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Entrepreneurship Unraveled

ArticleID 76  
Writer Grace Odinga
Category Personal Article



Everything in life has its benefits and challenges. Entrepreneurship is no exception to this saying and anyone who wants to be one must understand this. There are rewards, challenges and people have even developed myths about entrepreneurship. Any potential entrepreneur will certainly be faced by one of these factors at one point. Here are some of the possible rewards, challenges and myths about entrepreneurship.


Rewards

• High degree of independence— freedom from constraints

• Get to use a variety of skills and talents

• Freedom to make decisions

• Accountable to only yourself

• Opportunity to tackle challenges

• Feeling of achievement and pride

• Potential for greater financial rewards

Challenges

• Must be comfortable with change and uncertainty

• Must make a bewildering number of decisions

• May face tough economic choices

• Must be comfortable with taking risks

• Need many different skills and talents

• Must be comfortable with the potential for failure


Myths

• Successful entrepreneurship takes only a great idea.

• Entrepreneurship is easy.

• Entrepreneurship is a gamble.

• Entrepreneurship is found only in small businesses.

• Entrepreneurial ventures and small businesses are identical.

• Entrepreneurs are lucky.


To handle entrepreneurship, one must possess the following characteristics. An entrepreneur is a person of strong character and one who does not waver at the sign of difficulty. This is because uncertainty creates in them the desire to conquer and solve problems. If there was no possibility of challenge, then entrepreneurship would not take place. As the definition of entrepreneurship suggests, there must be risk and effort involved for one to be considered an entrepreneur. Here are the common character traits of an entrepreneur;


Characteristics of an Entrepreneur

• Desire for responsibility

• Preference for moderate risk

• Confidence in their ability to succeed

• Desire for immediate feedback

• High level of energy

• Future orientation

• Skilled at organizing

• Value achievement over money


Entrepreneurship, Rewards, Challenges, Myths, Characteristics of an Entrepreneur
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