Due to the raising problem on unemployment the world over, a lot of people are now seeking for self employment. As many firms lay off their employees in order to increase profitability, many productive people are now finding themselves without a job. The labor market is suddenly overcrowded owing to the increased number of skilled labor being retrenched.
A huge number of qualified workers will find their way into entrepreneurship. Therefore, I find it prudent to provide sound advice to this group of people. An entrepreneur who will seek to fulfill a need in society will have to make use of the available and ideal resources. The first thing would be to identify a gap in the market, and then determine whether it’s worth the investment and establish if it will bring reasonable profits. From there he can decide to take up the project depending on its prospective productivity.
The one thing an entrepreneur must be ready to face, is taking a risk. An entrepreneur should be ready to risk his time, energy and money in order to propel his business towards productivity. A bold risk taker, while facing failure of his business plan will come up with ways of turning the situation into a business opportunity.
The major challenge being faced by people seeking to venture into self employment is mainly lack of a business idea. Having a business idea is what distinguishes between an entrepreneur and a small business owner. An entrepreneur uses his imaginative creativity to conjure a new business idea while the small business owner will prefer tried and tested methods of making money. Thus the latter will always remain small because of joining an already saturated market.
A typical entrepreneur turns challenges into opportunities in order to make money, as opposed to a small business owner. Finally, research more on ways of becoming a successful business person.