What is entrepreneurship?
Thinking about what entrepreneurship is all about and what it demands of you? Interested in starting your own business? Do you have a business idea you’re dying to try out? Do you have a product or service you want to sell to others? Are you tempted by entrepreneurship and the freedom of working for yourself?
If you answered yes, you’ve already taken a big step on the path to starting your own business. As a business owner, you can bring your own vision to life as you work for yourself. You can decide on what you do and the size and direction of your whole business.
Entrepreneurship is a way to work and earn a living. With a company of your own, you can employ yourself and possibly others too.
As a business owner, you have both more responsibility and more freedom than when working for someone else. Your social security is arranged differently to an employee’s, and you are personally responsible for things like entrepreneur pension contributions.
Many people reply to the question of what entrepreneurship is by saying it is a way of life. At the very least, it is a unique way of working and implementing your ideas — of holding the reins of your life in your hands.
What does entrepreneurship demand?
An entrepreneur has to have a feasible business idea. To succeed as an entrepreneur, you have to produce something that other people want and need: a product or service.
There is a short and concise answer to the question of what entrepreneurship demands: commitment. It is an all-encompassing way of earning a living. You may not be able to step back from your work as easily as an employee can. You are always the owner of your business, both on and off the clock.
You also need courage and grit. Success rarely comes easily: there is no point in expecting quick gains. To start your own business, you need to be resilient. You have to be able to withstand pressure and tolerate uncertainty, as your business is sure to see both easier and harder times.
You are your business’s most important capital: its operations depend on your business idea. When you start operating, you will have to test your idea out many times. Is it sustainable? Is there demand for your product or service? Can you live with occasional uncertainty and stress about how your company is doing?
You are also your own employer: you pay yourself a salary and are generally responsible for your company’s finances. There’s no longer a regular salary being paid into your bank account; you produce all the financial success your business can achieve.
If you employ people, you are also responsible for their jobs. You all work together for a common goal.
Entrepreneurship requires passion and enthusiasm, but it also gives you unique experiences of success when your business idea takes off and grows. Take the plunge!