An Entrepreneur is one who undertakes a business venture. He manages, organizes, and takes risks in a business or enterprise. He always looks for ways to combine resources that will move the company forward. These resources include identifying and allocating responsibilities to departments and employees and knowing the where, when, and how of opportunities for the enterprise.
Setting out to be an Entrepreneur can be intimidating most times as it poses so many risks and challenges.
Becoming an Entrepreneur comes with one having ideas, but knowing how to bring the ideas to life is the utmost thing. An idea at the start of a business is not always a hundred percent perfect, but it has to be more than fifty percent perfect.
- Nature of Business: This is the foundation of a business. It has to be what you are passionate and good at,
- Target Customers: Is there a market and competition for your kind of business idea? There can never be profit when there are no customers. That means you are also planning for the downfall of the business.
- Location: Looking for the best location is the ultimate. You need to look for a location that has most – if not all – criteria for your business. Make sure the location is within budget conforms to your brand, is safe and demand for your brand is high.
- Formation: Selling of your products even if you have a target customer is essential. The way your business is formed determines the personal liability of the founders, how taxes are paid, and all other details.
- Capital: This is the amount or value needed to put in the business to get it started or to put it in operation. This includes the salaries of workers to be employed. One needs to have an idea of what is to be paid as a salary.
- Marketing: A good marketing strategy must be put in place. Marketing makes or mars a business. No business sells out without a good marketing plan.
- Labor: Workers are an important part of a business process. The amount of labor needed depends on whether the business is labor-intensive or capital-intensive.
Intrapreneurs and entrepreneurs both share similar qualities in some cases.
An Intrapreneur is an Entrepreneur within the boundaries of an organisation. He is also an employee but has the authority of initiating creativity and innovation in the organisation and major sectors of the organisation. He behaves like an entrepreneur. The job is so challenging, so the organisation appreciates and rewards him accordingly.
An Intrapreneur takes over the leadership of an organisation and reports directly to the chief executive officer of the company. Though an Intrapreneur does not really pose the same characteristics as an entrepreneur, there are still some similarities like having an appetite for competition, being committed to innovation, having high esteem and appetite for risks, being flexible, proactive and team leader.
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Intrapreneurs and entrepreneurs have different focus levels. An Entrepreneur envisions a company from start to finish while an Intrapreneur has a much broader vision for an established company. As the Intrapreneur works on solving bigger issues within the business, he has more directly applicable skills for given tasks and takes more risks within the context of his job.
An Intrapreneur takes responsibility for turning ideas into profitable finished products through assertive risk-taking and innovation, hence, the company is always ready to provide an Intrapreneur with finance and access to corporate resources.
Some characteristics of an Intrapreneur include aggressive competition, innovating products and services and creating new ventures amongst many.
Most companies now create an environment where employees are free to explore ideas and if they are profitable, the person behind the profit-making idea will be given an opportunity to become an Intrapreneur.
Above all, the Entrepreneur and Intrapreneur both work for the uplifting, growth and expansion of their business in their various organisations.
About the Author
Adetutu Makinde is a CIAPS Graduate of Business Administration.
