There are a number of ways we define entrepreneurship. One popular way we look at it is as a means of making money – while this is the wrong mindset to have on any entrepreneurial journey, most people still see starting your own venture purely in terms of how much money can be generated from it. Another, less popular way is to see entrepreneurship as a state of mind. Something that you just have to do because you just don’t feel comfortable or fulfilled working for someone else. Yet another definition is that entrepreneurship is just a way to make our world a better place whether we’re Microsoft or a small non-tech startup somewhere in Nigeria. In different ways – big or small, we try to make our own corner of the world a better place to live in by solving one problem at a time, creating jobs for people or giving platforms to people who need them but don’t have them.
This third way of looking at entrepreneurship is also the reason why the world needs more entrepreneurs. One could ask why, though? Why go through all the hassle of entrepreneurship – risk it all with n guarantee of success. Especially since it’s a well known fact that about 90% of startups in any industry are almost guaranteed to fail? Well, entrepreneurs are risk-takers. That’s how they make what they imagine into reality. They develop new products, services and even markets. And entrepreneurial success is the true definition of the phrase “It wasn’t easy, but it was worth it”. Seeing the work of your hands change people’s lives for the better. Seeing your creations become a success – and, yes make you some money as well – is one of the most fulfilling things in life.
But more important than the benefits to the entrepreneur himself, are the benefits to the society. At one point or another, most of us have asked ourselves one of the three questions. How can we reduce poverty?” “What is the way to develop innovative products and services that solve real needs?” “How do we create more jobs?” The single answer to all of this is entrepreneurship. One school of thought even posits that we need more entrepreneurs because only entrepreneurs can create real jobs that are sustainable.
You don’t need to be a genius at the level of Stephen Hawking to be successful as an entrepreneur. If you make the decision to start a business of your own, but are stumped for ideas, there are a million and one online articles with ideas for businesses you can start. Be it in tech, non-tech and even with virtually no money.
Also read: 5 non-tech business ideas.
If you want a more personalized idea, ask yourself what skills you have, and what you do well – better than anything else. Take your skills, experience and interests and make a business out of it. In order to become an impactful entrepreneur, it’s important to have a culture of discipline and continuous learning and also instill this culture into your startup.
You might be asking yourself what the result of a convergence of the three definitions of an entrepreneur would be. The result, unsurprisingly is today’s young millennial entrepreneurs. Yes, it’s possible to do good and make money from a venture at the same time. Decades ago, this wasn’t the case. Ted Turner, founder of CNN dedicated a billion dollars in 1998 to support the causes of the United Nations. Philanthropy of this kind from successful entrepreneurs have made them known for their focus on saving lives and giving back – outside their businesses. Bill Gates and Michael Bloomberg are just a couple more examples of the role of entrepreneurs in using profits to effect even more positive change.