profit instead he has lesser profit.

The factors of production are also useful in the entrepreneur’s business system. They are; Land which reward is rent, labor which reward is Wages and Capital which reward is Interest are very useful in the work of an entrepreneur.

In conclusion, entrepreneurship in my own opinion is still the best business system of all. If these points are regarded or observed and used, the entrepreneur will have a very massive profit.

 

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One Comment

  1. Anyone interested in entrepreneurship should get my book: Personal Brand Planning for life, available on Amazon to determine their unique skill set and persona so that they can market their entrepreneurial idea(s) more effectively.

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