In This Article, we would be Taking you through the Introduction to Entrepreneurship, and also some Entrepreneurship opportunities for Nigerians at Ventacademy.
Introduction to Entrepreneurship
There is actually no universally accepted definition of entrepreneurship but I would try as much as possible to break down this for you.
An entrepreneur is someone that identifies a business associated problem and on seeing it as an opportunity,creates a possible solution and adopts the necessary financial risks to solve the problem and possibly generate income.
let’s point out some key words from this diagram!!
Firstis the problem, for every business to thrive there has to be problem
problem creates a need and need gives room for high demand when there is a solution.
most businesses in Africa didn’t start their businesses from this “problem” perspective, that is why their businesses are very unstable with low demand.
If you own a business and you are going through this article, here are some hacks to boost your business.
The 3 P’s
The three p’s was something I came up with when I was analyzing many businesses at vertex services, statistically 75% of businesses in Africa fail in one of these p’s and here they are
1) Product price
There are so many reasons your business could fail due to pricing, your pricing could be unstable, or it could be too high possibly because the product has a very high quality, which is good, but as you know the kind environment we exist in promotes cheaper products with low quality, here is a good solution reduce the price of your product and increase very gradually.
statistics shows that price reduction by even #1 from the normal price could raise your sales by 50%, now you see why spar sells products at 299, 399, 499? secondly if the price has a good quality, then brand the product properly!!
2) Product quality
This is also important, as bad quality kills customers trust on your product
3) Product availability
How easily can your customers get your product? do they have to walk 1000 miles to buy your product or simply get it at their door steps from few clicks on their phones. post a comment about this in our comment section.
The solution yes, a great idea!! coupled with a good business plan might just grant you millions of dollars, yes just that. Facebook, Amazon, McDonalds, Jumia all have this in common.
Is the financial risk, you need to choose a career that you can start up financially, if you do not have the required financial background you can look to seek a loan, find investors or get a job!!!, for the courses we are teaching here, requires more time and less cash so do not be scared if you don’t have a hundred thousand in your account.
History of Entrepreneurship
Throughout the history of civilization there has always been entrepreneurs, business owners and overall, self-employed individuals.
This people made the best out of every situation and also brought growth and development to their communities.
As most of us already know, back then, entrepreneurship was very hard, and it still now, especially when dealing with opportunities that comes with a lot of risks. When Jeff Bezos started amazon his parents reluctantly donated $100,000 to is company early in 1995, there was a high probability that the company would fail, but thanks to the internet.
If there is anything that has drastically Evolved with the advent of the internet which could ease the marketing, advertising, distribution and communication processes, and has automated almost everything. Including customer relationship management, it is definitely entrepreneurship.
The internet has automated almost everything you run offline on a business which are probably tiresome and expensive.
For example, if you wanted to start up a business you would build new locations, have employees full-time which is very expensive and scary especially when the business opportunity is risky. The internet has automated payment processing, ecommerce, purchase and shipping, email auto responders and many more, which has made entrepreneurship easier and better, making many fields easy to venture into. This has made entrepreneurs thrive and drastically increase.
Secret steps to avoid failures in businesses
- Take a business plan
- Secure appropriate funding
- Meet the right people and also find the right busines mentor
- Build your online awareness
- And most importantly build a customer base
I know several businesses that have failed because they didn’t take customers review seriously and lastly you need to know why your in business in the first place.
Why do people become entrepreneurs?
Lets review this story from “ rich dad poor dad”
In 1974, Ray Kroc, the founder of McDonald’s, was asked to speak to the MBA class at the University of Texas at Austin. A dear friend of mine, Keith Cunningham, was a student in that MBA class.
After a powerful and inspiring talk, the class adjourned and the students asked Ray if he would join them at their favorite hangout to have a few beers. Ray graciously accepted. “What business am I in?”
Ray asked, once the group had all their beers in hand. “Everyone laughed,” said Keith. “Most of the MBA students thought Ray was just fooling around.” No one answered, so Ray asked the question again. “What business do you think I’m in?” The students laughed again, and finally one brave soul yelled out, “Ray, who in the world does not know that you’re in the hamburger business.” Ray chuckled. “That is what I thought you would say.”
He paused and then quickly said, ‘ladies and gentlemen, I’m not in the hamburger business. My business is real estate.” Keith said that Ray spent a good amount of time explaining his viewpoint. In their business plan,
Ray knew that the primary business focus was to sell hamburger franchises, but what he never lost sight of was the location of each franchise. He knew that the real estate and its location was the most significant factor in the success of each franchise.
Basically, the person that bought the franchise was also paying for, buying, the land under the franchise for Ray Kroc’s organization. McDonald’s today is the largest single owner of real estate in the world, owning even more than the Catholic Church. Today, McDonald’s owns some of the most valuable intersections and street corners in America, as well as in other parts of the world. Keith said it was one of the most important lessons in his life. Today, Keith owns car washes, but his business is the real estate under those car washes.
The secret of this story is the same thing that applies in the mindset of many entrepreneurs today which is simply “mind your business” Our current educational system focuses on preparing today’s youth to get good jobs by developing scholastic skills.
Their lives will revolve around their wages, or as described earlier, their income column. And after developing scholastic skills, they go on to higher levels of schooling to enhance their professional abilities.
They study to become engineers, scientists, cooks, police officers, artists, writers and so on. These professional skills allow them to enter the workforce and work for money. To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, as opposed to your income column.
The No. 1 rule is to know the difference between an asset and a liability, and to buy assets. The rich focus on their asset columns while everyone else focuses on their income statements.
What does Ventacademy Offer?
Ventacademy is the first step to your professional entrepreneurship career, our courses are specially designed for beginners. with a support group perfectly designed to answer all the questions you need to ask.
If you are looking to learn a skill ventacademy is the place, you don’t need to have millions in order to start up an entrepreneurship career, if you are young, get a skill!!, work hard and you just might be a future millionaire.
Some Top Online Entrepreneurship Opportunities at Ventacademy
Social media management
If you are a social media guru, well you can pitch yourself to brands that needs proper management of their social media accounts. You can also make money from advertising different brands on your timeline.
E-book writing, Content writing, Copywriting, and other forms of writing are amazing skills that you can use to earn up to millions of dollars.
Other courses available are, affiliate marketing, blogging, Website design, advertisement, app developer, domain reseller, graphic designer, SEO consultancy, etc.
I believe now you have gotten an insight about what entrepreneurship is and you are motivated to start up an amazing career. You are not alone, we are here to support you all the way, Thank you for reading this article and please leave a good review below, comment and share so others can read this article too.