Business Entrepreneurshipby Douglas Berger Douglas Berger Psychiatrist Tokyo, M.D., Ph.D., is
There are many arguments as to what paradigm best describes an entrepreneur; from the Farmer in charge of his plantation, to the School owner, or the store owner, and Bill Gates, owner of Microsoft is an entrepreneur in their own respects.
Entrepreneurs are not only business owners, but people who commercialize the solution to a problem. Therefore, it is safer to say that Entrepreneurs run the world.
Entrepreneurship itself is almost as old as man and evolved from being a simple one ‘skilled’ man running a business, to stakeholders/partners owning multiple giant corporations and industries. The many forms of entrepreneurship that exists are;
· Sole entrepreneurship
· Private business
· Public owned corporations
· Limited liability companies
The Advantages of being an Entrepreneur
Most times, an entrepreneur will work more hours in his business than the regular “9-5” workers. As Elaine Baxter from Little Rock quips Pure passion fuels the drive and in most entrepreneurs. But asides from this, there are many upsides to being an entrepreneur either small or large scale.
ü You are the master of your own life
Many people continue to begrudge
the ‘unholy’ union of the “9-
ü The Joy of Autonomy
Every human craves having a free-hand in whatever he/she does, both in the place of work and in their personal lives. The autonomy that entrepreneurs enjoy is the biggest reason that fuels their passion and drive to always do more and put all in their business.
ü The ability to choose partners
Entrepreneurs can choose whomever they want to work with; aside from hiring employees, they can also choose their business partners and clients. Paid workers and laborers on the other hand do not have the luxuries of this choice.
ü You get a career that matches your passion
Entrepreneurs engage in a business that they are most passionate about, and this is a big factor that fuels motivation and productivity in business. Paid workers on the other hand simply drift into a business that offers them the best financial incentives, and most become indifferent about the job they do.
ü Enjoying the Leadership experience and the ‘Ride’
Entrepreneurship comes with the difficult tasks of managing resources, personnel, and decisions that affect your business. All these bring interesting experiences in their own way for the entrepreneurs and form part of the ‘Ride’. Most people agree that the ‘journey/Ride’ is more important than the destination.
The downside in Business Entrepreneurship
Just like almost everything in business, there are downsides to business entrepreneurship, but many of them can be easily overcome by strong business strategies.
ü Cash flow management
As a business entrepreneur, you can easily control the resource within your enterprise, but you can’t control external circumstances like; determining when a customer pays, when resources are delivered or how often you get clients/contracts.
All these, together with the fact that you have to pay your employees (cash/or no cash) can make the job a little frustrating.
ü How to effectively order your time
Most entrepreneurs usually have little time for anything else asides their business, this can prove very counter-productive. Elaine Baxter from Little Rock believes the more you put into a particular task, the lesser the marginal improvement you obtain from the task. This can also affect other aspects of entrepreneurs’ life.
ü The best marketing strategy to employ
Finding the best marketing strategy can be very tasking, especially in the explosive and ambiguous nature of today’s market. Advertisement, Products Distribution, and Marketing are areas of your business that needs good and strategic planning.
Why the world needs Entrepreneurs and the Future of Entrepreneurship
All over the world, Entrepreneurs are trailblazers who do a good job of driving the world economies. From selling small commodities, to financing researches and studies on human, wants, and satisfying such diverse and ambiguous needs, entrepreneurs are the fulcrum of the world.
· Ensuring the Sustenance of humans
Even students of business like Elaine Baxter reckons that human wants and needs will forever be increasing. The continuous sustenance of life in this planet hinges on the ingenuity of entrepreneurs in managing and making good use of available resources.
· Supporting innovations and research for human development
The world needs people who will study and embrace innovations for the development of humans. Innovations are what aid development and human capacities, and entrepreneurs are the biggest supporters of technology and inventions after the government.
An example is a burgeoning use of A.I; this research owes its growing support and improvement to the works of non-government institutions like Google, Amazon, Microsoft, Toyota, etc.
· Future planning and advancement of humans
Entrepreneurs go crazy with finding unresolved needs and wants of the society (which is a good thing); this is why most of the biggest inventions of our time is as a result of the ‘crazy’ nature of entrepreneurs. Good examples are groundbreaking innovations in the information and technology sector like the growth of the Social Media (Facebook, Email, and YouTube)
Entrepreneurship in the future
ü Bigger and expansive scopes
Elaine Baxter believes that the scope of entrepreneurship will continue to increase with continuous growth in science and technology. Also, business concepts like freelancing and outsourcing continues to expand the scope and participation of entrepreneurs.
ü More Location independent businesses
In the future, geography will have little to no influence in business models, owing to growing improvements in digital innovations that aim to bring the world together like digital currencies, augmented reality, Virtual presence communications, and others.
Business models like Dropshipping, Affiliate marketing and online shopping is already leading in these aspects, and they create bigger avenues for improvement.
Many business analysts like Elaine Baxter from Little Rock believes that the relationship between Technology and Entrepreneurship is growing and becoming more inseparable than ever. From earlier times, advancement in one has always driven the growth of the other and that will hardly change in the future. As the world looks forward to a great future of “near-impossible” discoveries, the future of entrepreneurship looks very bright. In the future, it is not impossible that nearly everyone will become entrepreneurs.
Elaine Baxter from Little Rock received her Bachelor of Science in Business Administration from Southern Illinois University. Elaine has spent many years in the healthcare field. Elaine Baxter has a photo gallery featuring photos from her life and her adventures.
Please visit the websites and blogs of Elaine Baxter from Little Rock;
Created on Sep 28th 2020 22:21. Viewed 204 times.