by Tebello Hlalele

“Challenges of Entrepreneurship”

There are many people in the world who have achieved their dream of starting their own business. For these people, this experience is one of the most exciting and frightening times of their lives.

Starting your own business is never easy, but it is very rewarding financially and emotionally so. With hard work, experience and knowledge your business can provide you with limitless wealth.

But only certain types of people can become successful entrepreneurs. Who are these people? Why are they willing to work hard with no guarantee success?

The Entrepreneur

An entrepreneur is a person who creates a business in the face of risk and uncertainty for achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on those opportunities.

Starting and running a business requires management and entrepreneur skills. A person is acting as an entrepreneur when they develop a product. However, you become more managerial once the business is in operation.

The intrapreneur

An intrapreneur is an entrepreneur who finds business opportunities for someone else. An intrapreneur works for a boss and does not own the business. Intrapreneurship involves finding an opportunity within a business and making profit. The security of having a salary is what differentiates an intrapreneur from an entrepreneur.

Personal qualities of an entrepreneur

Confidence

Entrepreneurs are likely to be optimistic people. They look at life with a positive attitude, and when they have problems or failures, they do not blame others, but analyze the situation to find the cause of the problem or failure. Instead of blaming themselves, they rectify what went wrong for the survival and growth of the business.

Moderate risk

Entrepreneurs do not take foolish risks. They examine a business opportunity intelligently and weigh up the risks involved before making a decision. If after thinking through a situation, they believe the opportunity is reasonable and can be achieved, they do a market research and plan towards a business goal.

Responsible

Entrepreneurs prefer to be in control of their own resources and use them to achieve their business objectives that they decide on. They get job satisfaction by using these resources to assist in achieving business plans.

Energy

Entrepreneurs have more energy than everybody. As long hours and hard work are usually needed when starting a business, having lots of energy is important to achieving business goals.

Identifying opportunities

Entrepreneurs are good at finding opportunities. They are not so concerned about what was done the previous day but concentrate more on what can be done tomorrow.

Organizing

Entrepreneurs know how to put the right people together to do a task. Effectively combining people and jobs allows them to achieve their business ideas and objectives.
Achievement

As much as financial freedom or wealth is the goal for any entrepreneur, developing a feeling of achievement brings ultimate joy and motivation to an entrepreneur. No matter the value of the achievement, give yourself a pat on the back.
Immediate feedback

“Let me know how I am doing” should be a norm to an entrepreneur, to weigh the pace at which they are moving at. Keeping in mind OWN RACE. OWN LANE. OWN PACE

Personal resources of successful entrepreneurs

Knowledge and skills

Once you obtain the necessary technical skills, you need to develop managerial skills to become a successful entrepreneur. Financial, marketing, personnel and general management knowledge is important to have. If you want to become an entrepreneur, make a list of your good and weak points. This will expose you to the knowledge and skills you need to start a business.

Contacts bring contracts

Successful entrepreneurs make it a point to meet people who can make their business grow. These people themselves are either good business contacts or can introduce you to other people who are valuable business contacts.

For social media platforms, people can follow me on twitter @Panda_Hlalele and Tebello PandaPrenuer Hlalele on Facebook.

Until next week, bye-bye for now.

Yours Truly
Tebello “PandaPreneur” Hlalele
Business Collumnist: FS News Online

Tebello is writing featured articles for FS News Online, weekly. He covers various Business related topics and answer relevant questions.

About the Author: Tebello Hlalele, a 22 year old entrepreneur, student and future leader from Meloding Virginia, currently residing in Bloemfontein. He is currently leading a programme called “Hustle on the move”. He aim is to get entrepreneurs in the Free State to reach their desired destinies. He also has a 30 minutes slot with Ace Moloi on Kovsie FM every Friday that interacts with entrepreneurs regarding their challenges.