A person has several ways to earn a living. He can apply for a job in government or in the private sector; marry an established professional or one who is successful in business; excel in a specialized skill or organize an enterprise.
If you want to hit it big or be your own man, forget employment, start a business of your own. But of course, be prepared to learn martyrdom initially as a way of life.
Note that the most demanding, trying and arduous is to be an entrepreneur. He must have the capital, the audacity and a higher threshold when it comes to taking risks and assuming sacrifices. Basic on the requirements is the capacity to gamble.
Firstly, when a person has the capital, say P100k to operate an enterprise, it is as if he goes to the nearest store to change his bills into smaller denominations and coins. Once converted, the person throws above, skyward, the money then as it cascades down and scatters around the spot where it fell, the person begins to pick up the loose change one by one. That at a glance is what business is all about in this side of the planet. One must be that scrupulous to recover what has been exposed.
Note that capital includes not only the cost of debt but also the cost of equity. This simply means the money loaned and the available assets introduced into the activity.
Secondly, the activity, that which has been heavily invested on, must be relevant or something which is basically needed like food, clothing and something that sustain vanity. After all, vanity and tourism are the world’s highest grossing business enterprise. Factors like location, color, outlook, manpower must have to be reckoned too. Unless these overhead expenses are properly taken up and considered, the activity still belonged to the realm of concept.
Thirdly, and this is the most physically consuming. The ability to stay focused, attentive and vigilant in the pursuit of the activity. If the entrepreneur would merely look after the activity without the seriousness of a person guarding his fortune, then the activity would just fade away as a consequence of negligence.
Business is a lot simpler today than it was before. Although in the past, only the most exceptional, creative and skillful gets the prime recognition, nowadays there is the so called franchising which makes investors gambling on the possibility of winning no longer at the edge. But of course, single proprietorship is most preferred than partnership or corporate tasking and franchising. It is less complicated when it comes to reckoning the profit margin.
Wikipedia offers the following discussion on small business formation: “Entrepreneurship is the process of starting a business, typically a startup company, based around an innovative product, process or service. The term “entrepreneur” is often conflated with the term “small business.”
Accordingly, the entrepreneur will have to develop a business plan, acquires the human, financial and other required resources, and should be responsible for its success or failure.
In the 1990s, a minor entrepreneurial business started in a garage. In 2010s, it became a huge corporation known as Google, Inc.
In the late 1970s, a college dropout (Bill Gates) tinkered with computer programming also in their own garage and eventually in the late 1980s became the founder of the world’s largest software business, Microsoft and the richest man in the planet.
These successful entrepreneurs had what it takes.
Israel, before it became a world power, has been labeled a “Startup nation.” Among the community of flourishing nation, Israel was a mere entrepreneur. In a few years it became a super power. It has one quality though which no other nation could express and which propelled the nation further advancement and has even overtaken other developed nations. It has “chutzpah.” It is a Yiddish word derived from the Hebrew word “hutspa”, meaning insolence, cheek or audacity, for good or bad. Dictionary definition of the word means fearlessness, temerity, effrontery, gall and flagrant boldness.
For an entrepreneur to win and win it big, it pays to internalize what successful ventures have considered and which the Israelis had a term they constantly apply for in the course of its regular business.
He should have chutzpah.