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The Basic Guide to Starting your Business Part 7

FORMS OF ENTREPRENEUR:

There are different forms of entrepreneurship, and they will be treated one after the other.

Sole proprietorship:

This is a situation whereby the function of an entrepreneur is performed by one person, who owns the business but has people who are led by him or her, working to achieve the desired success. It is important to note that running a business for the sake of just making profit for yourself is not entrepreneurship; you must be an employer of labour.

If you look around the country today, we have lots of entrepreneurs who fall under this category, e.g. Eleganza Group of Companies – dealers in household and kitchen appliances, Zenon Oil, House of Tara (a leading make-up brand in Nigeria), Dangote.

All these are examples of entrepreneurs that are sole proprietors but what distinguishes them from the ordinary businessman, are that they are employers of labour (they have employees working for them). They identified needs in the society and made an effort to fill them.

Partnership:

This is a situation in which the business is founded and run by more than one person, who are also employers of labour.

This type of entrepreneurship is found mostly in law firms, accounting firms, estate surveyors, but not limited to these practices e.g. we have DHL, May & Baker, Aluko & Oyebode, amongst others. Other types of entrepreneurship include private companies, public companies, limited liabilities, corporations or statutory corporations.

At this juncture, I would like to state that there is a marked difference between a businessman and an entrepreneur. While a businessman is one who is involved in business just to make profit for himself and meet his needs, an entrepreneur is one who is an employer of labour and a wealth creator, and is also involved in business.

Interestingly, the steps I will be treating in this book and everything I have said so far, applies to both the businessman and the entrepreneur, and that is because most times, some businesses evolve from just business to entrepreneurship.

CHARACTERISTICS OF AN ENTREPRENEUR

Successful entrepreneurs/businessmen all around the world possess certain characters, traits or qualities, which have become the yardstick or benchmark for measuring their success. If you want to thrive then you must acquire these traits.?

Do what you enjoy.

Personal satisfaction is a very important ingredient that contributes to the growth of your business. When you do what you enjoy doing, this will be reflected in the success of your business or subsequent lack of success. In fact, if you don’t enjoy what you are doing, chances are that you won’t succeed.

Have an eye for opportunity:

Many entrepreneurs are very quick to detect opportunities/needs and do not hesitate to key into such openings and satisfying them. They are very smart, sharp and witty, opportunities do not need to present themselves twice to the eagle-eyed entrepreneur, just once and they seize it, making the most of it.?

Right mental attitude:

Successful entrepreneurs have the right mental attitude and are warm, this endears him to many. They are very receptive and they nurture the relationships that are connected to their dreams. There’s an old saying that; “your attitude determines your altitude”.

 


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.