A-Z of Entrepreneurship summarised

Entrepreneurship is the only panacea to socio-economic emancipation and as such the subject need to be taken seriously and drawn closer home in simple terms for greater assimilation by the majority. In trying to demystify entrepreneurship and its core tenets, I came up with the A-Z of Entrepreneurship which I have been sharing for a number of weeks now in this paper.

Presented in this article is a summary of the A-Z of entrepreneurship.

Action Oriented

Practical entrepreneurship is not a domain for theorists. It’s a practical area that ushers practical and relevant solutions to humanity. Entrepreneurs goes beyond pen and paper (planning) into actioning and actualising their ideas and plans. You don’t become an entrepreneur by giving out a brilliant idea in your Master of Philosophy or Doctor of Philosophy thesis, even by writing articles on entrepreneurship. Entrepreneurs are made in the field. They are known for their conversion efficiency. Converting ideas into products and services for the market.

Business Mindset

Entrepreneurship is all about business. The success of which is hinged upon the mental capacities of its lieutenants. In order to successfully master the entrepreneurship trajectory, one needs to have a business mindset.

Entrepreneurship entails risking resources in the form of a unique investment in a business venture or endeavour in anticipation of profit. It follows therefore that entrepreneurship is a form of some higher order business and as such one needs a business mindset in order to fully execute your duties as an entrepreneur.

Champion

In business and entrepreneurship, a champion is a person who is responsible for creating, developing and supporting a brand, product, project or service inside and outside the business.

Champions in entrepreneurship are those who take risks to exploit opportunities even when everyone else is back sliding. They are driven by well-orchestrated plans, vision and desire to contribute uniquely to humanity. These are a kind that dominate spaces. Others will follow as they lead.

Design

Entrepreneurship is a process that finds its place out of great and deeper thinking about value addition and uniqueness. These thoughts are given life through planning and designing. Today I want to focus on the D of the A-Z of entrepreneurship which is DESIGN.

Alina Wheeler, a renowned author once wrote “Design is intelligence made visible.”

Alina brings out an important issue of intelligence to the fore. To be able to come up with a design, one needs to have some form of intelligence. It is evident in the statement that entrepreneurship entails some higher order thinking and disposition for it to manifest.

Execution

Entrepreneurship is a continuous thread of productive EXECUTION of unique business ideas, concepts and plans. Execution is the conversion of plans, ideas and concepts into products or services for the benefit of societies. Without execution, there is no entrepreneurship to talk about.

I have been coaching entrepreneurship and business for some time now and I am happy with the feedback I am getting from my coaches. Most of them have or are implementing the concepts and ideas. Converting them into formidable businesses.

Flexibility

Since entrepreneurship means the willingness to risk resources by starting a new business in anticipation of a profit. It automatically follows that the newness of the business needs to be maintained for the business to remain relevant. I say relevant because any lasting business is a call to solving socio economic challenges which ordinarily changes all the time. Having said that FLEXIBILITY in adjusting to change becomes imperative.

Growth

Growth has always been a sign of life. Entrepreneurship is business and as such progress and success therein is a sign of growth. So, growth becomes key in the entrepreneurship equation.

From a survey I carried out, a greater percentage of small and medium enterprises wound up since 1980 due to failure to register growth. Business continuity is a factor of growth and sustainability. If you can manage to grow your business and sustain it, then you have passed the business test.

Hope

Without hope, all personal and business endeavours will lose meaning. Even in entrepreneurship, all is done with the highest levels of expectation of fulfilment. It is that hope and a strong desire that gives all incumbents in the entrepreneurship faculty the energy to move on. Without hope all is vanity.

That’s Dr. Kudzanai Vere’s A-Z of entrepreneurship. The book, A-Z of Entrepreneurship will be out in the next two months. You can pre order your copy now.-sundaymailc.lz.w