Own your Business
By: David Isaac
Tags: Entrepreneurship, Business Startup, Entrepreneur, Business Strategy, Business

You might think it impossible to bring that dream of owning your business to life, but remember, great things always start with a thought.

You might think it impossible to bring that dream of owning your business to life, but remember, great things always start with a thought. Increased entrepreneurial opportunities were recorded in recent years for those looking to lead and succeed in their businesses. Most cooperate businesses were some individual’s dream. People like Richard and Maurice McDonald, Aliko Dangote, Jeff Bezos once had a dream like you. They kick-off with their business dream on a small scale as an entrepreneur, develop more strategies to expand their dream and become renowned individuals in the business sector.

Who is an Entrepreneur?

An entrepreneur is a person who starts a new business, then continues to be an active participant in the operation of that business. An entrepreneur is also known as an innovator, someone who is willing to work for himself. An entrepreneur is someone who launches and continues to run their own business.

Types of Entrepreneurship

Before you decide to start and run your business, you need to consider which entrepreneurial model suits your business idea. There are four significant entrepreneurial models;

1. Small Business

A small business could be any retail store, restaurant, company established by a founder, without growing the business into a chain, franchise, or corporation. Small business entrepreneurs work across a series of different fields and creative professionals. Many of them operate in the framework of “mom and pop” brick-and-mortar shops: hairdressers, bakers, copywriters, marketers, graphic designers, restaurateurs, and retail store owners. Although most small businesses are motivated by the entrepreneur’s desire, small business entrepreneurs’ initial goal is to profit. Most Small business entrepreneurs usually invest their own money to get their companies off the ground or funded through small business loans. They only make money if the business succeeds.

2. Scalable Startup

As small business entrepreneurs, scalable startup entrepreneurs run their business on an average scale. Most scalable startup entrepreneurs have a vision for growth from the outset, unlike small business entrepreneurs. Scalable startup entrepreneurs do not just look to make profits but also to generate revenues they can invest back into the business to make it grow. The primary way to fund a scalable startup is through the pursuit of venture capital.

3. Large Companies

Large company entrepreneurs solve the needs and opportunities of an existing business through innovation. They look to branch into new customer markets, broadening an established business that might include a new product line or division. Let say you work in a large auto manufacturing industry. With careful market research, you noticed the high-demand for motorcycles. Your company has numerous technologies and processes in place to start a motorcycle production. You meet your boss and request permission and funding to launch a brand-new motorcycle division and was approved by him. That is an example of a large company entrepreneurship model. Large company entrepreneurship may involve the acquisition of new companies and resources or investment into research and development.

4. Social Entrepreneurship

Social entrepreneurship is the final entrepreneurship model. A social entrepreneur establishes an organization that fundamentally enacts positive social change and not merely generates profits. According to Investopedia, social entrepreneurs “are willing to take on the risk and effort to create positive changes in society through their initiatives.” Social entrepreneurs’ mission distinguishes them from other types of entrepreneurs. These entrepreneurs mainly focus on solving a problem in their community or furthering some level of social change. Social entrepreneurship frequently involves alternative fundraising forms, including grants, sponsorships, or small-donor fundraising within the community.

Becoming an Entrepreneur

Even though there is no one “right” way to become an entrepreneur, these few steps will guide you to become a successful entrepreneur.

1. Know the Right Business to do: Entrepreneurship is a broad term, and you can become an entrepreneur in any field. Nevertheless, you will have to select a field to work in and what business you want to start. One needs to discover a business that will be successful, and this should be something you have a passion for. Because entrepreneurship is hard work, you will want to focus your attention on something you care about.

2. Your Business Plan: Before you begin your business, you need to have a business plan. A business plan states any objectives you have as well as your strategy for achieving those objectives. This plan is vital for getting investors on board and measuring how successful your business is.

3. Your Target Audience: Not every business meets everyone's demand. You need to consider the gender, age, race, income, and culture of any targeted group because it will play a significant role when deciding to start your business, which might require you to have a physical location. Understand which group suits your business model best and consider all factors that will attract that demographic.

4. Network: Networking is essential in all fields; it also most important for all entrepreneurs. Networking refers to how you meet other people that have skills you can need to run your business. With networking, you can find potential investors who will help you start your business model from the ground. A good network would also support your business once you start and help send new customers to your business.

5. Sell Your Idea: Very consumers need a product, but they don’t know which product to get. As an entrepreneur, you are to convince people to buy whatever you’re selling and make it available to them as the best option to go for. You’ll need to understand what makes your product unique and then sell it based on the value it adds.

6. Marketing: You need to understand marketing tools because you need marketing when starting the business while running the business and starting the business. One may have the best restaurant in the town, yet nobody will visit the restaurant if they don’t know its existence. Marketing is quite tricky, but if you need to focus your marketing efforts on your target audience or group, promote your business and stand out among other competitors.