Entrepreneurship; a word derived from the French language ‘Entreprendre’, which means to begin something or undertake. In that capacity, we can all classify as entrepreneurs at a different scale and manner. This article aims to unravel the core concepts of entrepreneurship in reaching our goals.
Understanding Issues
First and foremost, entrepreneurship is the act of solving a problem. Therefore, identifying the issue in its holistic sense is crucial such as asking:
- How a problem negatively impacts an individual or community?
- What are the consequences of solving it?
Regarding problems from an emotional perspective is a total no-no. Emotions tend to sway judgement. But to solve something, shouldn’t there be certain feelings of attachment to it? Yes, we are supposed to be passionate about our endeavours. And passion is not to be mistaken with anxiety.
Be calm like the ocean’s surface, with energetic, optimistic currents on a deeper level.
Be passionate about the problem you’re trying to solve.
Solving It
Once you have found the problem, let’s take a look at… Wait! Before you dive deeper, are you truly sure that you can persevere through the Valley of Despair in this roller coaster ride?
If you are, then let’s move on to solving the problem by taking into account the following:
The problem is solved by others
Are you reinventing the wheel, but a better wheel? Sometimes entrepreneurs choose to enter an industry that has already many competitors. People tend to compare, especially at this age of connectivity, but if you’re confident with your offerings, move forward!
You are the only one offering it or among the pioneers
Introducing a fresh, new product into the market is a challenge. It may take an indefinite amount of time and resources to be accepted by the public. Take into account the available resources at your disposal and question how much are you willing to sacrifice.
Monetizing Solutions
The first two sections of this articles focus on the literature review or the researching part of the entrepreneurship journey. This section is when you start to employ your solutions by turning them into a business model. Therefore, an efficient delegation of resources is towards the following:
- product/service development
- trial costs
- design production flow
- payment gateway
- customer support
- future improvements
Identify Person or Entity of interests
Conducting business is a social endeavour. Even with the advancement of technology, the entity behind every action is human. An entrepreneur needs to recognize the vital interaction amongst the stakeholders:
Target market or clients
Market your product or services to those who have a higher tendency to make the purchase. For example, someone who sells children’s clothes should promote to parents rather than fresh graduates.
Suppliers or Resources
To maintain an optimum balance of supply and demand, an entrepreneur needs to identify reliable suppliers or resources used in production. These are entities that can affect the continuation of your products or services offerings.
Agents or Sales Channels
An entrepreneur may choose to employ agents or middle-man during sales. This group of people or agencies would sell your offerings while earning a certain income, such as commission or rental. This relationship requires proper channels of communication to ensure appropriate selling of your products or services. They are also responsible for conveying your brand, which is discussed further on the following topic.
Branding (value proposition)
At this stage, your products or services should be ready for production or already on the market. It is best to understand the concept of positioning to establish the value that you want to propose. Your brand and its offerings should correlate and form a subjective public opinion. Consequently, it will leave lasting impressions that clients perceive when consuming your offerings, either a good one or the opposite. For example, some notable web hosting companies are Hostinger or Blue Host. Observe how each company promotes value based on what they offer:
- Hostinger: Reliable web hosting at affordable prices.
- Bluehost: A great, overall web hosting experience.
The transition of early adopters to mainstream acceptance
When starting a business, typically, one starts from nothing at all. Start selling something to someone. Then repeat the process. Easier said than done, right? With more people failing than achieving success, entrepreneurship is an uphill journey. Struggle at first, but when you reach the top, it gives a certain sense of fulfilment. But in reaching the top, you have to be consistent in your pursuit of learning;
- how to improve your products/services,
- how to market it better
- how to motivate yourself to be consistent
You’d want to achieve the ultimate form of marketing; Word-Of-Mouth. When people are talking about your products (in a good way, of course), you’re on the right track.
Don’t stop, and keep going. Success is just around the corner.
Adaptability
Like life, things change. The way of conducting business now is different from how it was 20 years ago. So an entrepreneur needs to be dynamic and adapt to keep up with the trends and stay relevant. It seems like, these days, smartphones are slowly replacing the computer due to their increased functionality and mobility.
Other than the impending technological advancement, entrepreneurs need to react to unexpected shifts. The most recent example is the Covid-19 pandemic that forced people to stay apart and indoors. Physical shops had to close to operate online. Dine-ins turned to take-aways. Some businesses had to change their whole business model to survive.
Conclusion
To summarise, fundamental concepts that an entrepreneur should grasp are:
- Identifying Issues
- Solving it
- Monetizing solutions
- Identify Person/Entity of interests
- Branding (value proposition)
- The transition of early adopters to mainstream acceptance
- Time and the ever-changing landscape. adaptability
I hope that this article assists you in one way or another in reaching your entrepreneurship goals. Hustle on!