Many businesses have gone through a lengthy road full of hurdles and potholes, hence they are closed today. Most business owners have missed the point of knowing why they ventured into those businesses and hence became too uncomfortable for them to sustain the down trend seasons.

Entrepreneurs have to distinguish themselves from just normal business owners and get to acknowledge the heat of the oven ahead of them. If one recalls well, entrepreneurship is the capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward. In economics, entrepreneurship is regarded as a factor of production together with land, labour, natural resources, and capital. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation’s ability to succeed in an ever changing and more competitive global marketplace. Hence, many business owners are not willing to take that risk not even to pin point a certain lack of skills and innovation. You can’t run a business if you are not innovative, it’s a fact.

In a normal world entrepreneurs will design a product or service that is a need in a market place and a business owner will follow on the footsteps of the innovator (entrepreneur). Entrepreneurs are trend setters and business people are followers-traders in a way. The difference will be that the innovation behind the product or service will be rightfully owned by the entrepreneur and he has full competitive advantage than those who follow the trend. This is where some businesses end up coming to their cul-de-sac because they never foresee it coming. Every product or service has a life cycle and somewhere down the line it will never sell like before and this is where entrepreneurs become innovative and thinking out of the box to establish their turn around strategy.

In a nutshell, entrepreneurship is often associated with uncertainty, particularly when it involves creating something new for which there is no existing market. Even if there is a market, it may not translate into a huge business opportunity for the entrepreneur. A major aspect in entrepreneurship is that entrepreneurs embrace opportunities irrespective of the resources they have access to. The risk associated with the venture should be outlined to overcome unforeseen circumstances that may end up closing the business. The risk, a probability or threat of a damage, injury, liability, loss, or other negative occurrence that is caused by external or internal vulnerabilities, and that may be neutralized through pre-emptive action and should have remedial tools or planning in place to guard against such occurrences. That is why in entrepreneurship we require a skill and technical capacity to manage the business to its optimum profits. Innovation plays a major role, like a soccer team with full competitive middle fielders than its opponents. In business, innovation often results from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of a company’s products. Entrepreneurs are a different set of people. They often see things that others fail to notice. They endeavour to bring about change and foster growth. They believe in themselves. Entrepreneurship propels them to strive and move forward, to get to where they want to be. So be ready for change if you call yourself an entrepreneur. Look out for some more insight into business in our next article.