Entrepreneurship is THE ABILITY AND READINESS to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. Note that the entrepreneurial process can be taken in five phases: idea generation, opportunity evaluation, planning, company formation/launch and management and growth.
In today’s discussion, we intend to examine an important preparatory steps: counting the cost of entrepreneurship. Whatever is the reason for intending to begin a business, it is important and wise to first count the cost firs. The old adage says, look before you leap
Look Before You Leap:
The caution here is about attention to care and not to fear. I can recall the popular college tale on this principle. It is the story of the fox and the goat
Once, a fox was feeling thirsty. He was wandering in search of water. He reached a well and looked into it. There was some water at the bottom of the well. The fox tried to reach the water but could not do so.
In another attempt to reach the water, he slipped and fell into the well. The well was too deep for Him to come out. He was in trouble. He tried hard but could not come out.
A goat happened to pass that way. He was thirsty too. He passed by the well and looked into it. He saw the fox there. He asked the fox how he reached there. The fox said, “I came here to drink water. It is very pleasant down here. I am enjoying the cool water. I am swimming here. Come on. Let us have a bath together.”
Instead of taking careful examination of the situation. The goat at once jumped into the well. She did not care to analyze the depth of the well and the condition of the fox. The fox was cunning and wicked. he jumped on the back of the goat and then jumped out. He was out of the well.
The moral of the “Fox And The Goat” story is “Look before you leap. Do not just blindly walk into anything without thinking”. In this short story with a moral, the innocent goat jumps into the well without thinking twice and trusting the sly fox blindly that the water is sweet in taste.
First count the cost:
Jesus spoke of this crucial wisdom principle of counting the cost in the holy scriptures saying, “For which of you, intending to build a tower, would not sit down first, and count the cost, whether he has sufficient resources to finish it? Else, in case, after he has laid the foundation, and is not able to finish it, all that behold it begin to mock him.” Luke 14:28-32 . In this case , Jesus is talking about the cost of following him . He says that we must be willing to give up everything we have , even our own lives , if we want to be his true disciples .
There Can Be No Business Without These:
We will look at the indispensable areas necessary for any business to come to life. Hence due review in preparation for beginning a business in these areas is crucial The three preliminary factors to consider before starting a business are, namely: a great business idea, passion, and the target market
1. A Great Business Idea
Having a great business idea is like having a solid foundation for your entrepreneurial journey or structure. What is a business idea? A business idea is the reason for setting up a firm. It drives everything about the company, from what products and services are offered to how these products would be marketed. This idea doesn’t need to be unique, but it must have the potential to capture part of its target market.
It helps you stand out from the competition, attract customers, and drive growth. It’s also the driving force that shapes your business strategy, and will guide your decision-making process.
It’s not just about coming up with something completely unique or revolutionary, but rather finding a problem or need in the market and offering a solution.
“No business can develop in the absence of a great sell-able idea. Moreover, as a lot of companies are involved in the market, you need to have a unique idea that stands out,” says Graeme Donnelly of
2. Burning Business Passion
Passion, vision and dreams are the driving force to adventuring. The more of it that you can possess the higher the potential for success. This is not a tangible resource but it is most valuable. When you are passionate about your business idea, it shines through in everything you do—from developing your product or service, to networking effectively, to engaging with customers.
Your enthusiasm becomes contagious and attracts like-minded individuals who share your vision. It also enables you to weather the storms of entrepreneurship, as your passion provides the resilience needed to persevere during tough times.
“It is one of the most important things that will help you in sailing through all the challenges and difficulties,” Graeme states. “There will be a lot of risks and hurdles you will face in this process and the only thing that can save you will be your positive attitude.
3. The target market or Costumers
A business is all about demand and supply. If there is no buyer, the seller’s vision is a total futility. Therefore, another important must, even before you spend time fleshing out the business in the next step is to figure out the potential buyers of your service or product.
Knowledge of who you will sell to makes everything else exponentially easier. For example, once you understand the larger demographic of the people you want to reach, you can figure out their location, their desires, their likes and dislikes and even whether or not the product you want to offer will be within their price range.
You will also be able to discover the potential business competitors you may have in entering your desired market space, relative and adjacent to your industry, who are competing for the same demographic’s attention.
Conclusion
Now is time to take a deep breath and focus more on the journey ahead. Before they seize opportunities to execute their vision, trailblazers must start with an unwavering belief in themselves.