BEING AN ENTREPRENEUR

An entrepreneur is a person who combines all the factors of production with a view to earn profit. Other than combining factors of production, there are necessary skills that guarantees one`s success in the entrepreneurship journey. The key necessary skills of factors are:

 

1. INTERGRITY AND RESPONSIBILITY

 

Integrity means being straightforward while responsibility entails that one has to own up for their actions and conduct work as prescribed. A person wishing to be entrepreneur should possess these key attributes. Integrity is a standard requirement that can lure customers to the business. Potential customers are willing to conduct business with individuals whom are straightforward in their dealings. For example, customers want to place their money on an organisation in which they can get value for money product or service. An individual who`s straightforward in his/her dealings will also ensure that they conduct business on which they can fulfil the stated obligations. This also indicates how responsible one can be.

 

2. INNOVATORS

Business of today has become dynamic in that continuous improvement is a necessary tool that guarantees business survival. Entrepreneurs should capitalise on providing new business ideas and introducing new products. Good entrepreneurs lacking an innovative mind-set should opt to employ innovators in their organisation. Failure to do so will leave the organisation operating solely in their own backward strategies while competitors adapt new and current changes. A notable innovator is Elon Musk who founded SpaceX, an aerospace manufacturer and space transport services company in 2002. Elon Musk joined Tesla Motors an electric vehicle manufacturer, founded OpenAl in 2015, a non-profit research company and in 2016 he co-founded Neuralink, a neurotechnology company focused on developing brain-computer interfaces. Other than this, he founded X.com, an online bank that later merged with Confirnity in 2002 which had launched PayPal.

 

3. IDENTIFY A NICHE

A niche is a business gap existing in an industry. Good entrepreneurs should identify a niche existing in an industry and capitalise on it. This has been the reason why organisations continue to diversify into different industries. For example, Econet Wireless led by Strive Masiwa (Zimbabwean born entrepreneur) venturing into insurance, life assurance, banks. Another notable example relates to Tinashe Mutarisi (owner and Managing Director of Nash Paints) who currently has an online television channel supporting aspiring musicians locally. The television channel has gained momentum because artist performing on that stage have lived up to their billing. Innovation allows the firm to widen its revenue sources and improve its profits.

 

4. COMMITMENT & DETERMINATION

Most entrepreneurs live to the testimony that starting a business is easier said than done. Although most people tend to understate problems and overstate their achievements, the journey to be a successful entrepreneur requires commitment and determination. Entrepreneurs are not quitters or they do not give up despite facing challenges in this journey. Entrepreneurship requires willingness to stay focused on the desired goal regardless of the difficulties faced on the way.

 

5. LEADERSHIP

Leadership refers to the ability to govern and lead people to the desired vision. Entrepreneurs are self-starters but being the owner of the idea doesn`t really translate that they are able to carry the organisation to that goal. Good entrepreneurs hire competent individuals who are trained academically to pursue such goals. A business owner should be a leader, providing guidance and keeping people in line with the intended goal. No one can be omnificent and team-work is a necessary requirement that guarantees continuous business survival.

Some say entrepreneurs are self-taught. The reason behind this sentiment lies in the above key factors that one has to possess in order to be a successful entrepreneur.